The Hindu : Gitanjali Jewels files for 25 patents

Online edition of India's National Newspaper
Thursday, Dec 18, 2003

Business

Business

Gitanjali Jewels files for 25 patents

By Our Staff Correspondent

MUMBAI DEC. 17. When an Indian company files for a patent, it usually elicits some degree of interest. But there is a company that has filed for 25 patents.

Gitanjali Jewels, a Rs. 100-crore Mumbai-based diamond jewellery designer and retailer, has, in fact, filed for patents for 25 different diamond cuts developed in-house, making it the first Indian jeweller to file for patents for diamond cuts.

The cuts essentially determine the value of diamonds and an average diamond has more than 50 facets. More the facets, the more the brilliance of the diamond. Speaking to The Hindu, Mehul Choksi, Chairman, Gitanjali Jewels, said: "Traditionally, most diamonds have two cuts, either round brilliant cut or baguettes, and most business is transacted in these diamonds. We have, however, developed new cuts which are different from the traditional cuts".

In doing so, Gitanjali has ventured into a territory, that is traditionally considered the forte of Israeli and Belgian diamantaires. Hardly surprising, considering that the head of research and development at Gitanjali is Adri Voon, a Belgian who is responsible for the development of the 25 cuts.

The company has invested around $500,000 in R&D to develop these cuts and expects to make $20 million from them during 2004.

The products will be offered to high-end clients in West Asia, South East Asia, India, China and Japan over the next year. "We are still in the process of patenting the cuts from market to market and it will take between six and eight months to complete the process," said Mr. Choksi.

India processes 60 per cent of the world's diamonds in terms of value, and according to the Gems & Jewellery Export Promotion Council (GJEPC), exports of gems and jewellery were worth $9.169 billion during 2002-03 against $7.556 billion in the previous year. The major destinations are the U.S., Hong Kong, Belgium and the UAE.

The gems and jewellery industry has posted a healthy performance after two years of decline.

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