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Industry News: Heist At Gregg Ruth; Diamond Prices Down 5% Last Year; GIA Offers Fellowships January 04, 2017 (0 comments)

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Heightened Security In Times Square Doesn’t Deter Burglary At Gregg Ruth

New York, NY—Extra-tight security—including New York City garbage trucks providing a circle-the-wagons style barricade—ensured the city’s traditional New Year’s Eve celebration in Times Square went off without a hitch following the New Year's Eve terror attack on a nightclub in Istanbul, Turkey.

But with all eyes trained on the ball about to drop to ring in the New Year, nobody noticed three thieves working their way into jeweler Gregg Ruth’s offices 10 blocks away on 36th Street. The jeweler specializes in high-end diamond and gemstone pieces (left).

According to this report on Good Morning America, three male suspects used a hammer and pry bar to break into two safes and steal approximately $6 million worth of jewelry. The suspects were caught on video; one even looked straight into the surveillance camera.

Brad Garrett, a former FBI agent and contributor for ABC News, says some clues suggest this may have been an inside job and the suspects may have had some knowledge of the jeweler’s security system. The focus on the New Year’s Eve festivities also may have provided extra cover.

New York City police are asking anyone with information to contact NYPD's Crime Stoppers Hotline at 1-800-577-TIPS (8477) or visit www.nypdcrimestoppers.com.

Read the full story here.

 

Diamond Prices Decline Amid India Liquidity Crisis

New York, NY—Not surprisingly, polished diamond prices ended 2016 on a down note: 5% off the previous year, according to year-end figures from Rapaport’s RapNet Diamond Index (RAPI).

Polished prices softened again in December as Indian liquidity and domestic demand dried up and the government eliminated 500 and 1,000 rupee notes (worth approximately $7 and $14 USD, respectively). Trading also slowed with dealers taking vacation during the holiday period. 

The RapNet Diamond Index (RAPI™) for one-carat diamonds declined 3% in the fourth quarter and 5% for the full year. But Rapaport’s Monthly Report for January 2017 says dealer sentiment improved despite the slowdown as U.S. consumer confidence rose. Record equity prices and the Federal Reserve’s decision to raise interest rates signal an improving economic outlook. The strong dollar is also expected to increase domestic spending.

Other markets remain cautious. Chinese tourist spending is restrained though expectations are positive for sales in mainland China during the Chinese New Year beginning January 28. Hong Kong is weak.

Rough demand slowed in December and polished inventory declined with very little new supply available. Polished trading is expected to improve in the first quarter as jewelry retailers replenish stock sold during the holiday season. Rough demand is projected to rise as manufacturers ramp up production to meet short-term polished demand, but miners must resist the temptation to raise rough prices if midstream profitability and growth is to be sustained long term.

The full report is available for purchase here.

 

GIA Invites Researchers to Apply for Postdoctoral Fellowships

Carlsbad, CA--Qualified candidates are invited to apply for Richard T. Liddicoat Postdoctoral Research Fellowships at GIA’s (Gemological Institute of America) Carlsbad, Calif. and New York campuses. The one-to-two year fellowships encourage early career scientists to pursue full-time academic research in mineralogy, geology, physics, materials science and other fields related to gemology – the study of diamonds, colored gemstones, pearls and their treatment.

“Our postdoctoral fellows have the opportunity to conduct research that focuses on fundamental scientific problems in diamond geology, defect physics and synthesis, ” said Dr. Wuyi Wang, director of research and development for GIA. “GIA’s fellowship program provides unique access to some of the most specialized resources and researchers related to diamonds and other gems.”    

Liddicoat Postdoctoral Research Fellows conduct creative, independent, publishable research and are strongly encouraged to collaborate with GIA scientists as well as outside research institutions and universities. The start date of each fellowship is flexible, but accepted candidates should begin by Jan. 31, 2018. Applicants must have received their Ph.D. in a relevant field by the start date and preferably within the last three years. 

The fellowship includes a competitive annual stipend, research funding and travel subsidies for approved offsite research work. Benefits include full health, dental and vision insurance, and the potential reimbursement of relocation expenses. Appointments are for one year and may be extended for a second year based on mutual agreement.

Applications are due by April 30, 2017. More information about the application process, the Liddicoat Postdoctoral Research Fellowships, GIA’s facilities and current and past research areas are available at GIA.edu/research-careers.

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