Articles and News
INDUSTRY NEWS: PGI PROMOTES KEVIN REILLY, POLISHED DIAMOND PRICES DROPPED IN Q3, MORE October 06, 2011 (0 comments)
PGI Promotes Kevin Reilly to Director of Business Development
New York, NY—Platinum Guild International USA (PGI-USA) has promoted Kevin Reilly to director of business development. In his new role, Reilly will formulate business development strategies and develop strong relationships with key trade partners, including manufacturers, designers, wholesalers, and retailers, to encourage the production, promotion, and sale of platinum jewelry. He also will be responsible for managing trade show strategy development and participation, and represent PGI-USA as an ambassador presenting platinum business messaging and education at industry events.
Reilly is a jewelry industry veteran with more than 20 years’ experience in brand building, marketing, sales, and customer relationship management. Prior to joining PGI, he served as vice president of sales and marketing at Tache USA, and as director of customer relations and new business development at Lazare Kaplan International.
At PGI-USA Reilly has been responsible for building and maintaining strategic partnerships and addressing industry challenges at all levels of the supply chain. He was recently inducted into the 24 Karat Club of the Southeastern United States, and is a frequent speaker at jewelry industry events.
“I am delighted to announce Kevin's promotion which reflects his long service and outstanding contribution to PGI and our partners,“ said Huw Daniel, president of PGI-USA. “Kevin is a real professional, and a pleasure to work with too.”
Rap: Polished Diamond Prices Drop in Q3, Index drops 4.5% Last Month
New York, NY—Certified polished diamond prices fell in September as dealer trading softened and concern rose about the global recovery, according to the latest news from RapNet. The weak third quarter reflected liquidity issues in the cutting centers, ongoing volatility in the financial markets, and caution about economic and political developments.
In September the RapNet Diamond Index (RAPI) for 1.00 ct. polished diamonds fell 4.5%; the total third-quarter decline was 8.6%. According to the just released Rapaport Research Report, “Third Quarter Jitters”, polished trading is now being driven by retail demand to satisfy current orders, with limited trading among dealers. Indeed, reports from the recent Hong Kong show indicated that high asking prices there met with fierce resistance from diamond buyers; however, only those dealers that needed to raise cash quickly were willing to concede and drop prices.
"The diamond trade must accept the fact that diamonds are part of the real world and that diamond prices go up and down. Price volatility is to be expected and accepted as a normal part of doing business,” said Martin Rapaport, chairman of the Rapaport Group. Firms should develop strategies for dealing with downward moving markets and smart sellers recognize that inventory cost should be based on replacement cost rather than historic cost, he said. Read the full report here.
Separately, Rapaport also reports a rough market with buyers asking for deep discounts, but cutters are expected to increase manufacturing as rough availability improves due to decline in speculation.
Feds Push Back in Tiffany, Gucci Knockoff Fights
New York—Knockoffs are the scourge of the luxury industry. While a plethora of fakes is proof that a product has achieved sought-after status, these imitators not only deprive legitimate workers of income, they also may fund truly nefarious deeds like terrorism.
Tiffany and Gucci, both companies with a history of arduously fighting fakes, are ramping up their efforts to battle Chinese counterfeiters. But their latest tactic—following the money trail—is running into some surprising opposition in the United States. This article in the Luxury Society.com’s newsletter says the Federal Reserve Bank of New York sees their action as potentially threatening the general community of foreign banks that have operations in the United States.
Both Tiffany and Gucci have alleged in U.S. courts that Chinese state-owned banks are maintaining accounts for counterfeiters shipping fake designer goods into the United States. But the Fed fears that subjecting the headquarters of foreign banks to U.S. law via their U.S. offices may not change the behavior but rather simply result in those banks and others closing their U.S. operations.
From JSA: Burglars Breach Vault, Salesperson Hit in Hotel Parking Lot, Credit Card Shipping Scam
New York, NY—The latest bulletin from the Jewelers Security Alliance reports burglars broke through a wall and breached a Class 1 vault at a store in Cumming, GA. The thieves broke through from an empty space next door and removed a large quantity of jewelry and scrap gold, plus the cash register and other merchandise. Two suspects were arrested and cash recovered. JSA says an empty storefront adjacent to a jewelry store poses an extra-high security risk and any notification of an alarm signal or line trouble requires immediate response by both jeweler and police.
Also in the JSA bulletin, a traveling jewelry salesperson in Charlotte, NC was approached by three suspects and stabbed in the arm by one. The salesperson was forced to open their car trunk and surrender four bags of jewelry. JSA says hotel parking lots are one of the most common scenes for attacks on traveling jewelry salespeople, and never return to a hotel without evasive driving techniques to ensure nobody is following.
Finally, JSA reports a recent fraud attempt where an online order required goods to be shipped to Australia. Though the credit card was stolen, the owner was unaware and the payment was approved. The buyer requested shipping via a certain company, at a charge of $1,800 to be wired via Western Union. The scam mainly involved the shipping fee. JSA recommends jewelers should beware of orders—especially distant, foreign, faxed, emailed, online, or TDDs—that seem too good to be true or that originate with unknown customers who don’t have an obvious reason for selecting that business.
Next WFDB Congress Set for India
Antwerp, Belgium--The executive committee of the World Federation of Diamond Bourses (WFDB) has announced the next biennial World Diamond Congress will be held October 14-17, 2012, in Mumbai. The event will be held together with the meeting of its sister organization, the International Diamond Manufacturers Association (IDMA).
Separately, WFDB president Paz praised the recent WFDB meeting held in Hong Kong on September 18 and the ensuing third WFDB Asia Summit Meeting. “Although we live in a global village where communications are conducted at the speed of light, in the diamond business relationships are still based on personal interaction," he said.
2012 CIBJO Congress Set for May in Vicenza
Milan, Italy—CIBJO, the World Jewellery Confederation, will hold its 2012 Annual Congress in Vicenza, Italy, on May 17-20, 2012. The congress will be hosted by Fiera di Vicenza and will coincide with its VICENZAORO Charm trade fair, May 19-23.
Members of national jewelry and gemstone associations from more than 40 countries will attend. The congress also serves as a forum for CIBJO's professional commissions, and is where its Diamond, Coloured Stones, Pearl, Precious Metals and Gemmological Laboratory Blue Books are discussed and updated.
"We are privileged to hold our 2012 Congress in Vicenza," said CIBJO president Dr. Gaetano Cavalieri, citing the fair’s ongoing support of CIBJO. Fiera di Vicenza president, Dr. Roberto Ditri, said, "Our aim is provide a commercial, intellectual, and strategic platform upon which the jewelry industry both in Italy and around the world will evolve and grow. CIBJO is a standard bearer in all of these areas, and its deep involvement in CSR (corporate social responsibility) education has brought us even closer together. Holding the 2012 CIBJO Congress in conjunction with VICENZAORO Charm will enrich both events."