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Industry News: Silver Jewelry Sales Grow; Jewelers Invited To Responsibility Summit; More March 07, 2018 (0 comments)
Silver Jewelry Sales Grow For Ninth Consecutive Year
New York, NY—At the Olympics, silver goes to second place, but when it comes to jewelry the metal remains a winner. For the ninth consecutive year, silver jewelry sales in the United States grew in 2017, and boasts both the highest margins and turnover rate. (Left, silver cuff with 0.14 ctw white diamonds, 1.82 ctw blue sapphire and a 13.34 ct moonstone, from Eli Jewels.)
A survey conducted on behalf of the Silver Institute’s Silver Promotion Service (SPS) shows the category grew 17% on average among the almost two-thirds of respondents who said the category is growing.
Retailers said their silver jewelry sales comprised an average 36% of their total unit volume and 29% of their total dollar volume. 57% said silver experienced the best inventory turnover rate in 2017, compared to 19% citing diamond and 12% citing both bridal and gold.
A whopping 93% of retailers surveyed expect silver jewelry sales will continue to grow. According to the survey—conducted by INSTORE magazine for the SPS—holiday season margins were as follows:
- Silver Jewelry: 51%
- Bridal Jewelry: 18%
- Diamond Jewelry: 15%
- Gold Jewelry: 13%
- Platinum Jewelry: 3%
SPS director Michael Barlerin commented, “The Silver Promotion Service is obviously gratified by what the survey demonstrated. We are also grateful that the optimism for silver’s ongoing performance remains so strong.” The survey, conducted by INSTORE, was fielded in February this year. This was the ninth consecutive year that SPS has commissioned such a survey.
Independent Jewelers Invited To Supply Chain Summit Workshop Saturday In NYC
New York, NY—The Jewelry Industry Summit will hold a workshop and networking reception to provide resources and tools for emerging and independent jewelers to support a responsible supply chain. The event will take place this Saturday, March 10, from 4:00 p.m. to 8:00 p.m. at Shamballa Jewels, 170 Mercer Street. All are invited; a voluntary $25 donation is requested at the door.
Three speakers will provide responsible sourcing tactics for jewelers to employ right away:
- Cristina Villegas, Mine to Market Director, PACT will address GemHub, and Academic Programs for the Responsible Jewelry Sector
- Jim Rocchio, JBT, will address Business Partner Integrity and Stability
- Jen Marraccino, Senior Director, Pure Earth, will address Artisanal Gold and Jewelry Designers.
Said Cecilia Gardner, the Jewelry Industry Summit’s director, “Our efforts in 2018 are concentrated on providing tools and resources that jewelers can use today to get involved with responsible sourcing for jewelry products. We are particularly grateful to Shamballa Jewels for hosting this event at their gorgeous jewelry store in SOHO.”
A wine and cheese networking reception will follow. Event sponsors include Gemological Institute of America (GIA), Signet Jewelers and Jewelers Board of Trade (JBT). To register for the event, click here; to learn more, visit www.jewelryindustrysummit.com.
Jewelers of America and DCA Open 2018 Scholarship Enrollment
New York, NY – Jewelers of America (JA) and Diamond Council of America (DCA) have opened the 2018 enrollment period for its scholarship program. The program is open to employees of JA and DCA member companies, and awards scholarships to individuals on renowned industry diploma, professional development, and certification programs.
Scholarship applications will be accepted on a first-come, first-serve basis, through September 30, 2018. Exclusive JA scholarships are available for Diamond Council of America (DCA), the Gemological Institute of America (GIA), and Jewelers Education Foundation of the American Gem Society (JEF). Applicants must be an employee at a JA member company or DCA member company and at least 18 years of age. They also must have at least one year’s experience in a JA or DCA Member store and cannot already be enrolled in another home study course from any of the educational providers.
For more information and to download the application, click here.
Diamond Empowerment Fund Awarded $100,000
New York, NY—The JCK Industry Fund will provide a $100,000 grant to the Diamond Empowerment Fund (D.E.F) in support of its Diamonds Do Good Initiative, a consumer-facing initiative designed to highlight to consumers the collective good works of the diamond and jewelry industry.
Research shows 75% of consumers say they are more likely to purchase a diamond after reading positive stories about how the industry gives back. “Putting forward a positive narrative surrounding diamonds is essential,” says D.E.F president and GIA senior vice president Anna Martin. “Sharing these stories with our customers is not only good for business, it is a responsibility for the entire industry.”
Now in its third year, the Diamonds Do Good Initiative was launched with the help of the JCK Industry Fund, and uses a storytelling format to reach and connect with consumers through hyper-targeted digital destinations and social media. To help retailers connect these stories with consumers, D.E.F created a digital toolkit with the help of board member Kathy Corey of Day’s Jewelers. The kit can be accessed by clicking here.
A check presentation will take place at this year’s JCK show in Las Vegas where D.E.F. will be kicking off the weekend with its annual Diamonds Do Good Awards on Thursday, May 31 at the Four Seasons Hotel. Says Yancy Weinrich, Senior Vice President of Reed Jewelry Group, and a member of the JCK Industry Fund Committee, “We are honored to be part of this passionate community that continues to meet challenges with opportunities for growth and innovation”.
Information on the Diamonds Do Good Initiative can be found in the latest edition of D.E.F.’s GOOD Report.
National Jeweler Announces 2018 Retailer Hall Of Fame Recipients
New York, NY—National Jeweler magazine has announced the three seasoned jewelry retailers who will be inducted into its 2018 Retailer Hall of Fame: Dror Zadok of Zadok Jewelers, Houston, TX; Cathy Tivol of Tivol, Kansas City, MO; and Pam Mortensen of J.C. Penney. The magazine brought back its Retailer Hall of Fame last year after a four-year hiatus, and it will celebrate this year’s inductees in May with both its digital edition and more than 8,000 copies of the print edition.
Dror Zadok, Cathy Tivol, and Pam Mortensen
“The positive response to the return of Retailer Hall of Fame has reinforced that the jewelry industry enthusiastically celebrates the achievements of colleagues and industry icons. We can all learn so much from the Retailer Hall of Fame recipients and it is a pleasure to be publishing this special edition,” says publisher Matthew Tratner.
Dror Zadok, Single-Store Independent. Dror Zadok, Zadok Jewelers, Houston, TX is the president of Zadok Jewelers, a company he started with his wife, Helene, more than four decades ago after a visit to the United States from Israel inspired them to start a new business here. The sixth- and seventh generation family-run business is located in The Galleria/Uptown area of Houston. Now encompassing more than 12,000 square feet—10 times its original size—their Houston showroom is among the largest in the country and serves customers across the world. Zadok Jewelers is thought of as one of the city’s premier luxury jewelers.
Cathy Tivol, Multi-Store Independent. Cathy Tivol is the CEO of Tivol, a Kansas City retail store founded by her grandfather, Charles, more than a century ago. Her father, Harold, played a vital role in helping to build Tivol, and under her leadership, Tivol has grown to include two 6,000-square-foot locations in Kansas City, MO and Overland Park, KS, by ensuring that both stores offer consistency, quality, and service for her clients. Tivol’s son Hunter Tivol McGrath joined the family company in 2011, the fourth generation of family involved.
Pam Mortensen, J.C. Penney, Majors. Pam Mortensen is the senior vice president and general merchandise manager for J.C. Penney. She joined the company in 2009 to support its jewelry, watches and fashion accessories. Mortensen has been integral in implementing popular customer concepts for the retailer like its “Modern Bride” and “Bijoux Bar” lines to provide a fashion and style destination appealing to consumers. Prior to her position at J.C. Penney, Mortensen held senior roles at Walmart, including vice president and divisional merchandise manager of fine jewelry and watches.
Diamond Trading Robust in February
New York, NY—Diamond market sentiment was positive in February, according to the latest figures from Rapaport. Polished prices firmed, following a better-than-expected U.S. holiday season and renewed optimism in China. Traders focused on the Hong Kong International Diamond, Gem & Pearl Show, although there were better deals before the event than during it. Buyers have adapted to higher price levels.
The RapNet Diamond Index (RAPI) for one-carat diamonds increased 0.7% in February. RAPI for 0.30-carat diamonds rose 4.5%, while RAPI for 0.50-carat stones advanced 1.8%. RAPI for 3-carat diamonds was steady; it slid just 0.1% during the month.
Dealers were encouraged by solid U.S. and European orders, while Asian demand improved ahead of the Chinese New Year on February 16. Initial reports signaled positive retail sales during the lunar festival. But exhibitors at the Hong Kong show felt the timing of the event was too close to the holiday, as many clients from mainland China were still on vacation.
Indian suppliers are concerned about the scandal surrounding Nirav Modi and Gitanjali Gems impacting both domestic consumer demand and available credit. Indian banks are expected to tighten their compliance standards and require greater transparency from the trade.
Manufacturing is stable, with strong rough buying during February. Polished trading is expected to stabilize in March as Chinese jewelers return to the market and restock following the holiday season. However, rough sales are projected to stay strong, and profit on new polished production is likely to be squeezed.