Articles and News
Industry News From Silver Promotion Service; JFC; JBT; GIA; Rapaport; More August 12, 2015 (0 comments)
Silver Institute to Expand Silver Promotion Service Jewelry Marketing Initiative
New York, NY—The Silver Promotion Service (SPS) is expanding the Savor Silver program to include a new merchandise classification that includes jewelry made with silver and/or containing gemstones and other metals.
Currently silver jewelry companies selected to participate in Savor Silver are designated as “Designers of Distinction” or “SilverMark Partners.” New participants will be identified as “Silver Style Partners.”
SPS Director Michael Barlerin said, “The addition of a ‘Silver Style Partner’ designation is in response to both popular demand within the industry and the opportunity to further increase the demand for silver jewelry. When Savor Silver was introduced, our focus was on designers and brands whose jewelry both manifested a high design aesthetic and were obviously silver jewelry from a visual perspective. The new ‘Silver Style Partner’ category allows the SPS to include jewelry made with silver and including gemstones and other metals.
“A number of silver jewelry companies have approached the SPS in the past regarding participation in the program but were excluded because of our ‘visual criteria’. The SPS plans to initiate outreach to this category of manufactures in the coming weeks with the goal of incorporating the new brands into Savor Silver in September.”
The SPS also plans to announce the addition of new participants in both the current ‘Designer of Distinction’ and ‘SilverMark Partner’ categories, which will be done in conjunction with the introduction of an enhanced participant agreement, added Barlerin.
The Silver Promotion Service was launched in 2008 by the Washington, D.C.-based Silver Institute to enhance the image of and stimulate demand for silver jewelry in major international markets. For more information, see www.savorsilver.com.
JBT: Industry Continues To Shrink
Warwick, RI—The industry is getting smaller on all fronts, according to the latest statistics from the Jewelers Board of Trade. Numbers of retailers, wholesalers, and manufacturers closing doors all increased in the second quarter of 2015 compared to the same period last year. Year to date, business discontinuances from all causes (bankruptcies, sales and mergers, retirements, and so forth) are up 12% year on year, from 485 in 2014 to 545 in 2015.
The sharp decline in the number of businesses became evident in 2014. JBT president Dione Kenyon, in an online webinar update last week, cited the familiar scenario of aging owners who prefer to retire in lieu of making necessary changes to keep up with rapidly changing times. Indeed, JBT data shows most business cessations are voluntary, not the result of bankruptcy. But Kenyon also said the drop in gold prices has impacted cash flow from gold buybacks—something that likely helped mask deeper issues with many of these businesses.
Diamond Prices, Sentiment Slump Again in July
New York, NY—Diamond prices and market sentiment fell again in July, according to the latest figures from Rapaport.
The RapNet Diamond Index (RAPI) for one-carat laboratory-graded diamonds fell 2.5% during July. RAPI for 0.30-carat diamonds declined 6.3% and for 0.50-carat diamonds, dropped 4.7% percent. RAPI for three-carat diamonds decreased less, by 1.7%.
According to the Rapaport Monthly Report for August 2015, polished inventory levels remain high but there are shortages in select goods due to a significant decline in manufacturing. Cutters, who usually make large-scale rough purchases in July and August in preparation for the Christmas season, are refraining from doing so this year. Manufacturers are refusing to buy rough that can’t be polished at a profit because both rough prices and polished inventory levels are too high.
De Beers is allowing sightholders to defer up to 75% of their August purchases after they rejected an estimated 65% of goods at the July sight. The sight closed with an estimated value of $200 million, a seven-year low for an individual sight. De Beers and Russian miner ALROSA sales are expected to decline sharply in the second half of the year after both reported a tough first half.
Jewelers will be getting their supply for the holiday season mostly from existing excess polished inventory, rather than from rough. Read "A Market in Crisis," at www.diamonds.net/report or email specialreports@diamonds.net.
Jewelers for Children Announces Annual Board of Directors Election
New York, NY—Dennis Ulrich, CEO of the Richline Group, has been named chairman of the board of directors of Jewelers for Children in its annual election. As of October 1, Ulrich will replace Ruth Batson of the American Gem Society and AGS Laboratories who will conclude her second one-year term.
Also elected to officer positions were Mark Light, Signet, Inc., vice president of charity programs; Pamela Mortensen, J.C. Penney, vice president of fundraising; John White of Fossil, Inc., vice president of marketing and public relations; Debra Puzio, Star Luxe, LLC, vice president of special programs; Ulrich Wohn, secretary; Alan Zimmer, Reeds Jewelers, treasurer; and Batson will continue as immediate past chair and will chair the nominating committee.
“I’m honored to be selected to lead the board of directors," said Ulrich. "It’s one of the most committed group of individuals I have had the pleasure of working with and I look forward to continuing the success of Jewelers for Children."
Seven new directors were elected to three-year terms: Katie Dominesey, JCK Events; Abhay Javeri, SDC Designs/M. Suresh; Karen Goracke, Borsheims; Jenny Luker, Platinum Guild International; Gregory Thumm, Bulova; Samuel Sandberg, A. Jaffe; and Michael Benevente, Scott Kay, Inc..
Eight current directors were re-elected to additional three-year terms: David Bonaparte, Jewelers of America; Scott Burger, Pandora AMERICAS; Alan Chinich, Movado Group; David Cochran, MJSA; Jeffrey Corey, Day’s Jewelers; Vicki Cunningham, Cunningham Fine Jewelry; Jerry Ehrenwald, International Gemological Institute; Eddie Le Vian, Le Vian; and Scott McQuaid, In House Jewelers.
Six directors concluded terms on the board: Gail Friedman, Sarah Leonard Fine Jewelers; Howard Hauben, H2 Events/Centurion Jewelry Shows; John Hayes, Goodman’s Jewelers; Steven Kaiser, Kaiser Time; Sally Morrison, World Gold Council, and Yancy Weinrich, JCK Events.
GIA’s New York Jewelry Career Fair Draws Hundreds Of Job Seekers
New York, NY—More than 600 people attended GIA’s New York Jewelry Career Fair July 28, the industry’s largest job recruiting event. Job seekers were able to meet in-person with representatives from 48 companies spanning a wide range of gem and jewelry careers. Some in attendance included well-known brands such as Cartier, Christie’s, CIRCA Inc., Jewelry Television, Rent the Runway, and Tiffany & Co., all looking for ambitious professionals to fill hundreds of positions. The program also featured a panel discussion with industry veterans and one-on-one coaching with 23 successful gem and jewelry professionals. JA New York was a major sponsor of the event.
“To be successful, it takes enthusiasm, self-confidence, perseverance, loyalty and an optimistic attitude, thereby building a great reputation by your words and your actions,” said Susan Jacques, GIA’s president and CEO. “GIA’s Jewelry Career Fairs present a fantastic opportunity for job seekers to demonstrate these qualities face-to-face with potential employers. The jewelry business is all about people, so it’s paramount to express your passion and integrity, which you can’t demonstrate through a resume.”
The event kicked off with “Job Success in Today’s Market,” a panel discussion moderated by Jacques. Speakers Jeremy Dunn, GIA graduate and founder of The Rephinery; Rhonda Edelman, group director of global education for Tiffany & Co; Myriam Gumuchian, co-owner, vice president and director of sales for Gumuchian; Michael O’Connor, TV host, celebrity stylist, and founder and president of Style & Substance, Inc.; and Lee Siegelson, president of SIEGELSON, shared their journeys to success and offered sage advice to those first embarking in the industry.
A common theme was the importance of networking. “You meet people along the way and they can change your life. Be open to what comes your way because you never know where it is going to lead you,” said Edelman. “Don’t make business connections, build friendships that will last a lifetime,” added Dunn. O’Connor rounded out the presentations, telling the audience “If you find the right people, they will mentor you. Listen to what the mentors have to say, they’re going to give you phenomenal information.”
The next GIA Jewelry Career Fair will take place on Friday, Oct. 9 at the Institute’s world headquarters in Carlsbad, CA. Click here for information about the October 9 job fair; click here for job opportunities in the industry.
DMIA Holds Elections
New York, NY--The Diamond Manufacturers & Importers Association of America (DMIA) held its second annual General Meeting of the year August 5, and elected a new executive board and board of directors.
Incumbent president Ronnie VanderLinden was re-elected. He is joined on the executive board by vice presidents Saul Goldberg, Eli Haas, Fred Knobloch, Sheldon Kwiat and Matthew Schamroth. Stuart Samuels was elected as Secretary and Parag Shah as Treasurer.
Ronnie Vanderlinden was re-elected for another term as president of DMIA.
Elected to the DMIA's board of directors were: Steven Eisen, Avrum Fastag, Marvin Finker, Ishaia Gol, Suzette Gomes, Manny Gordon, Stan Grossbard, Hertz Hasenfeld, Tom Heyman, Todd Ingwer, Danny Kaleko, Moishe Klein, Daniel Klugman, Melissa Kulhanjian, Jerry Menkin, Alan Rehs, Jack Reiss, Charles Rosario, Michael Steinmetz, and Michael Verstandig.
Western USA Chapter of AJA Holds Meeting
Los Angeles, CA—The Western USA chapter of the Armenian Jewelers Association held a board meeting August 3, with cairman Simon Ghanimian, vice chairman Sarkis Nourian, treasurer Jerry Torossian, decretary Chris Hawatian, and board advisors Shant Haytayan and Raffi Marukian.
Nourian gave an update on the Yerevan Show 2015 in Armenia. Negotiations with the Armenian government to exempt VAT tax of 20% for the participants of the show are continuing successfully, though the local sales tax of 10% remains the same. He stressed the efforts being made in securing buyers from the surrounding regions for this year's show.
The chapter also discussed preliminary plans to host a Thanksgiving event in Beverly Hills.
World Diamond Council 2015 Annual Meeting Date and Location Announced
Moscow, Russia—The 11th Annual General Meeting (AGM) of the World Diamond Council (WDC) will take place here from October 12 to 14, 2015. Hosted by Russian diamond mining company ALROSA, delegates will consider a number of topics relating to the Kimberley Process (KP), and the engagement of the WDC and the industry with the KP.
The agenda will start with one of two meetings of the WDC Board of Directors on the afternoon of Monday, October 12.
A number of high profile speakers are expected to address the opening session of the Annual General Meeting on October 13 including ALROSA President Andrey Zharkov and senior officials from the Ministry of Finance of Russia. Among the items to be discussed are the major challenges to the Kimberley Process and how the WDC and the greater industry can address these issues, as well as the first Strategic Plan for the organization, which is being developed with the input of the full Board.
The WDC AGM is open to paid WDC members and invited guests only. For more information, click here or contact WDC executive director Patricia Syvrud at patricia.syvrud@worlddiamondcouncil.org.