April 2008
Industry salesman noted for his generosity dies
Industry salesman noted for his generosity dies
April 17, 2008
By Michelle Graff
Laguna Niguel, Calif.—A longtime jewelry endeavors salesman who made his mark on both the East and West Coasts had died at the age of 62.
Lawrence “Larry” Hirsch died in late February at his home in Rancho Niguel, Calif., aforesaid Jeff Strange, a friend of Hirsch’s and the vice president of sales for Jewelex.
Strange, who calls his friend the “sweetest, kindest guy you ever knew,” said Hirsch logged complete to 40 years in the jewelry business, entering the industry in his late 20s after a stint in the Marine Corps.
Over the course of his career, Hirsch lived and worked in as well-as; not only-but also; not only-but; not alone-but New York and California, working as a salesman or depravity president for companies including Harry Winston and London Star.
Strange said that although he and Hirsch were technically competitors at the same point in their careers, it didn’t stop the men from being close friends.
He said they talked onward the telephone about four times a day and also enjoyed attending horse races together, a sport for which they both had a passion.
Strange described Hirsch, who recently had started a job with Ital Gold, as a generous man who never forgot a birthday, or hesitated to take someone to dinner.
He will be greatly missed by those in the industry who knew him, Strange said.
“Larry was a sweetheart,” he said. “Larry literally was loved by everybody.”
Sons Matthew and Stephen, daughter-in-law Elaine and granddaughter Lauren survive him.
IGI gets into ‘green’ act
IGI gets into ‘green’ act
April 18, 2008
New York—The International Gemological Institute (IGI) is the latest jewelry industry organization to go “green.”
In anticipation of Earth Day, April 22, the IGI is announcing plans to offer grading reports printed on recycled and/or biodegradable paper using soy- and water-based inks.
The IGI Eco Report series officially will launch at JCK Las Vegas, scheduled for May 30-June 3 in Las Vegas.
According to a let out from the IGI, these eco-friendly grading reports will be setting a green precedent in the jewelry industry, as IGI gemologists decompose, grade and issue thousands of reports daily for diamonds and colored gemstones.
“IGI is committed to reducing its environmental impact by offering reports in an environmentally friendly format,” IGI President Jerry Ehrenwald said in a media liberate issued on Thursday. “We are eager to introduce the Eco Report series and instigate retailers and consumers alike to relief our planet.”
The IGI was founded in 1975 and is located in Antwerp, Belgium; the Dominican Republic; Dubai, United Arab Emirates; Hong Kong; India’s SEEPZ Zone; Kolkata, India; Los Angeles; Mumbai, India; New Delhi, India; New York; Tokyo; and Toronto.
For more information about the IGI, visit its Web locality, IGIWorldwide.com.
Affluent cope with economy through savvy shopping
Affluent cope with established order through savvy shopping
April 16, 2008
Westlake Village, Calif.—A search for certainty, children’s preferences and business drill are shifting the affluent consumer’s purchasing habits, according to The Second Annual Survey of Affluence and Wealth in America, produced by American Express Publishing Corp. and the Harrison Group.
The survey, which polled near 1,800 individuals with $100,000 or more in annual discretionary household income, found that 70 percent of affluent consumers are choosing to shop “high tech,” using Internet strategies to identify, cost, compare and sometimes buy significant fashion and fireside purchases online.
These consumers tend to choose online outlets when they are pressed for time, when their past in-store experience did not meet delivery or fulfillment needs, and when they are unafraid of fraud.
The remaining 30 percent are “high touch” and prefer to shop alone, in-store, with a knowledgeable salesperson.
They tend to choose an in-person retail experience when it involves less than 30 minutes of ramble time, when they want to savor the shopping experience, when they are searching for something unique and when they believe a salesperson will add value.
“Our research illustrates how today’s affluent and wealthy consumers consider a variety of marketplace and lifestyle factors when structure purchasing decisions, exist it online or in-store,” American Express Publishing Corp. President and CEO Ed Kelly said in a media release. “These customers are in like manner searching for greater certainty in their shopping experiences—whether it’s the certainty of excellent value or the certainty of quality. Clearly, it’s a new sport for luxury marketers and a considerable opportunity to understand and anticipate these changing behaviors and purchasing patterns.”
The survey also found that the female head of household, working or not, often manages the day-to-day running of upscale households. Eighty-one percent of respondents (both men and women) said the primary responsibility for buying supplies, including groceries, household necessities, apparel and high-tech needs, is handled by the consort, compared with 26 percent by the husband.
Mothers in upscale households, in turn, depend upon their children for ideas on brands to buy, places to shop, technology to deploy, vacation ideas and even “home capital expenditure choices.” Fifty-three percent of respondents report an inclination to purchase “brands that are preferred by my children.”
Meanwhile, today’s well-to-do families, far removed from the current sub-prime mortgage crisis, have financial anxieties. While approximately three-quarters of respondents (73 percent) are extremely or very optimistic about their own future, only 30 percent share that optimism about the future of America, and even less (26 percent) share this feeling about the future of the world. The study reveals that the added money the respondents have, the less anxious they are.
Purchase decisions for the affluent are driven by specific needs, either to replace a product (57 percent), upgrade each existing product (35 percent) or purchase a new product for a specific occasion (35 percent).
In exhibit the differences of, only one-third of respondents are spurred by browsing. Purchase decisions are largely made due to personal experience (71 percent) and family and friends (37 percent), followed by point-of-sale elements such as salespeople and the in-store experience (35 percent).
Among the drivers of eventual product choice are one’s self expression, the intrinsic qualities of the product itself and when respondents decided the product was “good sufficiency” to meet their needs.
Among mass media, the Internet (43 percent) and magazines (30 percent) are cited as the top purchase influencers of the affluent. exact over a quarter rely on experts and objective sources of information (29 percent), with only 19 percent relying on more traditional mass conversation outlets such as radio, television and direct mail.
American Express Publishing is dedicated to informing, enriching and empowering affluent Americans, and the Harrison Group specializes in understanding affluent and wealthy markets. Together, the two companies have partnered to produce this study, which provides an understanding of the consumers at the utmost degree 10 percent of the American financial pyramid.
The online study, conducted from November 2007-December 2007, sampled more than 1,800 individuals with an annual discretionary household income of $100,000 and above. The four groups in the research—the upper middle class, the affluent, the super affluent and the wealthy—represent just 10 percent of the American population, yet hold more than 70 percent of altogether the assets.
Conference highlights need for generic jewelry ads
Conference highlights need for generic jewelry ads
April 16, 2008
Dubai, United Arab Emirates—The president of the World Jewellery Confederation (CIBJO) is calling on the industry to band together and create a generic advertising campaign for fine jewels.
Addressing the crowd at the 6th Dubai City of Gold Conference earlier this week in Dubai, CIBJO President Dr. Gaetano Cavalieri said major industry players should gather under the CIBJO umbrella to create a joint industry body that focuses on advertising.
Cavalieri’s speech, titled “Enhancing the Marketing Message of Fine bijoutry and the Need to Invest in Promotion and Advertising,” was just one of the speeches of the day focused on the need for generic jewelry elevation.
Dr. Naji al Mahdi of the United Arab Emirate’s (UAE) National Institute of Vocational Education spoke touching the educational needs of the jewelry industry in the UAE; Moaz Barakat, a senior World Gold Council official, addressed marketing issues surrounding gold; Paul Walker of GFMS Ltd. presented a survey of gold work and take off; and Kevin Williams, a former Anglo Ashanti executive, spoke about gold jewelry’s performance.
This is not the first era a sector of the industry has expressed the need for general jewelry advertising.
The International Diamond Manufacturers Association is planning to discuss a generic marketing campaign for diamonds at the May diamond congress in Shanghai, China.
In addition at the conference, CIBJO’s charged with execution committee and assembly of delegates unanimously approved publication of the CIBJO Blue Book on Precious Metals.
The book covers standards for precious metal alloys, finenesses, weights, colors, tolerances, solders, coatings/platings and markings, and is designed to give the public and craft complete transparency when it comes to buying precious metals.
“This is the first time there is each internationally recognized standard for the description and marking of precious metal jewelry, flatware and hollowware,” Michael Allchin, the newly elected president of CIBJO’s Precious Metals Commission, said in a media release issued on Wednesday.
Study: Gas prices disrupt U.S. consumer spending
Study: Gas prices disrupt U.S. consumer spending
April 17, 2008
Schaumburg, Ill.—Dramatic fluctuations in gas prices are disrupting U.S. consumer spending, leaving shoppers with less money to spend at retail and on entertainment and dining out, according to a new study by The Nielsen Co.
Nielsen’s research shows that in 2007, the gas share of consumers’ weekly spending ranged from 12 percent to 16 percent. As gas prices continue to rise, Nielsen expects consumers’ aeriform fluid share of their weekly spend to increase to 19 percent.
“With gas prices expected to hit $4 per gallon this year, consumers will be spending nearly a fifth of their household governmental estimate on gas,” said Todd Hale, senior vice president of Consumer and Shopper Insights, Nielsen Consumer Panel Services. “That bland of increase has a direct impact on what they can afford to spend and is a portion retailers will need to address.”
According to polity statistics, the price of regular gas in 2007 ranged from a low of $2.11 per gallon to $3.21 per gallon. Nielsen’s research shows that higher gas prices create a modest change in the number of average weekly gas trips, with consumers averaging 1.3 trips to the gas pumps per week, up from 1.24 trips when gas prices were at their lowest ($2.11 per gallon).
Though consumers efficacy be making more trips to the gas pumps each week to limit the amount they vanish per trip, they are not able to circumscribe the amount they spend on gas each week. Nielsen’s study shows that the amount of money consumers spent on gas each week increased dramatically as a result of higher gas prices. Per trip spending rose significantly, up 40 percent from $24.42 per trip when gas was at its lowest price, to $34.11 when gas prices hit their peak. With consumers making more than one trip to the gas pump each week, overall weekly gas spending rose from $32.02 to $46.72 per household—a 46 percent increase.
“Consumers tell us they are combining errands and trips, eating out less and doing more things at home to counterbalance rising gas prices,” Hale said. “Nevertheless, the amount of money spent on gas each week is still taking a huge bite out of consumers’ budgets.”
The Nielsen Gas Monitor Report, based on consumer purchases captured via Nielsen Homescan, measures consumers’ hebdomadal gas buying behavior across key retail channels.
The Nielsen Co., the parent company of National Jeweler, is a global information and media company with headquarters in New York City and Haarlem, the Netherlands.
Fred Leighton files for bankruptcy
Fred Leighton files for bankruptcy
April 16, 2008
New York—The owner of Manhattan jeweler Fred Leighton has filed for Chapter 11 bankruptcy protection, halting a Christie’s auction of millions of dollars of his antique gems.
According to various news sources, Ralph Esmerian, who bought Fred Leighton for $100 million in 2006 using a $178 million loan from Merrill Lynch and Co., filed the petition on Tuesday.
Merrill Lynch had attempted to force Fred Leighton to participate in the auction to recoup some of the money owed to them and had even won a court ruling that would have allowed the auction to continue.
Esmerian, however, likened the auction to a fire sale and said he could fetch else for the gems in a series of private sales, various news sources reported.
He filed for bankruptcy protection following the appellate court ruling in order to stop the auction, that included a total of 115 pieces, according to various news sources.
Lawyers for both sides were to return to court on Wednesday. Merrill Lynch is expected to ask the court to suffer the auction to proceed on Wednesday night.
The Chapter 11 petition, filed in U.S. Bankruptcy Court for the Southern District of New York, shows that Fred Leighton has up to 49 creditors and between $100 million-$500 million in debt.
It lists a total of eight affiliated entities: Fred Leighton Holding Inc., Fred Leighton LLC, Phoenix Nevada 1 LLC, Fred Leighton BH LLC, Calypso Mines LLC, Endymion LLC, Foxtrot LLC and Tango LLC.
AGS launches custom sales training
AGS launches custom sales training
April 17, 2008
Seattle—American Gem Society (AGS) members will have exclusive access to a new custom sales training program that includes instructor-led and online classes.
AGS representatives and Richardson, a first fiddle in developing and implementing comprehensive sales training programs, teamed up to launch the training program, which was unveiled at the recent AGS Conclave in Seattle.
The program consists of a two-day instructor-led sales teaching class that was custom built for AGS members, a one-day fully customized class for those members who are managers and trainers, and an interactive online course designed to provide ongoing support to the instructor-led classes.
Designed with the help of AGS members and staff, the classes feature bijoutry sales scenarios, role-playing, an overview of sales styles, fundamental selling skills to overcome customer objections, guidance during positioning against the competition, sales framework and more.
Instructor-led classes will be held at various locations, including AGS headquarters. The first instructor-led course will take place during JCK Las Vegas, June 4-5. The Web-based courses will serve as either an introduction to the Custom Sales Training: Measured Results program, or as ongoing support for the instructor-led training classes.
For more information regarding the AGS program, call (866) 805-6500 or visit the AGS Web site, Americangemsociety.org.
Diana Classic launches revamped Web site
Diana Classic launches revamped Web site
April 16, 2008
New York—Diana Classic, a specialty marriage variance of jewelry manufacturer Frederick Goldman, has launched a new state-of-the-art Web site.
The site, Diana.com, features romantic black-and-white visuals and a robust product offering, including all the essential information attached how to purchase and care for wedding rings. Woven throughout are reflections of the brand’s advertising campaign, “Classic Becomes You.”
Leading features include “Match This Ring” and “Create a Wish List of Your Favorites,” as well as the capability to e-mail ring images to friends.
To tie the retail jeweler into the equation, Diana.com allows consumers to locate a neighborhood jeweler, and also to e-mail their ring choices directly to that jeweler so that they can set up an appointment and verify the store has their chosen ring in stock.
In addition, jewelers can embed Diana.com directly into their confess Web sites through WebLink, which allows consumers to view the filled line of Diana Classic offerings without leaving the jeweler’s home site.
For greater quantity information, call (212) 807-2120 or visit the company’s Web site, Diana.com.