August 2006 Archives
What 's The Fourth Largest Diamond Market in The World?
If you answered Dubai and the Arabian Gulf States, you are correct!
Arab nationals spend close to $2 billion on diamonds every year, making the Gulf the fourth-largest market in the world, with Dubai taking the lion's share of the business.
"The diamond jewelery market in the Gulf region has increased by 47 per cent or almost half in the past four years and is now the fourth-largest diamond market in the world," Jonathan Chippindale, marketing director for Gulf Markets of The Diamond Trading Company (DTC), the diamond marketing arm of the De Beers Group of companies, was quoted as saying in a Gulf News report.
"Arab nationals are passionate about diamonds and spend close to $2 billion on diamonds in this region. Unique to this region is diamond jewelery sets. They represent 55 per cent value share of all diamond jewellery sales, at an average price of $6,000 per diamond jewelery set."
De Beers entered the UAE in 2000 at a time when Dubai was looking to consolidate its position as a regional hub for gold and diamond jewellery.
The emirate later set up Dubai Multi-Commodities Centre (DMCC) to further consolidate its position.
Think the price of Oil is going down anytime soon?
Jewelers Throw Stones (Diamonds) At Each Other.
All in a days work.
Diamonds ARE NOT A Girls Best Friend!
So says a just released survey by women owned cable TV station Oxygen Network!
Women are voraciously hungry for technology not diamonds, clothes, and shoes, according to a survey released by the women-owned cable television channel Oxygen Network. Nearly eight in 10 women told the network they would prefer a plasma television set to a diamond solitaire necklace. Seventy-nine percent of women surveyed are interested in using technology as opposed to simply having it in hand.
"We are proud to be giving women the credit that they deserve for being savvy and knowledgeable about technology – something we have long suspected and are thrilled to be able to quantify," said Geraldine Laybourne, CEO Oxygen Media. "Girls Gone Wired is Oxygen’s most ambitious Women’s Watch study yet, and we have gotten amazing new insights into women and technology."
According to the survey -- women clock a 15-hour day and are looking for fast, efficient technology to help their busy schedules. In the next five years women told Oxygen they see themselves investing in and becoming expert users with digital cameras and multi-use cell phones.
The survey was conducted by Oxygen to help its station advertisers understand needs of the view audience.
Ed. Comments: What a bunch of crackpots. "Oxygen"? Geraldyne, you definitely need some. Expect a phone call from Mr. Ripley tomorrow morning
I know this: If I gave my wife a plasma TV set instead of that diamond necklace, I'd be wearing the TV around my neck.
More comments on Diamondtalk.com Diamonds and Plasma TV
Fit For a Queen
The Queen celebrates her 80th Birthday with an exhibition of her diamonds and jewels.
The exhibit, timed to celebrate the monarch's 80th birthday this year, opened July 26 to the public as part of the annual opening of the palace's state rooms.
The 80 outfits include evening gowns and personal jewelry worn by the queen at both formal occasions and private events from the 1940s to the present day.
Many are in vibrant colors -- from deep pinks to bright greens -- which the queen prefers. Several are by couturiers Norman Hartnell and Hardy Amies, who worked for the queen for decades.
Check it out:
Internet Buying Continues To Surge
Consumers spent $80.8 billion online in the first half of the year, 20.1 percent more than in the first half of 2005, according to comScore Networks.
Excluding auctions and large corporate purchases, retail spending alone totaled $46.1 billion, an increase of 24.6 percent, while travel spending reached $34.7 billion, a 14.7 percent gain.
Top retail categories for growth included computer software (up 39 percent), sports and fitness (up 38 percent), home and garden (up 36 percent) and toys and hobbies (up 33 percent), according to comScore Networks.
"Despite the sluggishness of retail growth in general, online consumer spending remains strong," Gian Fulgoni, comScore chairman and co-founder said in a press release Wednesday.
The consulting firm expects total online spending for 2006 to arrive at about $170 billion. Of that, comScore expects non-travel spending will reach a record $102 billion, with about $24 billlion spent on non-travel purchases online during the holiday season.
It's 10 P.M: Do You Know Where Your Diamond Engagement Ring Is?
Ladies; make sure you don't lose track of your diamond jewelry. Here's why:
Odimo.com to be de-listed.
Odimo Incorporated, an online retailer that offers brand name watches and luxury goods through two websites, received a letter from The Nasdaq Stock Market ("Nasdaq") on August 3, 2006, informing the company that its securities will be delisted from quotation on The Nasdaq Global Market effective at the opening of business on August 14, 2006.
On May 2, 2006, Nasdaq informed Odimo that its common stock had not maintained a minimum value of publicly held shares of $5 million over the previous 30 consecutive trading days, and as a result, did not comply with Marketplace Rule 4450(a)(2).
According to Marketplace Rule 4450(e)(1), the company was granted 90 calendar days, or until July 31, 2006, to regain compliance with the rule. Odimo did not regain compliance and as a result, Nasdaq determined to delist the company’s securities from quotation on the Nasdaq Global Market.
Odimo.com recently sold it's Diamond.com name. rights, and website to Ice.com for 9.5 million dollars after having lost considerale amounts of money trying to compete in the ulta-competitive Internet diamond marketplace.
We blogged about their diamond troubles here:
Diamonds A Good Portfolio Investment?
The answer is Yes! according to a report in this morning's Bloomberg News.
The cited reasons are:
1. Soaring consumer demand for diamonds and diamond jewelry.
2. Declining supply, with old depleted diamond mines taken out of production and new productive mines not yet found and/or still not coming on-line,
3. Effective advertising by DeBeers and other Diamond Industry heavyweights touting "Diamonds Are A Girls' Best Friend".
The article goes on to predict that Diamond Prices will outpace that of precious Metals such as Gold and Platinum over the next several years.
Guys, you have been warned!
The full article is here:
Weddings getting less Conservative.
As young couples look to put their personal stamp on their big moment.
More here:
Diamonds Make Your Cellphone Go-Go!
Scientists have found a way to increase the speed and frequency of your cellphone by using diamonds.
The story is here:
Wedding Ring History.
Did you know that:
• The first finger rings appeared in Egypt more than 5,000 years ago. To the Egyptians, a circle, having no beginning or end, signified eternity. Numerous 2,000-year-old rings have been unearthed at Pompeii, buried and preserved by lava flow. Early Hebrews placed the wedding ring on the index finger. In India, nuptial rings were worn on the thumb.
• In the Third Century B.C., Greek physicians believed that the vein of love, ran from the third finger directly to the heart (they didn't count the thumb). So it became the logical digit to carry a ring symbolizing affairs of the heart.
• On Aug. 17, 1477, Mary of Burgundy became the first bride-to-be to receive a diamond engagement ring. Fearing rejection, her betrothed, Maximilian of Austria, heeded counsel that the diamond would impress her.
• By the 17th Century, diamond engagement rings were all the rage in Europe. A bride's status was greatly reduced without one.
Madonna's New Chopard Necklace!
Madonna has just commissioned designer jeweler, Chopard to create this fabulous necklace in time for her new tour.
"Hang up" by Chopard
Get the inside scoop here.
When You Think Of Canada, Do you think of Diamonds?
Nope, and I don't believe you do either.
The fact is however, that Canada does have rich diamond deposits located in their Northwest Territories which the Canadian Gov't is seeking to publicize to the world.
A new marketing initiative from Canada will provide retailers with tools, tips and techniques to promote sales of government certified diamonds from Canada. On August 11, 2006, the government of the Northwest Territories, Canada, announced this second phase of a year-old program called "Rare in Nature;" to help diamond retailers sell Canada's certified diamonds.
The Northwest Territories partnered with Arslanian Cutting Works, Polar Diamond Group, Aurora College, the City of Yellowknife, Northwest Territories Tourism and other partners to establish the club. The program was officially launched during the Jewellery World Expo 2006 in Toronto, which ended August 15, 2006.
From our viewpoint, we note that the pricing of these Canadian Diamonds carry a very steep premium relative to comparable quality goods being sold here in the U.S. and this will negatively impact sales. Canada's Industry, Tourism and Investment minister Brendan Bell, take note.
Consumer Confidence: Where Is It?
The Associated Press reports that Consumer confidence slid to a three-month low as people fretted about the direction of the economy and their own balance sheets in the months ahead.
The RBC CASH Index, based upon results from the international polling firm Ipsos, showed cash confidence ebbed to 74.8 in early August. That marked a sharp drop from July's showing of 80.1. It was the second month in a row that confidence dropped, and it was the lowest reading since May.
Economists blamed the deterioration in confidence mostly on galloping energy prices and a cooling in the once-hot housing market.
With housing prices not going up as much as they had been, people aren't feeling as wealthy. That --along with the strain of expensive energy bills-- have forced consumers to tighten their belts, an important factor in the slowing of overall economic activity.
What effect this will have on the Diamond and Jewelry Trade upcoming critically important Fall Shopping season remains to be seen.
Buy Loads of Jewelry!
This article brings new meaning to "buying by the pound"! Go get your diamond jewelry!
Diamond Beneficiation: What is It?
African diamond producing countries such as Botswana and Namibia have for years sought to improve the economic standing of it's citizens by benefiting as much as possible from their natural resources without much success. This was due to exclusive contracts with DeBeers which had a monoply and control over the diamond rough and exported it to the major cutting centers for manufacturing into polished diamonds.
Now however, major changes are under way with the Government of Botswana recently announcing the creation of a Diamond Technology Park that will house diamond cutting factories, Banks, courier companies, machinery suppliers, information technology companies, security services, cleaning companies, restaurants, and retail shops. When fully operational by 2009, it's expected to house 2.500 employees.
Training Botswanians to cut Diamonds.
Photo Courtesy of Rapaport News.
Diamond rough mined in Botswana will stay in the country and the Government has committed to training and employing as many Botswanians and as few expatriates as possible. In this regard they are taking a page out of the South African's Gov't playbook in that South Africa makes it exceedingly difficult for it's mined diamond rough to be exported by levying confiscatory taxes and other impediments.
Creating employment that is internal raises the standard of living, increases the middle class and tax base and provides for political stability.
Stay tuned.
Word of Mouth Referrals Comes to The Internet.
JupiterResearch reports that 60 percent of online shoppers give positive feedback about a shopping experience and retailers can therefore improve sales by including user-generated reviews and rankings on their Web site.
The number of online buyers who cite customer ratings and reviews as the most useful shopping site feature has more than doubled from 2005 to 2006. Buyers who write consumer reviews make up only 20 percent of online shoppers by account for 32 percent of all Internet sales.
Panerai Watches; Big, Bold, Beautiful???
In the heart of the New York City Diamond District where I work, dressing up in the latest fashion and attire is an integral part of the 'sale' for every diamond merchant and seller.
Owning and wearing an expensive luxury watch and timepiece, has always been a staple for the many merchants and diamond dealers that stroll the streets of the diamond district.
I myself, am somewhat of a watch fanatic and enjoy wearing an elegant timepiece (right now a Piaget Protocole on a leather strap).
Lately, I 've noticed a trend amongst my colleagues. It seems that more and more people are hooking up with the Panerai Watch as their staple timepiece.
Although incredibly popular, (even cultish) and boasting excellent design and manufacture, I have never been particularly smitten by this watch line simply because of its uber sized cases that look almost as if you are wearing a clock on your wrist!!
Nowadays though, I am seeing more and more of these watches adorning the wrists of many dealers and jewelers.
Panerai Timepieces seem to be peaking right now with everyone clamoring for one. The wholesalers on the street cannot keep up with the demand and the restriction of these timepieces from entering the gray market is quite impressive. This relationship between supply and demand is driving prices up, not to mention elevating its demand and cultish status amongst all watch brands.
I'm kinda on the fence here...
On the one hand I recognize the timeless quality and craftsmanship of the Panerai Watch.
However, I still think it's too big....certainly for formal attire....
Yes, it is big and bold......question is...is it beautiful?
Do I join the club and take the plunge for one of these watches...or do I continue to stay away..opting for something a bit more elegant???
Hmm...decisions.....decisions.....
For the moment, the hefty price tags for these watches proves to be an admirable force for maintaining the status quo..
...Hey, I've got an idea though....I'll swap a few beautiful diamonds for one of these timepieces!!
Sounds like a plan?
Anybody game?? :) :)
Iced Out Watches; For Men, Women, Or Both?
Hip hop music culture and their icons have created a new demand amongst fine watch collectors for what they call "iced out" watches.
These are incredibly ostentatious watches for men that are literally studded with hundreds of dazzling diamonds.
One of the more well known and recognized designers of "iced out" watches, is Jacob the Jeweler (Jacob Arabo). With his compelling rags to riches story, Jacob Arabo, the man behind the Jacob & Co. watch brand, has carved out a niche for himself as purveyor of diamond studded watches to the likes of P. Diddy and other stars of hip hop culture.
Another up and coming designer of bling bling diamond watches for men is the Tiret watch company in New York City.
Although diamond watches are nothing new for women, it is definitely gaining momentum with men of all ages and backgrounds.
Checking The latest Gold Prices.
Now that hostilities along the Lebanese-Israeli border have been halted by a cease fire, the effect on Gold has been dramatic.
Gold futures fell Friday by nearly $23 an ounce for the week as easing Middle East tensions and inflation concerns tamped down demand for the metal as a safe-haven investment and inflation hedge. Gold bullion came to within 1% of touching the $600 mark on Friday.
Gold for December delivery closed at $621.70 an ounce on the New York Mercantile Exchange, down $3.60 for the session and at its worst closing level since late June. Prices finished $22.70, or 3.5%, below the week-ago close of $644.40.
The benchmark contract closed nearly $14 lower Thursday, pressured by weak oil prices and a late-day dollar rally following a stronger-than-expected survey of manufacturing activity in the Philadelphia area.
From Our Can You Believe This!! Dept.
MarketWatch reports that Ryanair Holdings Plc, Europe's largest low-cost airline, gave the U.K. government an ultimatum on Friday: lift restrictions on carry-on luggage and ease other security measures within seven days or risk being sued for compensation.
The Dublin-based airline sent the demand to Transport Secretary Douglas Alexander and urged him again to send army or police personnel to assist front-line security staff if the government insists on requiring that 50% more passengers than normal are body-searched.
Ryanair said that if security were restored to normal International Air Transport Association (IATA) levels within a week, then the airline would "not make any claim for compensation which it is entitled to under the provision of section 93 of the Transport Act 2000."
'We are now body searching five- and six-year olds flying to Spain for a vacation with their parents. We're not adding to security, we're adding to public hysteria.'
Chief Executive Michael O'Leary once again called the new security measures, which forbid passengers form taking liquids, perfume and cosmetics through security and restrict the maximum size of carry-on bags, "nonsensical."
"We are now body searching five- and six-year olds flying to Spain for a vacation with their parents," he said.
"We're not adding to security, we're adding to public hysteria," he added.
O'Leary said the U.K. government is handing terrorists a victory by allowing the new security measures to disrupt travel.
"They must be rolling around the caves of Afghanistan laughing at the British people and the British government," O'Leary said.
Hey O'Leary! Lay off the sauce, will ya. Did you notice that two of the terrorists caught by British Police the other week were a young Muslim couple with their 6 month old baby that they were going to blow up on the plane. Just make sure to do whatever is necessary to keep your passengers safe and insure that the terrorists don't indeed have the last laugh.
Perellet Watches; A Lesson In Understated Elegance!
Nothing new to the luxury watch industry, Perellet watches has been producing masterpieces of the highest complications for hundreds of years.
Arguably the inventor of the first mechanical watch,
Abraham Louis Perellet began his watch making company
in 1777.
Read Perrelet's fascinating history here.
Perellet watches has now announced
that it is back in the United States with a small,
but impressive collection of modernized automatic watches.
Perrelet Watch
Ranging in price from approximately $3000 - to $97,500 (for a platinum cased flying tourbillon), the watches offer an updated look - large case and numbers and the fine workmanship for which the company is known.
Diamonds Lure Job Applicants.
The Gemological Institute of America (GIA) reported that some 800 job seekers attended the event, which was held on July 28. GIA reported that 44 companies participated in the fair including: Tiffany & Co., Saks Fifth Avenue, Fortunoff, Movado Group, Zale Corporation, and Shah Diamonds.
GIA plans a career fair October 27, 2006, (8:30 a.m. to 3:00 p.m.) at its facilities in Carlsbad, California.
Loose Asscher Cut Diamond Set In A Vatche Engagement Ring
Here is an example of how beautiful an Asscher Cut Diamond looks when set in an understated, elegant solitaire engagement ring setting!!
The truth is that a well cut Asscher diamond has a life of its own and requires no jazz and filigree in the engagement ring to dress it up.
BTW, this is a diamond ring we just completed today and is being shipped to one of our customers for tomorrow delivery.
The loose diamond is a .89 D VVS2 Asscher Cut Diamond set in a stunning Royal X Prong diamond engagement ring by world famous designer, Vatche (www.dvatche.com).
Here is an actual photo of this completed diamond engagement ring for you.
Lower Clarity Graded Diamonds Are Often Eye-Clean
Many consumers will shy away from considering SI clarity and certainly I-1 clarity graded diamonds either because of what they have seen, heard, or read. Valid when it involves a mediocre cut diamond as light return to your eye is minimal due to facet mis-alignment.
On the other hand, in a finely cut diamond, light refraction through the Table and Crown facets to your eyes is significantly increased and serves to "mask" your ability to see these inclusions in the face-up position from the normal viewing distance of 8-14 inches and will be "eye-clean" and look like a VS clarity.
As a consequence an I-1 / I-2 clarity grade in a finely cut diamond can represent excellent value and allow a consumer to go up in carat weight as well as Color.
An example of an eye-clean I-1 is attached below.
Custom Made Diamond & Sapphire Halo Engagement Ring
Here is an absolutely breathtaking diamond and sapphire engagement ring just completed for a customer.
This is an incredibly up to date and in-style diamond engagement ring.
The center diamond is a 1.80 carat diamond.
The customer saw this exact setting (from a famous designer who shall be left nameless :) ) in a bridal magazine and fell in love with it.
However, to her chagrin, when she priced this ring from the designer she found the price tag to be prohibitively expensive (over $6500) .
She called us up and we began an exchange of many e-mails and phone conversations.
She cut out the photo of this ring from the magazine she saw it in and sent it to us.
We were able to manufacture a replica of this Eduardian style diamond engagement ring with superb craftsmanship and detailing in 950 platinum, at a fraction of the original price!!
The photo below is the result of our painstaking re-creation of this ring (took us about 4 1/2 weeks to build this ring in our factory).
We sourced beautiful deep blue Madagascar Sapphires for this ring and the filigree detailing (done by hand in our factory) is exquisite!
We hope you agree!
Click Here for more photos of this ring!
How Old Is Your Diamond?
These scientists asked the question and came up with this answer:
GIA Symposium Sold Out!
GIA's Symposium on Diamonds and Jewelry being held in San Diego from August 26-29 has sold out.
This Symposium is only the fourth one in the last thirty years and attracts leaders from the entire Diamond and Jewelry Trade who convene to discuss the latest developments and technologies and their impact on the Industry and Consumers.
More Here: GIA Symposium
Leon Mege and SuperbCert Diamond Engagement Ring!
Here is an example of a beautiful custom diamond engagement ring that was hand made for a customer by master jeweler, Leon Mege.
The center Diamond is a round Super Ideal Cut, Hearts and Arrows Diamond by SuperbCert.
This Diamond Kiss Will Cost You 25K.
Hershey's Kisses has commissioned jewelry designer Neil Lane to make an 18-karat gold and diamond brooch to commemorate the candy's upcoming 100th anniversary.
Lane has created a 7-carat piece, set with 755 diamonds, which is worth more than $25,000. The designer hopes the brooch will appear on a celebrity on the red carpet of the 58th Annual Primetime Emmy Awards on Sunday, but it has not yet confirmed which celebrity will wear the piece, says designer spokeswoman Tracey Kahn.
"It's getting a lot of nice attention," she adds.
Following the award show, the brooch will hit the auction block as part of the "Clothes Off Our Back" foundation sale with 100 percent of the proceeds from celebrity-worn items going to children's charities.
The online auction (www.clothesoffourbacks.org) will begin Aug. 28 and run through Sept. 15.
Diamond Mining Gets New Technology.
Diamond Mining and the retrieval of rough diamonds from tons of rock has now become ultra efficient with the intrduction of a a new optical sorting method that identifies the diamond rough in the midst of the extracted kimberlite bedrock and separates them out at lightning speed.
A high-resolution linescan camera, which – unlike a conventional camera – produces a continuous image rather than sequences of images. The camera faces the fragments of broken rock, which are thrown from a conveyor belt into an intercepting pit. The stones are illuminated from a certain angle as they fall. If the beams encounter a diamond, the light is deflected towards the camera. This registers the flashes of light and transmits a signal showing their exact position to a computer. The computer, in turn, is connected with 200 air jets with valves that can be separately opened and closed.
With existing diamond mines aging and yields decreasing, the introduction of this new technology will increase the yield and lower costs of mining and exploration.
More details here: Find My Diamond In The Rough
Gold Prices: Up Or Down?
Analysts and traders are offering mixed views on where cash and futures prices in gold may be heading.
Bulls cite seasonal strength, the belief world tensions will continue because of factors such as Iran's nuclear program and the potential for the dollar to continue its recent softening.
Bears wonder whether historically high commodity prices in general might start to wane and whether central banks will curtail inflation enough that some investors will stop using the metal as an inflation hedge.
Gold closed yesterday at $622 and has been in a tight trading range for the last few months.
Guys, Make sure your Crystal Balls have fresh batteries.
Diamonds Come To Las Vegas
Las Vegas,the Gambling Capital of the World, is about to undergo a radical transformation.
No, it's not doing away with it's Casino's and Gambling. It is undertaking a very ambitious $450 million project in building the World Jewelry Center (WJC) that aims to merge trade and retail jewelry in downtown Las Vegas.
Bill Boyajian who recently resigned as President of the GIA has been appointed as Managing Director of this project.
The jewelry supercenter is being billed as a global destination for jewelry consumers, manufacturers, dealers, trade associations, and wholesalers in the gem, jewelry, and watch industries. Plans are to open the Center within four years. The World Jewelry Center is expected to have foreign trade zone status.
With Boyajian at the helm, a key component of the WJC will be an educational center that will be comprised of an a gem and jewelry museum with interactive displays and learnig center that will be targeted towards and for the benefit of visiting consumers.
Las Vegas is the fastest growing city in the U.S. and already a retailing mecca. Adding a new trade center totally geared to diamonds and jewelry looks like a winner.
Diamond Powerhouse Fabrikant Still Breathing.
Months long reports and rumors of the collapse of 100-year old M Fabrikant & Son, a leader in the diamond and jewelry trade appear to have been greatly exaggerated.
Fabrikant announced an agreement with its domestic lenders on August 7th.
Fears of Fabrikant's demise were triggered by the filing of two lawsuits against them by Creditors. Blue Star, an Indian based manufacturer filed a lawsuit against Fabrikant seeking 5.6 million in unpaid invoices, while K P Sanghvi filed a similar lawsuit for 1.9 million.
Fabrikant, a DeBeers Diamond Rough SiteHolder, is now prompted to start worldwide review of its operations.
Stay tuned.
Internet Diamond and Jewelry Sales Booming!
Online diamond, jewelry, and watch sales soared in the second quarter of 2006.
Led by Amazon.com, BlueNile, and eBay, retail jewelers reported record sales and profits for the second quarter.
Amazon reported that its second quarter jewelry and watch sales doubled compared to last year, while sales of diamonds and diamond engagement rings increased by 30%.
Blue Nile reported a 29% sales increase for its diamonds and diamond engagement rings for the second quarter, while eBay reported that its watch and jewelry sales increased by 8% to 1.7 billion.
Overall, consumers spent 80.8 billion online in the first half of 2006, a 20% increase over the first half of 2005, according to a survey by comScore Networks.
The survey also indicates that Diamond and Jewelry Websites that are easy to navigate and offer a wide selection of quality merchandise at attractive prices are garnering the traffic and making the sales.
Zales Looking To Rebound.
Back in January 2006, Zales, a heavyweight merchant in the retail diamond and jewelry scene was reeling from its ill-conceived shift from its core customers towards a more upscale market.
Like Coca-Cola back in the '80's with its "New Coke" formula, Zales painfully discovered with its significant loss of market share that you can't abandon a classic or a business formula that had worked successfully for years.
Changing CEO's seems to have awakened Zales and made them smell the coffee.
Under new CEO Betsy Burton, Zales is getting back to what their clientele wants and has always wanted: diamond fashion rings, wedding and engagement rings, wedding bands, and bridal accessories and away from the avant garde upscale silver and gold designs.
This Holiday Shopping season which ranges from the beginning of October through Christmas will be a good indicator if Betsy Burton and Zales are back on the right track.
Prospecting for Diamonds In The U.S.A. A Lost Pastime Returns.
Prospecting for Diamonds, Diamond Engagement Rings, Wedding Bands, and Jewelry has returned with great popularity.
The story is here: Diamond Treasure Hunt
What Diamond Buyers Want.
A new Retail Trends report just released by G.A. Wright Marketing says retailers can remain competitive by focusing on "value-added" strategies, such as loyalty programs that reward customers.
According to Gary Wright, CEO and Founder of G.A. Wright Marketing, Price is not the most important decision influencer for retail purchases.
In Retail Trends 2006, Wright suggests creating loyalty programs that reward customers for repeat business and referrals and that they create emotionally relevant marketing messages, and interesting experiences that make it exciting for customers to do business.
Jewelery at Emmy Awards Gets Colorful.
While platinum and diamonds remain the traditional choice for the biggest award shows, many of those attending the 58th Annual Emmy Awards Sunday night opted for yellow gold and gemstones.
A-listers like Sandra Oh, Cheryl Hines and Heidi Klum all donned yellow gold jewelry, either worn alone or mixed with pieces and elements in white gold or platinum. Actresses accessorizing with gemstones included Tina Fey, Helen Mirren and Stockard Channing.
Jewelry styles overall signaled a continued withdrawal from over-the-top "bling" in favor of a more understated glamour.
While many celebrities, including Ellen Pompeo, Tyra Banks and Geena Davis, opted for diamond-intensive looks, they went for pieces that appeared more elegant than opulent.
Trends included navel-grazing necklaces, thick diamond cuff bracelets and oversized cocktail rings. No singular earring style emerged, as various celebrities selected studs, hoops, chandeliers and stilettos.
Popular jewelry designers on the Emmy red carpet this year included Neil Lane, who dressed Pompeo, Hines, Jamie Pressly and Judy Reyes; and Harry Winston, who provided jewelry to Jennifer Love Hewitt, Chandra Wilson and Sara Ramirez.
Rolex Oyster Perpetual Watch; A Perpetual Wonder!
Real watch enthusiasts (or as they like to call them "luxury timepieces") will argue that the Rolex Oyster perpetual is just a B-llSh-- watch for too much money. I consider this watch one of the most elegant and timeless masterpieces in the world of horology.
The proof of this irrefutable fact, is that Rolex watches have traditionally been the most replicated watches on the market..with thousands of fakes flooding the market each year.
There is an old saying that "failure" is an orphan, but sucess spawns many children"
While many watch companies lay claim to the "best" watch, most "complicated" movement, etc... Rolex, has been (and will continue) to be a force in the world of fine horology for many years to come.
Ethnic Jewelry: Can It Grab Market Share?
A recent study conducted by the Jewelry Consumer Opinion Council (JCOC) reveals significant consumer awareness of ethnic-inspired jewelry.
Sixty-five percent of the study's 2,930 respondents said they would be open to purchasing quality ethnic jewelry if they knew more about the styles available and their histories.
More than one-third of respondents said fashion is a critical purchasing driver of ethnic-inspired jewelry. Nearly a third said they like to mark a trip with jewelry from the place visited, while 14 percent said they display their own ethnic pride by wearing jewelry representative of their culture.
Sixty-nine percent of respondents said they are concerned that the gems they buy are mined in an ethical way, and 63 percent said they are willing to pay more for a piece of quality ethnic jewelry depending on its origin. A majority of the respondents said they have spent up to $200 on a piece of ethnic jewelry, with nearly a quarter spending $200 to $5,000. Local craftsmen are the most popular source for consumers buying ethnic jewelry, followed by jewelry chain stores, local independent jewelers and art fairs.
Madeline Albright Keynotes GIA Diamond Symposium.
Diamonds, Jewelry, and Politics do go hand-in-hand; said Madeline Albright, former U.S. Secretary of State keynoting the GIA Diamond Symposium in San Diego.
Attendees of the opening keynote session of the 4th International Gemological Symposium on Sunday received a lesson in global politics through a jewelry prism.
Proudly wearing one of several hundred brooches she owns, Albright relayed how her pins have played a part in her life as a public figure, as she often used them as a tool for diplomacy to reinforce the message she wanted to convey.
Albright shared the background on how she came to use her pins as more than decoration. As an ambassador to the United Nations, she criticized Iraq for not meeting its obligations to the world community prompting the Iraqi government to publish a poem in which they called Albright "a snake." Not long afterward, she met with an Iraq official and wore a snake pin, garnering attention from the media about the piece of jewelry.
Albright won over the crowd with her easy humor—noting at the start how she preferred preparing for the Symposium talk compared to when she spoke to a delegation of dentists. In order to ready herself for the dentist meeting she had root canal, but this time she just went shopping, the stateswoman quipped.
She also endeared herself by admitting she's the "perfect customer" because she always buys.
"If you travel around the world my photograph is in many stores," she said.
Matters turned more serious as she gave her take on the current global turmoil in the Middle East and fielded questions—both those submitted beforehand and from audience members following her presentation.
Of the messages conveyed by Albright, perhaps the ones that resonated most were the opportunities a global industry like gems and jewelry have to create networks of understanding and cooperation and the need for the industry to take responsibility for its business and give back to the global communities it sources its product from.
"I do believe that it is part of social responsibility for your industry and others to give back and to make sure particularly that the African continent isn't sucked out of its resources," she said.
The role of the industry on the global stage was demonstrated during an opening ceremony, as the flags of the 42 countries represented at Symposium paraded through the room.
The three-day event concludes on Tuesday.
Knife Edge Diamond Engagement Ring by Vatche
Here is a photo of a diamond engagement ring we just completed and are shipping out today.
The center diamond is a .89 E VS2 SuperbCert Signature Ideal Cut Diamond.
The engagement ring setting is the popular X prong knife edge by Vatche.
To see more photos of this diamond ring, click HERE.
Diamond Beneficiation: Part 2.
We recently blogged on Diamond Beneficiation by African Governments and how they're taking control over their rough diamond resources to benefit their citizens. Diamond Beneficiation: Part 1
Some stats are revealing: Botswana has a 74.4% literacy rate and free education. The University of Botswana was established in 1982 and there are now 33 hospitals throughout the country.
Technician Checking Automated Diamond Cutting machines.
Photo Courtesy of Rapaport News.
Diamond All-Star Pitcher Jeff Reardon "Saves" Himself.
Former Major League All-Star pitcher and "Saves" Leader Jeff Reardon will not serve jail time for robbing a Florida jewelry store in December.
On Monday, Palm Beach County Circuit Judge Stephen Rapp found Reardon not guilty by reason of insanity, the Sun-Sentinel reports. Reardon's attorneys used a voluntary intoxication defense, claiming the athlete was taking a dozen medications that impaired his judgment following the 2004 death of his son, according to the Sun-Sentinel.
Reardon had been charged with robbing Hamilton Jewelers in Palm Beach Gardens on Dec. 26, 2005, after handing an employee a threatening note. Officers later found him at a nearby eatery with a cash-filled bag but no weapon.
The newspaper reports that two court-appointed psychiatrists and two defense psychiatrists concluded that there was no reasonable explanation for Reardon's actions.
Reardon will return before Rapp in six months for a court-ordered review of the case.
What Do These Diamond Stars Have In Common?
Madonna, Johnny Depp, Sharon Stone, Axl Rose, Carl Barat and Ozzy Osbourne.
The answer is here: Star Bright
GIA Symposium: Message for Retail Jewelers.
The first full day of the 2006 International Symposium got off to an early start with a breakfast speech by behavioral market research expert Paco Underhill. Underhill, the founder, CEO, and president of Envirosell Inc., an international behavioral market research and consulting company, spoke about the consumer of the 21st century, and had a stark message for jewelry retailers – the need for change.
During the course of his well attended speech, Underhill was especially tough on jewelry retailers who complain that the Internet is destroying their business. “The net is failing you because you haven’t figured out a way to use it,” he said in no uncertain terms. “If you don’t use the Internet in 2006, goodbye, because you won’t be here in 2010.”
Underhill advised the audience – which included many retailers – that they must figure out how to fit into their customers’ lives. As an example, he cited the Damas chain in the Middle East, which offers party rooms for weddings and birthday parties in which groups of women can try on jewelry in a relaxed and accessible atmosphere. “Customers have changed,” he said, “and now it is the jewelry store that needs to be refreshed.”
Diamond Necklace Bling-Bling!!
Pop superstar Mariah Carey has a royal admirer. Carey was preparing to entertain 20,000 fans at New York City's Madison Square Garden when the jewels arrived. Prince Azim, the son of the Sultan Of Brunei, sent the eight carat diamond and platinum necklace and matching ring to the singer by courier. A representative of Prince Azim told a delighted Carey, "We were sent by private jet to deliver this gift."
I'll Dress You In Diamonds.
Wedding Insurance: Do You Really Need It?
Having an insurance to cover your home or car is a no-brainer and in almost all States mandatory.
Specialty insurance is a growing segment of the insurance market, says Jeanne Salvatore, spokeswoman for the Insurance Information Institute, a New York-based industry group.
"There are only so many cars and homes out there to insure," Salvatore says. And insurance products have to keep up with a changing world. For example:
How about insurance to cover your costs if your wedding gets canceled?
So what happens if you spend a boatload of money on your big day and you have to postpone because of something like a flood or a hurricane or because the bride or groom or one of their parents is hospitalized?
Maybe you lose your deposits. Maybe you have to reschedule at great expense. Not to worry: Wedding insurance can help.
Such policies will cover expenses if you have to reschedule your wedding for a "covered reason," such as Mother Nature, illness or military deployment.
If the bride or groom simply gets cold feet, though, forget it.
The policies cover expenses like forfeited deposits and travel expenses. If a rowdy dancer or drunken guest runs into your gift table at the reception and causes it to collapse and break some of your gifts, the damage is covered. If your wedding photos don't turn out, the insurance will pay to reconvene your wedding party to take replacement photos. If the best man loses the wedding rings, it's covered. And if a wedding postponement or cancellation causes the bride or groom to need professional counseling, the insurance will pay for the sessions.
Mother-In-Law clause is NOT included in the Policy.
One policy, WedSafe insurance through Robertson Taylor Insurance Brokers Ltd. of London, costs $185 for about $15,000 coverage, and $405 for about $75,000 coverage.
Good Idea!
Buying Your Diamond Engagement Ring On The Internet: Future Trends.
E-commerce is booming, with all sorts of products being bought and sold, especially Diamonds, Diamond Engagement Rings, and Wedding Rings. We recently made note of this trend here:
Diamond E-Commerce
Asia is the next E-Commerce frontier. No doubt there are still many consumers out there that are skeptical if this trend will continue and/or are just flat-out more comfortable shopping for their Jewelry at their neighborhood Jewelers. Well, for you skeptics and non-believers, a peek into the future might just change your mind.
At the Red Herring Asia 2006 conference Wednesday in Hong Kong, Safa Rashtchy decided to travel to 2026—10 years further than other analysts dare to look.
A managing director of Piper Jaffray who analyzes the Internet, Mr. Rashtchy said more than half the world’s Internet users would be in Asia by 2026: 1.3 billion out of a total of 2.5 billion.
Despite the large number, the penetration rate would be only 30 percent, leaving huge scope for growth.
Companies in this space would do well to address the Asian markets. In China, for instance, 39 percent of Internet users are in the age group of 18 to 24. Another 25 percent are between 31 and 50 years old, while 18 percent are in the 25 to 30 age group.
Shantanu Bhagwat, business development partner for Asia at Amadeus Capital Partners, said India’s online community is growing, though not as fast as its population of mobile phone users.
Indian cell phone users download ringtones worth about $100 million a year—and these downloads are not necessarily from high-end users.
Mr. Bhagwat expects online and mobile commerce in India to increase substantially in the next few years.
“About 67 percent of India’s GDP is made up of consumer spending, second only to the U.S., which is over 70 percent,” he said. “I expect a big chunk of spending will move to online platforms—on the Internet or on mobile phones.”
China’s homegrown Internet properties compete with well-established ones from the U.S., and consolidation is starting to happen.
Local companies in India still have to get numbers, but there’s a huge revival of interest in the online space. Venture capitalists, both local and those from Sand Hill Road, are investing in online companies, hoping for large monetization as online communities grow.
MakeMyTrip.com, an eVentures-funded online airline and hotel booking company that began catering to local travel in India in September 2005, is getting huge traffic these days.
CEO Deep Kalra believes India’s web commerce of about $500 million is just the tip of the iceberg. “There are endless opportunities,” he said.
Crucial Loose Diamond Buying Tips!
Purchasing a loose diamond, can be a daunting and overwhelming task. Not all diamonds are created equal and determining the quality of a loose diamond will help you save thousands of dollars (literally) while assuring you that the diamond will sparkle and shine in any lighting environment.
Here are a few tips related to the basic guidelines for choosing the right diamond to suit your taste and budget.
Read on for tips that will make a difference in your dream diamond...(and pocketbook!! :))
Continue reading "Crucial Loose Diamond Buying Tips!" »
Jade May Go The Way of the Dinosaur.
Alarming news coming out of China as The South China Morning Post reports that China's supplies of a rare jade, mainly mined from a river in Xinjiang, will soon be exhausted if excessive exploitation continues, a gem expert warned.
Wang Shiqi, deputy director of Peking University's Gemstone Appraisal Centre, said deposits of Khotan, or Hotan, jade would be depleted in five or six years if the government did not stop the indiscriminate use of heavy excavation machinery along Xinjiang's Yurungkax River, the main source of the stone.
The jade, named after Hotan, a city on the river, is considered to be the highest quality because of its pure texture and tallow-like lustre. It has been associated with emperors throughout Chinese history.
Khotan jade can sell for up to $125.00 a gram, and prices have rocketed in recent years because of a sharp decrease in output.
Xinhua said prospectors with modern mining equipment had flooded into the region to capitalise on the gemstone's high prices. They had seriously depleted the jade and damaged the environment.
"There are about 200,000 people and about 2,000 excavators working along the Yurungkax River," one jade miner was quoted by Xinhua as saying. He said it was getting harder to find the gemstone. Mainland media have said that more than 80 per cent of the jade had been extracted.
Hotan jade trader Zheng Shengli said he thought the jade would be depleted in no more than three years if overexploitation continued.
"I am an insider of the business and know more about the situation," Zheng said. "About half of the machines have stopped running now because no gemstones can be found."
He said local residents were generally poor, but many had borrowed money and pooled it to buy excavation equipment, costing as much as $44,000.
Hi-Yo SILVER! Up and Away!
Silver, the poor Man's Gold, stormed to a three-month peak today, hitting $13 an ounce before pulling back slightly, driven by continued investment buying and rising prices for other metals.
A burst of speculative buying, an upbeat technical picture in silver vis-a