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INDUSTRY NEWS: DIAMOND PRICES STEADY, PT TO STAY UNDER $1800, JEWELER EISEN’S NEW BOOK, MORE May 02, 2012 (0 comments)
Steady Polished Diamond Prices But Soft Trading in April
New York, NY—Prices for certified polished diamonds stayed stable in April, though trading was weak, according to the RapNet Diamond Index. Some of the soft sales can be attributed to diamantaires’ taking a break for both the Passover and Easter holidays, while a new protectionist 2% polished diamond import tax in India drastically reduced imports by 71% and exports by 42%, and threatens India’s future as a global diamond trading center.
Consumer demand remains steady, says RapNet, but wholesalers and retailers continue to maintain low inventory levels and price-conscious consumers are focusing on commercial qualities and fancy shapes, which are less costly than rounds.
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Platinum Prices Predicted Between $1,475 and $1,775 for Remainder of 2012
London, United Kingdom—According to the ninth edition of the Thomson Reuters GFMS Platinum & Palladium Survey released today, platinum demand rose 7% in 2011 to a three-year high, with much of it coming from jewelry sales in China as prices declined. Platinum jewelry sales also surged in Japan as the price of platinum fell below gold for a time last year.
Automotive use of the metal rose only 4% last year and remains short of prerecession levels, says the report. This is due to both lower production by automobile makers worldwide, and the substitution of palladium in catalytic converters.
The increase in global platinum fabrication demand outstripped the 5% increase in platinum supply, helping to decrease an existing surplus in the metal. The fastest-growing source of platinum supply is recycled metal, which in the automotive sector (reclaimed from catalytic converters) increased by 9%, and in the jewelry sector jumped by 11%. World investment demand for platinum grew 11% last year, says the Thomson Reuters report.
Throughout 2012, Thomson Reuters predicts the metal will trade in a range of $1,475 to $1,775 the ounce. Rising investment in gold is likely to spill over into platinum, and cost pressures from miners will exert upward pressure on price, but the Eurozone crises—and its attendant drop in automobile fabrication and purchase—will exert downward pressure on the price.
Separately, Thomson Reuters says palladium prices also are likely to benefit from the favorable investor climate for precious metals, and global demand for automotive use. Last year, a 5% gain in automotive use for palladium was somewhat offset by declines in jewelry use, especially in China, but the report says a sharp (20%) decline in prices at the end of last year was driven more by profit-taking than market fundamentals, and this year palladium should trade between $575 to $775 the ounce.
Jeweler Susan Eisen's New Book Focused on Inheritance
El Paso, TX—Using years of experience from working as a professional jewelry designer, appraiser, gemologist, goldsmith, and inheritance consultant, jeweler and Centurion Advisory Board member Susan Eisen announces the release of her second book, The Myth of the Million Dollar Dishrag—A Powerful and Effective Plan to Avoid a Family Inheritance Battle After You Die.
The book is a compilation of more than three decades’ worth of stories told to her by customers about their jewelry and art collections, along with a plan she created to eliminate the chance of a family breakup over treasures after someone dies.
Losing a family member is never easy, and the stress can become overwhelming when wills or inheritance battles come into play, causing clashes in many families. Whether it is how property is disposed, the percentage of assets distributed to an heir, or a piece of jewelry that Grandma used to wear, families are not always in agreement about their dispersal.
“While you are alive and well is the right time to plan who is going to receive your sentimental pieces,” says Eisen. “People spend time and money on developing their financial and estate plans, with little regard to planning for their precious and favorite pieces and coins. But most often, it is one of those that causes the split up of the family, not the money,” she said. Jewelry, watch, and art collections are usually inherited from grandparents and families through the ages.
Susan Eisen
The book includes chapters about dealing with the most pressing issues such as how to divide jewelry, art, and heirlooms in family collections, “With Love” lists written after serious thought, and choosing appraisers and executors. The book offers discussions of real-life examples, unusual family dynamics, and inventory lists, and comes with a homework guide to help accomplish the task in an organized fashion. Fill-in-the-blank worksheets are provided to help the reader complete the work in an easy-to-follow manner.
The book and homework guide are available at Eisen’s store in El Paso, on www.inheritanceexpert.com, and Amazon. She is available for personal appearances and private consulting by appointment. Eisen also discusses many of these subjects on her weekly radio show on KTSM 690 AM in El Paso, every Saturday at 12:30 p.m.
Mom Will Get More Jewelry For Her Day, Says NRF
New York, NY—According to the National Retail Federation, shoppers plan to spend a bit more on jewelry for Mom this Mother’s Day. While candy and flowers still remain the top gift choice for the occasion, an NRF survey shows 31% of consumers plan to buy jewelry for Mother’s Day this year, spending an average of $97.19. The NRF study did not break out luxury vs. non-luxury purchase intentions.
Last year, mainstream jewelry stores reported average Mother’s Day tickets of $500 or below, with beads and silver being the leading category. By contrast, a Centurion Newsletter survey last year shows luxury jewelers’ typical Mothers’ Day sale was between $1,000 and $2,000, two to four times higher than the national average. Best-selling categories in 2011 were designer jewelry, engagement ring upgrades, and luxury watches.
PGI Partners With Celebrity Stylist Rachel Zoe for New Campaign
Los Angeles, CA—Renowned celebrity fashion stylist and TV host Rachel Zoe will partner with Platinum Guild International on a new campaign to promote the qualities of platinum jewelry.
Rachel Zoe
As part of the program, Zoe has curated a gallery of her favorite platinum bridal designs in a variety of price points. Her selections are noted with a “Rachel Zoe Platinum Jewelry Must-Have” stamp of approval and are accompanied by commentary from the stylist. Her gallery is posted on TheKnot.com, and linked to GPI-USA’s online and social media pages. Zoe also will discuss her selections and affinity for platinum on various national TV shows, in magazines, and on her Facebook and Twitter pages.
PGI-USA president Huw Daniel said the partnership was a natural, given Zoe’s reputation as a jewelry connoisseur and her love of platinum. Says Zoe, “Finding your dream engagement and wedding rings can be daunting. I’m thrilled to share some of my favorite platinum rings in a variety of prices that reflect my timeless and classic aesthetic.”
DCA Pledges Support to DDI
Ottawa, Canada—The Diamond Development Initiative (DDI) announces the Diamond Council of America has pledged support to its Friends of DDI campaign. DCA’s support is both financial and through content sharing. Two DDI articles, titled “Development Diamonds: Something to Think About,” and “Diamonds and Fair Trade,” are posted on the DCA’s reading room web page.
“The diamond pipeline will undergo many changes in the coming years,” says Terry Chandler, president and CEO of DCA. “Understanding the artisanal diamond mining sector and the challenges inherent to this kind of small-scale activity is of utmost importance to our members and constituents. As proactive members of the jewelry industry, it’s in our own bet interest to support the work of DDI.”
AJDC Announces Design Contest Winner
New York, NY--The American Jewelry Design Council announces Leon Megé is this year’s winner of its annual contest to select new talent in fine jewelry. Megé has been awarded a complimentary booth in the New Designer Gallery at the July JA Show in New York.
Megé focuses on engagement rings. His company, which launched in 1997, is located in New York’s Diamond District, and focuses on engagement rings. Megé also will receive support from AJDC and a trophy sculpted by Michael Good, an AJDC member.
AJDC’s contest is open to designers who own their own business and manufacture fine jewelry in the United States. For more information, please visit the AJDC website.