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Industry News: JFC Local Grants Contest Opens; Diamond Foundry Ramps Up Production; More October 11, 2017 (0 comments)
Jewelers For Children Announces 2017 Local Grants Contest
New York, NY—Jewelers for Children has launched the 2017 edition of its Local Grants contest. JFC has set aside $50,000 to be used for 10 grants of $ 5,000 each, to be made to local organizations that are nominated by independent jewelers anywhere in the world.
The nomination period opened Tuesday, October 10, and runs through October 30, 2017. During that period, independent jewelers will have an opportunity to nominate a local organization to receive one of these grants. Once a final list of nominated charities is compiled, the retailer will be responsible for motivating their constituents to vote for their charity through a Facebook-based campaign on JFC's page.
The public voting process will begin on November 6, and conclude on November 17. The top 10 vote getters will be announced on November 21 and grants will be made prior to December 31, 2017. It will be up to the jeweler and the nominated charities to generate interest in their organization by securing votes through their own social media outlets, including Facebook, Twitter, Instagram, email blasts, and any other advertising opportunities available. JFC provides sample language for use on Facebook, Twitter, and Instagram, as well as press releases that can be used to generate votes for their nominated charity.
Each of the 10 jewelers who nominate the winning charities will be presenting the grant from JFC directly to the charity on behalf of the jewelry industry. JFC will announce the winners and jewelers to the trade and will be supplying a press release template for each jeweler to secure local (and possibly, national) recognition for their success in their own market.
Details on how to participate in the program and the requirements for nominated charities can be found on JFC's website under the Happenings section. A nomination form to print out, complete, and return to JFC to nominate a charity for consideration is available.
Video: Diamond Foundry Ramps Up Synthetic Production
South San Francisco, CA—Diamond Foundry’s recently-opened facility here is gearing up to produce 100,000 carats of synthetic diamonds per year. While that’s still a far cry from the roughly 32 million carats of rough diamonds produced by De Beers each year, Diamond Foundry co-founder Martin Roscheisen told CNBC the company has been doubling revenue every quarter. Morgan Stanley, meanwhile, projected the lab-grown diamond industry could potentially hit $1 billion in sales by 2020, especially as more traditional retailers and jewelry manufacturers are starting to accept—and occasionally even embrace—the category.
Click here to read the full CNBC report and click here or on the image below to watch a video about lab-grown diamonds.
Former Tiffany CEO Joins Blue Nile Board; Other High-Powered Executives Tapped For Leadership Roles
Seattle, WA--Frédéric Cumenal, the former CEO of Tiffany & Co., has been tapped by Blue Nile for its board of directors. Cumenal, whose tenure as Tiffany's CEO was less than two years, nevertheless has an impressive pedigree in luxury, having held other executive positions at Tiffany and a 15-year stint at luxury conglomerate LVMH, where he served as president and CEO of Moët & Chandon S.A.
“It has been fascinating to watch Blue Nile’s evolution, and the way the company has brought value and transparency to jewelry purchasing, while delivering a high-value consumer experience,” said Cumenal in a press release. “I have a great deal of respect for the company and its business model. I look forward to helping guide Blue Nile’s growth strategy and position the business for long-term success.”
“Frédéric joins the board at a pivotal juncture in the company’s history,” said Ryan Cotton, a managing director at Bain Capital Private Equity, who also sits on the Blue Nile's board. Bain Capital Private Equity, Bow Street, and Adama Partners acquired Blue Nile in February 2017. Continued Cotton, “His knowledge of the jewelry space will be exponentially helpful as we expand the reach of the company, sell more jewelry to an increasingly better-informed consumer, and further Blue Nile’s position as the best place to buy the finest quality diamonds.”
In addition to Cumenal, Blue Nile also tapped executives from the cosmetics, technology, and online travel industries for leadership positions. Erin Daley, former CMO at e.l.f. Cosmetics, was appointed to the same position for Blue Nile, and David Fleischman joins Blue Nile as chief product officer. He brings more than 20 years of experience in product and technology innovation at Apple, Expedia, Microsoft, and Nokia.
CIBJO Issues Guidelines For Reporting Undetermined Gem Treatment
Milan, Italy—In advance of the CIBJO Congress next month in Bangkok, Thailand, the sixth of the CIBJO commissions' Special Reports has been released. Prepared by Hanco Zwaan, president of the organisation's Gemmology Commission, the report addresses the use of common gem color terms such as “royal blue” and pigeon’s blood,” but also addresses how possible undetermined treatments should appear on lab reports.
Concerns have been raised about laboratory reports that fail to include comments when gemstone treatments are "undeterminable," such as with heat-treated aquamarines and irradiated tourmalines.
"A person reading the report may consider the lack of information to imply that the stone is not treated, rather than communicating that there may have been a treatment that is undeterminable," Dr. Zwaan writes.
The newest draft of CIBJO's Gemstone Blue Book, proposes that laboratories note on reports that an absence or lack of comments in the treatment section does not mean the stone has not been treated, as there are treatments that currently cannot be definitively proven to exist. The statement could be followed by a list of undetectable treatments.
The Special Report also describes progress toward harmonizing standards for descriptive gem color terms like "royal blue" and "pigeon’s blood red." Only very well saturated colors within strict limits of hue and tone, will be eligible to receive those terms, but disagreement around fluorescence remains. Further discussion will take place during the 2017 CIBJO Congress, which starts November 5 in Bangkok.
Click here to download a full copy of the CIBJO Gemmology Commission's special report.