Articles and News
BRAND AND INDUSTRY NEWS: LAZARE KAPLAN LAWSUIT, GRAFF IPO, MORE December 28, 2011 (0 comments)
Lazare Kaplan Sues Two Belgian Banks; Alleges Money-Laundering Scheme
New York, NY—Lazare Kaplan has filed suit against two Belgian banks for allegedly stealing $135 million in profits from diamond sales. In the suit, LKI alleges the two banks, KBC Bank and its subsidiary Antwerp Diamond bank, caused “catastrophic damage to its business and property, in concert with a complex web of individuals and entities controlled by or associated with defendant customer Erez Daleyot,” according to this report in the Financial Times. , an Israeli diamond dealer, owns D.D. Manufacturing and reportedly holds a stake in Jacob & Co., the jeweler renowned for hip-hop bling.
Without the monies, LKI failed to meet financial reporting requirements and its shares were delisted from the American Stock Exchange, said the paper. Additionally, LKI lost some business with De Beers’ Diamond Trading Company. The company seeks $500 million in lost proceeds and damages on allegations of racketeering and money laundering, said the report.
Graff Plans IPO
London, United Kingdom—Graff Diamonds, the tony jeweler renowned for selling some of the world’s most expensive stones, is planning an initial public offering in Hong Kong that could raise $1 billion and value the company at about $5 billion, according to a report in the Financial Times.
Laurence Graff, sole owner of the company that bears his name, has hired Rothschild to advise on a listing, expected next year, said the paper in a report last month. Graff would remain chairman and controlling shareholder.
Graff's Gemini Earrings feature fancy intense yellow emerald-cut diamonds, 107.03 cts. t.w., accented with white brilliant cut diamonds. Total all diamond weight, 113.94 cts.
Top Country Star Spotted in Le Vian Diamonds
Las Vegas, NV--Singer Shawna Thompson of the husband-and-wife country music duo Thompson Square, was spotted wearing Le Vian Chocolate Diamond earrings to the American Country Awards 2011, held December 5 at the MGM Grand Garden Arena. The star wore Le Vian’s “Super Gladiator” earrings featuring multiple dropping straps of Le Vian’s trademarked Chocolate Diamonds and Vanilla Diamonds, both on the red carpet and later for a live performance with her husband on the awards show. The duo is currently nominated for two 2012 Grammy Awards: Best Country Song and Best Country Duo/Group Performance for their song, "Are You Gonna Kiss Me Or Not."
Shawna Thompson in Le Vian's trademarked Chocolate Diamond earrings at the American Country Awards.
California To Regulate Cadmium in Children’s Jewelry
Providence, RI—The state of California now joins Minnesota and Illinois in regulating the use of cadmium in children’s jewelry, says a release from MJSA this week. California defines “children” as under age six.
The new law takes effect on Jan. 1, 2012. It will prohibit the manufacturing, shipping, and sale of children's jewelry or any of the jewelry's components containing more than 0.03 percent (300 ppm) of cadmium as determined by a total weight test.
The new restrictions apply to small and large manufacturers, retailers, and suppliers in California, including people who make and sell their own jewelry, tattoo and body piercing shops, vending machines, and more, according to California's Department of Toxic Substances Control. In addition, manufacturers and suppliers are required to provide certification that their jewelry does not contain cadmium in violation of the law. Such certification can be in the form of either a certification document or a display on the shipping container or on the packaging of the jewelry. Any person not in compliance with the law may be subject to fines of up to $2,500 per day for each violation.
The state's Department of Toxic Substances Control can answer vendors' questions via e-mail: leadinjewelry@dtsc.ca.gov or by calling (800) 728-6942. Outside California, call (916) 255-3618.
Because the various state laws to regulate cadmium in children's jewelry vary in terms of the definition of children, as well as the kinds of testing required, MJSA is monitoring all cadmium legislation on the state level, and sharing it with members. An updated chart showing the status of various state bills regulating cadmium in children's jewelry is available from MJSA. Email info@mjsa.org to request a chart, or call (800) 444-6572 or (401) 274-3840.