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INDUSTRY NEWS: UPSCALE FASHION SITE DISCOUNTS DIAMONDS, GITANJALI LAUNCHES JEWELRY VENDING, MORE October 26, 2011 (0 comments)

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Indian Jewelry Company Launches Diamond Vending Machines

Mumbai, India—Gitanjali Group, one of India’s biggest jewelry companies with holdings around the world, has introduced the newest way to pick up a quick bauble: from a jewelry vending machine. Gitanjali refers to it as an ATM, as described in this article on Forbes.com, but it’s really more like hitting up a candy machine that dispenses gold bars instead of chocolate bars.

There’s already a Korean-made vending machine that dispenses gold bars, which was on display at the JCK Show in June. But Gitanjali’s new “ATM” goes a step further. In addition to gold and silver bars, it also spits out religious jewelry and diamond-studded jewelry. So far, prices are modest—nothing higher than about $650—but it’s not inconceivable that could change in the future. The article doesn't say what happens if the machine eats your money and doesn't deliver the goods: if you shake it, will you get two?

 

Bluefly Adds Discount Designer Diamonds

New York, NY—Bluefly.com, an upscale online designer discount site, has added diamond jewelry to its mix, according to this report in National Jeweler. The e-tailer already had fine jewelry in its mix, so it was a logical next step to add diamond pieces, said its CEO in the article. Among the diamond resources to be sold include Elements by KC Designs, Kwiat, Colette Nicolai, and Julieri. Renowned designer lines such as Judith Ripka and Slane already are part of the e-tailer’s merchandise mix, while names like Cartier, Tiffany, and David Yurman have popped up in the site’s estate jewelry department.

An ad from Bluefly.com's main jewelry page touts its new diamond (not rhinestone!) jewelry collections at 50% off.

 

Gold Prices: No Relief in Sight

Perth, Australia—The head of one of the world’s top gold mining companies on Tuesday said if global economic uncertainties continue, the price of gold could reach $2,200 an ounce by 2013. Speaking at the Commonwealth Business Forum here on October 25, Mark Cutifani, CEO of South Africa-based AngloGold Ashanti said the current price of about US $1600/ounce is barely covering production costs for miners. According to this article from the Australian Associated Press on Yahoo!, Cutifani said it costs about $1,200 to produce an ounce of gold now, when capital and all costs are factored in. With the industry still struggling to recover its weighted average cost, he said he doesn’t see the current price as a bubble.

 

Chinese To Start Financing Antwerp Diamond Centre

Antwerp, Belgium—The Industrial Commercial Bank of China (ICBC) and Antwerp World Diamond Centre (AWDC) have signed a framework of cooperation agreement for diamond financing, says a report on www.diamond.ne.ws. According to the agreement, ICBC will provide the diamond center with services such as trade and product financing, global cash management, bank card acceptance, Chinese yuan-based international settlement, capital transaction, investment banking, and more.

In turn, the AWDC will assist the bank’s entry into the field of diamond financing, working with its branch in Brussels to establish a location and the required technology, people, equipment, and information to support the launch. Conversely, top Chinese jewelers and investors will be working to establish contact with Antwerp member companies. Read the entire article here.

 

GIA Scholarship Deadline is Oct. 30 

CARLSBAD, CA—GIA (Gemological Institute of America) reminds jewelers and other prospective students that its scholarship application deadline is October 30, 2011. GIA has increased the total number of scholarships offered and is doubling the number of international locations where on-campus programs can be taken. 

Scholarships are available for on-campus programs, distance education, and lab classes in the U.S. at the Institute’s global headquarters in Carlsbad and New York, and at an expanded number of international sites, including India, Hong Kong, London, Middle East (Dubai), Taiwan and Thailand. 

For more information, click here.

 

NAJA Announces Continuing Education In Tucson            

Tucson AZ—The National Association of Jewelry Appraisers announces its 37th Annual Winter ACE It Education Conference, to be held in Tucson, AZ, January 29-30, 2012. 

The appraisal organization, dedicated exclusively to gems and jewelry, presents a program that will assist the professional appraiser’s continuing education and provide an unparalleled networking experience. 

To receive a conference brochure or for further information and conference reservations, click here or contact Gail Brett Levine, GG, executive director, (718) 896-1536, or email naja.appraisers@netzero.net.

 

                                                         

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