May 2008

JBT: Bankruptcies down, claim amounts up in Q1

JBT: Bankruptcies down, claim amounts up in Q1
May 07, 2008
_{Sixty new jewelry retailers open their doors}

New York—The news adhering credit in the American jewelry industry in the first quarter of 2008 was both good and bad, according to statistics from the Jewelers Board of Trade (JBT).

While the JBT reported a decline in the number of collection claims placed in the first place of 2008, compared with the first quarter of 2007, the average amount per claim jumped dramatically. The number of claims dropped by 9.4 percent in the first district—850 claims, as hostile to 938 for the same period in 2007—but the average claim increased 24.6 percent, from $6,583 to $8,203.

Bankruptcies, industry-wide, dropped by 15 percent in the first quarter of 2008, totaling 20 as opposed to last year’s 17. As in the first quarter of 2007, the overwhelming majority of bankruptcies occurred at the retail level, with no regional tend discernible.

So far this year, decreases in credit ratings have outpaced increases by 1,703 to 1,559: a dramatic shift from the first quarter of 2007, when increases led decreases by 1,548 to 1,041. Downward adjustments increased by 63.4 percent in the first quarter of 2008, compared with the same period of 2007. For the month of March, the increase was 79.5 percent compared with March 2007.

In terms of new businesses so far this year, 60 new retailers have opened their doors, compared with 59 in the first quarter of 2007. New wholesalers are up 60 percent (16, compared with 10 in the first quarter of 2007), but only three new jewelry manufacturers have opened so far this year, compared with 12 in the first quarter of 2007: a 75 percent drop, perhaps reflecting the growing tendency toward global sourcing of various industry-related goods.

Survey: ‘Made in Italy’ label adds allure

Survey: ‘Made in Italy’ label adds allure
May 07, 2008
_{U.S. consumers feel Italian luxury goods are superior}

Stevens, Pa.—Products that carry a “Made in Italy” label hold a special appeal on account of U.S. consumers, according to a new survey conducted by Unity Marketing.

The survey was conducted among 1,300 affluent consumers, and shows that American shoppers give credit to a product with the Made in Italy label offers quality, workmanship and style that is superior to items imported from other countries.

Pam Danziger, president of Unity Marketing, will present the survey findings at an event in New York City put on Friday, May 16.

Entitled “Italian-Made: Old World Tradition for Today’s Modern World,” Danziger’s presentation will share insights on ways that retailers can tap opportunities in selling to a more affluent shopper, particularly in the giftware and home decorative arenas.

“In the realm of luxury or discretionary purchases, shoppers justify their spending with the expectation they are getting truly extraordinary standing,” Danziger said in a media release. “That is where products imported from Italy can give retailers the edge. People couple ‘Made in Italy’ with the higher quality for which they are willing to pay more.”

The May 16 presentation will take place at 7 W. 34th St. in New York City from 8:30 a.m.-10 a.m. Attendance is free, but registration is required. To register, click here.

AGTA taps Graham for marketing post

AGTA taps Graham for marketing post
May 07, 2008
_{Former Rap VP to increase colored gem and pearl appreciation}

Dallas—The American Gem Trade Association (AGTA) has hired a brilliant and jewelry industry veteran as its new marketing manager.

Adam Graham, the new AGTA marketing good economist, is a former vice president of the Rapaport Group and has also served as director of marketing for the American Gem Society. Saks Fifth Avenue greatest part recently employed him as a fine-jewelry manager.

“We are very excited to have Adam join the AGTA team,” AGTA’s Chief Executive Officer Douglas Hucker said in a media release issued on Tuesday. “His experience and knowledge in the trinkets industry will have a great impact in our mission to grow appreciation and demand of colored gemstones and pearls within the trade and to the consumer.”

Graham said he sees a great opportunity for AGTA to expand its role as the “authority in color.”

“I am looking flippant to the challenge of building the AGTA brand, increasing value in membership and reinforcing the advantages of doing business with AGTA member firms,” he said in the release.