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INDUSTRY NEWS: NEW ETHICAL DIAMOND WARRANTY; $50M SALE AT CHRISTIES; HUCKABEE AT AGS; MORE October 17, 2012 (0 comments)
New Diamond Warranty Gives Retailers Extra Confidence
New York, NY—Retailers who want to give their customers extra assurance that the diamonds they buy are ethically sourced now have a new tool in their arsenal: the Diamond Source Warranty Protocol.
Developed by Jewelers of America (JA), the Diamond Manufacturers & Importers Association of America (DMIA), the Jewelers Vigilance Committee (JVC) and other leading jewelry associations and companies, the new Diamond Source Warranty Protocol is a voluntary program, designed to give individual jewelers a higher level of assurance about their diamond sourcing.
"There is increased pressure in certain markets, including the United States—from the public, human rights groups and government—to bring greater transparency and accountability to the supply chains of jewelry and other products," says Matthew A. Runci, president and CEO of Jewelers of America.
The Diamond Source Warranty Protocol will work alongside the Kimberley Process (KP), which remains the foundation for the exclusion of conflict diamonds from the worldwide marketplace—but which is subject to various governments’ interpretations as to what defines an ethical stone, and has left some industry members dissatisfied with its limitations.
"The Kimberley Process has demonstrated its effectiveness in dealing with issues around conflict diamonds. It is unreasonable, however, to expect it to be a panacea for all issues and challenges throughout the diamond supply chain. As an industry, we share the legitimate concerns of consumers and governments and have a responsibility to work closely with them to develop solutions that are practical," says Ronald Friedman, president of DMIA. "While governments participating in the Kimberley Process continue to work to improve it, businesses that feel the need for additional assurance can now use the Diamond Source Warranty Protocol and begin to work with their suppliers to obtain that assurance."
Retailers and their suppliers who choose to incorporate the Protocol in their commercial arrangements will take the first steps toward gaining greater assurance that rough or polished diamonds used in their products were not obtained from questionable sources. The Protocol leaves room for individual companies to identify sources they consider questionable and inform their vendors. Countries or persons can be identified on the basis of any concern—protection of consumer confidence, concern over human rights abuses, and so forth—even if rough diamonds from those sources can be exported and imported with KP certificates.
While the Protocol is not meant for consumer audiences, retailers who obtain Protocol warranties may choose to use them to promote additional assurances to their customers. Retailers provided input during the development process for the Protocol, and in August and September key retailers began discussions with select suppliers about using the document to confirm its feasibility. Feedback was positive.
“With a growing number of industry participants wanting more than the Kimberley Process can provide, our feeling is that the Diamond Source Warranty Protocol is an important step in helping to control product moving through the supply chain to the retail counter," says Runci.
The Protocol and an accompanying Q&A are available for use by all industry participants. The documents can be downloaded here and the Q&A can be downloaded here.
Christie's Magnificent Jewels Sale Hits Almost $50 Million
New York, NY--Christie's October 16 sale of Magnificent Jewels totaled $49,993,175, representing a sell-through of 87% by lot and 93% by value. The top lot of the sale was a pear-shaped D color flawless diamond of 50.52 cts, which sold for $9.5 million, or $188,000 per carat, to a private collector.
Eight of the top 10 sales were diamond; one was Burmese sapphire and one was a two-strand natural pearl necklace. Of the top 10 diamond pieces, three included fancy intense yellows (a pair of earrings is shown at top of page), one included a fancy light pink, and the remaining four were colorless. All diamonds in the top 10 lots were larger than 10 carats, reinforcing analysts' belief that these mega-stones are the only diamonds that offer a significant return on investment--smaller stones more often are bought at retail but sold at wholesale, netting a loss for the owner unless significant time (i.e. decades) has passed between purchase and sale.
Former Governor Huckabee to Speak at AGS
Las Vegas, NV—Former Arkansas governor Mike Huckabee will be the opening keynote speaker for the 2013 American Gem Society Conclave, set for April 24-27 in Phoenix, AZ.
Huckabee is an author of nine books, the host of a top-rated weekend show on FOX news, and has "The Mike Huckabee Show" heard on more than 175 radio stations. His presentation will be motivational in tone and focus on leadership.
Another Conclave keynote speaker is Jim Stengel, the former global marketing officer at Proctor & Gamble, who now leads his own company. The mission of the Jim Stengel Company is to inspire business leaders to drive business growth by rethinking their ideals. After Stengel’s presentation, Conclave attendees will be invited to a personal workshop with him, titled, “Growing Your Brand Ideal.”
The final keynote is Sally Hogshead, the best-selling author of “Fascinate!” She plans to take the Conclave attendees through a fast and furious journey through business, behavior, culture, and trends.
AGS also has three featured speakers lined up for the 2013 Conclave as well. Dave Mitchell, founder of the Leadership Difference, will present the “The Power of Understanding People.” Dave’s energetic session is designed to help participants become more insightful communicators, leaders, sales professionals and customer service providers.
Author, speaker and consultant Jason Young has been called a “rare breed” when it comes to developing leaders, teams and customer service initiatives. A former senior-level manager at Southwest Airlines, he will bring lessons he learned during his stint at that innovative company into his session, which focuses on creating a successful workplace culture.
Louie Gravance, will teach participants techniques for “Winning BIGGER with BETTER Customer Service.” Gravance trained staff at Disney World, and later visitors for the Disney Institute Professional Development programs. His clients have included Bank of America, Mutual of Omaha and BMW, just to name a few.
JCK senior editor Rob Bates will be the 2013 emcee. Bates has written about the diamond and jewelry industries for nearly 20 years, has been quoted as an industry authority in The New York Times, The Chicago Tribune, and on National Public Radio. This past summer, the Society awarded Rob with their prestigious Triple Zero award at the annual Circle of Distinction Dinner--and as an aspiring comedian, he also is guaranteed to keep the Conclave audience entertained.
For more information on Conclave, contact the membership department at (866) 805-6500 or email ashah@ags.org.
JCK Industry Fund Is Accepting Grant Applications
Norwalk, CT—The JCK Industry Fund is currently accepting grant applications from individuals, groups or associations whose work results in the betterment of the overall jewelry industry. The deadline for submission is December 15, 2012.
The JCK Industry Fund awards hundreds of thousands of dollars each year to entities whose programs and services help the overall industry. Now in its 15th year, this fund awards grants to projects that: (1) improve the image of the jewelry industry in the eyes of the consumer, and/or (2) aids jewelry industry organizations in addressing serious problems faced within the industry, and/or (3) assists internal organizations and associations in developing training materials.
"Being able to give back each year to the industry in which we all benefit from is very rewarding," said Yancy Weinrich, JCK group vice president. "Our industry continues to evolve, and so do the programs that our associations, organizations and individuals have developed. I am very proud of this annual contribution and encourage all organizations to consider submitting their grant proposal."
Past winners have included Jewelers Vigilance Committee (JVC), The American Gem Society (AGS), The Gemological Institute of America (GIA), The Jewelers Security Alliance (JSA), Diamond Development Initiative (DDI) and the Women's Jewelry Association (WJA).
In order to be considered, applicants must submit a formal proposal in writing directly to JCK and include all of the following elements: The purpose of the grant; the amount requested; timing for allocation of monies and a plan for its allocation; historical budget data; measurable expected benefits; and an agreement outlining JCK's right to conduct financial auditing of funds allocated to ensure suitable usage.
All applications will be reviewed. Final recipients will be chosen by a Fund Advisory Committee comprised of representatives from the manufacturing and retail segment, as well as JCK. The recipients will be chosen based upon their synergy with the overall core goals and intentions of the Fund. Winners are notified in early 2013 and a formal announcement listing the winners will be distributed.
To apply for the JCK Industry Fund click here.