April 2008
AGS introduces new diamond-buying DVD
AGS introduces new diamond-buying DVD
April 18, 2008
Seattle—American Gem Society (AGS) Laboratories is taking the consumer back to school when it comes to buying a diamond.
At AGS Conclave held last week in Seattle, representatives from the organization announced the release of “Diamond Buying 101,” a new DVD that is free to retailers and is intended for in-store use. The video also is available at the AGS Web location, Agslab.com, and on popular Internet video site You Tube.
The 12-minute video features commentary from real-life, would-be diamond buyers, and also educates consumers on the Four C’s and industry terms such as brilliance, fire and scintillation, gives them questions to ask retailers and highlights the advantage of shopping at an AGS-member retailer.
Commentary from AGS Labs President and CEO Frank Dallahan, AGS Labs Executive Director Peter Yantzer and AGS Executive Director and CEO Ruth Batson also is featured in the DVD.
“Taking on the task of writing and producing the most honest and informative diamond-buying resource for consumers could have been overwhelming,” Dallahan reported. “However, the management, to a degree, provided cathartic. It’s not uncommon to lose sight of the mission of one’s collection while managing day-to-day operations and activities. This project reminded us that the American Gem Society Laboratories’ mission has been, and always elect be, to protect and be in lieu of the consumer with the most accurate documents, the highest standards in diamond grading and the most unbiased information. Diamond Buying 101 envelops all of these things.”
CIBJO to create foundation for CSR educational program
CIBJO to create foundation for CSR educational program
April 17, 2008
Dubai, United Arab Emirates—The World Jewellery Confederation (CIJBO) closed its annual assembly on Wednesday with a decision to create a foundation that be disposed finance and administer a worldwide Corporate Social Responsibility (CSR) educational program that will be organized for the jewelry industry by both CIBJO and the United Nations.
The foundation will function as an independent entity, according to CIBJO President Dr. Gaetano Cavalieri.
“While the foundation will be created by CIBJO, this is a exhibit that is being advanced for the act of kindness of the entire jewelry industry,” he aforesaid in a media release.
On Monday, during the first day of the CIBJO congress in Dubai, a team of CSR experts from China, Switzerland and the United Kingdom outlined for participants the basic elements of an industry-wide training program, which will be designed for the various sectors of the greater jewelry industry.
The plan also calls for the creation of a Centre of Excellence, to be located within an existing academic institution, which will generate and coordinate CSR training activities for the international jewelry industry.
Other highlights of the three-day congress included:
—The unanimously approved publication of the CIBJO Blue Book on Precious Metals. It joins the CIBJO Blue Books for diamonds, colored gemstones and pearls, all of which are considered the definitive sets of standards in their own fields in the jewelry industry.
—The Marketing and Education Committee presented a draft copy of “The Retailer’s Guide to Diamonds, Gemstones, Pearls and Precious Metals,” which was produced in collaboration by all CIBJO commissions. The guide, which was submitted in draft form to the CIBJO membership for final comments and is due to be released in June, is designed to provide jewelry store staff with practical knowledge about diamonds, colored gemstones, pearls and precious metals, including guidelines for proper business practices.
—CIBJO’s Colored Stone Commission agreed to create an internationally recognized code to disclose gemstone modifications. A draft proposal will be presented to the commission at the next CIBJO congress.
—The CIBJO assembly of delegates unanimously elected Dr. Cavalieri to an additional term as CIBJO president.
Christie’s auction held without Fred Leighton jewels
Christie’s auction held without Fred Leighton jewels
April 17, 2008
New York—A Christie’s auction held on Wednesday set a new record for U.S. jewelry auctions, but proceeded without a collection of rare gems from now-bankrupt Fred Leighton, Christie’s reports.
The New York Jewelry Sale at Christie’s netted a total of $49.9 million. The auction recognized 95 percent of its value, and a total of 88 percent of the lots, 293 out of 332, were sold.
A 39.34-carat cushion-cut diamond with IF clarity and D color fetched the highest bid, with a private Middle Eastern buyer paying $6.9 million.
A buyer from the U.S. trade paid the second highest price at the auction, bidding $4.1 million for a 27.91-carat rectangular-cut diamond with potentially flawless clarity and D color.
What was missing from the auction, however, was Fred Leighton owner Ralph Esmerian’s 115-piece collection of rare gems.
Rahul Kadakia, head of jewelry for Christie’s Americas, acknowledged in a statement that while the Rare Jewels and Gemstones auction could not lead place, “the New York jewelry sale realized an outstanding $50 million, making it the most valuable jewelry auction ever held in the United States.”
Esmerian filed for Chapter 11 bankruptcy protection earlier this week, after lender Merrill Lynch and Co. attempted to win a court ruling for the auction to go forward to recoup some of the money Esmerian owes them.
But Esmerian had objected to the auction, calling it a fire sale and saying he could get more cash for the gems in a series of private sales.
Esmerian borrowed $178 million from Merrill Lynch and Co. in 2006 to purchase Fred Leighton for $100 million, and has since defaulted on the loan, according to news reports.
News sources reported that Merrill Lynch was expected to ask in court on Wednesday according to the auction of Fred Leighton jewels to proceed.
The next Christie’s public sale is scheduled for April 29 in Dubai, United Arab Emirates.
JSA: Jewelry crime falls in 2007
JSA: Jewelry crime falls in 2007
April 17, 2008
New York—sin levels fell in the jewelry industry last year, with the number of robberies alone declining 24.1 percent, and one reported killing of a jeweler—the lowest number of jeweler homicides since 1980, according to the Jewelers’ Security Alliance’s 2007 Annual Crime Report.
Total dollar losses due to robberies, thefts and burglaries in 2007 were $97.1 million, including $57.6 million in on-premises losses and $39.5 million in off-premises losses. That’s down nearly 12 percent from 2006 when dollar losses amounted to $110.2 million, including $77.7 million in on-premises losses and $32.5 million in off-premises losses.
In addition, the number of criminal incidents of any impressed sign in the industry fell to 1,291 incidents in 2007 from 1,422 incidents in 2006, a drop of 9.2 percent.
“Dollar losses and the number of criminal events decreased by substantial amounts,” the report says. “The decrease in the total digit of criminal events can be attributed to the significant decrease of grab-and-run losses, which went from 419 in 2006 to 240 in 2007.”
The number of homicides fell to four from seven in 2006. The report notes that of the four people killed only one was a jeweler. On Nov. 9, 2007, an employee who was caught stealing jewelry stabbed a New York City jeweler to death. That slaying broke a 19-month streak of no industry homicides, which stretched from March 23, 2006 to Nov. 9, 2007.
The other three homicide victims last year were the criminals involved in the incidents, the report says. In one case, a jewelry cracksman died after being hit by a bus while escaping the crime scene on a bike. Another robber was shot and killed by a jeweler who managed to take his gun away during a struggle. Another armed robber was killed during a shoot-out with a Phoenix jeweler while he was trying to evade.
The largest robbery loss of the year occurred in Stockbridge, Ga., on March 3, 2007, when armed robbers forced a sales associate to open hold up to view cases and fled with more than $900,000 in jewelry and expensive watches.
The largest burglary loss was for approximately $1.1 million. It happened in the early morning hours of July 21, 2007, when a mall store in Temecula, Calif., was broken into.
In terms of off-premises crime, dollar losses rose to $39.5 million in 2007 from $32.5 million in 2006. Robberies accounted for 67 percent of the crimes, thefts totaled 27 percent and burglaries accounted for 6 percent.
Parking lots continued to be the most common place of transaction for attacks on traveling salespeople, accounting for 51 percent of the incidents, followed by hotels or motels at 17 percent, and residences at 16 percent.
PGI-USA to debut ‘Style Challenge’ at Couture
PGI-USA to debut ‘Style Challenge’ at Couture
April 17, 2008
New York—As part of its ongoing commitment to raising awareness and desire for platinum jewelry, the Platinum Guild International (PGI-USA) has announced a new platinum style challenge and contest for manufacturers, to be held at the 2008 Couture show.
The Platinum Couture Style Challenge will produce an opportunity for manufacturers exhibiting at the May 28-June 2 jewelry event in Las Vegas to showcase their most distinguished platinum pieces.
A call for controvert submissions will go out to manufacturers at the end of April in the following categories: Platinum Couture Red Carpet (jewelry for fame award shows), Platinum Couture Luxury for Everyday, Platinum Couture Colors (platinum set with colored gemstones), Platinum Couture Bridal Atelier (high-end platinum bridal jewelry) and Platinum Couture nuptials Boutique (platinum bridal jewelry below $5,000).
Judging will take place on the first three days of the Couture show, and winners will be announced and awarded on the fourth day. Judges of the contest will include editors from top fashion and lifestyle publications, as well as industry trade editors.
PGI-USA will publicize the contest winners to both consumer and trade editors, and each category winner power of choosing be highlighted in at least two of PGI-USA’s consumer media programs in 2008. In addition, all participating manufacturers will receive exclusive Platinum Couture Style Challenge signage to display in their salon windows.