March 2008
Survey: Wealthy consumers will pay for good service
Survey: Wealthy consumers will pay for good service
March 05, 2008
By Sarah Phelan
New York—According to the Luxury Institute’s Chief Executive Officer Milton Pedvara, the organization’s fourth annual Wealth Survey uncovered a new stretch in the luxury effects industry.
This year’s survey showed that wealthy consumers are more determination to pay a premium for the quality of service than for the products themselves, Pedvara explained.
“Customers are starting to differentiate companies less without ceasing products and more on service,” he told National Jeweler.
Pedvara also said that consumers now expect a more seamless shopping experience across all retail channels.
“[Consumers] expect to find the same products online as in the store,” Pedava explained, adding that shoppers also absence to have someone in-store who is able to handle problems they experienced buying something through, say, the store’s catalog.
“[Consumers] won’t take any artificial barriers as an excuse,” Pedava said. “They want to be able to talk with someone from the stock, catalog or online and have them deal with any enigma they may have.”
This year’s survey also showed that flush consumers expect sales associates to be knowledgeable about the products they sell. Product knowledge was ranked as the most important special of a sales associate. For the wealthy consumers taking the survey, the best luxury goods sales associates can be found at Nordstrom.
Regarding online transactions, the inspect showed wealthy consumers prefer buying from Web sites that are upfront in various places delivery charges. They also desire quick and easy ordering forms to complete their purchases.
When it comes to ordering luxury items by mail, wealthy consumers care the most about not having their address sold to other companies. The companies that supply the most good mail-order experience according to those taking the survey are Neiman Marcus, L.L. Bean and Nordstrom.
N.Y. jewelry industry icon dies at 99
N.Y. trinkets activity icon dies at 99
March 05, 2008
By Michelle Graff
New York—Harry Rodman, founder of one of 47th Street’s most successful gold refineries and later of Aurora Gems Inc., has died at 99.
Born Dec. 30, 1908, in New York to Russian immigrant parents, Rodman lived through two World Wars, the Great Depression and decades of changes in the jewelry industry before dying after a short ailment on Feb. 24.
According to his stepson and Aurora Gems co-founder Alan Bronstein, Rodman started his gold-refining business—Rodman and Yaruss Gold Refiners—in the mid to late 1930s.
He worked at that business for 50 years, taking a short reprieve only during World War II.
Bronstein said Rodman served in the Army during the war, and was among the second wave of soldiers to storm Normandy on June 6, 1944, D-Day.
After the war, Rodman returned to work, operating his gold refinery to the time when selling the business in 1986.
Bronstein said his stepfather was responsible for fronting money or gold to a number of 47th Street business people to help them “earn on their feet.”
“He helped everybody on 47th Street when he was a gold refiner,” he said.
When Rodman sold his business, he was in his late 70s and very well could have retired. But he was not done, in either his business or his personal life.
Rodman was married twice: to his first wife, Adele, for 62 years; that time, after Adele had died, he chose to tie the knot again. Rodman married Bronstein’s widowed mother Jeanette, bookkeeper at the Diamond Dealers’ Club, in 2001.
She was 81 years old, he was 92.
After the sale of Rodman and Yaruss Gold Refiners, Rodman teamed up with Bronstein to form in a mould Aurora Gems, and simultaneously they created two diamond collections, The Aurora Collection and The Aurora Butterfly of Peace.
Bronstein said Rodman always remained active in the business, though health problems prevented him from coming into the office toward the end.
“Harry Rodman was a good, good human being, and he helped make the world a better residence,” Bronstein said.
WFDB appoints ambassador
WFDB appoints ambassador
March 05, 2008
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| Howard M. Pomerantz, roving ambassador on this account that the WFDB Mark Associate Member Programme. |
Antwerp, Belgium—Gem Certification and Assurance Laboratory Executive Vice President Howard M. Pomerantz is set to serve as every ambassador for the World Federation of Diamond Bourses (WFDB).
According to a media release issued on Monday, the WFDB’s executive committee appointed Pomerantz as a roving ambassador for the WFDB Mark Associate Member Programme.
Launched in June 2006, the WFDB Mark is a trademarked logo that approved members of the WFDB-affiliated diamond exchanges in good standing can display to clients and suppliers to show they abide by the bourses’ code of principles.
Pomerantz will spread the word about the program on an upcoming tour of the 26 WFDB member bourses.
In a statement, the WFDB charged with execution committee said, “Our plan is to establish the WFDB Mark Associate Member Programme to benefit our industry. In maintaining consumer expect, Howard will play an important part as he is passionate about the WFDB mark.”
Pomerantz said the program offers a range of opportunities and benefits to companies and organizations that live up to the WFDB’s code of principles.
He said serving an as ambassador for the WFDB is “both an honor and a personal challenge.”
Pomerantz Named WFDB Mark Roving Ambassador
The World Federation of carbon crystal Bourses has named Howard M. Pomerantz roving ambassador for the WFDB Mark Associate Member Program.
Pomerantz is executive vice president of Gem Certification & Assurance Laboratory. The WFDB Executive Committee approved his appointment. He will present the associate membership program during an upcoming tour of the 26 WFDB member bourses.
"Our plan is to establish the WFDB Mark Associate Member Programme to benefit our industry. In maintaining consumer trust, Howard will play an important part as he is impassioned about the WFDB Mark," WFDB said in a statement.
Launched in June 2006, the WFDB Mark is a trademarked logo that approved members of WFDB-affiliated diamond exchanges can display to clients and suppliers, to confirm that they abide by the WFDB Code of Principles. Bourse members can display the WFDB Mark because long as they are in good hold.
For more information on in participating in the program, contact: Michael H. Vaughan, WFDB writing-desk general and executive director, at secgen@worldfed.com.
Platinum Task Force Open Meeting
The Platinum Task Force is holding an open meeting put on March 10 at the Javits Convention Center, New York City, to discuss the industry’s response to the Federal Trade Commission’s request for comments on a proposed amendment to the Jewelry Guides concerning language for platinum/base-metal amalgam products.
The meeting will be held at 2 p.m. in meeting room 1E02. All interested parties are invited to join the task force in addressing this issue.
The Platinum Task Force, established in 2005, provides industry comments to FTC questions and issues having regard to the Jewelry Guides. The JVC said it will continue its work in determining the needs and views of the activity on this important topic, and in facilitating the appropriate response. For more complaint go to the Jewelers Vigilance Committee Web site.
Education, Design Competition at JA/NY Show
Jewelers of America will hold free Education Seminars March 9 and 10, during the jewelry trade show at the Jacob K. Javits Convention Center, during the JA New York Winter color. This year’s sessions cover bench techniques, management strategies, lighting and visual plan concepts and precious metals and gems. The sessions provide practical strategies that attendees can put to work in their supplies.
David Peters, JA director of education, has developed a schedule that features respected industry experts, including Brad Huisken of IAS Training; Blaine Lewis, president, New Approach School for Jewelers; Andy Macaulay, counsellor of marketing, Chippenhook; Kate Peterson, president, Performance Concepts; Tiffany & Co. senior gemologist Ryan J. Petrozello; and Certified Master Bench Jeweler Tom Weishaar. A complete schedule is available to this place.
JA also is holding its 18th annual Affiliate Design Competition at its booth (#2570) during the show. JA is inviting JA New York attendees to stop by its booth to view the inspiring jewelry pieces and vote for their favorites, in order to determine the Buyer’s Choice award.
The competition features unique jewelry from 31 JA-member jewelers, who have won design contests sponsored by JA’s regional affiliates in 2007. This year, JA expanded the competition by allowing submissions from member jewelers whose affiliate organization did not hold a local competition. A panel of industry experts will judge the jewels in three categories based on craftsmanship, marketability, practicality/wearability, and overall design.
Jewelers of America created the competition to honor the skilled craftsmanship of JA-member jewelers; regional jewelers see it as a rare opportunity to receive national recognition for their design skills. The winners will be announced at the show on Tuesday, March 11.
Stuller Joins CPAA
Stuller, Inc. has become a member of the Cultured Pearl Association of America.
The Lafayette, La.-based company is a direct source for pearls, from price-accessible freshwater to classic Akoya, and high-end aspirational Tahitian and South Sea cultured pearls. The full line is accessible on the company’s Web site, or in The Diamond & Gemstone Book, Volume 66 and The Finished Jewelry Book, Volume 67.
“We are pleased that our steady growth viewed like a major supplier of cultured pearls was acknowledged by our acceptance into this respected organized existence,” said Harold Dupuy, Stuller executive vice president of merchandising and marketing.
The Cultured Pearl Association of America is a nonprofit group founded in 1957, comprised of the manufacturers, wholesalers, dealers, and suppliers in the United States. Starting in 2008, affiliate designers of cultured pearls were also included. The Association’s intention is to “cultivate” awareness, interest, demand, and successful marketability of cultured pearls for the retail common and the consumer.
Stuller joins Cultured Pearl Association
Stuller joins Cultured Pearl Association
March 05, 2008
Lafayette, La.—Stuller Inc. announced today that it has joined the Cultured Pearl Association of America, a nonprofit group founded in 1957, whose mission is to cultivate awareness, interest, demand and successful marketability of cultured pearls for retailers and consumers.
“We are pleased that our steady growth as a major supplier of cultured pearls was acknowledged by our acceptance into this respected organization,” Stuller Executive Vice President of Merchandising and Marketing Harold Dupuy said in a media release.
Stuller offers a range of pearls, including price-accessible freshwater, classic Akoya, high-end Tahitian and South Sea cultured pearls. The full line is accessible on the company’s Web site, Stuller.com, and in its The Diamond and Gemstone Book, Volume 66 and The Finished Jewelry Book, Volume 67.
A member of the American Gem Trade Association and the International Colored Gemstone Association, Stuller is one of the world’s largest distributors of relaxed diamonds and gemstones to jewelry professionals in the United States, Canada and the Caribbean.
Racing legend teams with TAG at Tourneau
Racing legend teams with TAG at Tourneau
March 05, 2008
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| NASCAR champion and TAG Heuer ambassador Jeff Gordon with his NASCAR Car of Tomorrow at the Tourneau Time Dome in Las Vegas. |
Las Vegas—NASCAR champion and TAG Heuer envoy Jeff Gordon was on hand at the Tourneau Time Dome in Las Vegas on Feb. 28, to celebrate the installation of his NASCAR Car of Tomorrow.
Gordon’s appearance at the Caesars Palace-based store included a Q-and-A with customers as well as a photo opportunity.
Gordon is a four-time NASCAR Cup Series champion and three-time Daytona 500 winner.
Luxury watch brand TAG Heuer was founded in 1860, when Edouard Heuer set up his first workshop in St-Imier, Switzerland.
Engaging Consumers Online
Two things were clear during a recent Web 2.0 panel discussion. First, companies need to create a Web strategy that’s in line with their business model. Second, no matter the strategy, it must include winning the customer.
Four persons from different industries explained their company’s Web 2.0 strategies and their personal philosophies about the Web March 2 at the Fashion Institute of Technology as part of the two-day Plumb Club Forum @FIT. The panel discussion, "Retailing in the Age of Web 2.0," was moderated by freelance journalist Scott Kirsner (pictured left).
Pinny Gniwisch, co-founder and chief marketing officer of Internet jewelry retailer Ice.com, said that he has recently had some success producing and placing videos on his site, on a dedicated page called IceTV. Gniwisch showed two of several videos he’s done: unit in New York’s Times Square where he interviewed people at chance; and then as being Mother’s Day where he went to a Hollywood awards show and interviewed rap stars. He also has videos hosting contests with jewelry as rewards.
"I didn’t know what to expect," he said of the public reaction of the videos. But he erudite quickly that each time he shows a video, hits increase on his Web site and he receives a great deal of emails.
One thing he said he did learn as he moves forward with video is that consumers spring back well to videos that aren’t overproduced.
"Consumers want to interact and feel like its home grown," he said.
Hrough his videos and other functions on the Web site he says his plan is to engage women so they feel comfortable buying jewelry for themselves.
"which we’re trying to do is change the culture of jewelry buying," he said. "How to get that message out? How do you spread that virus? suppose that you’re in the humor to obtain jewelry you can buy it for yourself. You put on’t have to wait for the lazy guy to beget off the couch (to buy if for you)."
Steve Larkin, senior vice president of e-commerce at Zale Direct/Zale Corp., said that his house had reservations when considering whether to add a function on the Zales and Gordon’s Jewelers Web sites that allow customers to remark and rate products—whether they bought it online or at the store.
"We had some reservations and we conceded that we are opening up the complaint department," he said.
And they did receive complaints. But the jewelry and actual trial of shopping at Zales and Gordon’s also admitted their fare share of compliments and high ratings, which the company was not shy to use for marketing purposes.
"It added third party brand endorsement and provided us by an angle to promote those products that are top rated," he said. "Poor ratings helped to uncover product or service problems."
The company discontinued some items that were poorly rated and added a category on its Web sites dedicated to its best-rated products.
Catherine Levene, chief operating officer of DailyCandy, a daily newsletter and Web site that describes itself "as an insider’s guide to what’s hot, new, and undiscovered." It has 21 editions in 12 cities. Its target audience is affluent, urban women in their 20s and 30s.
"We tend to be the place that writes about it prior to it appearing in magazines," she said.
Levene said that Web 2.0 is about actively connecting with an assembly of hearers.
"I think it really shift the Web as an open platform, as the culture of generosity," she said. "It’s about engaging with them and with harvested land other about whatever your business is about."
Google representative, Brian McDevitt, said that people go to the Web for a lot of reasons and the good Web sites provide what these people are looking for.
"They tend be informed, educated, inspired, and entertained," he declared. "The idea is to make the content compelling plenty to attract and keep these people."
He added, "(Web 2.0) is a deeper, richer, more engaging exercise. … a deeper, richer reflection of what’s going on in day-to-day life."