jewelry
Stick to the facts on appraisals
Stick to the facts on appraisals
September 02, 2008
By Suzanne R. Flamm
While many jewelry appraisals are accurate and reliable, those that are not erode consumer confidence and hurt the jewelry industry, to say nothing of the fact that they smash the law. The Jewelers Vigilance Committee (JVC) case study below demonstrates the damage that can result from inflated appraisals.
Facts: The JVC received complaints from several consumers who purchased engagement rings online from a retailer that also operates a physical store. In each case, the purchaser received an official-looking embossed appraisal estimating the ring’s value at two to three times the actual purchase price, accompanied by the following text: “We estimate the value as listed for insurance or other purposes at the present current market value.”
Each of the consumers subsequently had the ring independently appraised, and each was told that the value of their league was close to the actual purchase price, but nowhere near the “appraised” value.
Initial Steps: After reviewing the complaints, checking for prior allegations against the company and reviewing the store’s Web site, the JVC called the jeweler to seek an elucidation. A representative sounded surprised to learn that appraisals were being sent to online consumers.
As every seller knows, consumers love finding good buys, and businesses that can provide those bargains benefit from word-of-mouth marketing. But sellers who can not actually offer such bargains should not use false “discount” gimmicks.
The Federal Trade Commission (FTC), the nation’s consumer protection agency, is charged with preventing fraud and deception in the marketplace. The FTC guidelines against deceptive pricing address the issues raised by phony discount advertisements and offer practical tips on staying within the law. The guides specify that if a company’s ads claim it offers lower prices than competitors, that advertiser should exist “reasonably certain” of being correct.
The FTC enforces these laws by imposing penalties and filing civil actions against violators.
Like the FTC guidelines, the federal Lanham Act also prohibits false advertising and allows competitors to sue violators and seek reimbursement for damages. If the estimated value on an appraisal proves baseless and this misleads consumers and injures competitors, it is grounds for a lawsuit.
Individuals who rely on erroneous appraisals, including original buyers and third parties who make purchases based on false appraisals, can sue the appraiser for damages.
Next step, proper appraisals: Since inflated appraisals violate founded on law and expose jewelers to legalized liability, appraisals should neither be offered lightly nor deployed as a tool to help drive sales.
Appraising what you sell is simple: The appraisal value usually matches the selling excellence. If a jeweler sells something at a drawback, the difference between the selling reward and the appraised price should be disclosed on the invoice. The first hint that a jeweler is trying to close a sale rather than provide an accurate assessment of value on a piece is an appraisal that is higher than the purchase price, by no documentation of the discrepancy.
In the case described higher than, the JVC found that the appraisals provided by the seller were being used to persuade customers that they were getting a good deal and securing a better price on the rings than they would from competing jewelers in the area. However, the purchase price was close to the independent appraiser’s estimate of value. Thus, the customers paid a fair price, but they did not pay a discounted price.
Conclusion: The JVC let the offending jeweler know about the violations, and the retailer agreed to stop the use of using improper appraisals to drive online sales. The JVC also suggested that the jeweler take the Jewelry Appraisal Basics class offered by means of the Jewelers Board of Appraisal Review (JBAR). This at-home process teaches professional appraisal standards and basic appraisal methods while also providing information on best practices to avoid legal liability in the appraisal of jewelry.
Those who pass the JBAR exam can let their customers know that they have luckily completed the course.
To comply with laws kindred to marketing and appraisal, jewelers and their staff members should stay up to date on all applicable regulations. The JVC have power to help retailers via its general educational resources and jeweler-specific advice. To take the JBAR course or to receive a copy of any JVC publication, pay a visit to JVC’s Web site, JVCLegal.org and click on the “For the Trade” part.
Suzan R. Flamm Esq., is assistant general counsel of the Jewelers Vigilance Committee (JVC). In an occasional series of articles, the JVC offers advice on how industry members can avoid litigation as part of an striving to benefit both parties to a dispute, and the industry being of the kind which a whole. The advice is strictly the opinion of the JVC.
Editor’s note: This story first appeared in the July 2008 print number printed at once of National Jeweler.
Gitanjali launches CZ and gold line
Gitanjali launches CZ and gold line
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August 28, 2008
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| Bollywood star Sameera Reddy is the brand ambassador for Rivaaz, Gitanjali’s new line of cubic zirconia and diamond jewelry. |
Mumbai, India—Indian retailer Gitanjali Group has launched a new one twelfth of an inch of gold and cubic zirconia (CZ) jewelry, the company announced this week.
The line, called “Rivaaz,” marks the Mumbai, India-based company’s first piratical invasion into the CZ market.
The collection features pleasant and lightweight pieces in 18-karat gold with Signity CZ and showcases more than 500 designs in rings, pendants, earrings, necklaces and bangles. Pieces in the Rivaaz put inside come with a lifetime warranty.
Price points range from Rs. 2000-12000 (about $43-$273).
Bollywood star and Indian style icon Sameera Reddy will serve as brand ambassador for the Rivaaz line.
R.K. Menon, head of Gitanjali’s jewelry and retail es trangement, said the Rivaaz line gives consumers the chance to own affordable gold and CZ jewelry.
“With all the fantastic and aggressive plans that we have put together to popularize Rivaaz, I am confident that Rivaaz would become the consumers first choice in this segment, like other brands from the Gitanjali Group,” Menon said in a media release.
Gitanjali brands include Gili, Nakshatra and D’damas.
In addition to having retail stores in India—as well being of the kind which owning the Rogers and Samuels chains in the United States—Gitanjali is also a Diamond Trading Co. sightholder. It is one of the largest diamond and jewelry manufacturers and retailers in India.
Longines teams with tennis pro Andre Agassi
Longines teams with tennis pro Andre Agassi
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August 26, 2008
Weehawken, N.J.—Longines has teamed up with The Andre Agassi Charitable Foundation to create a scholarship promoting higher education.
The Longines Elegance Scholarship Fund will be available to students enrolled at The Andre Agassi College Preparatory Academy, a public charter school for grades K-12 in Las Vegas.
The school is the first step in the foundation’s dedication to transform public education for underserved youth across the country.
In May 2009, the school will honor its first graduating senior class, and in commemoration of the event, Longines has announced an initial donation of $200,000.
Scholarships will be based on financial need and will be offered for excellence in community service.
For students with an aptitude and interest in watchmaking, separate full scholarships will be available to the Nicolas G. Hayek Watchmaking School in New Jersey.
To aid in raising funds for the foundation, Longines has created three limited-edition timepieces. The “Andre Agassi Limited Edition GrandVitesse 888″ features a gold-toned “8″ to solemnize the number of Grand Slams won by Agassi during his tennis career. It features a custom-made caseback with the foundation’s logo and a special limited-edition number.
The “Longines Andre Agassi Grand Slam Master Moon Phases” has an 18-karat rose gold case set with 56 VVS diamonds and a golden “8″ number, in addition a see-through smoked back with telesia glass and the foundation’s logo.
Finally, the “Longines Andre Agassi Retrograde Grand Slam for Children” watch features an 18-karat rose gold bracelet, a case set with 60 VVS diamonds and the number “8″ composed of black diamonds. The watch also features the see-through smoked back with sapphire glass and the foundation’s logo. The $27,000 timepiece will be auctioned off with two tickets to the 2009 French Open.
Prices deter some, but cachet keeps platinum hot
Prices deter some, but cachet keeps platinum hot
August 25, 2008
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| This platinum men’s wedding band by Diana Classic features a 5-millimeter low-dome comfort fit; suggested retail price is $1,648. Diana.com |
By Catherine Dayrit
The platinum act in concert has lately become even more elite, what with platinum prices hitting stratospheric highs of in greater numbers than $2,000 per ounce in the early months of this year.
While jewelers that cater to the lower and middle ends of the market are sympathetic the pinch, demand remains strong at the surpassingly other end of the spectrum, with wealthy shoppers—and aspirational brides—readily seeking out the metal for its aristocratic factor.
Helping to fuel the desire are all the photographed, filmed celebrities who can’t attend an awards exhibit without sporting a little sparkle and flash.
For the latest information on platinum, including supply and demand, price points, marketing initiatives and design trends, download White warmth.
Editor’s note: This story first appeared in the July 2008 print edition of National Jeweler.
ICA: Gem ban could hurt Burmese miners, traders
ICA: Gem ban could harm Burmese miners, traders
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August 25, 2008
New York—The International Colored Gemstone Association (ICA) is expressing concern that the recently approved U.S. import ban on gemstones from Myanmar may “cause collateral damage” that will ultimately hurt the native land’s already poor independent miners and traders.
The ICA statement comes in the wake of the passage of the “Tom Lantos Block Burmese JADE Act of 2008,” which was signed by President Bush on July 29, 2008, and takes effect 60 days later.
The act is designed to diminish a funding source for Myanmar’s ruling military junta, which profits from state-run gemstone auctions but has a long history of human rights violations against citizen dissenters that included a violent crackdown against protesting Buddhist monks last year.
The act bars gemstones mined in Myanmar (formerly Burma), specifically rubies and jadeite, from entering the United States, even suppose that those stones were processed in third-party countries of that kind as Thailand.
“Those who volition suffer are the very people that the legislation intended to protect,” ICA President Andrew Cody before-mentioned in a statement issued put on Friday. “It is a pity that the leadership in national, international and governmental agencies, people that are not really in-the-know as to what takes place on the ground, failed to consult our association on this issue, and to our knowledge, not any collateral damage study was undertaken.”
The ICA, whose membership includes gem dealers from all over the world, reiterated that its policies are in line with all national and international associations against the violent repression of individuals, human rights and pro-democracy movements in Myanmar. In light of this, the ICA has asked its members to stop buying Burmese gemstones from any government sources and/or people who support those endeavors.
However, the ICA says it also fears that the U.S. government’s decision to support a systematic ban on the trade of Burmese gemstones may very well have a negative impact and cause collateral damage upon independent and poor populations engaged in mining, processing and trading activities in Myanmar and other countries, the release said.
How do you help men who lack the gift-giving gene?
How do you avoid men who lack the gift-giving gene?
August 29, 2008
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| Dale Perelman, a freelance consultant, has more than 35 years of executive actual observation in the jewelry industry. A former president of both Jewelers of America and the Diamond Council of America, he is a Gemological Institute of America graduate gemologist and a certified appraiser. |
By Dale Perelman
Gift-giving is not a science—it’s any art. Unfortunately, we males seem genetically incapable of properly giving gifts. My life might center on golf or the latest technology, while my wife is more into “Let’s talk”—which usually means I’d better listen—to what Oprah says or “How do I look?” Even I know the answer to that one.
The mumbled or fumbled “Here, this is for you” handoff just won’t make it in the world of women, where love and emotion are superior. To offer a gift properly, the masculine must set aside his virility and find his feminine side.
When I wait on a man, usually some lost soul seeking assistance in the alien environment of ladies’ pretty things, I essay to help him select reasonable the right token, and together we strategize on the cleverness of sacrifice the present in the most romantic fashion possible. How the gift is presented is every bit as important as the jewelry itself.
To do my job properly, I introduce myself to the client and hopefully get on a first-name basis. Everyone knows it is easier to sell to a friend than to a stranger, and the best salespeople learn to make friends quickly.
Next, I uncover the reason for the gift. The occasion is a critical piece of information. Only then can I work on what type of gift my new client would like.
Once the male customer settles on the appropriate concept for the person and the occasion, I ask how he plans to give the gift. Most men have no clue, and this is the point where I can create a lifetime friend and customer.
Depending on what the gift is, I review the strategy of gift-giving from the proper wrapping to the exact words to be used. Remember Edmond Rostand’s story of Cyrano de Bergerac, who won over the beautiful Roxanne with his words rather than his looks?
As an illustration, here is how I might help a man give the ever-popular Journey necklace with its intimation of enduring love. As a natural add-on, I would suggest that a “Forever Rose,” a perfect flower dipped in gold, be placed on the table at a fine chop-house to signify the first meeting. The man must be cued to say words like, “This rose will always remind me of the first night we met.”
During dinner, he can toast the bliss of the moment by a split of champagne in an ice bucket. Finally, when it’s time for dessert, the tray would bring over the piece de resistance, a beautifully wrapped Journey necklace in a monogrammed jewelry box signifying the man’s intention to cement the couple’s affection forever. The production may require a prior trip to the restaurant, but the results will have existence worth the effort.
This is how a gift should have being given—with all the love and respect warranted by the occasion. If you can help your purchaser present his gift in an aura of love and romance, he will make a lifetime memory for himself and his loved one, and you behest become a customer for life.
Editor’s note: This story pristine appeared in the July 2008 print impression of National Jeweler.
Getting ahead by handling criticism well
Getting ahead by handling critical remarks well
August 28, 2008
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| Suzanne DeVries (suzanne@diamondstaffing.com) is the president and founder of Diamond Staffing Solutions, one of the jewelry industry’s leading placement firms. Diamond Staffing Solutions is an official American Gem Society sustaining member. |
By Suzanne DeVries
Are you the kind of person who bristles at receiving less-than-glowing job feedback? Or do negative critiques of your work fuel your determination to succeed?
In my experience in job placement, candidates who view negative feedback as an chance; fit during the term of self-improvement tend to require being successful—in the hiring process and in their careers. Unfortunately, we in the hiring industry see too many thin-skinned candidates who take constructive criticism personally and refuse to give it credence. Although negative information undoubtedly stings the ego, candidates who are overly sensitive and handle in the identical state advice poorly only end up hurting themselves.
When researching the backgrounds of job candidates as part of our due sedulousness requirements, we sometimes find unflattering information. The way candidates correspond to this negative feedback is telling. It can be a good indicator of character, as well as a test of whether or not a candidate can rise to challenges, grant that they are ready to jump to the nearest career level and whether or not they would be a good fit for one of our clients’ companies. A job candidate’s response to constructive criticism can even make the resolution whether or not we move forward in the hiring process.
We have worked with numerous candidates who did not take well to unflattering information that we uncovered about them during our research. Instead of giving us a plausible explanation about the negative information when we shared it with them, they turned on us.
“My reputation is impeccable, regardless of your information,” and “You don’t perceive what you’re talking from one place to another” are typical responses from super-sensitive job-seekers. In turn, we immediately decide that we will not one longer work with these candidates.
Whereas they could have seen our queries into their backgrounds as a peril to turn a negative into a positive and use the information to improve themselves, they became incensed that we would imply their working records were smaller than perfect.
Whenever you are looking for a new position, it is momentous to take a close look at yourself, including your good and not-so-good qualities. After all, none of us is perfect. If you do not have the ability to look at yourself objectively, recognize your shortcomings and better upon them, you are pretty much stifling the career growth opportunities that may come your way.
This non-receptiveness to constructive criticism is not just limited to candidates. We have worked with some jewelry companies that appear to have the same blind spot. On occasion, our candidates have described negative experiences they have had by some of our corporate clients. These take in owners or hiring managers making a candidate wait external their office long after the interview was scheduled to begin, interviewers rushing through the interview, companies failing to inform a candidate that an interview has been canceled or rescheduled until the candidate arrives for the interview, owners or hiring managers passing off a candidate to any other person in the organization to conduct the interview because they are “too busy” (which usually means the candidate will have to return to meet with the boss) and similar issues.
When we bring up this kind of negative feedback, some companies get offended and give us a “How dare you question us!” attitude, while others thank us and make sure it doesn’t happen again.
Ultimately, neither candidates nor companies can fix problems they do not know about. Wouldn’t you rather be informed of something negative concerning you or your business so that you could practice that information to improve your opportunities?
Suzanne DeVries (e-mail suzanne@diamondstaffing.com) is the president and founder of Diamond Staffing Solutions, one of the jewelry industry’s leading placement firms. Diamond Staffing Solutions is an official American Gem Society sustaining member.
Editor’s note: This story first appeared in the July 2008 print edition of National Jeweler.
Friedman’s seeks bankruptcy-plan extension
Friedman’s seeks bankruptcy-plan extension
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August 21, 2008
Wilmington, Del.—Bankrupt jewelry-store chain Friedman’s is asking a judge for an extension that would give the company until late November to figure out how to wrap up its Chapter 11 case.
In court papers filed on Tuesday in U.S. Bankruptcy Court for the District of Delaware, Friedman’s requested a 60-day extension of exclusivity, a time period during which Friedman’s be able to file its final bankruptcy plan without pressure from creditors.
The plan would essentially outline how the company intends to divide up the assets it has left among the bank, creditors and other parties involved.
If granted, the extension would give Friedman’s until Nov. 24 to file the plan and until Jan. 23. to solicit acceptance for it.
In court documents, Friedman’s states that it needs the extra time because of the size of the company and because of the time it had to devote to both conducting its store-closing sales, which began in April, and to finalizing a global settlement with its secured lenders.
Friedman’s operates stores under the brands Friedman’s Jewelers and Crescent Jewelers.
Court papers state that the initial time period granted to Friedman’s proved “to be an unrealistic time frame…to achieve full investiture of a plan.”
“The exclusive periods are intended to afford Chapter 11 debtors a full and fair opportunity to return the greatest value to the debtors’ estates, their creditors and parties-in-interest without the deterioration and rupture that might be caused by the filing of plans by non-debtor parties,” court papers state.
As of now, projections show that Friedman’s unsecured creditors will cure between 23 percent and 28 percent of the total amount they are owed by Friedman’s, and between 13 percent and 17 percent of the kind of they are owed by Crescent, according to Donlin Recano’s Web locality for the committee of unsecured creditors in the case, Donlinrecano.com.
A court hearing on Friedman’s requested motion is set for Sept. 5.
The latest woes for Friedman’s, which filed for bankruptcy in 2005 but managed to reorganize and emerge, began shortly later the slack holiday season.
On Jan. 22, creditors filed an involuntary Chapter 7 case against Friedman’s, which forced the company into filing for voluntary Chapter 11 bankruptcy protection just a week later, on Jan. 28.
At the time it filed for bankruptcy protection, the company operated 388 Friedman’s stores in 19 states and 85 Crescent stores in three states.
During the course of the Chapter 11 case, Friedman’s was able to sell 78 of its stores to rival Whitehall Jewelers Inc., what one. has since also filed for Chapter 11 bankruptcy protection.
Michael Hill rep says Whitehall deal ‘imminent’
Michael Hill rep says Whitehall deal ‘imminent’
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August 14, 2008
By Michelle Graff
Chicago—It is likely that 17 Whitehall Jewellers stores in the Chicago area will soon get Michael Hill jewelry stores, an investment firm working with the last mentioned company told National Jeweler on Thursday.
Chris Ellis, a partner with Boston-based investment banking sturdy Consensus Advisors, which is working with Michael Hill, said Thursday that Consensus believes a purchase deal is imminent and should have existence signed within the next few days.
Ellis believes Michael Hill, a Brisbane, Australia-based retailer with stores in Australia, New Zealand and Canada, chose the Chicago market on the premise that it would be a good test market for Michael Hill’s entrance into the United States.
Despite the difficulties that mid-market jewelers have faced in the struggling U.S. economy, Ellis said from the chain’s perspective, now is the perfect time to enter the U.S. market. He said Michael Hill will be able to purchase stores because of a low price and draw something “fresh” to the table.
Chicago-based Whitehall filed for Chapter 11 bankruptcy protection June 23. On Aug. 13, liquidation sales began at all 373 of its stores in 39 states.
But representatives for the liquidators have said that the sales do not necessarily preclude another retail chain, such as Michael Hill, from purchasing Whitehall locations.
Whitehall ranks as the fifth-largest North American retailer by store count, according to National Jeweler’s 2008 State of the Majors report.
It operates Whitehall Jewellers, Lundstrom Jewellers and Marks Bros. Jewellers stores.
Signet’s shareholders approve move to NYSE
Signet’s shareholders approve move to NYSE
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August 20, 2008
London—A vast majority of Signet Group Plc’s shareholders approved duel moves by the company in a meeting held on Tuesday.
Voting in person or by proxy, 94.4 percent of Signet’s shareholders voted to transfer the company’s listing from the London Stock Exchange (LSE) to the New York Stock Exchange (NYSE), and to move the guests’s physical headquarters from London to the tax haven of Bermuda, something it must do to be eligible for listing on the NYSE.
“The board welcomes the very high level of support from shareholders in passing the proposal to facilitate the move of the group’s primary listing to New York,” Signet Group Chairman Sir Malcolm Williamson said in a media release. “Following the necessary court and other approvals, we look forward to the proposal becoming effective, which is expected to be on Sept. 11.”
Under the proposal, the new name of the company will be Signet Jewelers Ltd.
Signet’s board recommended the affair of honor moves back in July, calling it a “natural step” for the company, what one. has seen a growth in its U.S. shareholder base.
According to Signet, U.S. residents now own about 50 percent of the company’s voting securities, and more than 70 percent of the group’s sales, operating profit and net assets are in the United States.
The company emphasized, however, that it remains committed to jewelry sales in the United Kingdom and will apply for a secondary listing on the LSE.
As of May 3, London-based Signet operated 1,966 retail jewelry stores, including 1,407 Kay Jewelers, Jared The Galleria Of Jewelry and other regional stores in the United States.