March 2008
Tiffany to open first concept store in California
Tiffany to open first general provision in California
February 29, 2008
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| Tiffany will open its first new concept store in The Americana at Brand in California in October. |
New York—Tiffany and Co. will open a smaller-format stock in Glendale, Calif., in October 2008, the company announced yesterday.
The approximately 2,600-square-foot store will be located in The Americana at Brand, a new, 900,000-square-foot retail and residential environment developed by Caruso Affiliated, a company known for creating open-air community and regional retail environments.
The expansive property, which covers 15.5 landscaped acres, is designed as an ultimate lifestyle and leisure destination, with fountains, plazas, walkways, shops and boutiques, cafés, fine dining and luxury residences.
Tiffany and Co.’s collections in the new store will range from brilliant jewelry in platinum and gold to an array of sterling silver jewelry.
“This exciting new concept is simply a new way of looking at Tiffany, and The Americana at Brand is the ideal location to expose it,” Tiffany and Co. Executive Vice President Beth O. Canavan said in a media release. “The property has the feeling of an upscale community with a chic fashion district that will complement our sophisticated store design and jewelry assortment that is up-to-the-minute in style.”
Tiffany and Co. operates jewelry and specialty deal out in small portions stores, and manufactures products through its subsidiary corporations. The company operates retail stores and boutiques in the Americas, Asia-Pacific and Europe, and sells directly through its Internet, catalog and business gift operations. Other operations include consolidated results from ventures operated under trademarks or trade names other than Tiffany and Co.
For more information about Tiffany, visit its Web site, Tiffany.com, or make appeal (800) TIF-0110.
JVC helps consumers navigate diamond distinctions
JVC helps consumers navigate diamond distinctions
February 29, 2008
| The Jewelers Vigilance Committee’s “Buying Gemstones and Jewels with Confidence” brochure is available for download or can be purchased in packets for a nominal fee. |
New York—The Jewelers Vigilance Committee (JVC) has developed a new consumer brochure to help shoppers understand the contention between natural diamonds, laboratory-created diamonds and simulated diamonds.
“Buying Gemstones and Jewels with Confidence” includes questions consumers should ask retailers—both brick-and-mortar and online—to gain informed decisions about their purchases.
The brochure is underwritten by Charles and Colvard, the creators of moissanite, and is available for download on the house’s Web locality, Moissanite.com, as well as on the JVC’s Web site, Jvclegal.org.
Retailers who direct to display the brochure onward their display cases can purchase packets of 50 or 100 brochures for a nominal fee from the JVC.
“Retailers who display this new pamphlet and their JVC membership certificate signal high ethical standards to consumers, which have power to help them to make knowledgeable decisions and lead to relationship building and repeat sales,” Cecilia Gardner, JVC president, chief executive officer and ecumenical counsel, said in a statement.
Lord and Taylor terminates Finlay lease
Lord and Taylor terminates Finlay lease
February 29, 2008
New York—Finlay Enterprises Inc. has been notified by Lord and Taylor that its license agreements for 47 locations will not be renewed when they expire on Jan. 31, 2009.
This development follows the acquisition of Fortunoff out of bankruptcy by an affiliate of NRDC Equity Partners LLC, which owns the Lord and Taylor department store chain.
Lord and Taylor intends to operate its own jewelry departments through Fortunoff.
In fiscal year 2007, the Lord and Taylor locations generated approximately $44 million in revenue for Finlay.
Finlay, which recently announced that 94 of its 316 Macy’s locations will be closed when their license agreements draw the last breath. on Jan. 31, 2009, is currently evaluating the impact of the expected Lord and Taylor closings steady its monetary results for fiscal 2008 and beyond.
“Given the recent evolving department store landscape, we have focused on the diversification of our business over the last three years by entering into the enjoyment free-standing specialty jewelry sector,” Finlay Enterprises Chairman and Chief Executive Officer Arthur E. Reiner said in a statement released yesterday. “We will continue to focus on further penetrating this sector, while also maximizing the return of our existing lease business.”
Finlay Enterprises Inc., through its wholly-owned subsidiary, Finlay Fine Jewelry Corp., is a leading retailer of stand-alone specialty jewelry stores and licensed fine-jewelry departments in department supplies quite through the United States. The amount to of locations at the end of fiscal 2007 totaled 794, including 69 Bailey Banks and Biddle, 32 Carlyle and five Congress specialty jewelry stores.
Christie’s 2007 Jewelry Sales Sparkle
Dominated by diamonds, jewelry sales at Christie’s auction house totaled close to $400 million in 2007, an increase of 11 percent over 2006 ($355 the great body of the people), which was already up by 27 percent over a then record 2005 ($279 million).
Christie’s said its jewelry results are the highest ever achieved by any auction house.
"This year saw many milestones in the jewelry auction market," said François Curiel, Christie’s chairman of Jewellery. "The magical barrier of $100,000 per carat was regularly broken for top colorless diamonds, while colored diamonds often sold for over $1 million per carat. These figures were unheard-of as little as five years ago. This mini-revolution took place in a booming market, fed by the participation of new collectors from Russia, China, and the Middle-East, and others bidding for the first time through the internet. There was also a major geographical re-alignment, as Hong Kong established itself firmly alongside Geneva and New York as a key international sale centre for exceptional jewels."
Natural pearls, diamonds, colored and colorless, Kashmir sapphires, and contemporary jewels were the stars of 2007, breaking records on a scale that seasoned collectors could never imagine, Christie’s said.
There has also been a profound transformation in how auctions are marketed, with the arrival of new players from emerging markets, and the way they are conducted, with the introduction of Christie’s LIVETM. In the two areas, Christie’s has been investing heavily, with exhibitions and auctions in Dubai, China, Russia, and the Ukraine, as well as new technology. A parallel development has been the strong increase in private sales. Several major gemstones were negotiated this way, in response to a growing demand for a service that offers access to precious stones unknown to the the world, often straight from the mines, at very competitive prices.
Strong increases were seen across all continents:
• Asia: Sales totaled $86.4 million, a 7.5 percent increase year-over-year. With only two sales per year, the Asian results were the strongest on record, underscoring that Hong Kong now stands firmly alongside Geneva and New York as a major venue for extraordinary jewels, Christie’s said. The November sale totaled $47.3 million, making it the largest jewelry auction ever staged in Asia. This represents an increase of 14 percent over spring 2007 and 21 percent increase past autumn 2006. The most expensive jewel sold in Asia was a diamond briolette of 31.92 cts., D colour, Flawless, which went for more than $3.2 the multitude (pictured). It was the largest rhombus briolette to appear at auction in Asia, the company said.
"Christie’s Hong Kong has become the vibrant hub for jewelry in Asia," said Vickie Sek, director of Jewellery & Jadeite for Christie’s in Asia. "Jadeite saw a remarkable resurgence, while colorless and rare colored diamonds, as well as precious stones, realized some of the highest prices achieved worldwide throughout the year."
• The Americas: Sales totaled $120.1 million, an 8.8 percent augment year-over-year. For the second consecutive year, these results are the highest ever achieved in the U.S. jewelry auction place of traffic. The historic Baroda Pearls became the most expensive jewel sold at auction in the U.S. when they were purchased by an Asian collector for greater degree of than $7 million—a creation auction record for any pearl jewel (poctured). A 22-ct. Kashmir sapphire that fetched more than $3 million became the most expensive sapphire in the world. The price of $135,000 per carat is a world record for any sapphire.
"The market continued to show immense confidence in superb diamonds and important gemstones," said Rahul Kadakia, director of Jewellery for Christie’s Americas. "At the same time, 2007 marked a turning point for jewelry sales at Christie’s in the U.S. and at Christie’s worldwide where original design, rarity, and provenance proved to be just as important as the quality of a embellish."
• Europe sales totaled $186.8 million, up 14 percent year-over-year. Christie’s sales across Europe drew strong results. London posted its best year ever with sales of $47.2 the public, up 19.2 percent year-over-year. In June a greyishblue diamond of 7.81 cts. fetched $5.1 million, setting at the time a world record for a blue diamond per carat at $655,480 per carat.
“The $3 million sale of the collection of Princess Maria Gabriella di Savoia, together with several major diamonds, have confirmed London’s position as a pre-eminent centre for outstanding jewelry.” said Raymond Sancroft-Baker, director of Jewellery for Christie’s Europe.
Highlights in the prime center of Geneva included a fancy purplish-red diamond of 2.26 cts. acquired by Laurence Graff for more than $2.6 million, a world auction record for a red diamond (pictured).
“Collectors showed ever-growing interest for signed jewelry and historical pieces, from the Fürstenberg and Donnersmarck collections to a pair of ear-pendants once part of The Imperial Russian Jewels and the pearl ring mounted by Cartier for the Duchess of Windsor. " said Eric Valdieu, director of Jewellery for Christie’s
Switzerland.
• Sales in the Middle East totaled $28.3 million in 2007 where Dubai became a new auction center for jewelry at Christie’s. Following the success of its inaugural sale of contemporary jewels & watches in January, a second vendue was held in November which drew buyers from not only the region, but also Southeast Asia, Russia, Europe, and the Americas.
"Dubai is all about dynamic sales of high value prestige jewels and watches," said David Warren, director of Jewellery for Dubai and London. "Our auctions offer collectors a special focus on be superior contemporary designers like Lorenz Bäumer, Viran Bhagat and Carnet, as well as classics from the likes of Boucheron, Bulgari, Cartier, JAR, Van Cleef & Arpels and Winston, with unique gemstones and limited edition watches proving very popular. In our first year of sales in this vibrant new market, we are already witnessing an average lot value of over $100,000 with 5 lots surpassing the $1million mark."
Christie’s remains the premier choice for private collectors, and 2007 again saw Christie’s presiding above the top the auction of many of the year’s most noteworthy collections:
Among industry trends, Christie’s said diamonds prices go on to rise with colored and colorless diamonds remain as show stoppers at every auction worldwide. Eight of the top 10 jewels sold at Christie’s in 2007 were diamonds.
Also, increased Activity from the Middle East, Russia, and China continue to be robust alongside strong participation from traditional buyers in the United States and Europe. Christie’s jewelry auctions were fuelled by the arrival of new collectors from emerging markets, specifically from Russian, Middle Eastern, and Chinese collectors.
GJPEC to hold next U.S. retailer conference
GJPEC to hold next U.S. retailer conference
February 29, 2008
Mumbai, India—Because of its success the first time around, India’s Gem and Jewellery Export Promotion Council (GJEPC) is planning another conference to bring Indian companies and U.S. retailers in company.
The second Indo-U.S. Jewelry Business Relationship Development Conference is scheduled for Sept. 8-13 at the Marriott Renaissance Hotel in Mumbai.
Invitations to this event will be sent out in early March by Stamford, Conn.-based R and B Partners LLC, the company GJEPC has tapped once again to help organize the conference.
The first two days of the conference will consist of a series of speakers and group discussions addressing topics of participation to both U.S. retailers and Indian jewelry manufacturers.
In addition, the conference will include a series of “speed dates,” to which place retailers and the 20 leading Indian manufacturers will have a half-hour to talk shop and decide if they can vouchsafe business together.
At the end of the conference’s second day, GJEPC will pair up conference attendees because of two days of two-hour meetings at their selected factories.
Following the factory tours, conference attendees can either stay on in Mumbai to do business, or travel to Agra to tour the Taj Mahal.
“We are pleased to present the second, expanded-format Indo/U.S. Jewelry Business Relationship Development Conference,” GJEPC Chairman Sanjay Kothari said in a statement. “We saw first-hand last year that before you be able to do business together, you must first agree to do business into junction. That is tough to accomplish in the usual trade show booth. This conference is unique in that it provides us a forum to raise and discuss issues of concern and to seek positive solutions in a pro-business environment.”
Warranty co. launches lifetime jewelry guarantee
Warranty co. launches lifetime jewelry guarantee
February 29, 2008
Sterling, Va.—N.E.W. Customer Service Companies Inc. has launched a lifetime jewelry warranty program, the company announced this week.
Under the program, which essentially bundles the most popular jewelry-protection benefits into one policy, entire pieces are covered.
For example, under the plan, an entire ring would be covered against defects, and also included would be first-time sizing and free shipping.
In etc., the warranty is fully transferable within the first 90 days.
According to a release from N.E.W, J.C. Penney is the first retailer to participate in the program, which it launched on Jan. 27, just before Valentine’s Day.
“This lifetime protection plan…gives consumers peace of mind by providing a simple, affordable and comprehensive disunion for avoiding high replacement costs that often draw near with the injury of valuable bijoutry assets,” N.E.W Chief Executive Officer Tony Nader said in a media release. “And by providing such a great service at a low cost, the program also gives retailers another way to build brand loyalty and extend the positive lifecycle of their customer relationship.”
N.E.W is a Sterling, Va.-based provider of extended service and buyer-protection plans for consumer products. The company has been working by jewelry retailers since 1992, and currently has more than 20 retail jewelry clients nationwide.
War vets to train as watchmakers
War vets to train as watchmakers
February 29, 2008
New York—The War Veterans Watchmaker Initiative, in conjunction with the American Watch Guild, will be launching The Watchmaker and Technician Training Program for Disabled War Veterans and War Veterans.
With the number of practicing watchmakers at an all-time-low of 4,400, the goal of the program is to help replenish the shortage of watchmakers and watch technicians.
So far, the program has accomplished the following:
* Bob Filotei, national director of the program, is in communication with 11 U.S. horological schools, which will donate scholarships, tools and materials.
* Letters have been sent to horological schools announcing the initiative.
* A Web site is being built that will have existence the focal point for war veterans, horological schools, manufacturers and retailers.
*
In addition, watch retailers and service centers testament have existence enlisted to apprentice interested veterans for a 2-4 week period. The veterans will work side-by-side with watch technicians to learn basic skills and determination be evaluated on their skill, passion and patience. Some of the candidates will off with you on to enroll in horological schools, and others might keep on site for further technical training.
The War Veterans Watchmaker Initiative also plans to form each alliance with The Fischer House program, which donates “comfort homes” on the grounds of major military and VA medical centers so families can be close to loved ones while they’re receiving treatment.
The organization will also launch a public relations campaign targeting trade publications, news and government organizations.
Diamonds Discovered in Space
Diamonds may be rare on Earth, but surprisingly common in space, according to NASA, which has been viewing these space diamonds through the super-sensitive infrared eyes of its Spitzer Space Telescope.
An artist’s concept of a multitude of tiny diamonds next to a hot lot.
Image supplied by NASA/JPL-Caltech
Using computer simulations, scientists at the NASA Ames Research Center in Moffett Field, Calif., have developed a strategy for finding diamonds in space that are only a nanometer (a billionth of a meter) in size. These gems are about 25,000 times smaller than a grain of sand, much overmuch small for an engagement ring. But astronomers believe that these tiny particles could provide valuable insights into how carbon-rich molecules, the basis of life on Earth, develop in the cosmos.
Scientists began to seriously ponder the presence of diamonds in space in the l980s, when studies of meteorites that crashed into Earth revealed lots of tiny nanometer-sized diamonds. Astronomers determined that three percent of all carbon found in meteorites came in the form of nanodiamonds. If meteorites are a reflection of the dust content in outer space, calculations show that just a gram of dust and gas in a cosmic cloud could contain as many as 10,000 trillion nanodiamonds.
"The question that we always get asked is, if nanodiamonds are abundant in space, for what cause haven’t we seen them more often?" says Charles Bauschlicher of Ames Research Center. They have only been spotted twice. "The truth is, we just didn’t know enough about their infrared and electronic properties to descry their fingerprint."
To solve this dilemma, Bauschlicher and his research team used computer software to simulate conditions of the interstellar medium—the space between stars—filled with nanodiamonds. They found that these space diamonds shine brightly at infrared light ranges of 3.4 to 3.5 microns and 6 to 10 microns, where Spitzer is especially sensitive.
Astronomers should be able to see celestial diamonds by looking for their unique "infrared fingerprints," according to NASA. When light from a nearby luminary zaps a molecule, its bonds stretch, twist and flex, giving off a distinctive color of infrared light. Like a prism breaking white light into a rainbow, Spitzer’s infrared spectrometer instrument breaks up infrared break of day into its component parts, allowing scientists to see the light signature of each individual molecule.
Team members suspect that more diamonds haven’t been spotted in space yet because astronomers have not been looking in the right places with the right instruments. Diamonds are made of tightly bound carbon atoms, so it takes a lot of high-energy ultraviolet light to cause the diamond bonds to direct and move, producing an infrared fingerprint. Thus, the scientists concluded that the most good place to see a space diamond’s signature have being distinguished is right next to a hot star.
Once astronomers shape out where to look for nanodiamonds, another mystery is figuring out how they form in the environment of interstellar space.
"Space diamonds are formed in very different conditions than diamonds are formed attached Earth," says Louis Allamandola of Ames.
He notes that diamonds on Earth form under immense stamp, deep inside the planet, where temperatures are also self-same high. However, space diamonds are found in cold molecular clouds where pressures are billions of times lower and temperatures are below minus 240 degrees Celsius (minus 400 degrees Fahrenheit).
"Now that we know where to look for glowing nanodiamonds, infrared telescopes like Spitzer have power to help us learn more about their lifetime in space," says Allamandola.
NASA’s Jet Propulsion Laboratory, Pasadena, Calif., manages the Spitzer Space Telescope mission for NASA’s Science Mission Directorate, Washington, D.C. Science operations are conducted at the Spitzer Science Center at the California Institute of Technology, also in Pasadena. Caltech manages JPL for NASA.
Rapaport Introduces 10-Ct. Price List
The Rapaport Diamond Report has introduced a new price list for 10-ct. polished diamonds. The new prices will be included in the existing Rapaport Price desire that is distributed to Rapaport members worldwide and incorporated into the RapNet - Diamond Trading Network.
Martin Rapaport, chairman of the Rapaport Group, has also issued a Trade Alert, warning that high price levels for large diamonds based solely on "interdealer" speculation are not sustainable. The text of the trade alert and a video presentation are available attached the home page of www.diamonds.net. Members of the diamond industry who wish to comment on the new price list or trade alert can email prices@dimaonds.net.
De Beers Opens Hong Kong Store
De Beers has opened its first store in Hong Kong, Women’s Wear Daily reports.
The 2,200-square-foot store is located in the city’s premiere luxury shopping heavy mallet, The Landmark, with neighbors that include competitors Tiffany & Co. and Dickson Watch & Jewellery (which sells such brands as Rolex, Bulgari and Chopard) as well taken in the character of the Christian Dior, Valentino, and Harvey Nichols flagships, WWD reports. It fronts Des Vouex Road but doesn’t have is direct access into the pedestrian-filled mall.
The store is operated as a franchise by Lane Crawford Joyce Group, which will open a second De Beers store in the shopping district Tsim Sha Tsui later this year, as well as a store in Macau, slated to open in a few months at one of the major hotel-casino developments, WWD reports.
De Beers now has 23 stores, with plans to expand to 49 by the end of this year, WWD reports.