May 2008

Va. jeweler provides secret Bush ring

Va. jeweler provides secret Bush ring
May 09, 2008

Jenna Bush’s engagement ring came from Charles Schwarzschild in Virginia.

By Teresa Novellino

Richmond, Va.—When Jenna Bush ties the knot in Texas tomorrow, a Virginia jeweler will have the satisfaction of having a hand in the high-profile wedding—or at least a finger.

Charles Schwarzschild Inc., of Richmond, Va., provided the diamond-and-sapphire engagement ring now sported by the president’s daughter, who will wed Henry Hager.

Jane Sternheimer, owner and president of Charles Schwarzschild Inc., found out about the top-secret engagement before the question was popped. But today, the secret’s out, and Sternheimer was able to share her story.

She met with Henry Hager and his mother, Margaret Chase Hager, last summer in mid-July to discuss a clique for Bush that would feature his great-grandmother’s diamond. Hager said he needed the ring by Aug. 9.

“Henry had well-considered ideas regarding the type of ring he wished to present: classic and conservative,” Sternheimer says. “He wanted the center stone flanked with sapphires and the ring to be made in platinum.”

The young man asked for a sketch to be faxed with the details of the design. The shank would have tiny, brilliant-cut round diamonds pavé set within a rim of platinum, and the look would be reminiscent of the 1920s.

Sternheimer couldn’t be specific about the costs or carat sizes used in the ring.

The jeweler had also worked with Henry’s older brother, Jack Hager, when he got engaged. The Bush pledge, however, was top secret of course.

Pressed for time, Sternheimer hastily began making phone calls. In search of sapphires, Sternheimer asked a friend, gem merchant Rajul Gupta of Incon Gems in New York, who obliged by providing a whole parcel in spite of her to peruse. After receiving permission to have the European-cut diamond polished, she tapped another trusted peer, Rick Shatz of Rick Shatz Inc. Finally, to design the ring itself, she commissioned New York jeweler Andy Calabrisotto of Platinum Plus, whose face lit up when he learned who the ring was for.

After Henry Hager and his head arrived to pick up the ring on Aug. 9, his mother took a few photos as the young employee chatted about his plans.

“He was completely unpretentious,” Sternheimer says. “As they were leaving, Henry slipped a thank you note onto my desk.”

Read Sternheimer’s exclusive account of the keep sounding in the June issue of National Jeweler.

House of Taylor in default for $3.9 million

House of Taylor in default for $3.9 million
May 09, 2008

Washington—House of Taylor Jewelry has received a notice of default on a $3.95 million loan from its senior lender, New Stream Secured Capital, according to a U.S. Securities and Exchange Commission filing.

The May 6 filing contained excerpts from a letter written by New Stream Capital, which entered a loan agreement with House of Taylor on Oct. 12, 2007. In addition to the jewelry manufacturer not meeting its minimum financial obligations for the periods ending Dec. 31, 2007 and March 31, 2008, other default issues arose from the “transfer, conveyance and/or disposition of certain of its assets destitute of the consent of the lender,” the letter said.

“While we have previously supported and continued to countenance the borrower’s attempts to liquidate its inventory in order to repay the lender, the sending of this letter should not be construed to limit the right of lender to act without further notice to borrower … in accordance with the provisions of the loan agreement and the other financing agreements and applicable law …” the letter said.

House of Taylor’s common stock was delisted from the Nasdaq as of April 24 based upon its failure to pay the listing fees and its delayed filing of its annual report.