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INDUSTRY NEWS: FIRST LOOK AT SANDY; DE BEERS CHAIR OUT; MORE SA GOLD TROUBLE October 31, 2012 (0 comments)
Sandy May Wreak Havoc on Jewelers’ Holidays
Merrick, NY—As Hurricane Sandy blew up the eastern seaboard, jewelers all along her path braced for not only the most immediate effects of the storm—read this report in National Jeweler—but worried about their own homes and those of their staff and customers. And in hard-hit New York City, the jewelry district definitely felt the impact, either in how the storm affected employees’ homes and families, or in their ability to report for work in the wake of disrupted transit (left, a flooded subway station). At least three jewelry-industry members The Centurion spoke to had flooding in their homes to the point of devastation, and many more still were without power days after the storm.
But the effects of a storm can linger long after its immediate cleanup. Earlier this year, jeweler Elva Valentine of Dallas, PA, chatted with The Centurion about what it’s like to have a major storm in the area. Northeastern Pennsylvania suffered the effects of both hurricane Irene and tropical storm Lee last year. While it’s obvious that customers whose homes are damaged aren’t focusing on jewelry, Valentine said in her area, damage to some roads and bridges was extensive enough to force closures and detours for months after the storm. As a result, what would normally be a short drive to her store for customers turned into an hour-long trek.
JCK reports jewelers who need assistance recovering from the effects of the storm can apply to the U.S. Small Business Administration for a low-interest loan to help cover expenses such as payroll, fixtures, and rent while waiting for their insurance claims to be settled.
De Beers, Anglo Chair Carroll Out; CEO Mellier Takes On Synthetics Role
Johannesburg, South Africa—Less than a month after being named chairman of De Beers, Anglo American CEO Cynthia Carroll is out of both roles. Carroll oversaw Anglo’s acquisition late last year of the remaining De Beers shares—45%—still owned by the Oppenheimer family. Carroll, who resigned, will remain to transition a new, yet-to-be-named, successor.
The American-born Carroll was dogged throughout her tenure at Anglo by both missteps in acquisition strategy and economic woes that put the mining giant well behind its peers in profitability. At least one analyst in the field says history won’t be kind to her tenure, but this report on Mineweb.com says her ability to work with both governments and communities where mines are located, as well as her background and emphasis on sustainability and safety, was distinctive in the sector. With continued labor unrest in South Africa—and increasing reports of drug cartels in South America getting into gold—her unique skill in that regard may be sorely missed in the future.
Carroll also held the distinction of becoming the first female CEO of a major mining company, something the Mineweb article suggests may have been a thorny issue at the tradition-bound South African Anglo.
Separately, De Beers CEO Philippe Mellier has been appointed chairman of Element Six, De Beers’ synthetic industrial diamond subsidiary. According to this report in Rapaport, Mellier called Element Six a “fascinating business with exciting potential for growth.” His statement didn’t say what kind of growth—or whether it would include synthetic gem diamonds—but he did allude to “opening new markets and developing innovative uses for synthetic diamond supermaterials.”
GoldFields Fires 8,500 Striking Miners; Platinum Price Trails Gold by More Than $150
Johannesburg, South Africa—GoldFields Ltd. fired 8,500 striking workers who refused to heed orders to return to work, reports Bloomberg Businessweek. Workers, who were dismissed from the firm’s KDZ mine, may appeal, said a company spokesperson.
A spate of South African mining strikes that began in the platinum mining sector quickly spread to gold, chrome, and iron ore. While not the only factor affecting precious metals prices—global economics have more impact than mine strikes—it has helped drive up global prices of the precious metals. Average gold and platinum prices both rose in September over August figures—gold just shy of 7%, and platinum, slightly more than 10%. Gold remained fairly steady in October—its monthly average was up just 0.03%, while platinum edged up 1.3%. At press time, gold closed at $1714.60 the ounce; platinum at $1,559.
Anglogold Ashanti, the biggest African gold producer, had also threatened to fire all of its striking workers who didn’t heed warnings to return to their jobs, said the Bloomberg article.
NAJA Announces Continuing Education for Appraisers in Tucson
New York, NY—The National Assocation of Jewelry Appraisers announces its 39th annual Winter ACE It Education Conference to be held in Tucson, AZ, February 3-4, 2013.
The appraisal organization, which is dedicated exclusively to gems and jewelry, offers its program to assist the professional appraisers’ continuing education and an unparalleled networking experience.
The daily programs are:
- Sunday, February 3, 2013
- Montana Sapphire: An American Beauty from Mine to Market, with Lisa Brooks-Pike (Hands On)
- Secrets on Identification of Jade Treatments and Imitations, with Branko Deljanin, GG, FGA (Hands On)
- American Cats-Eye Demantoid Garnet, with Charles Ellias, GG (Hands On)
- Perspectives and Ethics in Gem Photography, with Tino Hammond
- Monday, February 4, 2013
- Insurance Appraising & USPAP, with Martin Fuller, GG
- The Wonder of Natural Pearls, with Jeremy Norris, GG (Hands On)
- Titanic Jewelry: A Convergence of Eras, with Craig Lynch, GG
- Tomato (Toe May Toe) - Tomato (Toe Mah Toe), Potato (Poe Tay Toe) - Potato (Poe Tah Toe), Micro Pave - Mass Produced Linear Pinpoint Setting, with Arthur Skuratowicz, GJG
A special added pre-conference Cultured Pearls and Pricing Workshop is being offered on Saturday, February 2, 2013 to NAJA members only. Accurately pricing cultured pearls requires the professional gemologist to distinguish not only between types, but also to correctly assess quality and shape factors within the same variety.
For a conference and registration brochure, click here, or for further information contact Gail Brett Levine, GG, executive director, National Association of Jewelry Appraisers, (718) 896-1536, naja.appraisers@netzero.net.