January 2008
Rolex Gives $1 Million to Watchmaking School
Swiss luxury watch brand Rolex is giving $1 million to underwrite of the Watchmaking and Microtechnology program at Oklahoma State University-Okmulgee.
The commitment of $1 million over five years supports a program which, since being established in 1946, has developed an excellent reputation both locally and nationally in serving the needs of the watchmaking industry, says the Rolex announcement.
Rolex has been an industry leader in providing funding for the training and education of skilled watchmakers. In 2000, it gave a $1 million five-year grant the watchmaking program at North Seattle Community College in Seattle, Washington. It renewed that grant in 2005.
In 2001 Rolex established its own Lititz Watch Technicum school, a not-for-profit foundation that has already trained and graduated more than 50 watchmakers. In 2004, it also pledged a $1 million five-year grant to support the Saint Paul College watchmaking program in St. Paul, Minn.
In addition to its extensive investments in U.S. watchmaking education, Rolex also operates the Tokyo Watch Technicum in Japan and the Rolex Training Center in Mumbai, India.
The Donald W. Reynolds Technology Center houses the Watchmaking and Microtechnology program at Oklahoma State University-Okmulgee.
Inaugural Macau Fair sees strong attendance
Inaugural Macau Fair sees strong attendance
January 23, 2008
Macau, China—The Macau Jewellery and Watch Fair made its debut in January, marking the first-ever international jewelry trade fair to take place at the beginning of the year in Macau.
More than 6,600 trade visitors from 59 countries and regions, and more than 500 companies from 24 countries and regions, converged upon The Cotai Strip Convention and Exhibition Center at The Venetian Macao-Resort-Hotel for the Jan. 10-13 event.
Organizers described the show in a media release as bringing a unique business platform to Asian jewelry traders.
“Both exhibitors and visitors agreed that the Fair provides new business opportunities for them, as it provides an unprecedented marketplace and will strengthen Asia’s leading position in the international jewelry industry,” Celine Lau, director of jewelry fairs, CMP Asia, said in a statement.
Among the visitors, 53 percent came from outside the Macau and Hong Kong regions, with the majority of visitors (72.2 percent) coming from other Asia-Pacific regions; 3.5 percent from North America, 2.1 percent from Europe and 1.8 percent from the Middle East, Africa, South and Central America.
Exhibitors at the show took over more than 900 booths, and group pavilions included jewelry products from Antwerp, Israel, Italy, Japan, Korea, Singapore, Taiwan, Thailand, Turkey and the United States.
A second jewelry show organized by CMP Asia, the Macau Fine Jewellery Fair 2008, will be held in Macau later this year, from Sept. 25-28, and is targeted at select trade customers and VIP collectors.
Next year’s edition of the Macau Jewellery and Watch Fair will take place from Jan. 8-11, 2009.
For more information about either show, e-mail salesjwf@cmpasia.com or visit the show’s Web site, Jewellerynetasia.com.
Prime Jewelry Group to host buying event
Prime Jewelry Group to host buying event
January 23, 2008
Atlanta—The Prime Jewelry Group, organizers of invitation-only trade events that bring together high-quality independent jewelers and upscale jewelry manufacturers, will host a new winter edition early next week.
Taking place from Jan. 27-28 at the Ritz-Carlton Hotel, Lake Las Vegas, in Henderson, Nev., the show will join the ranks of Prime Jewelry Group’s already-established jewelry events held in late summer and early fall.
Organizers said in a media release that the January show was timed in an effort to help key retailers complete early season and fill-in buying.
“Shifts in the national trade show schedule created a void in the marketplace that we’ve been able to fill with our new January buying event,” Prime Jewelry Group Executive Director Carol Young said in a statement. “Perfectly timed to offer a first-hand look at breaking trends and an exclusive showing of new introductions in a relaxed business environment, our new winter edition will help each participant get their year off to a strong start.”
Retailers who attend Prime Jewelry Group’s events are nominated by the organization’s membership, which includes 35 jewelry manufacturers. When chosen, retailers receive an invitation, including roundtrip airfare and hotel accommodations at the Ritz-Carlton Hotel, to attend the two-day event.
A late summer edition will take place from Aug. 23-24 at the Ritz-Carlton in San Francisco, and a third edition is yet to be announced.
To be considered for an invitation or to learn more about Prime Jewelry Group events, visit its Web site, Primejewelrygroup.com.
Friedman’s Creditors File Petition for Involuntary Bankruptcy
Several creditors of Friedman’s Jewelers yesterday filed a petition to the force the struggling chain into Chapter 7.
The creditors include Rosy Blue, Eurostar, Simply Diamond, and Jewelmark. They claim debts of over $10 million.
Prior to this petition, the market had been filled with rumors that Friedman’s had tried to make a deal with its creditors to stave off bankruptcy.
The creditor’s attorney, Lawrence L. Ginsberg, who was also creditor’s attorney for M. Fabrikant and Sons, said the court had yet to rule on the petition.
No one at Friedman’s headquarters could be reached for comment.
The company went into Chapter 11 in February 2005, but emerged from it as a private company less than a year later.
Demand high for Richemont goods in 2007
Demand high for Richemont goods in 2007
January 23, 2008
Geneva—Swiss luxury group Richemont has reported an 8 percent increase in sales at actual exchange rates to 1.673 billion euros (about $2.438 billion) for the three-month period ended Dec. 31, 2007, compared with 1.552 billion euros (about $2.262 billion) for the same period in 2006.
Sales at constant exchange rates increased 14 percent for the three-month period.
Richemont’s overall financial situation didn’t change significantly during the period. Its net-cash position as of Dec. 31 was 1.093 billion euros (about $1.593 billion), an increase of 189 million euros (about $275 million) over its position on Sept. 30, 2007. This increase primarily reflected seasonal net-cash inflows in respect of operations, partly offset by investing activities. During the period, the Group acquired Azzedine Alaia SAS, a Swiss watchcase manufacturer.
The strongest sales growth by geographic area during the period was reported in the Asia-Pacific region (21 percent at actual exchange rates) and in Europe (10 percent at actual exchange rates).
Sales in the Americas increased 10 percent at constant exchange rates to 327 million euros (about $476 million); however, this increase was offset by exchange-rate effects, resulting in sales at actual exchange rates being in line with the three-month period ended Dec. 31, 2006.
Richemont’s jewellery maisons reported underlying sales growth of 7 percent at actual exchange rates for the period. Cartier saw positive growth in the Asia-Pacific region, and Van Cleef and Arpels reported very strong growth in all regions, albeit from a lower base.
For the nine-month period ended Dec. 31, sales in this sector increased 8 percent at actual exchange rates to 2.139 billion euros (about $3.117 billion).
The Group’s specialist watchmakers also saw solid demand during the period, with an underlying sales growth of 10 percent at actual exchange rates. Piaget, IWC and Panerai performed particularly well.
For the nine-month period ended Dec. 31, sales in this sector increased 15 percent at actual exchange rates to 1.333 billion euros (about $1.942 billion).
Actual exchange rates for the period were calculated using the average daily closing rates against the euro. In terms of sales at constant exchange rates, average exchange rates for the year ended March 31, 2007, were used to convert local currency sales into euros for the current three-month period, the current nine-month period and comparative figures.
Richemont Jewelry Sales Up 15%, Watches Up 16%
Compagnie Financiere Richemont, the world’s second largest luxury goods group, reported Wednesday that its jewelry sales grew 15 percent to 863.8 million euros ($1.25 million) for the three months ended Dec. 31, 2007.
Cartier saw good growth in the Asia-Pacific region and Van Cleef & Arpels reported very strong growth in all regions, the Swiss-based conglomerate said.
The Group’s specialist watchmakers saw good demand during the period, with underlying sales growth of 16 percent to 426.4 million euros ($621.3 million). The company said Piaget, IWC, and Panerai performed particularly well.
Overall the company, which also owns Montblanc and Alfred Dunhill, said it experienced strong demand for its luxury products, with underlying sales growth at 14 percent at constant exchange rates. At actual exchange rates, sales increased by 8 percent to 1.67 billion euros ($2.43 billion).
Richemont also holds a significant investment in British American Tobacco, which wasn’t included in the quarterly financial report.
HRD Antwerp appoints new lab manager
HRD Antwerp appoints new lab manager
January 23, 2008
Antwerp, Belgium—HRD Antwerp NV has named Emile Schoeters as the new senior manager of the HRD Diamond Lab, the organization announced on Tuesday.
Schoeters will handle the daily management of the HRD Diamond Lab and formulate its business strategy. To meet the growing demand for HRD Antwerp diamond certificates, Schoeters also will have to expand and optimize the lab’s grading capacity.
Schoeters comes to HRD Antwerp from Agfa-Gevaert, where he served as key manager.
He holds a doctorate in nuclear physics and a master’s in business administration, and has extensive experience as a leader in an international science-based business environment, according to HRD Antwerp.
“With his excellent managerial skills and experience, and his strong scientific background, we are confident that Emile is ideally suited to head the HRD Diamond Lab,” HRD Antwerp General Manager Georges Brys said in a statement.
HRD Antwerp is a subsidiary of the Antwerp World Diamond Centre (AWDC), formerly known as the Hoge Raad voor Diamant (HRD).
HRD Antwerp operates six services: the diamond lab, HRD Precious Stones Lab, HRD Education, HRD Graduates Club, HRD Equipment and HRD Research.
AGS gives grooms ring guidance on radio tour
AGS gives grooms ring guidance on radio tour
January 23, 2008
Las Vegas—Grooms-to-be heard all they needed to know about buying an engagement ring last week during the American Gem Society (AGS) Laboratories’ 13-stop radio media tour.
The tour, “Getting Engaged? Tips on Buying that Special Ring,” covered how to overcome typical proposal blunders and how to read diamond-grading reports.
Hosted by AGS Laboratories President and Chief Executive Officer Frank Dallahan, the program reached an estimated 3.5 million listeners via nationally syndicated programs such as USA Radio National and Good News Broadcast National, and in locals markets including Atlanta; Chicago; Denver; Detroit; Kansas City, Kan.; Minneapolis; Orlando, Fla.; Raleigh, N.C.; Roanoke, Va.; and Tampa, Fla.
“The tour was an overwhelming success and a terrific opportunity to share the AGS Laboratories message with consumers,” Dallahan said. “Many of the interviewers were intrigued by the diamond-grading process, so much so that the average interview lasted nearly 10 minutes, which just goes to show that even with all the information available to consumers today, there is still a thirst for quality information from reputable sources.”
The media-tour interviews are now available online at AGSLab.com/news_radio.html
The AGS Laboratories was created in 1996 and provides unbiased diamond-grading reports. It is the only diamond-grading lab licensed to use the AGS Performance-Based Cut Grade System—the
first-ever cut grading system for a fancy-shaped diamond. The lab currently issues a cut grade for round brilliant, princess- and emerald-cut diamonds. Cut grades for other shapes are due in the near future.