July 2006 Archives
Israel Joins The Club: Reduces Taxes On Polished Diamonds.
Israel, following the actions of the Canadian, Dubai, and U.K. Goverments is reducing their tax rate on imported polished diamonds.
Israel’s ministry of industry, trade and labor will reduce the import tax on polished diamonds entering Israel by 33 percent, from 0.2 percent to 0.135 percent. The legislation was signed by Israel’s minister of industry, trade and labor, Eli Yishai, on June 29, and is expected to be approved by Israel’s finance minister in the coming days.
Israel’s diamond controller, Shmuel Mordechai, noted the significance and contribution of Israel’s diamond industry to the overall economy and said that a further review of the polished diamond import tax would take place later this year.
Avi Paz, president of the Israel Diamond Exchange, added that the move is of great importance to Israel’s diamond industry. “The reduction of polished diamond import taxes will help Israeli diamantaires and is expected to help grow Israel’s diamond trade,” he said.
Reducing taxes can only benefit both the industry and consumers.
State Of The Diamond Industry: Mid-Year Report.
The World Diamond Congress meeting of top diamantaires and Industry Leaders came to a close last week in Tel Aviv, Israel with a consensus that the global diamond sector was expected to start recovering in the second half of the year after months of declining profit and flat consumer demand.
Officials at the World Diamond Congress in Tel Aviv said the industry was going through rapid changes that had jolted diamond producers and manufacturers after total diamond jewellery sales of about $65 billion last year.
"A lot of diamond manufacturers are working with no profitability," said Jeffrey Fischer, the president of the International Diamond Manufacturers' Association. "And this is an industry that always works on thin profit margins."
He noted that growth in sales and demand had soared in the past few years, leading to high profits and prices, but hit a peak at the start of 2006.
"Demand this year has not materialised to the extent that was anticipated," Fischer said, adding that sales had grown by about 6 percent last year.
But demand had been flat so far this year, particularly in the US, which accounted for more than half of global diamond sales. The supply of rough diamonds had remained high.
"Producers and diamond miners are still getting high prices, but that's not going through to polished dealers," said Ernest Blom, the president of the World Federation of Diamond Bourses.
Lev Leviev, the head of LLD Diamonds, the second-largest diamond group in the world behind De Beers, said the biggest problem in the industry was profitability.
"I don't know any diamond polishers making money today," he said. "Demand in the US is not what we expected."
Industry leaders say diamonds have encountered stiffer competition from other luxury items such as cars and holidays, while the growth of synthetic diamonds, a major worry for the industry, has increased.
"The second half of the year should be stronger," Fischer said, citing growth in key manufacturing areas such as India and China. "We are lagging right now while demand catches up with supply."
Officials expected a strong holiday shopping season starting in late November, a period when between 75 percent and 85 percent of all diamonds are sold.
Some factors cited for lagging U.S. diamond sales during the first half of 2006 were high gas prices, high interest rates set by The Federal Reserve, and climbing inflation.
Survey Highlighlights Importance of Diamond and Jewelry Branding
Diamond and diamond jewelry brands continue to see increased awareness among consumers, according to a survey of 2,571 members of the Jewelry Consumer Opinion Council (JCOC) conducted from May 31 to June 12.
A media release from JCOC stated the leader of the branding pack is the Zale Diamond. It remains the strongest diamond brand since the survey was last conducted in October 2004. It is followed closely by Hearts On Fire, Radiant and the Leo Diamond. While consumers say a brand name is still the least important factor in driving the diamond purchase, they acknowledge that brands are gaining importance.
Among the changes since the 2004 survey: Hearts On Fire has gained recognition in the past two years; consumers are naming more diamond brands, such as Lucida and the Princess Plus; more respondents are saying they own a branded diamond, while a smaller percentage are citing a lack of awareness for not owning one; a larger percentage of respondents say they own branded diamond jewelry such as Vera Wang, Scott Kay and Escada; and consumers say they are slightly more willing to pay higher prices for branded diamond jewelry versus two years ago.
"It's extremely difficult to establish specific brand awareness with consumers," said Elizabeth Chatelain, president of MVI Marketing Ltd., founder of JCOC, in the release. "Although consumers are more willing to pay premium prices for branded products, making a jewelry line 'stand out' is not getting any easier. With the saturation of brands in the market, a name and logo is not enough to catch consumer attention. Each brand must develop a niche, a unique selling proposition, or a product attribute demanded by consumers."
While consumers were willing to pay more for a brand, they were also deterred from purchasing branded designer jewelry because of high prices, Chatelain said.
"The key to successful product branding is to design and deliver a unique product the consumer needs and prefers to other products available," she said. "Manufacturers and retailers can help consumers come to understand what exactly branded diamonds and diamond jewelry are, and that the consumer has increased flexibility in choosing."
GIA Announces Membership Changes.
The Gemological Institute of America's (GIA) Alumni Association has announced that as of April 1, 2007, its membership will expand to include all graduates of GIA and will no longer require dues.
Graduates will automatically become alumni members when they pass a final examination in a GIA course or program that awards a certificate or diploma. The 24-year-old Alumni Association will encompass more than 65,000 members once the initiative is launched in 2007, says GIA, and will continue to grow as students complete their studies.
"We want to be more connected with our GIA family of graduates and create valuable networking and educational opportunities for them worldwide," said Linda Ellis Harmeling, vice president of GIA Institute Advancement, in a statement announcing the Alumni Association changes. Also announced was the creation of a continuing education program for GIA graduate gemologists and a related recognition system.
Harmeling emphasized that under the new initiative many Alumni Association benefits and programs will stay the same or be enhanced.
"The motive is simple: to keep gemologists current," added Brook Ellis, vice president of GIA Education. "There are so many new sources and changes in production, treatments and synthetics in the gem industry. Since we have access to the institute's research department and laboratory, we are uniquely able to offer our graduates the latest information."
Alumni will be able to view presentations, which will vary in topic each year, through online podcasts, either on their computer or by downloading them to an iPod or similar device. Podcasts can also be presented to groups at chapter meetings and other gatherings.
Among the lecture topics for 2007 will be: treatments for diamonds and other gems; synthetic diamonds; rubies, sapphires and emeralds; and GIA Diamond Cut Grading System updates.
Round Brilliant Diamond Shape: Some Notes.
GIA updated the wording and the placement of “brillianteering” comments on its Diamond Grading Report and Diamond Dossier® for standard round brilliant diamonds as of July 1, 2006.
GIA’s new Diamond Grading Report and Diamond Dossier®, in January 2006, indicated when a diamond’s cut grade was affected by painting or digging out by putting a notation within the report’s comments section that read: Cut grade is based on brillianteering of the half-facets.
As of July 1, this statement will be located under the proportion diagram –-not in the comments section-– that reads: Cut grade affected by brillianteering.
Brillianteering refers to the last steps of the polishing process when the star facets along with the upper and lower half facets (also known as upper and lower girdle facets) are polished on the diamond. When a diamond is painted or dug out, these facets are polished in a manner that can affect the face-up appearance of the diamond and therefore may affect the final cut grade.
New location for comments on Girdle thickness.
Here is an illustration of an even and correctly proportioned girdle.
Here is an illustration of a "dug out" girdle. Note the uneven and very thin areas. This is usually done in situations where there may be large naturals, indented naturals, large imperfections,or other problems such as difficult cutting grains that the manufacturer needs to better control in order to save weight and/or make the diamond more saleable This may at times come at the expense of Symmetry in that facets are mis-aligned. This can also have a significant negative effect on light performance.
Here is an illustration of a "painted girdle". Note the extra thickness at the meet points of the upper to lower half facets These facets are cut shallow with a minimum of definition and resolution, hence "painted" onto the diamond so that the cutter can retain maximum carat weight.
May or may not have a negative impact on light performance and physical evaluation or additional information such as a Gemex Brilliancescope Light Analysis Report and Imagescope can be very helpful.
And just to review for newcomers to our DiamondVues Blog, the illustration below shows the various facets that comprise the round brilliant diamond shape. In all, there are 58 facets for the round diamond.
An Expensive Diamond Two-Timer!
The UPI reports today that a woman who dumped her fiance when she suspected he was cheating can keep her $40,000 engagement ring, a Manhattan judge has ruled.
While jilted beaus are legally entitled to get their rings back because they're considered "conditional" gifts, Brian Callahan is not, because he was still technically married to another woman when he popped the question to Clyburn Parker, state Supreme Court Justice Rolando Acosta ruled, the New York Post said.
The couple first "met" in 2001 on an online dating service that listed Callahan as "divorced."
Callahan proposed to her with a 3.41-carat diamond ring in July 2002, the newspaper said. Parker moved north to live in Callahan's Upper East Side apartment, but their relationship went south.
Callahan demanded the ring back, and sued when she said no. It was then that Parker discovered he was still married.
While Callahan's divorce was granted in June 2002 -- before they were engaged -- it didn't become official until a judge signed off on it in September of that year.
So, the screwer gets screwed. Quite expensive!
Rent-A-Diamond: It's Here!
From today's U.K. Daily Mail:
Jeweler Rachel Kerr has come up with a gem of an idea -- renting out diamonds for the day.
The 27-year-old entrepreneur has launched what is believed to be Scotland's first jewelry hire service, allowing her clients to borrow enough glitz to feel glam on that big occasion.
She unveiled her new online store www.rkjewelleryhire.com two weeks ago, and has already lent diamonds and gold worth thousands of pounds for less than the price of a piece of costume jewelry.
Miss Kerr has adopted Elizabeth Taylor's famous line 'Big Girls need Big Diamonds' as the shop's motto.
Yesterday, she said, "I've worked in jewelry shops and always thought there would be a market for something like this, particularly among brides."
"I know of a girl in London who's doing the same thing, but as far as I know, the service I provide is unique in Scotland.
"Film stars are lent jewelry for awards ceremonies all the time, so I thought regular people should be offered the same service." Prices start at GBP40 for a three-day hire of a piece worth 10 times that to GBP130 for a GBP1,600 item.
The range is not quite in the league of the GBP2 million, 157-carat diamond necklace worn by Scarlett Johansson to the 2004 Baftas, but she believes in starting small and thinking big.
"The largest piece we offer is a half-carat diamond necklace, which has already caught the eye of several brides," said Kerr, who began her online business, based in Hamilton, Lanarkshire, after plans to open a standard jewelry shop fell through.
"I drew up a business plan but soon realised we could not compete with the multiple retailers.
"So I came up with this.
"We take the items to customers to try on, then deliver them for the occasion and collect them afterwards. To start, I'm looking at four customers a week. We have to visit each client three times, so it will keep us busy."
__________________________________________________________________________________________
Interesting idea. Let's see how this develops.
Is There A Diamond Doctor In The House?
What does a couple getting a divorce do about removing their wedding bands? Silly question you say?
Well before you say "Ripley, I don't believe it!", Read this:
I Dare You To Take My Wedding Band off My Finger!!
Gals, Looking To Marry A Sugar Daddy Millionaire? Go To Ireland.
The Irish Times reports today that Ireland is now the second wealthiest nation in the world with more than 30,000 millionaires living here, according to new research published by Bank of Ireland Private Banking.
The average personal wealth per head of population in the Republic is nearly euro 150,000, the "Wealth of the Nation" report found. This is higher than average wealth of euro 137,000 in the United Kingdom and euro 129,000 in the United States.
Only Japan has higher net wealth per head of population than the Republic at euro 206,000.
Net wealth in the Irish economy has grown by 350 percent over the past decade - three times faster than the rate of growth in Britain. The growth rate takes into account the increasing levels of household debt in the economy.
Out of the estimated 30,000 millionaires, some 300 individuals are thought to have a net worth of more than euro 30 million. A further 2,700 people are reckoned to have a net worth of euro 5 million to 30 million. Bank of Ireland's definition of millionaire excludes people's main residences. If these were included, the number of millionaires in the country could be as high as 100,000.
Irish wealth is "disproportionately" skewed toward property, with 71 percent of total wealth invested in the asset last year. Some 16 percent of Irish wealth is invested in equities, while 10 percent is held in cash and 3 percent is invested in bonds.
Bank of Ireland forecasts that, by 2015, property will be less dominant. It predicts that the breakdown of investment will shift to 61 percent in property, 22 percent in equities, 12 percent in cash and 5 percent in bonds.
The move away from property will be prompted by "more realistic" property prices, while an ageing population will show more interest in investment and pension funds.
Most of the Republic's wealth is "new money" created by people's willingness to borrow to invest further, according to Mark Cunningham, Bank of Ireland Private Banking's managing director.
"It has been entrepreneurial and more risk-orientated than many other developed countries where inheritance features more prominently," he said.
Personal disposable income in the Republic has doubled over the past 10 years, and is forecast to double again over the next decade. The annual level of personal savings stood at euro 10 billion at the end of 2005 and this is forecast to increase to euro 13.5 billion by 2010 and to euro 24 billion by 2015.
Debt as a percentage of disposable income has increased from 89 percent to 140 percent in the past five years. But O'Sullivan said that neither the absolute level of borrowing nor borrowing levels relative to overall wealth were ahead of international norms.
Israel Diamond Exchange To Expand.
The Israel Diamond Exchange (IDE) board of directors has officially approved the construction of a fifth building in the Ramat Gan diamond exchange. The new building will comprise of 28 floors and be connected to the other exchange buildings by a bridge, under one security umbrella.
The construction of the building will add approximately 28,000 square meters to the existing property, according to an IDE statement released on July 9.
“The board's approval is a most significant move for the Israel diamond industry,” said IDE president Avi Paz. “The additional building will strengthen Israel’s role as a leading trade center for the global diamond industry.”
New Guidelines Suggested for Synthetic Diamonds.
The World Federation of Diamond Bourses (WFDB) released three resolutions taken by the WFDB concerning synthetic diamonds during the 32nd World Diamond Congress, which took place in Tel Aviv on June 26 to 29, 2006.
The first resolution states that “the usage of synthetic diamonds for gem purposes will be acknowledged and gemological laboratories will be requested and encouraged to issue certificates describing the same, provided that such certificates clearly emphasize the fact that such are synthetic diamonds.”
The second resolution states that “the term 'synthetic diamonds' will be used for man-made or laboratory produced diamonds.”
The third resolution states that “the terminology normally used by laboratories to describe the features of diamonds should not be utilized for synthetic diamonds and that the International Diamond Council (IDC) will be authorized to formulate alternative terminology to describe such features for usage by laboratories.”
GIA has also recently announced that they will be issuing a special lab grading report for synthetic diamonds that will clearly distinguish it from lab reports of mined diamonds.
Memorial Service for Jewelry Designer Steven Kretchmer
A funeral service for jewelry designer Steven Kretchmer has been scheduled to take place 11 a.m. Sunday at the Lasher Funeral Chapel on 100 Tinker St. in Woodstock, N.Y.
Kretchmer, known for perfecting the art of tension-set jewelry, died in a motorcycle crash Saturday afternoon. He was 52.
A New York City memorial service is being planned for July 29, and a Rhode Island School of Design (RISD) Scholarship in metallurgy is being created in Kretchmer's name.
Kretchmer, a Palenville, N.Y. resident, began making jewelry in 1969. In 1976, he received a bachelor of fine arts degree in jewelry and metalsmithing from RISD.
He then traveled to Milan, Italy, where he worked as a goldsmith, learning from master craftsmen. While in Italy, he met his future wife and business partner, Alma, and his stepdaughter, Claudia.
Special Jewelry Tribute to 9/11.
As a tribute to the citizens of New York City and the 100th Anniversary of JA New York, Indian designer Nayna Mehta has built a special monument as a tribute to the victims of the Sept. 11 terrorist attacks.
Mehta, a graduate of the Gemological Institute of America, designed and created a statue of the Twin Towers, set in 18-karat gold. The endeavor took 25 weeks, 38 artists, designers and technicians. The iconic structure is created of 14,080 diamonds and over 3 kilograms of gold. It will be on display at the JA New York Summer Show this July 30-Aug. 2 at the Jacob K. Javits Convention Center in Manhattan.
This Marine Is A " D" Flawless Diamond!
Our Nation's Finest!
Fly Me To The Moon!
Beginning next year, Japanese spouses will have their love vows stored in space after buying platinum wedding rings. The move is an initiative of the Japanese arm of Platinum Guild International (PGI), a body that advocates the use of precious metal jewels, in its campaign to promote platinum wedding rings.
Reuters quotes a Japanese PGI official saying, "People do not link platinum with wedding rings the way they used to." The switch in customs is the new trend with Japanese couples, many of whom prefer simple weddings. In the past, platinum was the metal of choice among Japanese couples.
The promotion allows couples who buy a platinum wedding ring at stores involved in the promotion from August to December this year to write their vows of love on a campaign website.
All these messages accompanied with the pictures of the couples will be stored on a DVD. And a Soyuz rocket, is scheduled to to transport the heartfelt messages into space sometime next year.
Channel Set Princess Cut Diamond Engagement Ring
Previously, I posted pictures of two diamond engagement rings by world famous designer Vatche. I mentioned that they have two extremely popular channel set round diamond engagement rings in 18kt. gold or platinum. These are the Royal X Prong Channel Ring and the Comfort Fit X Prong Channel Ring. Although the differences between these two diamond engagement rings is subtle, there is one major difference in how the shank of these two rings are configured where it meets the basket. While the Royal X Prong diamond ring has more of a distinctive taper where it meets the center stone, the comfort fit is fatter on top without the taper. What suits your taste is a matter of personal preference. Both rings are quite beautiful and extremely sought after.
Here are pictures of the same configurations of these two Vatche diamond engagement rings...but for princess cut loose diamonds instead. Here too, you will notice the differences between both diamond rings.
Vatche Royal X Prong Diamond Channel Engagement Ring
Vatche Comfort Fit Diamond Channel Engagement Ring
Israeli Diamond Industry Marches On Despite War.
In a press release issued on July 19, Simcha Lustig, chairman of the Israel Diamond Institute (IDI,) said that there has been no interruption in the manufacturing or import and export of diamonds in Israel. "I have no doubt that we will be able to continue to fill all of our clients' needs for the coming season," he said.
The diamond center in Ramat Gan is located in the central part of the country, which has not been directly affected by the violence. Work in the Diamond Exchange, polishing plants, and all related services have not been affected during this time.
Israel Diamond Exchange president Avi Paz said that buyers from abroad have continued to show their support. "Despite the situation, we're pleased to see that buyers are continuing to visit the bourse, even during this week," he said.
To show the industry's determination to continue in a normal routine, the Israel Diamond Manufacturers' Association (IsDMA) chose to hold a scheduled event this week, honoring fourteen Israel Diamond Industry Dignitary Award recipients.
The ceremony was organized by IsDMA managing director Moti Ganz, who noted the importance of holding this event even during Israel's difficult times. "The strength we display far from the front will help ensure the success of the Army's efforts in the North," he said.
Moissanite Sales Drop.
Charles & Colvard reported that Net sales during the second quarter slid 8.5 percent to $8.513 million, however the company drove up profits 48 percent to $1.096 million. Cost of goods dropped 34 percent to $2.13 million and operating expenses fell 2.6 percent to $4.71 million.
Bob Thomas, president and CEO said that while revenues fell during the second quarter the year-to-year comparison was difficult due to a large order by K&G Creations in 2005 required for the rollout of moissanite products into Finlay store locations.
Charles & Colvard's domestic sales in the second quarter decreased 15 percent to $7.2 million. International sales for the second quarter increased 59 percent to $1.3 million.
Shipments for the quarter dropped 5 percent to 51,100 carats.
Thomas said that Charles & Colvard expects to increase the number of doors with Finlay and introduce an exclusive collection of jewelry inspired by Sarah Ferguson, the Duchess of York. "We believe that we are positioned for a strong Christmas holiday season. We also expect an initial shipment of moissanite jewelry into approximately 170 doors at a major, national retail chain which has over 700 retail locations as well as a test of 22 doors at the jewelry counter of a major, national retail chain that has over 900 locations," he said.
For the first half of 2006, Charles & Colvard reports net sales declined 19.5 percent to $16.530 million and profits fell 4.8 percent to $2.620 million.
Diamonds are a Girl's Best Friend.
Diamond School Of Distinction.
The Gemological Institute of America (GIA) has been named a 2006 School of Distinction by the Accrediting Commission of Career Schools and Colleges of Technology (ACCSCT).
GIA was one of 31 schools out of the more than 840 in ACCSCT's membership to qualify for a School of Distinction Award, which honors institutions that have a proven record of providing quality education programs and that demonstrate a commitment to the expectations of ACCSCT's accreditation.
"The School of Distinction Award is the highest honor ACCSCT awards to its accredited schools. By achieving the School of Distinction award, the Gemological Institute of America has shown its commitment not only to the value of accreditation and educational quality, but also to the students and communities which it serves," said Michale McComis, ACCSCT associate executive director, during the presentation of the awards at the group's annual business meeting and awards breakfast in Las Vegas on June 12.
ACCSCT is a private, nonprofit accrediting agency that recognizes non-degree- and degree-granting schools in the United States predominately geared toward occupational, trade and technical careers. Accreditation is a voluntary, peer-review process that begins with the submission of an application and continues with periodic self-evaluation reports that assess the school's curriculum, faculty, student recruitment, admissions, student services, student progress and management.
GIA's on-campus education programs have been accredited by ACCSCT since 1973.
Diamond Space Cadet.
Actress Mika Mifune showed off a platinum ring and a ticket for a "marriage in space" on Thursday as she participated in a campaign to send messages of love to the International Space Station.
The 23-year-old said she was happy to participate in the event, held in Takashima Times Square, in Tokyo's Shibuya-ku.
"I'm really happy," she said. I think my father (the late actor Toshiro Mifune) is in space now, and I'm sure he'll be pleased to see me happy."
The campaign, titled "Platinum Promise 2006" was planned by the International Platinum Guild, an international public relations organization for platinum jewelry. People who buy platinum engagement and wedding rings between August and December and apply through a special Web site get the chance to have vows of love for each other and photographs put onto a DVD. The messages will be blasted into space aboard a Russian Soyuz rocket in March 2007, and stored at the International Space Station. In April "space marriage certificates" will be sent to them.
Mifune was given the ticket for the No. 1 "marriage in space."
Mifune married George Takahashi, 47-year-old vocalist for the rock band The Tra-Bryu, in 1998, at the age of 16. They gave birth to a daughter, and have gained a reputation as a happily married couple.
When asked for the key to her successful marriage, Mifune said, "When we placed importance on conversation and banned the word "difficult," the bond between us grew stronger."
At the end of the event, Mifune read out the declaration of her love for her husband, which said, "I'm the happiest person in space. I'll love you for the rest of my life."
Later, she stopped by at a jewelry store in the Takashimaya Shinjuku department store and tried on a 4.4 million yen diamond platinum ring. "Buy this for me, Daddy," she begged as she faced television cameras.
GIA Delays New Report.
National Jeweler reports that after setting off an industry firestorm with its announcement that it would start to grade synthetic diamonds, the Gemological Institute of America (GIA) is pulling back from its initial time frame for the reports.
While announcing what appeared to be the final version of the grading report late last month, it now appears major points of contention, such as the use of the word "synthetic" and the terminology used in grading are back on the table.
"The dialogue is continuing with groups on all sides whether they be public or industry groups in the broadest sense, both the synthetic manufacturers as well as the diamond industry," said Donna Baker, acting president of GIA.
In terms of a time frame for when the debate will end and the reports will be on the market, Baker says it's up in the air.
"We don't have a date set for the launch of the synthetic diamond grading report, but we will do it," she says.
When GIA announced that its lab would begin grading synthetic diamonds, it indicated the reports will provide a clear description of the synthetic, containing color, clarity, carat weight and cut information when applicable. GIA said the design of the report will be markedly different from the current GIA Diamond Grading Reports for natural diamonds, and reports will be printed on yellow paper to immediately signal that it is a synthetic diamond grading report.
But while Baker stresses that the key element—differentiation—will still drive the final report, significant changes may occur.
"There may be [significant changes] but no decisions have been made one way or another," Baker says.
Industry reaction to GIA's decision has been mixed from all sides.
The main issue, says Freddy Hager, president of the London Diamond Bourse, is a concern the reports will blur the distinction between lab-grown and mined diamonds.
Specifically, he worries those lines will be further crossed by using the same terminology in grading the stones.
"We understand that GIA intends to issue reports and don't oppose that," he explains. "But the report inside and out and in every way must show that it's a different animal."
Language is also an issue for Clark McEwen, vice president of the Gemesis Corp., which grows man-made fancy color diamonds.
"Gemesis is extremely happy that the GIA by issuing reports is finally officially recognizing our diamond as being a diamond," he says. "What I'm not overly pleased about is the fact of the terminology that they're using. We still believe that the word 'synthetic' is misunderstood and we believe they should use appropriate and approved terminology such as 'lab grown.'"
He also takes issue with GIA's announcement that it would inscribe the stones with "synthetic," noting that Gemesis already does this by putting 'lab-created' or 'lab-grown' on the girdle.
"Our customers may choose not to use their report, especially if other labs are using more accurate and approved terminology," he says.
Hope Diamond Curse: Is It True?
The Legend of the Hope Diamond says that whoever owns it is cursed.
Some revisionist thinking appears in today's Washington Times:
Hope Diamond Curse: True or False?
Business and Religion Can Mix: L.A. Diamond Dealers Find Place To Worship.
Rapaport News reports on The Boys of Summer thinking ahead to the Winter and while winter may seem as far off as the end of Los Angeles' current July heat wave; nonetheless, diamantaire Avraham Nektalov knows that when sundown comes early from November through February across Los Angeles' diamond district, business demand and heavy commuter traffic make it difficult for Jewish diamond dealers to attend services in outlying areas.
Nektalov, owner of Custom Carats LLC, decided to setup a branch of Shaarei Rachamim (a Pico Robertson area synagogue) in the heart of Los Angeles at his 12th floor, 550 Pershing Square, office.
The 32-year-old Nektalov is known to his associates as a problem solver and they describe him as one of the sharpest dressers in the diamond district. Less than one year ago he named his conference room as the Downtown Shaarei Rachamim. Jewish men of Sephardic heritage (a term used to group together descendants from Spain, the Middle East and Iran) began to trickle in to the high-rise diamond district house of worship.
Some attendees donned black velvet skullcaps, others exhibited their colorful central Asian tradition of wearing an elaborately embroidered cap. The daily prayers are led by different fellows -- each chanting in their own unique accents of Russian, Hebrew, French, English, or a rarer tongue, Bukharian, but all were united in the universal Jerusalemite tune.
On any given weekday since its opening, when services are completed, coffee and tea are available to those who have some time to spare. Jewish diamond salesmen visiting from Europe or Israel find a home-away-from-home at Downtown Shaarei Rachamim too.
During the 2006 Passover holiday, when Jews refrain from eating leavened products (using matzo instead of bread plus a multitude of other products that are deemed kosher for Passover,) Nektalov hosted a bevy of Chassidic salesmen. Nektalov’s wife Leora made sure the showroom and synagogue's pantry was stocked with food for the duration of the holiday.
Nektalov was born in Tashkent, Uzbekistan, in the former United Soviet Socialist Republic. His forebears date back to Bukhara and the Jews of Babylonia, who are specifically known for their charitable and hospitable nature. He was raised in New York and arrived in Los Angeles in 1996 with his bride.
Ten years ago, Nektalov only had a window booth, which he said extended a bit to the sidewalk. He placed a table along side the street and between selling stones, he gave out prayer books while blasting Jewish music for all to enjoy.
It is a personal mission he said to bring the vibrancy of Jewish life and the love of Torah to those who sought it in the diamond and jewelry district. Jewish pioneers arrived 150-years-ago downtown in what was then the Wild West and established homes, businesses, and conducted their religious life in Los Angeles. Those first settlers’ families dispersed across a sprawling landscape. Downtown Shaarei Rachamim’s opening marks the renaissance of Jewish observance in the same locale where it began a century and a half ago.
Following orthodox halacha (law,) a small section of the synagogue is cordoned-off with a brown, lace curtain room divider for the women’s section. On the official opening day of Downtown Shaarei Rachamim on Labor Day weekend 2005, more than a dozen females of all ages participated in the services and also helped in the serving and preparation of the breakfast.
Mathieu Attar, a diamond dealer of French-Moroccan descent, said, “In all the years I’ve been here, no one has ever dedicated such a large space, and included a permanent home for a Torah. It shows how someone can successfully divide himself between his work and religion.”
“It reminded me of the biblical story of Abraham – who waited outside his tent, greeting and serving visitors. And I said to myself …this is in America!”
Weekly prayer services are conducted each morning at 8:45 a.m. Nektalov said, “It doesn’t matter whether I’m here, or if I travel. We’re keeping the faith at Shaarei Rachamim".
SuperbCert Princess Diamond VS. AGS Ideal Cut Princess Diamond
We have been cutting our Signature SuperbCert Princess Cut Diamonds for quite some time to maximize the light performance and brilliance of our princess cut diamonds. Recently, with the introduction of Ideal Cut Princess Diamonds with Ideal Cut grade/parameters by the AGS labs (American Gemological Society), we have looked to provide our customers with an exceptional selection of loose AGS-0 Ideal Cut Princess Diamonds for their engagement rings.
Although both diamonds exhibit incredible brilliance, fire, scintillation, and have excellent precision cut parameters; there are a few visual distinctions between the two.
Here is a photograph of a 1.03 H VS1 AGS-0 Ideal Cut Princess Diamond (on the left) next to a SuperbCert .93 H VS1 Signature Princess Cut Diamond on the right. Similar specs..... can you see the differences??
Zales Tries To UpTurn It's Diamond Fortunes
Zale Corp. has announced that Betsy Burton, its acting chief executive officer, will be president and CEO, effective immediately.
She fills a spot that has been left vacant since the departure of former CEO Mary Forte in January. The company's board was so pleased with Burton's performance as the interim CEO that it decided to give her the job permanently, according to a press release announcing the appointment, issued Sunday night.
Burton, who will continue as a member of the board of directors, has served as acting CEO since February 2006. The 54-year-old executive has been a member of the Zale board of directors since 2003. She formerly served as CEO at Supercuts, PIP Printing and the Cosmetic Center. Burton is also a member of several public company boards, including Staples, Aeropostale and Rent-A-Center.
Her term as acting CEO came at a tough time for the company. In addition to Forte's departure, several other major executives, including COO Sue Gove and Paul Leonard, the former president of Zales Jewelers, also left the jewelry retailer.
The departures came amid the Dallas-based jewelry empire's loss of market share to Kay Jewelers, which made gains while Zale struggled through an ill-fated attempt to shift its focus from its core middle America customer to a more upscale shopper. Kay's parent company, Sterling Jewelers, surpassed Zale in fiscal 2005 sales for the first time in NATIONAL JEWELER's $100 Million SuperSellers list.
Adding to its woes, the U.S. Securities and Exchange Commission launched a non-public investigation into accounting and other matters at Zale Corp.
Rado Watches Goes Culinary.
Rado has named celebrity chef Nobu Matsuhisa as its newest brand ambassador.
Rado watches appeal to chefs, including Matsuhisa, because of the scratch- and heat-resistant materials from which the timepieces are made, the company says.
"I am excited and honored to be a part of Rado," Matsuhisa says in a press release issued Tuesday. "In so many ways, the brand's ideals and my passions overlap, making this a great partnership."
The partnership between Rado and Matsuhisa, often just referred to as "Nobu," includes an abstract- and design-oriented photographic exhibition that will tour Rado retail outlets through the United States in 2007. For the exhibit, Matsuhisa created 10 dishes inspired by Rado timepieces and displayed them in a manner that resembled the design of the watch. Martyn Thompson photographed the collection.
A Los Angeles resident, Nobu Matsuhisa is the chef and proprietor of Nobu, Matsuhisa and Ubon restaurants, located throughout the world. Other Rado brand ambassadors include actresses Lisa Ray, Zha
Queen Of Hearts Diamond: Where Are You?
Asks a consumer on Pricescope.com. Thread is Here:
Anybody See The Queen of Hearts Diamond?
Not to say we told you so, but we told you so, Here:
And Here:
Re-Inventing The "Diamond Shape" Wheel, No Can Do-Doo
Engagement Ring Blues!
Betcha she's keeping the Diamond Ring!
Grading The Diamond Grading Labs: Who Can You Trust?
For most of us, buying a diamond engagement ring is nerve racking as heck. We know less than nothing and break out in a cold sweat walking into a jewelry store hoping we don't get ripped off.
Some of us flee to the supposed "safety" of our friend's Uncle's Brother-in-Law who has a "connection" to someone who once tried (unsuccessfully) diamond prospecting in the Congo and can therefore offer us a "Deal".
Flying through the Bermda Triangle actually looks like a pleasant alternative.
Advice and Step #1: NEVER buy a diamond without a Diamond Grading Report.
The two most accurate, consistent, and stringent Diamond Grading labs are the GIA (Gemological Institute of America, GIA) and the AGS (American Gem Society, AGS). For those of us in the Trade, we recognize these Labs as being the best and submit our Diamond Inventory to them for grading.
There are a host of other Diamond Grading Labs with alphabet soup initials, i.e.; EGL, HRD, IGI, NGL that have been found to inflate their color and clarity ratings by 1-2 grades. What this means is that you're paying MORE MONEY for LESS DIAMOND.
Timely and informative discussion going on right now on Diamondtalk.com
Jewelers Keeping An Eye on Bling-Bling Sales.
Consumers shrugged off higher gasoline prices in July and grew a bit more optimistic about the economy, a private research group said on July 25.
The optimism may be short-lived, however, as shoppers face a slew of concerns, including rising interest rates, moderating home prices, more expensive fuel costs and war in the Middle East. Indeed, home sales, which have been a source of confidence for consumers, fell again in June.
The National Association of Realtors reported on July 25 that sales of previously owned homes and condominiums dropped 1.3 percent in June to a seasonally adjusted annual rate of 6.62 million units. It was the eighth time in the past 10 months that sales slipped, while home prices edged up at the slowest pace in more than a decade.
The New York-based Conference Board said that its confidence index rose to a better-than-expected reading of 106.5 from a revised 105.4 in June. Analysts had expected the index to fall slightly to 104.
Stocks vacillated July 25 as mixed earnings news overshadowed an unexpected jump in consumer confidence and the mild housing data. In late morning trading, the Dow Jones industrial average dropped 29.94, or 0.27 percent, to 11,021.11, after briefly climbing into positive territory. Investors had a brief bout of optimism that the economy was slowing gradually, rather than slamming on the brakes.
Jewelers are cautiously optimistic about this years Fall and Winter sales which make up the bulk of the entire years revenues.
Interest rates, Oil prices, and the political situtaion in the Middle East and Asia are on the radar screen.
DeBeers Earnings Fall 14%.
De Beers Group reported that its underlying earnings fell 14 percent to $308 million during the first half of fiscal 2006. De Beers now uses underlying earnings rather than headline earnings to provide a better measure of performance it disclosed in its financial statement. Total revenues for De Beers held flat at $3.92 billion for the first six months of 2006 compared with January through June 2005.
During an industry presentation announcing first half results, company chairman, Nicky Oppenheimer, said that the results were indicative of difficult trading conditions. Higher interest rates, higher gold and platinum prices, reduced margins across the distribution pipeline, and the increasing need to manage polished inventory levels all weighed on the rough trading markets.
De Beers sales and marketing arm, the Diamond Trading Company (DTC,) posted a 1 percent increase in sales to $3.25 billion for the first half of 2006.
