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Industry News: Massive London Jewel Heist; Preferred Jewelers’ New Insurance Program; More April 07, 2015 (0 comments)
Preferred Jewelers International Adds GemShield Jewelry Insurance for Preferred Retailers
Miami, FL—Preferred Jewelers International has reached an agreement to offer consumer jewelry insurance through GemShield Insurance Company. The organization’s existing Preferred Warranty covers free lifetime maintenance on jewelry purchases; however, the warranty does not cover a lost or stolen item. The GemShield Insurance program provides this as well as worldwide coverage.
Joe Murphy, chief operating officer of Preferred Jewelers International said, "We are extremely pleased with consumers’ reaction to our Preferred Lifetime Warranty program, and the GemShield program is a natural addition for the Preferred Jewelers program. This partnership is yet another of the many benefits of becoming a Preferred Retailer.”
Brian McCluskey of GemShield added, "We are thrilled to have been selected as the exclusive insurance provider for Preferred Jewelers International.” For more information on becoming a Preferred Jeweler visit www.preferred-jewelers.com, call (888) 998-8874, or visit Preferred Jewelers in booth # S10229 at the JCK Show in Las Vegas.
London Heist May Be Industry's Biggest Theft Ever
London, UK--As much as $300 million worth of gold and diamonds has disappeared in what may be the biggest jewelry heist ever. Thieves on Tuesday broke into Hatton Garden Safe Deposit Ltd., in London's famed Hatton Garden jewelry district, using heavy equipment to cut through walls and an 18-inch thick vault door to access a group of safe deposit boxes holding the jewels. According to this report in JCK, they also stole the hard drive with security-camera footage, suggesting some insider knowledge of the facility. Also suggesting an inside job is the fact that of hundreds of safe-deposit boxes in the facility, only a small group of 60-70 boxes was targeted.
Though the thieves disabled the vault's alarm, a backup alarm did go off--but a security guard on duty performed only a cursory investigation by looking through a door and window. According to reports, he didn't open the door or investigate further because "he didn't get paid enough."
Read more here, here, and here.
Katherine Bodoh Named To AGS’ Number-Two Spot
Las Vegas, NV—The American Gem Society has named Katherine Bodoh to the post of deputy executive director. The position is second in command behind executive director Ruth Batson. Bodoh’s appointment is effective May 11, shortly after the organization’s upcoming Conclave in New Orleans.
Bodoh is currently director of commercial lines marketing and industry relations for Jewelers Mutual Insurance Co., Neenah, WI. Prior to that, she was director of industry relations and corporate events at JM. While at Jewelers Mutual, she led a number of initiatives to bolster trade relationships such as her involvement with the Jewelers Advisory Council and in the building the new “Relieve” program, which offers counseling to jewelers who are trying to cope with the psychological effects of armed robberies, severe and damaging storms, or other traumatic events.
Bodoh joined Jewelers Mutual in 2008 from MJSA, where she was the special events manager. She will be relocating to Las Vegas for the AGS post.
Batson said AGS has had a working relationship with Bodoh for a number of years. In her new role as deputy executive director at the AGS, Bodoh will help manage membership, education, and marketing and fill in as director when Batson is out of the office.
Platinum Innovation Awards Call For Entries Is Open
New York, NY—The Platinum Guild International is calling for entries to its 2015 Platinum Innovation Awards.The 2015 Platinum Innovation Awards are the perfect opportunity to share the beauty of your most unique craftsmanship, says the organization.
Gem Platinum won the 2014 Editors' Choice award for Red Carpet Jewelry.
Entries will be accepted until Friday, April 24th, in the following categories: bridal jewelry, fashion jewelry, and entry platinum (under $3500 retail.) Click here to submit entries.
Hawaii Jewelers Partner With JFC And Make-A-Wish
Honolulu, HI—Hawaii Jewelers Association has formed a new partnership with Make-A-Wish Hawaii and Jewelers For Children.
The HJA, under the new leadership of co-executive directors Sophia Makaimoku-Young and Bernard Nunies, selected Make-A-Wish Hawaii as its local charity of choice, while Make-A-Wish on a national and international level has been a long-standing beneficiary of JFC.
“We are excited to renew our relationship with Make-A-Wish Hawaii in support of our industry-focused charity, Jewelers for Children. Aside from financial contributions, it is our goal to have a more active role in our community through unique efforts in supporting local Wish children,” Nunies said.
HJA launched this local partnership by hosting a celebratory send-off for a 16-year-old Honolulu “Wish Kid” named Gabrielle, who is battling cancer. HJA member Hawaii Estate & Jewelry Buyers presented her with a pair of platinum earrings featuring 0.50 ct. of diamonds, sending her off in style to England last week on her wish trip. The long-awaited trip had been postponed when a collapsed lung requiring surgery forced her to put the trip on hold.
Gabrielle’s wish to visit England is being sponsored by Jewelers for Children, which has granted Make-A-Wish Hawaii funding to help cover the costs of the trip. Gabby was born in England, but moved to Hawaii when she was young; her one true wish is to see where she was born. While in London, she will tour The London Eye (a large Ferris-wheel style ride offering panoramic views of the city), plus famed sites like London Bridge, Tower of London, Big Ben, and the London Dungeons.
“We rely on innovative partnerships to not only raise needed funds for local wishes that we grant like Gabby’s, but also to make each wish—whether for a local child or a visiting child—something truly magical to treasure forever,” said Make-A-Wish Hawaii President and CEO Siana Austin Hunt. “We are so grateful that local jewelers in Hawaii have aligned with us to add this special touch of aloha to our wish experiences.”
In addition to Gabby’s wish, HJA member Opal Fields has offered to host two upcoming in-store jewelry experiences for Kayla and McKenzie, two Wish Kids who are coming from Tennessee on their wish trip to see Hawaii.
“We look forward to supporting Make-A-Wish Hawaii as our charity of choice along with the thousands of people that are impacted by these wish experiences each year,” Makaimoku-Young added.
Israel Takes Steps to Revive Diamond Manufacturing
Ramat Gan, Israel—An advanced “one-stop shop” for diamond manufacturing, recently opened near the Israel Diamond Complex here, is the first step in an ambitious plan by Israeli diamond leaders to bring back a large part of the offshore diamond polishing business to the country. The plan is being supported by the Israel Diamond Exchange (IDE), the Israel Diamond Manufacturers Association (IsDMA) and the Israel Diamond Institute Group of Companies (IDI).
The new 400-square-meter manufacturing center provides a subsidized work environment for up to 100 polishers, access to an abundance of advanced technological systems, including the Sarine Galaxy machine, laser cutting and automatic round polishing, with teaching staff on site. The idea is to offer IDE members, especially small and medium sized companies, the ability to polish their rough diamonds in Israel, at prices competitive with or even cheaper than offshore locations.
Israel Diamond Exchange (IDE) Industry Committee chairman Yoram Dvash is leading the charge to establish the facility, with the support of other top leaders in the industry. Dvash, whose own diamond company manufactures solely in Israel, believes that manufacturing is essential to maintaining Israel’s status as a leading world diamond hub.
“Our objective is to change direction. We want to bring Israel back to being a manufacturing center. This is a first step to expanding manufacturing and to make it younger and smarter.”
Dvash believes the modern facility can offer an alternative to the “cheap” manufacturing centers in India and China. “Due to our technology and the type of rough diamonds we polish, the difference in labor costs between Israel and China as a share of the total manufacturing cost is insignificant. Take into account costs of shipping, insuring and the time it takes to ship diamonds from manufacturing centers to trading centers and the price differential for top quality diamonds is negligible,” he said.
In addition, the manufacturing center houses an academy to train new polishers, with a special focus on the younger generation, in order to establish a community of younger diamond polishers. The academy offers several courses a year, training a total of 60 new polishers in the first year. The students are given a stipend during the course and are guaranteed a job when they graduate. The training program is being run in conjunction with Amal educational network and is being partially supported by the Israeli government.
Grading Reports, Lab Standards To Be Focus of Special Conference At CIBJO Congress
Milan, Italy—Representatives of leading gem laboratories will join diamond, gemstone and jewelry industry leaders in Salvador, Brazil, on May 6 for a special conference on the standards and practices used by grading laboratories and the quality of the grading reports they produce. More specifically they will consider the divergence of standards and results in the industry.
CIBJO president Gaetano Cavalieri and vice president Roland Naftule said, “Inconsistencies in grading, reporting, identification and determination of country of origin are often widespread between laboratories, and even sometimes within the same organizations. This is creating significant problems for our trade and, if not contained, the gravity of the situation will seriously affect consumer confidence at every level."
Participants at the conference will discuss benchmarks for gem labs, creating a system of dispute resolution, and a CIBJO recommendation for an international committee of laboratory representatives to find ways to make lab reports more consistent
The 2015 CIBJO Congress will take place in Salvador, Brazil, May 4-6, 2015, with pre-congress meetings on May 2-3. More information is available here.