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Industry News: Alrosa In NYC; JA Fights For Tax Fairness; Fancy Color Diamond Prices Rise; More November 08, 2017 (0 comments)
ALROSA To Debut Dynasty Diamonds In NYC Prior To Auction
New York, NY—ALROSA Company, the Russian diamond miner, is hosting a special preview of the Dynasty diamonds, a collection of five diamonds all produced from one 179-carat piece of rough (left) that was dubbed “The Romanovs” in honor of Russia’s most famous dynastic family, and the one that drove Russia’s famed jewelry history. The rough was recovered in October 2015 from the Nyuerbinskaya kimberlite pipe in the Republic of Sakha (Yakutia). ALROSA cutters and polishers completed the collection in March 2017.
The centerpiece of the collection is a 51.38-carat D VVS1 Triple Excellent stone, the clearest and most expensive diamond in Russian history. The collection also includes four satellite stones: the 16.67-carat round Sheremetev, the 5.05-carat oval Orlov, the 1.73-carat pear shape Vorontsov, and the 1.39-carat oval Yusupov. All stones are GIA certified D VVS1.
A special preview of the stones will be held November 14 at Carnegie Hall in New York City. It will be followed by a special concert presentation of the Mariinsky Orchestra performing three 20th century works by Russian composers Shostakovich, Prokofiev, and Scriabin; conducted by Valery Gergiev and featuring pianist Denis Matsuev.
For more information, click here.
Alrosa's Dynasty diamonds. From left, the Vorontsov, the Orlov, the 51.38-carat Dynasty Diamond, the Sherementev, and the Yusupov.
JA Submits Argument on Sales Tax Fairness to US Supreme Court
New York, NY—Jewelers of America (JA) has joined a group of 10 retail trade associations that have filed an amicus brief to the United States Supreme Court in support of South Dakota’s petition to the court to re-consider the Quill decision from 1992. That decision established the current system under which states are prohibited from collecting sales and use taxes from sellers that do not have a physical presence in-state, leading to the current uneven playing field between traditional and online sellers.
“This is a historic opportunity for our industry to stand up for sales tax fairness,” says David J. Bonaparte, JA president and CEO. “We are hopeful the court will take up the South Dakota case and recognize that Quill does not reflect the retail landscape that exists today.”
South Dakota’s petition was filed to the court in early October, after the South Dakota Supreme Court issued a ruling that the state's online sales tax law is unconstitutional. Rather than a defeat, that outcome was expected and hoped for, since it set the stage to file the petition and challenge Quill’s applicability to the modern retail marketplace.
In addition to Jewelers of America, the brief is being submitted by national trade associations from categories as diverse as furniture and lighting fixtures to textbooks and sporting equipment. The effort is being spearheaded by the Marketplace Fairness Coalition (MFC).
Jewelers of America supported the brief by providing stories and information from jewelers on how the practice of “showrooming”—visiting a store in order to examine a product before buying it online at a lower price/without sales tax) —has had a negative impact on jewelry businesses.
While jewelers and other businesses are prepared to compete with online sellers when it comes to price, service and selection, the brief argues that they are being forced to compete on an uneven playing field.
“Simply put: sales tax differentials combined with a rise in mobile technology and e-commerce are putting local sellers out of business, emptying out the retail centers of our nation’s towns and cities, destroying local jobs, and hurting small towns and communities,” the associations’ state in the introduction to the brief.
The Court’s current term began on October 2 and runs through June 2018, with the last day of oral arguments scheduled for April 25, 2018.
Jewelers of America is a longtime proponent of sales tax fairness, supporting efforts to enact legislation on the federal and state levels. Those interested in this issue and others affecting jewelry businesses can use Jewelers of America's Legislative Action Center to easily contact their representatives via email and urge them to support sales tax fairness.
GIA Carlsbad Campus Recognized as 2017 ACCSC School of Excellence
Carlsbad, CA—GIA’s (Gemological Institute of America) Carlsbad campus received the 2017 School of Excellence Award from the Accrediting Commission of Career Schools and Colleges (ACCSC). GIA is among an elite group of only 15 post-secondary ACCSC-accredited institutions to receive the award this year. This recognition includes a six-year grant of accreditation, an honor reserved for ACCSC’s highest performing institutions. The Carlsbad campus was first named a School of Excellence in 2012; GIA’s New York campus was similarly recognized in 2014.
“We are honored to again be recognized by ACCSC as a School of Excellence,” said Bev Hori, GIA senior vice president and chief learning officer. “This accreditation is so important to our work in preparing the next generation of gem and jewelry professionals.”
“ACCSC is incredibly proud of the work being done by our accredited member institutions to ensure that students not only have a high-quality education, but graduate with the critical skills they need in order to enter and advance in their chosen occupational field,” said Dr. Michale McComis, ACCSC’s Executive Director.
The School of Excellence Award recognizes ACCSC-accredited institutions for their consistent commitment to the expectations and rigors of the accreditation process, as well as a commitment to delivering high-quality educational programs and services to students and graduates. ACCSC conducted a comprehensive assessment of GIA’s educational programs, student services, and required that GIA’s graduate employment records be independently verified by a qualified third-party.
ACCSC accredits GIA’s on-campus courses and programs in Carlsbad and New York. The award was announced at ACCSC’s 50th anniversary Professional Development Conference held Sept. 25 – 27 in Reston, VA.
GIA education staff accepts the ACCSC School of Excellence Award. From left: Elizabeth Brehmer, director of jewelry manufacturing arts operations; Vusala Aranjo, manager of global education accreditation and regulatory affairs and Title IX coordinator; Brenda Harwick, manager of on-campus and lab gemology instruction; Susan Johnson, director of education accreditation and regulatory affairs; Vickie Clements, ACCSC Commissioner; Kimberly Overlin, dean of students; Kelly Yantzer, director of global education standards; Jennifer Kim, campus manager; Susan Elliott, director of education resources. Photo courtesy of ACCSC.
Diamond Council of America Expands with New Hire
New York, NY—Diamond Council of America (DCA) has named Rebecca Shukan as director of the Jewelry Career Readiness Initiative. The Jewelry Career Readiness Initiative (JCRI) was developed by the DCA in 2014 to help create qualified job candidates for the retail jewelry industry. It uses DCA’s accredited distance-education certifications in diamonds, colored gemstones, and jewelry sales to supplement the career-readiness programs that exist in most U.S. high schools.
Shukan joins the association after a decade-long career as a private jeweler in Los Angeles. She is a graduate of both GIA and the University of Wisconsin, and has held leadership positions in the Women’s Jewelry Association of Los Angeles, the Junior League of Pasadena, and the Pasadena Symphony.
Shukan will take the Jewelry Career Readiness Initiative to the next level, expanding the program to high schools nationwide and exploring partnerships in other areas including veterans groups and women re-entering the workforce.
“I am ecstatic to welcome Rebecca to Diamond Council of America. The JCRI program is poised to fill the educational gap and bring fresh talent into our industry. Rebecca’s experience and drive make her the perfect person to lead DCA’s Jewelry Career Readiness Initiative,” says Terry Chandler, DCA president and CEO.
Shukan says her vision is “not only to change people's lives with a career in this industry, but to add new people, energy and ideas to the jewelry industry as well. I am thrilled to work with Terry and the combined Diamond Council of America and Jewelers of America team."
Earlier this year, DCA became an affiliate of Jewelers of America, moving its headquarters to JA’s New York offices in August.
Fancy Color Diamond Price Index Climbs Slightly In Q3
New York, NY—The Fancy Color Diamond Index for the third quarter of 2017 indicates a slight rise overall of 0.2% over Q2, for yellow, pink and blue fancy color diamonds in all sizes and saturations. Moreover, the index shows that in Q3 prices of fancy blue and pink color diamonds appreciated 0.4% and 0.3% respectively. The strongest performing price categories were fancy intense and fancy vivid blue diamonds across all carat sizes.
Fancy yellow diamond prices declined by 0.1% in the quarter, the lowest price decrease for the category since Q3 2016. There was price stability across most other fancy color diamond categories, continuing the trend in fancy color diamond pricing patterns during 2016 and early 2017.
Year on year from Q3 2016, the Fancy Color Diamond Index is slightly down by 0.2%. Fancy blue gains of 4.7% were offset by fancy yellow and fancy pink declines of 2.5% and 0.6%, respectively. But on a two-year basis, compared to the same period in 2015, the Fancy Color Diamond Index is up 0.7% with fancy blue and fancy pink up 8.1% and 1.2% respectively, and fancy yellow down 4.1%. For a complete data analysis, please visit www.fcresearch.org.
FCRF advisory board chairman Eden Rachminov said 2017 and 2016 were record low years for blue fancy color diamond production from mines. The majority of blues coming into the market are pre-owned stones and going forward the market will have to adjust to a lower "new normal" supply level for high saturation blues and pinks.
Government, United Nations, And Industry Leaders Convene For De Beers Group 2017 Diamond Conference
Gaborone, Botswana—The De Beers Group, in partnership with Botswana’s Ministry of Mineral Resources, Green Technology and Energy Security, and in collaboration with the United Nations Office for Partnerships (UNOP), this week convened the third annual Diamond Conference to highlight opportunities to create sustainable shared value in the diamond industry.
Lieutenant General Dr. Seretse Khama Ian Khama, president of the Republic of Botswana, gave the keynote address. Talks also were given by The Hon. Sadique Kebonang, minister of mineral resources, green technology and energy security for the government of Botswana; William Kennedy, senior officer-in-charge, UNOP; and Bruce Cleaver, CEO, De Beers Group. Other government, civil society and industry leaders also shared insights during a series of panel sessions.
This year’s conference focuses on the importance of sustainability for the diamond industry and for diamond producing countries, exploring how the industry can align its efforts throughout the value chain by applying the UN Sustainable Development Goals (SDGs) framework, and will showcase some of the progress to date.
Minister Kebonang said, “Botswana is a leading example of a country that has used its diamond revenues to support economic and social development over the past 50 years. We have embraced a sustainable development approach that is aligned with the SDGs and we call on the support and involvement of all our partners in the diamond industry as we work towards realizing our goals.”
Bruce Cleaver said, “The interdependence between businesses and the communities in which we operate is something the Sustainable Development Goals bring into sharp focus for us all. De Beers is committed to creating shared and lasting value for our producer country partners by turning finite resources into enduring opportunity. We have adopted the SDGs as our guiding framework and we look forward to working with our partners and industry colleagues to continue to build momentum in this area.”