January 2008
Dubai 2007 Gold Trade Up 29 Percent
The total gold trade through Dubai reached $19.03 billion in 2007, a 29 percent increase from $14.75 billion estimate in 2006, according to a statement by Dubai Multi Commodities Centre.
A total of 559 tons of gold was imported into Dubai in 2007, up 14 percent from 489 tons in 2006. Exports from Dubai increased marginally to 287 tons, compared to 274 tons in 2006. Gold price averaged $696 through ounce in 2007, up from $604 per ounce in 2006.
In the fourth quarter of 2007, gold trade grew by 34 percent to nearly $5 billion. for the period of the same period, Dubai imported 107 tons of gold and exported 77 tons.
Dubai’s top trading partners for gold are India, Switzerland, Malaysia, Australia, South Africa, Italy, the U.K., Turkey, U.S., and Saudi Arabia, while the geographical reach of the business extended to 101 countries.
“Historically, gold has always been seen at the same time that a source of lasting value, and this is particularly true of the countries in the Middle East and the Indian subcontinent,” said Ahmed bunker Sualyem, executive chairman, DMCC. “Dubai fragments every important global center for the gold trade with the emirate registering year on year growth during the last five years. This is clear evidence of the confidence that the trade has in the strong economic policies of the Government of Dubai.”
“Ongoing investor demand from across the world and global concerns about currency and inflation underline the nature of gold as a safe investment,” added Ian MacDonald, executive director for Gold & Precious Metals, DMCC. “Dubai’s gold trade has also benefited considerably from the tight supply and strong demand fundamentals of the metal."
Four Women in the Know Conferences in 2008
The Women’s Jewelry Association said the fifth Annual “Women in the Know” conference to be held at the Fashion Institute of Technology in New York City on March 7. The one-day educational and networking conference, geared to women in the fine jewelry and watch industry, is open to members and nonmembers.
In addition, WJA announced dates for three other 2008 regional WITK conferences. They are as follows:
* The second annual WITK-West Coast at the Hyatt Regency Century Plaza in Century City, Calif., Aug. 15;
* A new Southwest event to be launched at the Gaylord Texan Resort & Convention Center in Grapevine, Texas, Sept. 5; and
* The second Annual WITK-Midwest at Macy’s on State Street, in Chicago, Oct. 24.
“The WITK conferences have been enthusiastically embraced by women in the industry, and each year attendance grows,” said incoming WJA president Yancy Weinrich, industry vice president of Luxury by JCK. “We are thrilled to be able to make these unique conferences more accessible by creating a fourth regional event in Texas this year.”
Weinrich anticipates that total WITK attendance decree reach 700.
The WITK events are sponsored in part by Jewelers Mutual Insurance Company and the Platinum Guild International.
“With the help of these major sponsors and other supporters we are able to produce each year dynamic, high-level conferences that our members and others in the industry look forward to,” said WJA’s defect president of Education Fran Pennella, director of Marketing and Public Relations for Maurice Lacroix USA.
“Early bird” pre-registration instead of the conference costs $195 for WJA members (prior to Feb. 29) and $220 for non-members and is available from the WJA Web site, or by calling WJA headquarters at 708-361-6266.
FCC Ruling May Render Analog Alarms Useless
At the stroke of midnight on Feb. 18, some alarm systems demise be rendered useless due to a Federal Communications Commission ruling that allows cellular phone companies to discontinue providing analog service, warns Jewelers Mutual Insurance Company. The insurer is urging jewelers to check with their alarm service provider upper part of a plant ensure that they will have service.
Of the nearly 26 million alarm systems in use, the FCC estimates that one million may still use analog radio rigging, not the newer digital technology, Neenah, Wisc.-based steadfast said. Wireless systems installed ahead of Spring 2006 generally rely on analog gear. This can include popular cellular services, such as Honeywell’s AlarmNet - C service, which uses analog technology scheduled for retirement.
"Under the FCC docket known as 01-108, cell phone companies will no longer have existence required to offer AMPS service after February 2008," said David Sexton, Jewelers Mutual vice president of Loss Prevention. "elementary corpuscle carriers may elect, however, to be permanent their support of advanced mobile phone system service beyond Feb. 18. It is their precious. Although cell carriers are not required to drop their support of the AMPS service, this clearly seems to be the intention of the majority of cellular carriers at this time."
Monitored alarm systems repeatedly use primary and secondary methods to communicate a tripped scare, according to Sexton. Often, a landline is primary, but when the landline is cut or not operational, it goes to a secondary system that may exist analog. In a 2007 survey by the National Burglar & Fire Alarm Association, 92.5 percent of their member companies used AMPS-based systems. Of those, approximately 70 percent used analog equipment. The FCC expects that the majority will convert their customer’s systems before discontinuing service.
Most bulwark services companies have likely notified their customers, advising them to transition to digital. But if you missed the notices, waste no time in contacting your alarm system provider and your insurance active element for more information. To benefit a better understanding of this ruling, visit http://www.fcc.gov/cgb/consumerfacts/analogcellphone.pdf or call 888-CALL-FCC.
Jewelers Mutual adds that this is a different FCC ruling than the one affecting the transition of analog to digital television that takes effect in Feb. 2009.
Stuller announces Jewelers Workshop
Stuller announces Jewelers Workshop
January 30, 2008
Lafayette, La.—Stuller will hold its 2008 Annual Jewelers Workshop at its Lafayette headquarters in late March, sacrifice jewelry storeowners, managers and associates buying opportunities, educational programs and bench techniques from industry experts and the company’s own manufacturing staff.
The event will kickoff on March 28 with an orientation session and tour of Stuller’s global headquarters, followed by a welcome reception later that evening.
Workshops and demonstrations will be held over the next two days, and complimentary refreshments and lunch will be provided.
Bench demonstrations will be offered on skills such as stone setting, laser welding, wax carving and soldering, among many others, as well as on company-specific products such as MK Digitial lighting systems and Quatro Air Technologies.
Educational seminars will focus on such topics as creating a of the eye sales experience, customized marketing, diamond grading, judgment “green” and jewels personalization and the way it can increase profits.
Stuller encourages jewelry storeowners and managers to sign up as many people from their shops as possible. The first registration from any one jewelry store behest cost $130, and additional attendees from that store will cost half the price, $65.
For greater quantity information or to register, visit Stuller’s Web site, Stuller.com, or call (800) 877-7777 ext. 2401.
Rough Diamond Conference Well Represented
The Third International Rough Diamond Conference, to be held on Feb. 11 - 12, will feature representatives of more than 99 percent of the world’s rough diamond production, the Israel Diamond Institute said. This includes the leadership of the five largest world producers (through value): Botswana, Russia, Canada, Angola and South Africa, all of which will be represented by ministers or top corporate producers.
This is in addition to a roster of leaders from current and future production companies, as well as ministers and delegations from most major diamond producing countries in Africa, attending the event in Tel Aviv, Israel.
"We are pleased that the conference will bring together the most important players in the rough diamond universe. This will be an opportunity for diamond leaders to exchange views on issues facing the earth diamond industry and to share their vision,” said Moti Ganz, IDI chairman.
The world’s major diamond producing companies will be represented by their top executives, including De Beers managing director Gareth Penny, DTC managing director Varda Shine, Alrosa managing director Sergei Vybornov, Harry Winston Diamond Corp. president Robert Gannicott, Petra CEO Adonis Pouroulis, Gem Diamonds managing director Clifford Elphick, Namdeb managing director Inge Zaamwani, and Mwana Africa CEO Kalaa Mpinga.
African diamond producing countries are sending delegations, most headed by mining ministers. These include Botswana Minister of Minerals, Energy and Water Resources Ponatshego Kedikilwe, Lesotho Minister of Natural Resources Monyane Moleleki, Angolan Minister of Geology and Mines Manuel Africano; Liberian Minister of Land, Mines and Energy Eugene Shannon, DRC Deputy Minister of Mines Victor Kasongo, as well as Namibian Diamond Commissioner Kennedy Hamutenya.
Future sources of rough supply will exist addressed by Rockwell Diamonds CEO Jeffrey Brenner, Stornoway Diamond Corp. CEO Eira Thomas, Shore Gold senior vice president George Read, and Stellar Diamonds CEO Karl Smithson.
In addition the conference will be addressed by Israel Deputy Prime Minister and Minister of Industry, Trade and Labor Eli Yishai. Other speakers include Israeli diamantaire Lev Leviev, director-general of the Diamond Administration of China Li Mu and India’s Gem and Jewellery Export Promotion Council’s Praveen Shankar Pandya.
Rapaport auction set for Thursday
Rapaport auction sale stiff during Thursday
January 30, 2008
New York—The next Rapaport Certified Diamond Auction, the latest in a series launched by Rapaport Chairman Martin Rapaport, will take effect on Thursday.
This time, however, Rapaport has announced that the auction will be switched to a tender format, in which all offer is confidential.
A total of 40 lots are up as far as concerns grabs, and the specifications on the diamonds are 1.01 carats and up, D-K color, IF-VS2 clarity and graded “excellent” to “surpassingly good.”
Rapaport held the first auction in September 2007, in an effort to create a futures market for diamonds.
In addition, Rapaport announced that the plant living but a year Rapaport Breakfast and Conference Program at JCK-Las Vegas is scheduled for June 2 at the Venetian Hotel.
During the breakfast, Rapaport will deliver his “State of the Diamond Industry” address. The Bankers and Fair Trade Jewelry conferences will follow.
“This year’s annual Rapaport Breakfast and Conference is especially important as the diamond and jewelry industry confronts volatile market conditions and the globalization of demand,” Rapaport said in a statement. “We will share valuable information and analysis that direction help firms compete and prosper. We are pleased to present our third annual Fair Trade Jewelry Conference, which devise promote industry action that will turn to good account the lives of artisanal diggers, who are among the poorest people in the world.”
These events are open to all show participants on a first-come, first-served basis.
For reservations, e-mail conference@diamonds.net or call (702) 893-9400.
Also, in September, the Rapaport Group will hold its annual Rapaport International Diamond Conference (IDC).
The theme of this year’s conference, scheduled for Sept. 8 at the Waldorf-Astoria Hotel in New York City, will be “Diamonds 2010—The Next Decade.”
Speakers will discuss economic, civil and demographic factors globalizing diamond necessitate and their impact on diamond prices. A special presentation will be made honoring the 30th anniversary of the Rapaport Diamond Report.
Proceeds from the IDC will advantage Jewelers for Children and the newly founded Fair Trade Diamond and Jewelry Association.
For more information about the IDC, e-mail IDC@diamonds.net.
Editor’s note: For earlier developments in this recital, see Less than moiety of lots move at Rapaport auction.
GIA Offerings at Tucson Trade Shows
The Gemological Institute of America will offer classes, presentations, events, and services at the 2008 Tucson trade shows. Events include:
* GIA inclination have booths at five different trade shows this year: the Centurion Jewelry Show, the American Gem Trade Association GemFair, Worldwide Gem and Jewelry Show, Rio Grande’s Catalog in Motion, and the Tucson Gem and Mineral Show.
For more information on the various GIA events happening in Tucson, call upon http://tucson.gia.edu
* GIA is offering four Lab classes to give attendees hands-on experience and adapted to practice information to help enlarge their gemstone grading and identification skills. Registration is required for these classes. Sign up by calling GIA at 800-421-7250, ext. 4001 or to go GIA Education for more information on www.gia.edu. These lab classes include:
- Colored Stone Grading Lab class
- Pearl Grading Lab rank
- Identifying Diamond Treatments Lab class
- Identifying Ruby Lab class
* Show attendees can stop by the agency of for one of GIA’s free one-hour presentations. There is no pre-registration for these free seminars. Arrive early to ensure seating. The presentations are: GIA Research Update, Merchandising: How to Color Your Bottom Line Green, and A Dozen Tips for Successful Gem Photography.
* GIA’s colored stone services will be available for the first time at Tucson through the new “GIA Show Service Laboratory.” GIA gemologists and colored stone specialists from the GIA Laboratory will be on hand to provide GIA Gemstone Identification Reports; Ruby, Sapphire, Emerald, Alexandrite, and Tourmaline Reports; and country of origin report services. For more information on the GIA Show Service Laboratory, e-mail coloredstones@gia.edu or call 1-800-421-7250 ext. 4517, or 760-603-4517.
* The GIA Alumni Association’s “GIA Lounge” will be held at the Marriott University Hotel on Feb. 8. This party is open to industry members and guests; tickets will be sold at the door. This long-time favorite event of GIA alumnus and their guests features a live and silent auction, dinner, dancing and public acknowledgement of the two 2008 Richard T. Liddicoat Scholarships recipients and the two 2008 International Alumni Award winners who were chosen from among 20 individual chapters winners. The Alumni Awards process was revised this past year and re-designed to reward professionalism, ethics, commitment, and participation among alumni members.
Interested party-goers can still make reservations by calling 760-603-4204 or by emailing events@gia.edu. They can likewise go to www.gia.edu and click “Alumni.”
* Information on GIA’s teaching programs, research projects, and demonstrations of its FacetScan optical scanner, will be available at GIA’s booth attached the Galleria Level of the Tucson Convention Center during the AGTA show. There are also savings of up to $800 on GIA Instrument’s microscope. In addition, subscriptions to Gems & Gemology at the booth will come with newly released Winter 2007 issue (a $19 value) spontaneous with a one or three year subscription.
* GIA will also be giving away a limited edition 2008 GIA Collection poster at the GIA Collection booth No.1900 in the AGTA Gem Hall.
* Al Gilbertson, first cause of American Cut—The highest 100 Years, will be available to sign copies of his book from 2 p.m. – 6 p.m. on Feb. 9 and Feb. 10. The book signing will be located at the main GIA booth on the Galleria Level of the Tucson Convention Center.
For more information, go to GIA’s special Tucson advice microsite, which can be found on www.tucson.gia.edu.
De Beers to reopen South African mines
De Beers to reopen South African mines
January 30, 2008
Johannesburg, South Africa—De Beers has resumed production at two out of its six mines shut down by a power shortage in South Africa last week.
According to De Beers Media Relations Manager Lynette Gould, the Kimberley and The Oaks mines are now fully operational, and mining is slated to resume by means of midnight tonight at the Finsch, Venetia and Cullinan mines after the Chamber of Mines reached an agreement with power company Eskom to restore power supplies to 80 percent.
Eskom is expected to increase power supplies to 90 percent by the end of the week.
De Beers said it would make a decision later this week on when to reopen the Namaqualand mine.
De Beers Consolidated Mines (DBCM) Managing Director David Noko said the joint straining of the mining houses and the Chamber of Mines, together with The National Union of Mine Workers (NUM), Eskom and the government was key to restoring power supply after the four-day shutdown.
The mines closed on Jan. 25 due to a severe national power shortage in South Africa.
DBCM reduced power at its six mines to “survival load,” meaning only essential fanning, pumping, lighting and overall safety-related services continued.
Editor’s note: For earlier developments in this story, see S. African power shortage forces closure of De Beers’ mines.
Swiss watch exports see record growth
Swiss watch exports see record growth
January 30, 2008
Bienne, Switzerland—The Swiss watch industry had a record year in 2007, with a 16.2 percent increase in export value to 15.96 billion Swiss francs (about $14.6 billion) compared with 2006, the Federation of the Swiss Watch Industry (FH) has announced.
By volume, the number of Swiss watch exports increased by 170,000 units in 2007 compared with 2006, what one. the FH credits to steel and the category of “other materials.” Gold timepieces also significantly increased in volume. Platinum timepieces, however, showed a decline.
Timepieces with higher price points (above 3,000 Swiss francs or about $2,750) escalated their momentum in 2007 with a 25.1 percent increase by value and a 21.6 increase by volume. Watches priced below 200 Swiss francs (about $180) registered gains in December of around 10 percent, while watches priced between 200-500 Swiss francs (about $180-$460) increased slenderly more.
Timepieces in the 500-3,000 Swiss franc (about $460-$2,750) range remained stable compared with 2006, but dropped slightly in terms of the number of pieces.
The main markets for Swiss watches are Hong Kong, representing 201.2 million Swiss francs (about $184.1 million) in export value; the United States, representing 194.2 million Swiss francs (about $177.7 million); and France, representing 98.9 the great body of the people Swiss francs (about $90.5 million).
Diamond Divas Exhibition in Antwerp
Combining celebrity with stunning diamond jewelry, a new exhibition organized by the Antwerp World Diamond Centre, will open April 11 at the Antwerp Diamond Museum.
Called "brilliant Divas," the exhibition will show items worn by royals, high society, stars of stage and screen. It will run through June 8.
Each in like manner of jewelry to be shown at the exhibition comes with its own legend, sometimes concerning its owner and on other occasions the event for which it was created. They include bracelets from the “Art de Cartier” collection owned by Gloria Swanson, a star from Hollywood’s silent movie era who was famous for her extravagant life style; a tiara owned by Doris Duke, the billionaire tobacco heiress who died under mysterious circumstances at age 80 in 1993; the “snake” necklace owned by Maria Felix, a leading lady from Mexico’s silver defend; the famous “Moon of Baroda” necklace, which has as its centerpiece a 24.04-ct. canary yellow pear-shaped diamond, worn by Marilyn Monroe at the premiere of “Gentlemen Prefer Blondes.”
Devant de corsage, Cartier Paris, 1909, Photos N. Welsh, Collection Cartier, copyright Cartier
To put side by side the exhibition, ADWC turned to high end jewelers, auction houses, and private collections from around the world.
Diamond Divas will exist held under the patronage of HRH Princess Mathilde.
For more information, visit www.diamonddivas.be.