January 2008
Cordova merges with Rosen Block
Cordova merges with Rosen Block
January 02, 2008
Flushing, N.Y.—Bridal- and fashion-jewelry manufacturer and designer Cordova Inc. has joined forces with Rosen Block Design.
As a result of the merger, Ron Rosen of Rosen Block Design has been named Cordova’s new president and creative director, while Cordova’s former president, Robert Kagan, has assumed the role of chairman and chief executive officer.
Hiring a new creative director had been in the works at Cordova for some time. In honor of the company’s 57th anniversary in 2007, Cordova underwent an extensive corporate rebranding, announcing its plans to name a new designer.
“We needed someone with the creative energy and strategic vision to elevate Cordova to the level of household designer brand,” Kagan said in a media release. “Ron Rosen is an exceptionally gifted artist with an unwavering passion for both the business and the craft of jewelry design.”
Rosen graduated from the Rhode Island School of Design prior to co-founding Rosen Block Design. He also has family ties to Cordova: He is the grandson of its founder as well as Kagan’s nephew. The Rosens and Kagans have been partners in Rosen Block Design since its founding in 1992.
“As I grew up and entered the jewelry business, I’ve watched Cordova build its reputation for classic design, steadfast quality and first-rate support,” Rosen said in a media release. “We felt that by combining Cordova’s strengths with the innovation and momentum of Rosen Block, we’d be giving our retailers the best of all worlds and attracting a broader audience to our products.”
Overseas manufacturing capabilities will be added too, allowing Cordova to offer more of an extensive line at a broader range of price points. The designs will be marketed as “Cordova by Ron Rosen,” and the company will invest more in marketing to drive greater demand for its jewelry.
The merged companies will operate out of Cordova’s headquarters in Flushing. For more information, visit Cordova’s Web site, Cordovajewelry.com, or call (888) Cordova.
JVC posts link to De Beers settlement claim form
JVC posts link to De Beers settlement claim form
January 02, 2008
New York—The Jewelers Vigilance Committee (JVC) has posted a link on its Web site to the De Beers Indirect Purchaser/Reseller class-action lawsuit claim form, and is also providing online guidance on how to complete the form.
Back in October, the U.S. District Court approved the notice and claims process for the De Beers settlement, which covers gem-quality diamonds only.
Jewelry industry members can access the claim form by visiting JVClegal.org. In addition to guidance to complete the form, the site also includes a series of frequently asked questions. In addition, industry members who have specific questions about completing the form can e-mail JVC’s online hotline, jvcquestions@aol.com.
Starting Dec. 28, a court-authorized media campaign commenced to notify consumer class members about making a claim. Advertisements in hundreds of newspapers, magazines and on the radio will run until February 2008. The U.S. District Court also ordered that written notice about the claim form be mailed to approximately 50,000 entities covered under the lawsuit.
The claims period for consumers and jewelers runs between Jan. 1, 1994 and March 31, 2006, but the trade claim form asks jewelers to pick any two-year period during those years and to submit the total costs of the diamonds and diamond jewelry they purchased for resale during that time.
Retailers will share proportionately with other “resellers” a settlement portion amounting to $137 million, reduced by plaintiffs’ attorneys’ fees and expenses, with payouts probably not occurring until late 2008 or 2009.
Claims must be postmarked on or before May 19, 2008, to be accepted.
The JVC said in a statement that a link to the Direct Purchasers claim form will be posted on JVClegal.org as soon as it is available.
Basta brooches on display at GIA
Basta brooches on display at GIA
January 02, 2008
 |
| Ricardo Basta’s “Dragon Brooch,” is an 18-karat yellow gold and platinum design featuring a multitude of colored stones with unusual treatments. Photo courtesy of Ricardo Basta. |
Carlsbad, Calif.—Award-winnng jewelry designer Ricardo Basta’s one-of-a-kind brooches are currently on exhibit at the Gemological Institute of America’s (GIA) headquarters in Carlsbad.
The brooch collection is based on natural themes such as plants and animals. One such piece is the “Dragon Brooch,” an 18-karat yellow gold brooch with platinum accents that are embellished with diamonds and hand-engraving. The piece also features a fire opal hand-carved to emulate the flames of a fire-breathing dragon, a demantoid green garnet eye with onyx pupil, a hand-carved mother-of-pearl chest and elephant-hair whiskers.
“We are honored to have Ricardo’s collection on display,” GIA Museum Director Elise Misiorowski said in a media release. “He is rare among jewelers because of his training in traditional European methods of working with precious metals, particularly platinum. He is recognized as one of the premiere platinum jewelry designers in the country.”
Celebrities such as Stockard Channing, Gladys Knight and Vanessa Minnillo have all worn Basta’s designs. His work has also been featured in W, Inside Weddings and Robb Report magazines, as well as on all the contestants in an America’s Next Top Model ad campaign.
Basta has been honored with numerous awards for his cutting-edge and trend-setting designs, including the American Gem Trade Association’s Spectrum Awards and the Manufacturing Jewelers and Suppliers of America’s (MJSA) prestigious MJSA Award.
“With each piece I make, I try to do something I’ve never done before,” Basta said in a media release. “Each is inspired in a different way. From its conception to the finished piece, it always changes. First you have the idea and then you revolve around it.”
Basta’s collection will be on display until March 2008.
Museum exhibit viewings are free and available to the public through scheduled tours. To sign up for a tour, e-mail guestservicesmailbox@gia.edu or call (800) 421-7250 ext. 4116. Outside of the United States, call (760) 603-4116.
GJEPC to DTC: Reconsider sightholder cuts
GJEPC to DTC: Reconsider sightholder cuts
January 02, 2008
Mumbai, India—A total of 11 Indian firms were eliminated as sightholders in the Diamond Trading Co. (DTC)’s recent realignment, causing grave concern among industry leaders there.
India’s Gem and Jewellery Export Promotion Council (GJEPC), the main body of the gem and jewelry trade in India, released a statement today pointing out that the realignment means a 25 percent loss in processing capacity for India.
GJEPC Chairman Sanjay A. Kothari said the DTC’s move to consolidate business by having fewer sightholders will affect small and mid-sized businesses that depend on intra-trade dealings with sightholders and mid-sized manufacturers.
“The exclusion has caused discomfort even amongst the existing sightholders as the ones removed will have to bear major investment losses,” he said. “Mega expansion and investments were undertaken by companies toward integrating manufacturing facilities and now they would be deprived of assured rough supply, which will greatly affect their set-up.”
The GJEPC went on to say that the overall impact would have been reduced if the DTC increased allocation to the Hindustan Diamond Co. (HDC), a joint venture between De Beers and the government of India.
The GJEPC said it is requesting that the DTC “review and reconsider” the decision-making process behind this round of sightholder cuts.
The DTC’s new sightholder list was released on Dec. 17, but will not be finalized until later this year.
The revised list included a total of 75 sightholders, down from 93. Counting the sightholders for Namibia and Botswana, the total number of sightholders internationally now stands at 79.
According to the GJEPC, eight firms in India and three Indian-owned firms in Belgium were dropped from the list, while three Indian firms were added.
Although the DTC did not release any names, one Indian company, Gitanjali Gems, confirmed to National Jeweler that it did retain its sight.
Gitanjali made headlines in 2007 when it bought U.S. jewelry chain Rogers Ltd. for $20 million.
Editor’s note: For earlier developments in this story, see Majority of U.S. companies retain sightholder status.