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247newsgh-blog · 5 years ago

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FULL SPEECH: NAM1 officially speaks first time after arrest, return from Dubai

Good morning Ladies and Gentlemen of the Press. Thank you for coming to this event meant to provide you with the detailed state of our companies especially, what has bedeviled Menzgold for the past twelve months and the way forward. May I state humbly that, this communication is without Prejudice. First of all, let me start by praying the almighty God for grace today and to thank him gratefully as we count our many blessings. Let me also take the opportunity to thank the Government of Ghana; Ambassador of Ghana to the United Arab Emirates; His Excellency Alhaji Ahmed Ramadan, for the consular services extended to me during my eight months detention in Dubai. I thank the Ghana Police Service for the warm reception and the exhibit of professionalism in the discharge of their duty on my arrival to Ghana on the 11th July, 2019. I express my greatest form of immense gratitude to the ruler of Dubai, His Royal Highness Sheik Mohammed bin Rashid Al Maktoum, in his gracious name the Dubai Prosecutions and the Dubai Courts exhibited the highest form of integrity, by boldly upholding the rule of law, handing me justice before the Dubai first instance and superior Courts in the case number 68807/2018, an acquittal and discharge. May Allah, ever merciful, most compassionate bless and prosper Dubai forever. Allah Kareem. I owe an immense debt of gratitude to the people of Ghana, our legal team abroad and in Ghana, led by Mr. Kwame Boafo Akuffo, my brother and my good friend; who has been resolute, exhibited loyalty and courage in the face our adversity, exhibiting his service and commitment to nothing but the law. Today, I cannot forget to bless the over one thousand staff of Menzgold, Zylofon Media, Brew Marketing Consult and all our other companies in Ghana, as well as our families for their unwavering support, since the unfortunate events of the past few months. To you all I say; you made a good choice which would be well rewarded by God almighty, especially Mr. Kwame Boafo, like the biblical Moses, you chose to side and share in the afflicting of God’s people, instead of enjoying the temporary pleasures of sin. Thank you so much. I also reserve my biggest gratitude to our cherished Menzgold customers for their continued support, encouragement, loyalty and prayers through the trying times. Thank you. Even though I am still receiving the much-needed medical attention, swellings-blood clots in my pelvic region and knees with excruciating pains following a past surgical procedure, due to my well-publicized long nine-months detention in Dubai and Ghana. Regardless, I deem it very fit to make this address to the general public, especially to Menzgold customers in a bid to keep them abreast with the on goings. Menzgold Ghana Company Limited is a licensed reputable Ghanaian gold dealership firm, with six years of impeccable and enviable service delivery and gold trading record. It would interest you to know that in five years, Menzgold consistently met the demands of its customers, suppliers and foreign partners who do business with us, but for the force majeure; the regulatory questions raised by the Bank of Ghana and the Securities and Exchange Commission; regulatory intervention of which we respectfully contested and is still before the Ghanaian courts of law. A question of statutory interpretation of; as to whether or not the trading of gold collectibles or jewelry and the return of monthly profits on same to traders is, “Deposits-Taking” or “Deposits Mobilization” Activity or “trade in Securities”. As to whether or not the exports of tons of gold dore bars of very fine percentage purity, with many evidence of inflows in forex via the bank of Ghana is a “Ponzi scheme?”, praying the just and august Ghanaian Courts to make consequential orders to repair Menzgold damage, if any. Ladies and Gentlemen, Menzgold got very successful with its gold dealership business, resulting in the buying of gold, exports and the produce of fine gold collectibles (jewelries) to satisfy the domestic market, an innovative drive in adherence to the government’s campaign for made in Ghana goods. We saw the need to embark on a drive for international expansion in a quest to broaden our market share size, which saw the openings of some international outlets in Madrid, London and Lagos. The famous “shut-down” letter landed our business, staff, customers and shareholders a catastrophic blow, which sadly led to many very horrific occurrences that brought untold economic hardship to our families, our dear customers and the staff body of all our companies, many of whom are customers too due to the reputable nature of our business. To you all who suffered various degrees of upsets, being it directly or indirectly, we share equally in your pain. With God on our side, we shall soon change this sad Menzgold tale to a very happy narrative, as i grasp a resolve now to drive Menzgold from good to great. The Menzgold product line that has been questioned, is one that is just an act of innovation characterized by most businesses worldwide. We sought to build a word processor out of a typewriter in our line of business, with the hope of being encouraged to create wealth in the face of globalization. I noticed that, the 21st century witnesses a blowing wave of globalization, yet Africa has seen limited technological innovative advancements, which stifle our economic growth and lame our progress due to lack of will to invest in the difficult task of creating new things, this turn to make companies in Africa fail in the future, no matter how big a company’s stated capital is or who is in the helm of affairs. With this background juxtaposed with my vision and drive to build a business that would surpass our generation, innovation was the only option. As it turned out with the “cease and desist” directive from the Securities and Exchange Commission, the need arose for us to mobilize Company assets, especially outstanding payments due to our company from several companies and individual buyers in several countries, particularly in the United Arab Emirates to meet the payment obligations owed to Menzgold traders/customers and other business associates. It was in this regard that I embarked on the pursuit of Company assets/debt recovery overseas. In the course of my pursuits, upon my arrival in Dubai on the 7th December, 2017, I was framed by one of the companies; Horizon Royal Diamond, which owes our Company 750kgs of gold, valued at usd$39,000,000 dollars, believing that Menzgold is doomed for closure, due to the unfavorable media reportage and customers protests in Ghana, hence, tabled a bogus claim that they have been defrauded by another Ghanaian Company; Just Gold Company Linited, with frivolous claims of the Just Gold limited having associations with our Company, which is very false. The subsequent action by the Economic and Organised Crime Office (EOCO) to freeze Menzgold and my personal assets further hardened the resolve of some of our debtors who thought Menzgold was a thing of the past. Following my graceful acquittal and discharge in the Dubai Superior Court, the need arose for me to return to Ghana immediately on the call of the Interpol red notice, to answer criminal charges on the same customers debt portfolio before the Ghanaian Court, the very reason why I went to Dubai in the first place. A call that restrained me from laying claim to the funds I went to the UAE to recoup. All companies worldwide have liabilities in its books and so do Menzgold. Business in summary is all about owing and being owed. We at Menzgold are committed and do express our willingness to service our debts portfolios to our customers and business associates as soon as we can with a given opportunity. We respectfully pray the Ghanaian authorities to cooperate with us to achieve the following; 1. To assist us make full recovery of the amount owed Menzgold by Horizon Royal Diamond in Dubai. As an act of good faith, we are willing to engage the Attorney General’s office on the best possible way for the them to aid Menzgold by employing international law and diplomatic relations to ensure we achieve this objective. 2. To unfreeze our Companies and my personal bank accounts and assets for us to utilize these as vehicles to get productive in other to meet our liabilities, owed to our customers and some business associates in our bid to resolve our liabilities immediately. As of now, Brew Marketing Consult, Menzgold and I cannot credit or debit any bank account in Ghana. This is why it is highly imperative to consider this kind request, as I believe, government shares in our resolve and would do all that which is needful in our quest to satisfy the populace, who are our customers. SWAT, Police throng East Legon ahead of NAM1’s meeting with customers 3. To clearly give direction as to which government agent or agency has jurisdiction to regulate the activity of a “gold collectible/jewelry trade” in Ghana, just so we can apply for the necessary certifications in other to proceed with our business in a fair and sound manner. As we have publicly demonstrated, we are open to fair supervision and are opposed to no supervision, misconceived supervision or supervision with malicious intents, respectfully. The founders of PayPal; Elon Musk and co.; set out to create a new internet currency to replace the US Dollar, Facebook’s Mark Zuckerberg’s first product was designed to only get his classmates signed up, not the earth’s population, Travis Kalanick and Garrett Camp’s Uber, started only to supplement the taxi fleet in San Francisco, Brian Chesky, Joe and Nathan started Airbnb as a means to rent out an unused space in their abode to get income to supplement a deficit for a pending event, Evan Spiegel, Bobby and Reggie started what came to be known today as SnapChat, as sending naughty disappearing fun photos when they were all student at Stanford University. America’s media called it a “sexting App”, Jeff Bezos started Amazon as a digital bookstore in a garage, was heckled by the big players in the books retailing business, Jack Ma fought through and achieved Alibaba in China and the list goes on. All of these innovative breakthroughs had regulatory questions, suffered bad press. Uber and Airbnb particularly have suffered global protests, Travis Kalanick; founder and first CEO of Uber especially, fought many regulatory and legal battles. Today, these great Innovative Companies are pillars of the great Silicon Valley, receiving global tributes for the United States of America. These are just symptoms of disruptive business ideas. Menzgold is today characterized by same traits and I have no doubt in mind that, our company is on the path to greatness and global prominence. IF these three propositions are reviewed and considered, we shall confidently proceed to make the necessary arrangements to start paying our customers immediately under my watch. This i say with my personal guarantee. While my detention in Dubai was a harrowing, daunting, terrific and horrific experience, I am grateful to God because I feel very refined. It has made me older than my age as we grow in our experiences and not in years. I am fulfilled and ready for greater exploits, highly motivated to add up to our previous gain. I am happy about the disruption, a key trait about a successful business prospect in this information age, is the ability to scale. As Mario Andretti, a champion car racer rightly puts it, “If everything is under control, you’re just not going fast enough”. Zylofon Media is an entertainment media business built upon technical expertise such as creating, composing, storytelling and performance. It’s also built on innovation just like Menzgold, employing technology to develop new breakthroughs in arts, traditional and digital media products. Tomorrow would witness a Zylofon Media that can be described as a multifunctional media in the digital space, which would cater for a wide variety of international interest and needs. It would comfort you to note, that Zylofon Media is not just another media firm; we are a media and Arts technology company. Our competitors are not in Ghana, they are far away in the Silicon Valley, California. To you I say, Ants that unite can beat an elephant. Admittedly, we have made some pretty good losses. We are happy about our loss having been a disruptive art and media business. We wear our loss as a badge of honor. Our loss depicts our grand ambition. By natural law, you have to go through a thunder storm to see the rainbow. Our eyes are still set on the colorful rainbow. We shall succeed. Brew Marketing Consult Co. limited is a marketing company. A Commodity broker of a sort, which works for commissions by matching selling and buying leads. I encourage Companies worldwide with marketing needs in Ghana and Africa to take advantage of Brew Marketing’s great professional marketing prowess, as the company did for Menzgold, resulting in Menzgold’s mighty growth. To the staff body of all our companies, I couldn't have been more proud of you for standing resolute in the face of adversity. I encourage you to continue to stand strong as we navigate the path of soon meeting up to the demands of our cherished customers. To our Menzgold customers, we note that you have experienced an increased level of anxiety and concern, but have been extremely understanding and patient with us through these trying times. We continue to recognize and respect your sacrifice, please remember that your patience and support for us is not an entitlement, but something we earned by the way we worked with you diligently over the past years. I can assure you that, it would pay off favorably soon. Together, we are very conscious of our responsibilities towards you our cherished esteemed customers and we will do everything we can to individually and collectively meet your expectations. To the government of Ghana, we applaud you for not “sparing the rod and spoiling the child”, we’ve got your message, we’ve grown and are ready to accept and take up responsibility, if any. I want to reiterate, that I do not seek political office or power, My goal towards contributing for the good of Ghana and Africa, is missionary and not mercenary. Clearly, my willingness to be misunderstood is the basis of our many criticisms and the exercise of brute force and skewed media reportage witnessed against our outfits in the last twelve months. I am an entrepreneur and remains as such. Last but not the least, to the many Ghanaian and African youth, as well as the aged who believes in me and the Nam Mission. We shall continue to contribute to those in authority, for creation of the new Ghana and the new Africa for the new Ghanaian and the new African, in the new African socio-economic front. I am well aware, that many of you crave African posterity, to you all I ask; The Egyptian who conceived the idea of the pyramid and actually built it, had same natural abilities we have with less access to information than we do today, yet succeeded. Which African would build the next “Egypthian pyramid”? Ghana Shall Prosper, Africa would be great again. Ladies and Gentlemen, thank you all for coming. Read the full article

#FULLSPEECH:NAM1officiallyspeaksfirsttimeafterarrest #returnfromDubai

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brisbanecollection-blog · 6 years ago

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Behind bars: India's 'Diamond King' Nirav Modi's fall from grace

Today, the "jeweller to the stars", as he was frequently called, is behind bars after a year-long Interpol-led manhunt that led to his arrest in central London on March 19. Together with his diamond polisher uncle, Mehul Choksi, he is accused of conniving with junior tellers to defraud the Mumbai branch of India's second-largest state-run bank, the Punjab National Bank, of billions of dollars. Scotland Yard made the arrest on behalf of Indian authorities, who have asked for his extradition. Two weeks earlier, his whereabouts were exposed when Britain's Telegraph newspaper doorstopped him near a flat he was renting in Soho. They found him sporting a handlebar moustache and an ostrich-skin jacket. The "Great Indian Bank Robbery", as Indian media outlets have dubbed it, has shaken the country's $US35-billion diamond sector to the core. From the small family-run concerns of Zaveri Bazaar to the dealers at Mumbai's glistening Bharat Diamond Bourse, the largest in the world, many traders fear that an industry that largely ran on trust might find its reputation on par with that of the scavengers sweeping the streets outside their shops. Modi came from the Jain community of Palanpur, a small town in the western state of Gujarat. And it is among the Palanpuri Jains that the fallout of his alleged crimes is being most acutely felt.

Mumbais jewellery market, the Zaveri Bazaar. Credit:Getty Images The alleged modus operandi behind the biggest bank fraud in Indian history was revealed in a July 2018 dossier prepared for the US Bankruptcy Court in the Southern District of New York, which is investigating the activities of three of Modi's American jewellery companies. According to the 165-page dossier, Modi and his co-conspirators illegally borrowed approximately $US4 billion over a period of seven years by manufacturing sham transactions purportedly to "import" diamonds and other gems into India from trading hubs such as Belgium's Antwerp, using a web of more than 20 secretly controlled shell entities. Diamonds sold to or purchased from these entities "were routinely shipped out the same day or within days after arrival, without ever being opened or inspected by employees to ascertain the contents of the packets", the dossier states. Certain high-value diamonds were bought and sold multiple times at often wildly inflated prices in order to create the appearance of millions of dollars worth of legitimate transactions and to facilitate the movement of funds. Fraudulently obtained letters of undertaking (LOUs), or guarantees under which Indian banks allow their customers to obtain short-term credit from another bank's foreign branch to facilitate import transactions into India, were also used. It was only when one of the bank employees allegedly involved in the scam retired that the seven-year-long operation was exposed. US authorities are also believed to be considering extraditing Modi. Punjab National Bank shares plummeted when the scandal broke in February 2018, as did confidence in India's dysfunctional state-run banking sector, which has lost billions of dollars in recent years from investor frauds. Screaming matches erupted in India's parliament, with opposition parties accusing the government of colluding with the diamantaire to allow him to flee the country. Modi had left India early the previous month bound for Britain, the bolthole of choice for business barons wanted by Indian authorities for tax evasion, fraud and other related crimes. Modi's Indian assets, including the flagship stores that bore his name, a fleet of luxury cars and several factories, have been seized by the authorities. Last month, his art collection was auctioned by India's tax authority, raising $US8 million. Thousands of his employees have been laid off. Modi's Indian lawyer, Vijay Aggarwal, has successfully defended some of India's largest corporate fraud cases. Described as "pugilistic, pugnacious and aggressive" by his critics, his courtroom victories include securing the acquittal of several high-profile businessmen and politicians accused of defrauding the state of a staggering $US26 billion in the allocation of second generation or 2G telecom licences. Aggarwal, who did not respond to interview requests by Good Weekend, told a Mumbai court in January that India's Enforcement Directorate had tried to "falsely implicate" his client by giving a "colour of criminality" to "usual civil banking transactions" to camouflage the bank's failures in connection with the alleged scam. Modi's defence team is expected to argue that the charges against him are politically motivated. India is in the middle of a six-week-long national election, with the ruling Bharatiya Janata Party's alleged connivance with corrupt business figures a major issue. For a man whose number was once on the speed-dial of many of Mumbai's A-list, Modi's fall from grace has been dramatic. The 48-year-old grew up in Belgium, where his father, Deepak Modi, ran a business trading in uncut diamonds. He attended the Antwerp International School, where he dreamt of becoming a music conductor, but instead enrolled in Wharton business college at the University of Pennsylvania. In 1990, he moved from the US to Mumbai to begin a decade-long apprenticeship with his uncle, Mehul Choksi, learning everything from polishing diamonds to selling them. He would later say that he worked 12 hours a day, six and a half days a week, for 3500 rupees ($70) a month. By 1999, he had raised enough capital to launch his own company, Firestar Diamond. Over the next few years, Firestar went on to raise hundreds of millions of dollars to acquire firms such as US-based jewellery retailer Samuels and the De Beers-owned Nakshatra brand, which had 480 stores in India.

Modis uncle and co-accused, Mehul Choksi, with Bollywood actress Urvashi Sharma. Credit:AFP When the global financial crisis hit in 2008 and the value of large diamonds fell by up to 40 per cent, Modi took the opportunity to buy diamonds at cheap prices, including $15 million worth of rare pink diamonds from Argyle in Australia's Kimberley. In 2009, he switched his main supplier from De Beers to Russia's Alrosa, just as the global diamond giant's output plummeted and the Russian company's rose. His move from retail to design came in 2009, when a friend asked him to make a pair of earrings for her. After months of persuasion, he relented. "I can actually look back to [this] single moment that propelled me into starting my eponymous brand," Modi told Forbes in 2017. He had at last found his calling. His big breakthrough as a designer came in 2010, when a necklace set with a flawless pear-shaped 12.29-carat Golconda diamond was featured on the cover of a Christie's auction catalogue.

Modis 12.29-carat Golconda diamond necklace. The piece went under the hammer in Hong Kong for $US3.6 million, nearly a million dollars more than its asking price. A year later, he launched his eponymous Nirav Modi brand, a line that would blend the best of Eastern and Western designs. "All of my jewellery marries my Indian roots with my international exposure and love of art, nature, travel and poetry," he once said. "Every collection has its own unique story to tell." His target buyer was the "woman of global sensibilities". His focus was on delivering pieces that would go as well with a gown as with a sari. "The jewellery should move with the woman, it should be a second skin." No expense was spared in achieving his dream of becoming one of the world's top five luxury jewellery brands. Millions of dollars were spent on two state-of-the-art factories in India to manufacture his designs. Showrooms fitted out by Spanish artist-designer Jaime Hayon sprang up in cities such as New York, London, New Delhi and Hong Kong. Former palaces were hired for product launches, with Bollywood stars and Indian billionaires arriving by private jet. Modi's public persona he was rarely photographed without being flanked by celebrities was very different to his private one. "He never could look you in the eye," says a former business associate, who asks not to be named. "He always played his cards close to his chest."

Nirav Modi with actor Naomi Watts at the opening of his New York boutique in 2015.Credit:Getty Images By 2013, Modi had entered the Forbes list of billionaires with a net worth of $US1.4 billion and two years later, became the first Indian retailer to open on New York's Madison Avenue. His signature pieces now graced the necklines and earlobes of celebrities such as Naomi Watts, Kate Winslet, Taraji P. Henson and supermodel Karlie Kloss as they strode down the red carpet at the Oscars. British actor and model Rosie Huntington-Whiteley was hired to be the "face" of the brand. Indian actress Priyanka Chopra (now Chopra-Jonas) appeared in a commercial that ended with the punchline "Say Yes, Forever". Chopra-Jonas is now suing Modi for non-payment of fees. The fallout from the Modi affair goes far deeper than his failure to settle his debts. Shortly after India's independence in 1947, the Jains of Palanpur followers of a religion which emerged on the subcontinent around the sixth century BC and which preaches non-violence, strict vegetarianism and renunciation of worldly effects abandoned their traditional occupations as bankers and money-lenders and began trading in diamonds. Like Modi's father, many moved to Antwerp, buying low-quality roughs, sending them back to India for polishing and then selling them at a small profit. Today a community of no more than 20,000 controls India's multibillion-dollar diamond cutting and polishing industry. Modi never could look you in the eye. He always played his cards close to his chest. "Their reputation has definitely taken a beating because of Modi," says Usha Balakrishnan, a Mumbai-based authority on India's jewellery trade. "Normally the community will close ranks behind one of their own. This time, they have disowned him." Balakrishnan traces the community's rise to the 1960s, when De Beers began looking for a centre to cut and polish its vast stockpile of industrial and small diamonds. India's plentiful supply of low-cost skilled labour made it the most attractive option and the Palanpuris were well positioned to supply the mining giant's demands. Community members started returning to India, where they dominated the wholesale diamond trade in Zaveri Bazaar and the cutting and polishing centres in cities such as Surat in Gujarat. When Zaveri Bazaar's congested office spaces became too small, most traders moved to the Bharat Diamond Bourse, a sprawling eight-hectare complex in central Mumbai that opened in 2001 and is now home to more than 2500 companies. Known for their work ethic and close family ties, Palanpuri Jains rarely marry outside their community. If one of their own falls on hard times, extended families act as a safety net, providing jobs, accommodation and financial help. Networks of loyalty and trust that go back generations have been shaken by Modi's alleged wrongdoings. Ashish Mehta, a Palanpuri Jain whose company, Kantilal Chhotalal, is one of the diamond industry's leading players, says the allegations surrounding Modi have shocked the community. "The last few years when he was opening stores in places like London, New York and Hong Kong, most people were wondering how he was able to grow so fast. Nobody knew that there was this borrowed money behind the market aggression that he was showing. That was to most of us a big surprise."

Model/actor Rosie Huntington-Whiteley at another Modi store-opening in London in 2016.Credit:Alamy Modi kept a low profile in the community, once boasting: "Ask any jeweller in Mumbai if he has met me in the last decade and the answer you'll get is no." When it came to networking with the city's business and cultural elite, however, he was everywhere, buying up contemporary Indian art at auctions, attending high-society weddings, and enticing Bollywood stars to buy his creations. He was anathema in a traditionally conservative community that shied away from retail and prided themselves on keeping out of the spotlight. After the Punjab National Bank scandal broke, the demand for diamond jewellery in India plummeted by 10 to 15 per cent, according to the Indian industry lobby group Assocham. There are also fears that India might lose its near monopoly on diamond cutting and polishing, with new entrants such as China poised to take advantage of the turmoil. Small and medium-sized traders are feeling the greatest impact, says Mehta. "Banks are worried, so they have curtailed their lending facilities and are now asking for more collateral than before." While hikes in short-term interest rates and a tightening of repayment terms are quantifiable, the erosion of trust is harder to measure. At Mumbai's Diamond Bourse, transactions worth millions of dollars are sealed with a handshake and contracts and invoices are almost unheard of. Even the transportation of rough diamonds from the bourse to the cutting and polishing centres is entrusted to a centuries-old system run by the Angadias, a community of couriers who secrete their precious cargo in hidden pockets and rely on their anonymity to keep it safe. Naming and shaming is not something that comes naturally to Palanpuri Jains, but Mehta concedes that Modi's actions have harmed the trade. "When the consumers see that there is a guy like this in your community, your credibility for sure gets affected." Back in Zaveri Bazaar, the streets have been swept by the niarewalas to a level of cleanliness uncharacteristic by Mumbai standards and the stores are starting to open. My guide is the pugnacious Rajesh Chugani, a small-time jewellery manufacturer who buys his stones from local wholesalers and sends them to his workshop in nearby Masjid Bandar. Chugani takes me deep inside the labyrinthine laneways of the bazaar, up crumbling staircases and down dimly lit corridors so narrow two people can hardly pass. An open doorway reveals a huddle of buyers engaged in heated negotiations with a wholesaler over a fistful of gold necklaces. Further on, a diamond is being cut in a hot and humid room no bigger than a broom closet. Business is brisk and demand for traditional commodities such as gold is as strong as ever. But the traders Chugani deals with say the Modi affair has made it harder for them to get bank credit and consumers are suspicious about the quality of stones on sale. "In this industry it's impossible to grow overnight; that should have sent alarm bells ringing somewhere down the line, I think the government is also covering up," Chugani says, referring to the commonly held belief of a nexus of corruption between politicians and high-profile business people. Small units such as Chugani's have always accounted for the bulk of India's jewellery manufacturing. The set-up inside the four-metre by three-metre room where eight men work 10-hour days might look Dickensian, but it is sophisticated and includes the use of 3D-printers to make moulds, and a network of CCTV cameras that monitor every corner of the workshop and can be remotely controlled by an app on his smartphone. It's unlikely that Chugani's clients, many of whom are based in the Middle East, would know or care about the conditions under which their engagement rings or diamond bracelets are made. Maintaining close relations with his suppliers and customers and providing quality products is what makes thousands of businesses like his prosper. "Whatever you'll see in a catalogue, we can copy and sell it more cheaply," says Chugani as he inspects a diamond brooch that one of his workmen is repairing. "I can make you a Nirav Modi piece as well," he adds cheekily. "And I don't think he's in a position to complain if I do." Chugani is safe for now. Even if Britain accedes to India's extradition request, it may take years for the country's notoriously slow legal system to decide on Modi's guilt or innocence. The damage to the trust that has kept the diamond industry so prosperous may take even longer to repair. To read more from Good Weekend magazine, visit our page at The Sydney Morning Herald, The Age and Brisbane Times Most Viewed in World Loading https://www.brisbanetimes.com.au/world/asia/behind-bars-india-s-diamond-king-nirav-modi-s-fall-from-grace-20190423-p51gf4.html?ref=rss&utm_medium=rss&utm_source=rss_feed

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businessliveme · 5 years ago

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The problem with diamonds is they keep getting cheaper

(Bloomberg) –Five years ago, the diamond industry’s biggest worry was being forgotten by millennials, who — the theory went — didn’t covet sparkly gems the way their parents had.

The concern turned out to be mostly unfounded, but the reality is almost worse. While Americans are buying more diamond jewelry than ever before, most polished diamonds are getting steadily cheaper. The lower prices and a glut of the type of stones that go into a discount-store engagement ring or pair of earrings have pushed the global diamond trade into crisis.

At the center of the pain are the middlemen who cut, polish and trade the world’s diamonds. Their profits evaporated as polished stones lost value, banks tightened financing, and top producer De Beers held firm with prices it demands for the rough diamonds it digs up.

This year, the crisis has spread to engulf the world’s diamond miners as well. Even De Beers, which dictates prices to its select group of clients, has been getting squeezed as struggling customers refuse to buy. Last week, the iconic miner finally capitulated, lowering prices across the board, which helped to increase sales at its latest offering in Botswana.

Still, the results were relatively weak. The $390 million in rough diamond sales this month is the lowest for a November round since at least 2016. The price cut is unlikely to be enough to make a difference for De Beers customers, who have been struggling to make profits for more than 18 months.

Read: DMCC unveils the largest diamond trading floor in the world

Not all diamonds are getting cheaper. Sales of the type of luxury, branded jewelry sold by Tiffany & Co., Cartier or Bulgari have been resilient and grabbing market share in the $80 billion industry. However, they still only account for about 30% of the global total.

In the rest of the market, diamonds are treated more like a commodity, judged on the famous 4Cs: color, clarity, cut and carat weight. Without branding, there’s little to differentiate one ring or stone from another — other than price — and consumers can scope out the going rate on online stores like Blue Nile.

As a result, polished prices have been falling, as the thousands of companies that cut and polish the gems are squeezed by retailers who are in a great spot to negotiate. An index that tracks wholesale diamond prices is near the same level as 2002 and consistently declined since 2011.

“There are tons of players out there and they’re in competition with each other,” said Anish Aggarwal, a partner at specialist diamond advisory firm Gemdax. “This gives retailers huge buying power, which can be used to keep polished prices lower than they could be.”

At the same time, diamond demand has been steady or rising. In the U.S., which accounts for 50% for sales, demand grew 4.5% last year and Americans spent $36 billion on diamond jewelry. But with ample supplies of polished stones, prices have remained stubbornly low.

Diamond traders have lots to worry about. There’s been an oversupply of rough diamonds in recent years, especially in smaller gems. Retailers are holding less inventory, forcing suppliers to keep more stock at a time that prices are falling. Banks have also been abandoning the sector, cutting off credit to an industry that has grown accustomed to cheap money.

De Beers has offered its buyers more flexibility around their purchases, but it hasn’t been enough and sales this year have slumped. Still, the drop in rough diamonds being sold by De Beers and Russian rival Alrosa PJSC may represent a silver lining for the industry if it helps to reduce inventory logjams.

The Anglo American Plc unit is also throwing more money into advertising. The company cut spending dramatically after its monopoly ended at the beginning of the century, but in recent years has turned the taps back on.

Read: Richemont Buys Buccellati to Bolster Jewelry Business

De Beers will spend $180 million this year, its largest marketing budget in a decade, CEO Bruce Cleaver said in Botswana last week.

Still, there’s only so much the company can do to offset the impact of weaker pricing, said Aggarwal.

“Over time, De Beers’s fate is tied to polished prices,” he said. “In the short term, they can push the midstream hard, but it can’t last forever if it’s out of line with polished prices.”

–With assistance from Mbongeni Mguni.

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ozonemarketreports-blog · 6 years ago

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Global Offshore Drilling Market Trends and Industry Forecast During 2018 to 2023: Ozone Market Reports

Ozone Market Reports projects that the Offshore Drilling market size will grow from USD 78.95 Billion in 2017 to USD 103.05 Billion by 2023, at an estimated CAGR of 4.54%. The base year considered for the study is 2017, and the market size is projected from 2018 to 2023. The increase in the global oil and gas production in North America and the Middle East accompanied by the maturing onshore oilfields shifted the focus of operators towards offshore for new E&P activities. However, due to the recent crude oil price slump, offshore drilling companies will see weaker revenues over the next few quarters. This downfall is a result of the spending cuts and increase in demand for better pricing and terms of the contract negotiations and renewals. Offshore drilling companies are likely to face a dip in the demand and pricing for services. These companies are therefore trying to capitalize on scale, improve their operational efficiency and their cost bases. By Market Players: Halliburton Company , Schlumberger Limited , Seadrill Limited , Transocean Ltd. , Weatherford International Ltd , AtwoodsOceanics , Baker Hughes Incorporated , China Oilfield Services Limited , Diamond Offshore Drilling Inc. , Dolphin Drilling , Ensco PLC. , KCA Deutag , Maersk Drilling , Nabors Industries Ltd , Noble Corporation , Paragon Offshore PLC. , Scientific Drilling International , Superior Energy Services , , By Service Contract Drilling, Directional Drilling, Logging While Drilling, Measurement While Drilling, By Application Shallow, Deepwater, Ultra-Deepwater, ,

To Read Complete report visit @ https://www.ozonemarketreports.com/energy-and-power/global-and-regional-offshore-drilling-market/1920

The prime objective of this report is to help the user understand the market in terms of its definition, segmentation, market potential, influential trends, and the challenges that the market is facing. Deep researches and analysis were done during the preparation of the report. The readers will find this report very helpful in understanding the market in depth. The data and the information regarding the market are taken from reliable sources such as websites, annual reports of the companies, journals, and others and were checked and validated by the industry experts. The facts and data are represented in the report using diagrams, graphs, pie charts, and other pictorial representations.

Points Covered in The Report: The points that are discussed within the report are the major market players that are involved in the market such as manufacturers, raw material suppliers, equipment suppliers, end users, traders, distributors and etc. The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. The historical data from 2012 to 2017 and forecast data from 2018 to 2023. The growth factors of the market is discussed in detail wherein the different end users of the market are explained in detail. Data and information by manufacturer, by region, by type, by application and etc, and custom research can be added according to specific requirements.

To Get Request Sample report visit @ https://www.ozonemarketreports.com/sample-request/global-and-regional-offshore-drilling-market/1920

Key Reasons to Purchase To gain insightful analyses of the market and have comprehensive understanding of the global market and its commercial landscape. Assess the production processes, major issues, and solutions to mitigate the development risk. To understand the most affecting driving and restraining forces in the market and its impact in the global market. Learn about the market strategies that are being adopted by leading respective organizations. To understand the future outlook and prospects for the market. Besides the standard structure reports, we also provide custom research according to specific requirements.

Browse Similar Reports visit @ https://www.ozonemarketreports.com/category/energy-and-power/6

ABOUT US

Ozone Market Reports is committed towards delivering intensive research based analysis reports, enabling clients to easily make fact-based decisions. We also have with us the facility of our innovatively designed and developed data processing and analysis division.

Ozone Market Reports is a research-based consulting firm specializing in getting research inputs and using them appropriately in the marketing planning process. In saying this, we are trying to convey that we always attempt to interpret the research data from the viewpoint of recommending action priorities - both short-term and long-term. To this end, we have put together a team that understands not only research techniques, but also branding concepts in depth. We believe our people are our clients' biggest assets hence we do our best to recruit multi-skilled individuals, and then give them an environment where they can think and ideate freely.

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#Offshore Drilling Market #Offshore Drilling Market Size #Offshore Drilling Market Share #Offshore Drilling Market Forecast #Offshore Drilling Market Demand #Ozone Market Reports #Ozone Market Research

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virajshukla04 · 8 years ago

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4 Reasons Why People Buy Wholesale Loose Diamonds

Loose diamonds in India are cut and polished in biggest volume of gemstone grade diamonds being internationally traded around the world. Most of these are below 20 Carats, but considering that most of the diamonds being traded in the commercial market are between 1 and 10 Carats; Indian merchants are the most trusted traders in the global market for cut and polished graded diamonds. But why would you need to buy loose diamonds?

Suppliers in India do have the best quality stones, but people from all over the world have different uses and applications for cut and polished gemstones. Here are 4 of the top reasons -

1: Wholesale Loose Diamonds for the Fashion Industry - The fashion industry has a huge consumption for loose stones, and they have to be of the highest certified quality. The entire reputation of a Brand goes into the authenticity of the materials used, and each stone has to have an international standards certification. Most of these stones are small, and often below 1 Carat, and India leads the market for stones up to 10 Carats. This is why the international fashion industry buys most of their supplies of diamonds from Indian traders.

2: Gifts and Presentations - In India, one of the most prestigious gifts offered to families as tokens of togetherness are diamonds. However, instead of rings, pendants, and other jewellery; people search for loose diamond suppliers in India to provide them quality stones with the right certification and value. These are seen as a sign of more prestige than gemstones which have already been set into jewellery! People buy loose diamonds because while jewellery limits the use of the high value of the gemstone; loose stones can later be traded in, and often for a higher value when the market appreciates over time!

3: Watches and Designer Products - Loose diamond manufacturers in India are the biggest suppliers for the world's leading companies of watches and designer products. A Cartier, Rolex, or such other expensive timepiece is sure to have authentic diamonds set in. From fancy iPhone covers to bedazzling designer bags and shoes, diamonds from Indian merchants are used in most of the internationally traded luxury designer products.

4: Investment and Stability - Many people buy loose diamonds as an investment because it is much more stable compared to precious metals like Gold or Silver. In the same tune that diamonds have become prestigious wedding gifts; they have become ever more popular as an investment that holds strong equity of a long period of time. When used in jewellery however, they lose some of their value, but again, not as much as precious metals. Also, you have to buy certified stones from a recognized manufacturer, and there are a limited number of resources to resell diamonds compared to precious metals, which have a wider resale market.

Are you looking for one of the most trusted loose diamond suppliers in India with GIA certification? Hari Krishna Exports Pvt. Ltd. is a trusted name with over 24 years of recognition as one of the top diamond merchants in the world!

#Buy Loose Diamonds #Loose Diamonds Manufacturers India #Wholesale Loose Diamonds #Loose Diamonds #Loose Diamond Suppliers In India

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sanghvisons · 2 years ago

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How to Become a Diamond Merchant in India

India is one of the world’s largest diamond polishing and trading centres and has a thriving diamond merchant community. The industry is centred around Surat in the western state of Gujarat, home to thousands of diamond-cutting and polishing workshops. Many of the diamond merchants in India are part of family-owned businesses that have been passed down through generations.

Diamond merchants play a crucial role in the global diamond trade, buying rough diamonds from mining companies and selling them to cutters and polishers in India and other countries. They also play a key role in determining the prices of diamonds, as they are involved in the negotiations and sales of large and rare diamonds. Overall, diamond merchants in India are a vital part of the global diamond industry and contribute significantly to the country’s economy.

Here, we will understand the diamond business, how to become a diamond merchant and essential knowledge & tips for succeeding in the Indian Market.

What is a Diamond Merchant?

A Diamond merchant also known as “diamantaire” is a professional who deals in diamonds as a commodity. They buy, sell and trade diamonds to individuals, retailers and wholesalers. Diamond merchants play an important role in the diamond industry, as they are responsible for bringing diamonds from the mines to the market. They also openly do business on the sidewalk, negotiating terms for bundles of gemstones as if they were fruit in an open-air market.

How to be a Successful Diamond Trader

Gain a deep understanding of the diamond industry: Before you enter the business of diamond trading, you need to learn about the industry. You should study the 4 Cs of diamond quality, different types of diamonds, mining processes, and the history and trends of the diamond trade. Knowledge about the diamond industry is a critical foundation for your career as a diamond merchant.

Obtain formal education and training: While not required, obtaining a formal education in gemology, jewellery design, and sales can help you to build a strong foundation for your career as a diamond merchant. You can enrol in courses offered by various institutes, including the Gemological Institute of America (GIA) and Indian Diamond Institute (IDI).

Work in the diamond industry: Working in the diamond industry, even in entry-level positions, can help you to gain experience, develop a network of contacts, and learn about the industry from the ground up. You can gain experience by working at a diamond processing company, a jewellery store, or as a diamond appraiser.

Develop a business plan: A solid business plan is essential for any diamond merchant. Your business plan should include a detailed analysis of the target market, pricing strategies, marketing techniques, and projected profits.

Establish relationships with suppliers and buyers: Building strong relationships with suppliers and buyers is critical to success in the diamond trade. You can do this by attending industry events, trade shows, and conferences, as well as networking with other professionals in the industry.

Obtain necessary licences and certifications: To become a diamond merchant in India, you need to obtain several licenses and certifications, including a business licence, registration with the Gem and Jewellery Export Promotion Council (GJEPC), and certifications such as the Kimberley Process Certification Scheme (KPCS) and International Organization for Standardization (ISO) certification.

Invest in technology and security measures: As a diamond merchant, you need to invest in technology and security measures to protect your inventory and maintain the trust of your customers. This includes advanced security systems, insurance, and state-of-the-art inventory management systems.

See more:The Biggest Global Diamond Suppliers and Traders

Key Roles of a Diamond Merchant

Sourcing diamonds: One of the primary roles of a diamond merchant is to source diamonds from various channels. They may obtain diamonds from mines, other traders, or wholesalers. They must also be able to identify the different types of diamonds and ensure their authenticity and quality.

Evaluating diamond quality: Diamond merchants must have a good understanding of the 4 Cs of diamond quality — carat weight, cut, colour, and clarity. They should be able to identify any treatments or enhancements that may affect the diamond’s value and ensure that the diamonds they trade comply with international regulations.

Pricing diamonds: In the diamond Business, one must have a deep understanding of the diamond market and be able to price diamonds competitively. He must consider factors such as market demand, rarity, and quality when determining the price of a diamond.

Selling diamond: Diamond merchants are responsible for selling diamonds to customers, whether they are individuals, retailers, or wholesalers. They must be able to communicate the value of the diamond to the customer and negotiate a fair price.

Managing inventory: Diamond traders must have an efficient system for managing their diamond inventory. They must be able to track the diamonds in their possession, their quality, and their value. They should also have appropriate storage facilities and security measures in place to protect their inventory.

Building relationships: Diamond merchants must build strong relationships with suppliers, buyers, and other professionals in the diamond industry. They must attend industry trade shows, events, and conferences to network and build connections.

Keeping up with industry trends: The diamond industry is constantly evolving, and diamond merchants must keep up with the latest trends, regulations, and technology. They must be aware of changes in the market and adjust their business strategies accordingly.

In conclusion, becoming a diamond merchant in India is a challenging but rewarding career path. It requires a combination of education, training, experience, networking skills, and significant financial resources. Pursuing a degree in business or gemology, participating in diamond grading and sorting courses, gaining hands-on experience, building a strong network of contacts, securing funding, registering the business, and obtaining the necessary permits and licences are all essential steps to becoming a successful diamond merchant in India. With dedication, hard work, and a commitment to excellence, aspiring diamond merchants can succeed in this dynamic and exciting industry.

Read : Loose Diamonds: Everything You Need To Know [2023] , Best Diamond Manufacturing Process | Experience the difference at Sanghvi & Sons , What's trending in diamond jewellery? Learn trend diamond shapes and cuts

#Diamond Merchants In India #Successful Diamond Trader #Diamond Merchant #Roles Of A Diamond Merchant

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