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Industry News: Weinman Shares American Retail Strategies In Dubai; FTC, CIBJO Fight Deception; More October 18, 2017 (0 comments)
CEO Of Preferred Jewelers International Shares American Retail Strategies At DMCC Dubai
Dubai, United Arab Emirates—The City of Gold was the international backdrop for the Gemological Science International (GSI) presentation on 'The Successful American Retail Strategies,' held last month during DMCC Dubai.
GSI invited Andie Weinman (left), CEO and founder of The Continental Buying Group (USA) and Preferred Jewelers International to present the first of several seminars it hosted in Dubai.
Keynote speaker Weinman drew upon her 35 years of experience in the jewelry industry in her presentation, “Proven Successful American Retail Strategies.” She listed recommendations on best practices for retail jewelry businesses, stressed the importance of change, and urged retailers to understand that the trade has to move in tune with the changes in the retail marketplace.
"The retail industry landscape is changing at an incredible speed with new innovations and developments; many old concepts are not applicable to today's industry. Hence to break through the paradigm and recreate your vision in the jewelry market for the future, it is an indispensable need to build, grow and innovate,” she said. "Combine what works in other retail industries with our own industry best practices. This will help to get the best results with the best return on investment.”
The seminar also addressed other issues facing retailers, including the need to shift the older, traditional mindset to take advantage of the evolving retail landscape, and the rise in deceitful mixing of synthetic diamonds with natural stones. Seminar sponsor GSI has been actively working to create industry awareness on synthetic diamonds, and conducts seminars led by its expert research and development team on synthetic diamond detection.
Weinman also explained the success of Preferred Jewelers International in the United States and abroad, and announced plans to introduce the program to retail jewelers in the Gulf Region. It is already in discussions with retail jewelers in the United Kingdom and Australia. She said response was enthusiastic, and that at least 40 stores in Dubai expressed interest in joining Preferred Jewelers International.
Select Jewelry Show Raises $3,500 for Hurricane Relief
New York – The Select Jewelry Show in Dallas, held September 10-11, raised $3,500 through a special raffle, earmarked for those affected by the recent hurricanes. The $3,500 was donated to Jewelers for Children.
“We wanted to keep the money in the industry,” said Select Jewelry Show founder Joe Carullo. “We were pleased to find that that they have a specific fund for Hurricane relief that benefits children.”
“We’re grateful to all the participants in the Select Jewelry Show Dallas who donated towards the relief efforts following the devastating hurricanes,” said Jewelers for Children executive director David Rocha. “Their support, along with that of the Centurion Jewelry Show participants, will allow Jewelers for Children to provide additional funding to help those affected.”
The funds were raised through a raffle and then matched by the Select Jewelry Show. The winner of the raffle was Micah Ben-Aharon, of Sol Ben, Inc., Dallas Texas. She receives a two-night stay at the Dallas Ritz Carlton and a gift certificate to nearby Del Frisco’s Steakhouse.
2018 dates for the Dallas Select Jewelry Show are Sunday and Monday, September 16-17, 2018 at the Dallas Ritz Carlton Hotel. For additional information visit www.selectjewelryshow.com.
Jewelry News Of Note: Designer Jewelry To Rent; John Hardy Taps Julianne Moore; FTC Cracks Down On Social Media Influencers
Merrick, NY—Jewelry may be taking its first serious leap into the shared economy. This report in National Jeweler details a new company called Flont, which plans to rent and sell designer jewelry. It already has $5 million in startup capital already raised, and the support of some pretty powerful names. Its founder is Cormac Kinney, husband of jewelry designer Mimi So. One of the investors is Adrian Cheng, executive director of Chow Tai Fook (which also owns Hearts On Fire and Memoire).
“In the on-demand economy, people want short-term use of a product, and to pay for it as a service,” Kinney told National Jeweler. This model, he says, answers that need but still supports designers. Indeed, some heavy-hitting names are said to be on board, such as Chopard, Cartier, Temple St. Clair and, of course, Mimi so. Read more here.
Separately, JCK reported a possible FTC crackdown on social media influencers who are paid to endorse products. The news stemmed from a case of two game-world social media influencers who were touting a company without disclosing they were part owners of it. The two sides settled and the gamers will disclose their connection in future posts.
But there is a growing host of social media celebrities who don’t own the company but are being paid to endorse different products—including jewelry—in videos or other posts. Being paid to endorse a product isn’t a post, it’s an ad, says the FTC, and it’s cracking down. Advises the article, “when in doubt, disclose.” Read more here.
The John Hardy brand has tapped Julianne Moore and Adowa Aboah for its new “Made For Legends” campaign, reports National Jeweler. The campaign debuted online this week and breaks in consumer magazines this fall.
CIBJO Pearl Commission: Prevalence Of Deceptive Claims In Social Media
Milan, Italy—The seventh of the CIBJO commissions' Special Reports highlights a worrying trend insocial media, where marketers are implying and sometimes stating directly that cultured pearls are natural.
Prepared by Kenneth Scarratt, president of the organization's Pearl Commission, the report said perpetrators omit the word "cultured" to describe the product and in the case of colored freshwater pearls, sometimes describe them as "natural pearls."
"When challenged, the individuals admit they are referring to the 'natural color' of these cultured pearls, rather than their growth origin. However, this hardly excuses the unprofessional marketing tactics. It seems that ignorance—and I write this in the truest sense of its meaning—abounds within certain segments of the cultured pearl sales community," Scarratt wrote in the report. "The maxim seems to be 'find and use the best wording that sells the product,' and pay little attention to whether such statements are deceptive," he added.
The report also contains other pressing issues about pearls that will be discussed during the CIBJO Congress, which opens November 5 in Bangkok, Thailand. Click here to download a full copy of the CIBJO Pearl Commission's special report.