Articles and News
BRAND NEWS: PGI’S NEW PROFIT PUSH; CHAD ALLISON SHUTTERS: RAHAMINOV, INDIA HICKS ADD TO SALES TEAMS October 17, 2012 (0 comments)
PGI Says Measure Profits in Dollars, Not Percentages
New York, NY—Platinum Guild International has released a new animated video explaining how platinum jewelry generates higher profits for jewelers than white gold.
“The key message is that platinum is 2.7 times more profitable than gold,” says Kevin Reilly, PGI director of business development. “While the profit margin on gold is a few points higher, the actual profit dollars generated by platinum are much greater.”
The new retailer video—an animated film showing the profit math and featuring a cartoon character (left) inspired by industry analyst Ken Gassman—explains that the average gross profit on a white gold ring is $506, but the average gross profit on the same ring in platinum is $1,350, a difference of more than $600 in the jeweler’s till, even at a lower percentage margin.
“Percentages don’t pay the bills. Dollars do,” says the video.
PGI's new animated video shows how its math adds up to more profit dollars for jewelers.
The video also emphasizes the importance of stocking best sellers in platinum, not merely saying it’s available, and introduces a cartoon of Judd Rotenberg of Boston-based Long’s Jewelers outlining his firm’s new strategy of teaching sales associates to say “We recommend platinum” with every bridal ring sale. Since his employees began saying that, as opposed to the usual practice of quoting the price of a ring in different metals, Rotenberg says sales of platinum—and profits—have jumped.
“Bridal research has shown most consumers want white metal,” says PGI’s Reilly. “It only remains which one. Saying ‘we recommend platinum’ are the three most important words a retailer can use to boost profit significantly.”
At a preview event in New York last week, Laura Cave from The Knot also presented some of the firm’s latest bridal research showing that two-thirds of brides are at least somewhat involved in the selection of their engagement ring, and she highlighted a section of The Knot where stylist Rachel Zoe presents her favorite picks for platinum bridal jewelry. PGI has been actively partnering with The Knot for advertising and promotion of platinum bridal jewelry.
Celebrity stylist Rachel Zoe identifies her "Platinum Must-Haves" in a sponsored section on The Knot.
Chad Allison To Shutter by Year End
New York, NY--The Chad Allison brand of jewelry is going away as of December 31, 2012. An October 12 letter to company partners signed by principal Kenneth Kanter said the parent company, Noble Jewelry, decided to exit the "brand" part of its business. Noble remains a going concern and will focus on its other two jewelry lines, Brooke Burke and Nouveau Luxe, both predominantly silver. Though they could be considered "brands," Kanter told The Centurion they're very different from Chad Allison.
Kanter said Noble, which bought the Scottsdale, AZ-based Chad Allison brand from David Goldstein in 2007, has had some negotiations to sell the brand, but at press time had not come to terms with any potential buyers. Noble will continue to service Chad Allison clients and recommends retailers of the line sell down and clearance out any remaining merchandise. Chad Allison employees will be terminated at the end of the year with generous packages, Kanter said.
Uneek by Benjamin Javaheri, Smyth Jewelers Host Bridal Suite at NFL
Baltimore, MD--Uneek by Benjamin Javaheri partnered with Smyth Jewelers to sponsor a bridal suite at the September 27 Baltimore Ravens game against the Cleveland Browns. They hosted an invitation-only party to thank customers who have purchased one of Uneek's bridal rings, sold exclusively in the Baltimore area at Smyth Jewelers.
While watching their Ravens beat the Browns in a 23-16 win, guests got an exclusive preview of Uneek's new designs in white and fancy colored diamond jewelry for the holiday season. Additionally, Benjamin Javaheri's personal friend (and Baltimore native) actress Stacy Keibler also stopped by to cheer on her team while trying on Uneek's latest designs.
Rahaminov Diamonds Appoints Charles Velasquez Global Sales Associate
Los Angeles, CA—Charles Velasquez has been named global sales associate for Rahaminov Diamonds. Prior to joining the firm, Velasquez held executive management positions at both Van Cleef & Arpels and Bvlgari in New York. In 2007, he moved to Los Angeles to work with Harry Winston in Beverly Hills and, while there, achieved top honors by attaining the highest grossing sales for four consecutive years.
Velasquez says he’s excited to be part of Rahaminov and working in the industry’s wholesale side; confident that his retail expertise will provide invaluable insight to pinpoint and service the needs of retailers.
Charles Velasquez
India Hicks Fine Jewelry Appoints Fernando Marques Vice President of Sales
New York, New York—India Hicks Fine Jewelry, a division of SDC Designs LLC, announces the appointment of Fernando Marques to the position of vice president of sales. He will partner with Michelle Wolk, vice president of merchandising and report to CEO Kenneth Sitomer.
Marques has held several key sales positions in the fine jewelry industry, including at Lazare Kaplan International and Frederick Goldman. In his new position, Marques will direct retail growth strategy for the India Hicks brand and manage the sales team.
India Hicks has been inspired not only by her British heritage, but also by the tropical images, fantasy and history she finds in her island life.
GCAL Launches Gemprint Agent Program
New York, NY—GCAL announces the launch of Gemprint Agent, a new diamond identification system opportunity for retail jewelers to become agents for consumers who want their Gemprinted or certified diamonds listed its international database.
A Gemprint Agent doesn’t need a Gemprint instrument, just a customer with a previously Gemprinted or GCAL certified diamond. Gemprint diamond identification has been used by both the FBI and the Canadian government to assist in recovering stolen jewelry since 1976, says company spokesperson Angelo Palmieri.
In the event of loss or theft, a diamond registered in the constantly monitored Gemprint database has an increased chance for recovery, and may be eligible for up to a 10% insurance discount.
For jewelers, the program is an opportunity to generate incremental income—while consumers now can go directly to the Gemprint.com website and pay $50 to register their diamond, or they also will be able to go to their Gemprint agent jeweler and pay the $50 registration there—but the jeweler only pays $15 to Gemprint and gets to keep the remaining $35.
The following diamonds are eligible for registration: All diamonds certified by GCAL, all Rio Tinto Mine of Origin diamonds, brands such as FireMark, Cushette, Martin Flyer, Solei, Stuller, Zale, Blue Nile, Bloomingdales, Bailey Banks & Biddle, Polar Bear, Polar Ice, and many more. For more information, click here.