October 2007 Archives
We Are Back....For A Few days!!
Hi Everyone!!
Well, we are back from our Sukkot Holiday observance...however, only for a few days!
Why?
Well, the culmination of the Sukkot Holiday festival (the longest on the Jewish calendar) begins this Wednesday evening, Oct. 3 and through the 7th (We re-open on Monday morning, Oct 8, 2007), when we will be closed again in observance of the end of Sukkot (which is called Shemini Atzeret)
The highlight of Shemini Atzeret, is Simchat Torah, when we dance and rejoice with the Torah!
A closed Torah Scroll
A MacBook Computer In Pure Gold!
Barry points to this beautiful (and ostentatious..) Apple MacBook computer layered in pure gold!!
TUAW, is showing a one-off example MacBook Pro, which features gold-plating on the aluminum casing which they also paint match on the keyboard and trackpad as well as re-engrave the keyboard letters. In addition, you can even replace the Apple with "your logo in diamonds."
Buy yours today!!
$15 Million 84 Carat Diamond Up For Auction!!
Sotheby's Geneva will offer a magnificent 84.37 carat, brilliant-cut, D (finest white,) flawless, diamond for auction during its Magnificent Jewels in Geneva on November 14.
The diamond (pictured) is the largest brilliant-cut diamond of top quality to appear at auction and is estimated at $12-16 million (CHF 15-20 million.) In addition to its extraordinary features, the diamond has also received the highest possible grading from the GIA with the report (No. 15692749) listing the stone with D-color, Flawless Clarity, and "excellent" polish and symmetry.
Sotheby’s stated the impressive diamond doesn't have a name, but the future owner would hold the privilege. Sotheby’s Geneva has in the past sold "named" diamonds, including the Star of the Season (100.10cts,) which was sold for $16.5 million way back in May 1995. It remains the most expensive jewel ever to have been sold at auction.
For Cowards..A Jewelry Ring Box That Will Propose For You
This company has invented this jewelry ring box that can actually propose for you!!
Too bad it cannot also photograph your girlfriends reaction ;-)
Yours for $198
Via: NJ Diamonds
Why Do Jewelry Stores Lose Salespeople??
Just finished reading an article by Harry Friedman in one of this months industry magazines.
He talks about the well known fact regarding the unusually high turnover rate of salespeople in many jewelry stores.
The reality is that salespeople in a typical jewelry store come and go almost as frequently (and as painfully) as your Mother-In-Law.
Why is it that jewelry stores have a problem with retaining salespeople??
In his article, the author's main focus is the "feelings" of the salesperson; do they feel like they are closing sales, are they happy in their environment, etc.
The gist of the article is that the salesperson is often the victim of unreasonable or unreachable expectations, either on the part of the owners or of themselves.
Thus, he talks about how to increase the confidence and satisfaction of the salesperson as a means for increasing retention.
While he certainly makes some interesting points and observations, I need to disagree with the entire premise of the article.
Based upon my own experiences, I'd have to say that the salespeople themselves are often the culprits and their own worst enemies.
For some reason, in the diamond and jewelry business which is synonymous with emotion, passion and strong tastes/opinions, salespeople are often afflicted with what I call the "Maverick" syndrome.
They often decide to take the law into their own hands with respect to their own ideas of proper customer service etc. and with complete disregard for company protocol, proper training and being part of the team.
Many of them think they are the "best thing since sliced bread" and that they can actually win over a savvy consumer with good looks, charm and wit!!
Companies will spend a fortune of money sending their staff and employees to training seminars etc., often to no avail.
A salesperson with an attitude, is a salesperson who is unwilling to learn about what makes a diamond actually tick. He/she thinks that todays customer is going to simply fall for smooth talk, good looks and pleasant conversation.
They are simply gonna pluck down thousands of dollars for a diamond engagement ring, just because the pretty face behind the counter actually comes from the same town and likes the same sports team!!
Just absurd!!
Let me tell you something; today's consumers are smart....VERY smart!
If they do some initial research on the Internet (and they usually will), they will come into your store armed to the teeth with knowledge on all aspects of a loose diamonds proper cut parameters and light performance.
They will expect you to show them, with accurate and factual information and data, why they ought to buy the diamond ring from you and not your competition.
Sure, there is a ton of romance in this purchase and therefore an aspect of "shmooze" and "romancing" on the part of the salesperson is necessary.
However, if the customer asks you whether your diamonds are "Conflict Free" and you look at them with a blank stare, it will not matter if you look and talk like an actor/actress, you just lost the sale!
So many of these salespeople have such egos and attitudes that they simply cannot accept the idea that they might be able to learn a thing or two from the boss.
They cannot coexist with other salespeople in the company and will attribute their lack of sales to anyone and anything, before they are willing to accept responsibility on their own.
IME, most jewelry salespeople come and go because of some aspect of the photograph above!
Jewelry By John Atencio
Jewelry by John Atencio, is our latest Jewelry Star showcase!
This company creates some of the most beautiful and unique designs in diamond jewelry!
Visit them and see for yourself.
Serious Doubts Over "Record" Diamond
I cannot help but say, I knew there was something fishy about the recent discovery of the world's "largest rough diamond"
Photo of purported "largest diamond" found recently
For one thing, the "diamond" was discovered by a small and relatively unknown South African mining company. Initial requests to view and study the diamond by major industry experts were also declined. There was a tremendous amount of secrecy surrounding the stone.
Nobody saw it, nobody studied it, nobody examined it..and basically, all the news we were hearing and reporting, stemmed from the select few individuals running this company.
The whole story sounded a bit queer, although I could not quite put my finger on it.....
Now it seems many news agencies and industry voices are starting to pick up on the bizzare aspects of this story.
In this BBC news report, they quote Ernest Blom, president of the World Federation of Diamond Bourses, who said he was withdrawing completely from the process to verify the stone.
Mr Blom said his requests to see the stone had not been met.
He said, "I am of the opinion that the 'diamond' could exist but I suspect something is afoot.
He further indicated that a Journalist told him she was shown a replica of this "diamond" which was passed off as the real thing.....
"Something sure is rotten in the State of Denmark"..................
All Work No Play
We get diamonds shipped in to us every day from various wholesalers and diamond manufacturers.
We do not "drop-ship" diamonds. Rather, we only sell diamonds we have first personally inspected and evaluated in our fully equiped gemological laboratory.
Some days are busier than others!
This week we had 10 different loose diamonds sent in to us on Tuesday alone!
Here is photo I snapped of my Dad (Barry G.) louping a diamond in our lab about 1 hour ago.
Family Jewels Found In Landfill! {Video Coverage}
This incredible story published today in Peoples Magazine (Online) is an absolute must read!!
Victoria Secret's Diamond Fantasy Bra For 2007
Since 2003, Victoria Secret has teamed up with diamond houses to create and showcase fabulous diamond studded lingerie.
Each year at the event, a different model showcases the Victoria Secret "Fantasy Bra" studded with major bling!
This year, Victoria Secret hooked up with the Mouawad diamond house, to create a comple set of diamond lingerie!
Selita Ebanks showcasing the Fantasy Bra 2007.
This expanded full gift set, includes a thong, garter, cuff bracelet and matching barrette.
"I felt completely like a woman and so sexy," says model Selita Ebanks, who recently undertook her first Fantasy Bra experience in a shoot for ads appearing in the new Victoria's Secret holiday catalog, due in mailboxes Friday. Once that baby gets hooked on, she coos, "your confidence level immediately goes up."
The blinged out underwear is complete with $4.5 million worth of diamonds, rubies, emeralds and yellow sapphires hand stiched into a push-up bra.
This brings new meaning to diamonds being a "girl's best friend"!!
Ebanks, joins the elite group and gallery of famous models who have showcased these diamond studded bras by Victoria Secret since 2003.
Platinum Prices Soaring, Palladium A Great Alternative.
With the prices for platinum going higher and higher every day (currently $1432 an ounce in raw metal), we have begun to offer most of our engagement rings in Palladium (in addition to gold and platinum) as a much cheaper and beautiful alternative.
As a result, sales of palladium engagement rings and jewelry have been surging!
An Awesome Website For All Watch Lovers!
For all of you who are as obsessed with watches as I am, Watchluxus.com offers the world's largest luxury watch database, to help you make the right decision when choosing a quality watch. By providing information on every watch from all luxury watch brands, they help you explore the entire watch category - quickly and easily.
Check it out!
Engagement Rings Get Sour!
What happens to the Diamond Engagement Ring when the engagement goes sour and south and the couple breaks up?
Does he get the Diamond Engagement ring back?
Does she keep it?
What do you think? Sour Engagement Ring
A Historical Perspective On Diamond Cutting
I just read this really informative article on the history of diamond cutting.
Mood Sensing Jewelry!
Did you ever wish your jewelry would reflect your mood??
Here is what this company says about their new product:
"Skintile the Electronic Sensing Jewelry further explores emotional and physiological sensing. It is a new genre of product; a generation of wireless, stick-on body sensors that re-define traditional body adornment. It explores a range of functionalities in new product forms that are playful, sensual, mood affected, bio activity stimulated, and arousal enhancing. It is a semi disposable, bio compatible, non-allergenic, breathable, mass customizable, self contained body worn accessory". (design.philips)
Tiffany Is Getting Bigger
Very soon you'll be able to take out a mortgage for a Tiffany Diamond Engagement Ring in your choice of over 70 new locations!!
Jacob The Jeweler Now Selling Vodka!
Jacob The Jeweler, known for his "blinged out watches," is currently being investigated for allegedly using his watch empire to launder $270 million in drug money.
Well, it seems Jacob has recently turned his interests to Vodka and is now manufacturing a new Vodka brand of his own exclusive label!
Luxist reports, the new Vodka is named for Jacob...and is actually his own name spelled backwards..."Bocaj".
We wish him all the best of luck with his new Vodka.........he's probably gonna need it during his featured trial and verdict. :-) ;-)
Engagement Rings By Vatche. 2008 Designs Preview!!
World class designer of fine diamond engagement rings, Designs by Vatche, is now showcasing some new jaw dropping diamond rings for the upcoming 2008 season!
Vatche engagement rings 2008.
As the Authorized retailer for Vatche diamond engagement rings in New York City, we are particularly excited about some of these beautiful new engagement ring designs by Vatche!
I am confident that these new engagement rings are going to be immensely popular!
We are already accepting orders for these new diamond engagement rings and will be adding them to our website very shortly. Contact ExcelDiamonds or Designs by Vatche for more information.
I1 Clarity Graded GIA Certified Diamonds Can Be Beautiful And 'Eye-Clean'!
Whoever said that I1 clarity graded diamonds could not be perfectly 'eye-clean' (no visible imperfections to the naked eye), did not see this beautiful GIA Certified 1.23 G I1 Round Ideal Cut Diamond which I photographed today for a customer!
Awesome diamond, totally eye-clean....and absolutely breathtaking!!
Ohh....and before I forget....incredible value for the money....nobody would know this wasn't a rare and expensive flawless diamond by looking at it from a normal viewing distance with the unaided eye!
Moral of the story is; if you are working on a limited budget and want an absolutely brilliant diamond, ....icy white,.... in the largest size you can get........go for an ideal cut round diamond, with a solid color grade (D-I) and lower (eye-clean) clarity grade!!
Now for the pics.
Looks good huh!!
Engagement Ring Gets Praise!
It's always gratifying and appreciated to get positive feedback from our Customers.
Here is an e-mail we received today from Ken C. who purchased our 1.57 G SI-1 SuperbCert Hearts & Arrows Ideal Diamond and had it set by noted Designer Mark Morrell in his beautiful "Flame" Setting.
"Hi Barry! As promised, here are some pics of my new ring. The diamond is just as you advertised and its absolutely beautiful and EYE-CLEAN!!! Thanks for all your help and i'll definitely use you guys as a referral. Mark did an absolutely amazing job, I hope you like em!!"
See What A Beautiful Asscher Cut Diamond Looks Like {Pics!}
I just worked up this stunning Asscher cut diamond today for a customer!
Specs. are: 2.12 I SI1 GIA Certified Asscher Cut Diamond!
BlueNile Engagement Rings: Should You Buy or Sell This Stock?
Interesting article appearing today in the Motley Fool on whether Bluenile stock is a Buy or Sell candidate. Buy BlueNile?
Read both points of view and see what you think.
Judah Gutwein Quoted On Luxist
In this recent article entitled "What is the future of diamond buying" by Deidre Woollard on popular luxury website, LUXIST, I was quoted with respect to this blog entry I wrote on Blue Nile.
Cool!
Diamond 'Bling' With No Sting!
"Bling without Sting is Totally Worthless. (this posting is not in any way a "digg" at the people behind the sign above..I just thought the picture was appropriate..;-)
A colleague of ours just informed me of a new "connection" he made for diamond jewelry manufactured in India.
This manufacturer creates all kinds of jewelry; from mens diamond cufflinks, to womens diamond pendants and brooches.
"These guys are so incredibly cheap" he tells me; "ya gotta give them a try".
"You're gonna be able to charge the same prices for this stuff and make a killing, instead of your razor thin profit margins on all the stuff you sell"
No brain-er right?
Wrong!!
I told him, I was used to offering quality diamond jewelry to our customers, where the set diamonds as small as they might be, actually have life and brilliancy to them.
It was my experience (I told him), that many of these manufacturers in India and other places who create "diamond jewelry" at really cheap prices, are using "diamonds" that are of such poor cut quality, they literally look dull and lifeless.
I call this kind of jewelry, "all bling with no sting".
I mean, just walking in the N.Y.C. Diamond District and looking around, I can always distinguish the inferior quality "jewelry" items originating from these places where jewelry is created on "the cheap", vs. the higher quality diamonds and jewelry fashioned for beauty and brilliancy as opposed to refuge and "scrap".
My opinion is, ya gotta have a modicum of pride in what you do and sell.
Ultimately, if everything was always about the "Almighty Dollar", people would wind up selling their own mothers to make a buck!
The bottom line is, you need to have some pride in the quality and consistency of the merchandise you sell.
What you lose in profits based upon your own cost of manufacture vs. the selling price, you can more than make up for with building and cultivating a reputation for the highest standards for honesty and quality.
Just my two cents.
Buy Your Diamond Engagement Rings and Get Gas.
That's right. The title is not a typo and I did not make one L'Chaim too many.
News today from India that Consumers can shop for gold, diamond jewelry, and engagement rings while lining up to buy gasoline. Diamond firms Gitanjali Group and Sanghvi Exports, through a joint venture with Spectrum Jewelery, have partnered with Hindustan Petroleum Corporation Ltd. in a deal that places the jewelry line at gasoline stations.
The stores, called a jewelry C-Store, are designed with 1,500 square feet of retail space. The first store opened in Bandra at a Hindustan Petroleum pump station.
So, it has come to this: Buying an item of infinite beauty that symbolizes Love, Dedication, Commitment, and Romance in the same place where you can buy Toilet paper, Antacids, Car-freshener, Pepto-Bismol, and Pretzels.
My opinion: Tasteless and No Class.
Is Diamond Retailer Blue Nile Having Problems?
...and Diamond "Drop-Shipping", Limited Diamond Information, Higher Prices.
While it is true that Blue Nile (BN) has become the #1 Diamonds and Jewelery Internet website and has become a premier website for the sales of diamond engagement rings and jewelry, the fact is they are not as "untouchable" as they used to be.
When Mark Vadon, CEO of BN started his website some years ago, the concept of selling engagement rings on the Internet was an idea, not a reality. Blue Nile came in at a great time, with a unique and exciting twist on the age old form of selling engagement rings. They were offering engagement rings on the net at lower prices compared to Brick and Mortar Jewelers to guys and gals sick and tired of the "Maul" store experience with inferior merchandise, lack of knowledgeable and patient salespeople, and inaccurate information, all at inflated prices.
Sure, the story of how Vadon was himself disillusioned with this diamond shopping process while looking for his own engagement ring, adds a bit of romance to the Blue Nile story and today passes for the stuff that legends are made of.
However, the fact is, Vadon is a MBA with absolutely no experience or knowledge of diamonds who was able to get a hundreds of millions of Venture Capital money which facilitated Blue Nile becoming #1 on the Internet.
Blue Nile had the entire market share of engagement ring purchases on the Internet all to themselves for quite some time during these initial stages of diamond engagement rings selling on the Internet. Exclusive locked-in contracts with Diamond manufacturers assured them of a steady supply of ready to sell Inventory. Of course, today they continue to sell at a very strong rate, have a great reputation, and continue to thrive.
Aside from some fluff pieces here and there, like this recent article by Forbes, the fact is that Stock watchers are beginning to take note things might not be that "peachy" in Blue Nile country!!
For starters, it is well documented that Blue Nile's top brass over the past two years have been consistently selling their stock shares in the company without even so much as one purchase being made!
When Company Insiders engage in a mass selling of their stock shares over an extended period of time the question becomes Why? Why are they abandoning their stock? What do they really know that their Institutional Investors, Common Investors, and most importantly their Industry Suppliers don't know?
I have a few theories of my own. Today BN is no longer the only game in town as there are Internet diamond vendors who have sprung up in the past several years who offer more competitive prices and add significantly greater value to the purchase process, with the same dedication and attention to customer service.
In this recent blog entry, I pointed out the well known fact that Blue Nile and so many other companies on the Internet engage in the dangerous form of "Drop-Shipping", which is where they act as middlemen and never actually see the diamonds and jewelry they sell before it reaches the customer.
I explain why this is a very dangerous prospect when purchasing a loose diamond or diamond engagement ring sight unseen over the net.
Recently, Deidre Woollard, writing for popular Luxury Blog, Luxist, contributes her own perspective to this to well known fact regarding Blue Nile's method of diamond selling.
Today, there are a select few companies who insist on calling in each and every single loose diamond a customer is contemplating, prior to the sale, for a complete inspection and evaluation.
They will process a tremendous amount of data, information and actual photographs, using the latest available technology which quantifies and qualifies the beauty, brilliancy and cut precision of a loose diamond. They will then forward all of this crucial information to the consumer thereby empowering them to make an educated decision on the diamond of their choice.
Moreover, they will offer these diamonds to the consumer at lower prices compared to the diamonds being sold by Blue Nile via the drop-ship method.
We are noticing that in today's Internet marketplace consumers are becoming more and more savvy with respect to purchasing diamonds online. Certainly, with the proliferation of popular consumer diamond information forums, like Diamond.Info, DiamondTalk, and Pricescope, consumers are becoming educated on the various aspects of a diamonds cut quality, face up appearance, and becoming familiar with the tools and technology used to evaluate a diamond.
They will wind up spending less money while obtaining the crucial information and actual diamond data from the Internet Vendor who does provide this information.
An increasing number of Consumers realize that Blue Nile does not provide this type of information, never see the stones but drop-ships the diamonds they sell. No doubt Blue Nile should continue to remain a force on the Internet to those Consumers who do not know about (or require) this type of diamond data and information.
Stay tuned!
Gevril Watches Launches New Website!
One of my favorite luxury watch companies, Gevril, has recently launched their new and updated website!
Personally, I think the website is absolutely beautiful and a lesson in the understated class and sophistication worthy of this elite brand.
Congrats to Samuel Friedmann and the Gevril family on this milestone!
