Magnificent diamonds, Kashmir sapphires, Colombian emeralds and signed jewelry all feature in Bonhams New York Fine Jewelry sale this September with 180 lots set to go under the hammer. "A Superb Diamond Ring" will be leading the sale. The 16.90 carats step-cut diamond is set with round brilliant-cut diamond shoulders and is estimated at $1,600,000-2,200,000. The diamond is certified as D color, Internally Flawless and classified as Type IIa, meaning that it has been recognized as the most chemically pure and with exceptional optical transparency.
An increase in wholesale sales of diamonds, strong growth in e-commerce sales and new store openings help Tiffany & Co. beat earnings estimates despite the fact that same-store sales declined for the seventh straight quarter. For the second quarter (ended July 31, 2017), the renowned luxury retailer reported a 9% rise in net income to $115 million, up from $105.7 million during the same period a year earlier, on net sales of $960 million. Analysts had expected the company to earn revenue of $930.3 million.
Signet's total sales for the Second Quarter of fiscal 2018 were $1.4 billion, up $26.2 million or 1.9%, compared to a decrease of 2.6% in the 13 weeks ended July 30, 2016 (Q2 2017). However, the jeweler’s first-half sales fell 5% to $2.8 billion, with profit sliding 25% to $171.9 million. The company also announced that it has agreed to acquire R2Net for $328 million in an all cash transaction.
KRC Research conducted an online survey on behalf of the Diamond Producers Association (DPA) regarding US millennial women’s views on luxury goods. The results highlighted three major trends: Long term value both financially and emotionally, Pride in legitimacy of the goods purchased and the expression of self-confidence.
Chow Tai Fook launched CHOW TAI FOOK T MARK, a new jewelry brand with diamonds exclusively from their ‘T Mark’ collection. Each stone is inscribed with the brands patented technology enabling customers to track the stones journey from sourcing - processing, cutting, polishing, authentication, design - to production.
Signet Jewelers Limited has been recognized for its corporate social responsibility and sustainability efforts by being named as a component of the FTSE4Good US and Global Indices in 2017. Signet joins this group of other publicly traded companies with strong environmental, social and governance (ESG) practices. “Signet is proud of our commitment to reducing our energy consumption and raising our efficiency levels across our business.
Following publication of their Q2 Interim Results, shares in Pandora, the Danish maker of charm bracelets, slumped 8 percent "after the company missed analyst expectations for revenue and profits in the second quarter", writes Financial Times, adding that this makes it currently, "the worst performing stock in Europe." Despite revenue improving 12% to $767 million (DKr 4.83 billion) in the second quarter, it fell well shy of analysts’ expectations of $780 million (DKr4.91bn.
Tiffany & Co. launched their fall advertising campaign, “There’s Only You”, a celebration of personal style and individuality with the faces of the campaign being 6 individuals with various backgrounds in the creative fields. The pieces in the campaign are a combination of past and present, classic Tiffany as well as pieces from the new Tiffany HardWear line.
Jewelers of America has elected Pittsburgh jeweler John Henne, president of Pittsburgh-based Henne Jewelers, as its next board chairman, succeeding Ryan Berg. Henne has managed Henne Jewelers, which his great-grandfather opened in 1887, since 1998. He oversees all aspects of the business, including diamond procurement, accounting, sales and marketing. JA President and CEO David J.
The Women's Jewelry Association revealed the 2017 winners of its Awards for Excellence at a gala in New York earlier this week, reports Ashley Davis for National Jeweler. The Design award went to Wendy Brandes, a former journalist and award-winning designer of fine jewelry inspired by women's history and pop culture. Betty Sue King, owner of King’s Ransom, was honored with the award for excellence for a Manufacturer, Dealer, Supplier. “The WJA has no glass ceiling,” she said.
Statistics from the jewelers Board of Trade (JBT) show that the trend of increasing of business closures in the North American jewelry industry continued in the second quarter of 2017, but at a slower pace than previously, reports JCK's Rob Bates. In fact, there were 48% fewer closures in Q2 2017 than Q2 2016, from 475 to to 245 closures in the period. As Bates clarifes though, "the consolidation trend hasn’t totally reversed itself: The number of jewelry companies is still shrinking. In June, the JBT recorded 27,706 businesses.
Signet Jewelers Limited today announced that its Board of Directors has appointed Virginia "Gina" C. Drosos, who has served as an independent director of the Company’s Board since 2012, as the new Chief Executive Officer of Signet, effective August 1, 2017. She is taking over the reins from Mark Light, who has served as CEO of Signet since 2014; he decided to retire after more than 35 years with the company due to health reasons, the company said in a statement.
Trade-focused VicenzaOro Dubai has merged with consumer-friendly Dubai International Jewellery Week to create the region’s only B2B and B2C jewelry event, reports Professional Jeweller. The VOD Dubai International Jewellery Show, as the event will be called, is to take place November 15-18 2017 at the Dubai World Trade Centre. The intention is to bring together entire the global jewelry industry chain - from international trade organizations and chambers of commerce, to wholesalers, manufacturers, traders, retailers and end consumers.
Chow Tai Fook continued its upward sales trend during Q1 2017 (three months ended June 30), as retail sales increased 17% in value in Mainland China and 7% in Hong Kong and Macau. After 12 consecutive quarters (3 years) of same store sales decline in Hong Kong and Macau, dating back to Q4 2014, the Hong Kong-based jeweler has now experienced growth for the second quarter in a row. Same-store sales growth in the two regions amounted to 11% and 5%, respectively.
Tiffany & Co. announcd Thursday that it has named veteran luxury industry executive Alessandro Bogliolo as its next chief executive officer. Bogliolo most recently served four years as the chief executive of apparel and accessories company Diesel, and his resume includes 16 years at luxury jeweler, Bulgari, including in the roles of chief operating officer and executive VP of Jewelry, Watches & Accessories.
The market for recycled diamonds has grown substantially in the last decade following the financial crash of 2008, and though it is hard to guage the market as a whole due the less-than-transparent avenues through which they are bought and sold, estimates are that the trade in recycled diamonds is now worth between five and ten percent of the global market - or approximately $1 billion - and is expanding. Abraham Dayan, writing for Rough-Polished, looks at some of the players in this growing market, the advantages it provides for manufacturers in need of affordable supply and retai
In his latest blog post, "A Market in Chaos", diamond industry researcher and analyst Edahn Golan examines the disconnect between the rising trend of lower price point/smaller-diamond jewelry and the willingness of manufacturers to pay more for the rough to produce it. He starts with trends in the consumer jewelry market - because this is the ultimate determining factor for the diamond market - that are demonstrating a distinct shift towards lower value goods. Drawing on his impressions from the JCK Las Vegas show, Golan writes, "The trend of smaller diamonds stood out.
Jeweller Harry Winston purchased the "Rockefeller Emerald", a flawless 18.04-carat Colombian emerald, for more than $5.5 million at Christie’s New York Magnificent Jewels auction.
Arriving at Antwerp’s splendid 19th century Central Station, with its marble staircases, iron and glass vaulted ceiling and gilded details, shoppers visiting Antwerp are filled with high expectations about the jewelry boutiques awaiting them in the world’s diamond capital. For years these expectations were quickly dashed, as consumers were confronted with myriad uninviting and less-than-reputable jewelry shops once they left the station. Where to turn?
Much to the relief of the gold jewelry and diamond processing industry, the government has made some changes to the previously announced goods and services tax (GST) rate structure, slashing the applicable rate from 18% to 5% for certain categories of goods and services - and importantly, manufacturing - related to the gem and jewelry industry. The Council’s earlier decision of 18% was met with much discontent among jewelry manufacturers, who called it impractical and likely to cause immense job losses, as well as increasing the burden on the end consumer. The new tax kicks in from July 1.
Ashley Davis of National Jeweler reports from JCK Las Vegas on the findings of a survey conducted by WeddingWire, an online wedding marketplace: essentially there seems to be a disconnect between the buyer and the receiver regarding the criteria modern couples use to shop for engagement rings. The proposer’s main concern is the quality of the stone, as the focus is on enduring value; the receiver valued the design and setting above all else, with quality and size ranking fifth and sixth respectively.
Hong-Kong based Chow Tai Fook jewelry Group, China's largest jeweler by market value, reports a 3.9% growth in net profit for the financial year which ended March 31, 2017, indicating a return to profit following a sales decline in Hong Kong and Macau, dating back to Q4 2014. The company told the media that although they had seen a stronger second half, a full-fledged recovery was still some time away.
The International Institute of Diamond Grading & Research (IIDGR), a De Beers Group company, has entered a partnership with one of Japan’s leading bridal jewelry retailers, I-PRIMO, to provide polished diamond grading reports. The reports will provide assurance to I-PRIMO customers that their diamonds meet the retailer’s strict quality standards, writes De Beers in a press release. I-PRIMO only uses loose diamonds that have been graded as ‘excellent’ for engagement rings and all melee diamonds must meet ‘Heart & Cupid’ grading standards.
Online diamond and jewelry retailer Blue Nile has appointed Jason Goldberger, former chief digital officer and president of Target.com, as its new president and CEO, replacing Harvey Kanter, who will serve as Chairman of the Board of Directors and continue to play an important role in the strategic direction of the company. "Goldberger brings to Blue Nile more than 20 years of executive leadership in merchandising, digital innovation, marketing, and product management across leading online retail organizations including Target, Gilt Groupe, Hayneedle, and Amazon.
The Diamond Producers Association (DPA) on June 6 debuted at JCK Las Vegas a print, out-of-home, and digital display campaign extension, complementing the successful “Real Is Rare” TV and digital videos that were released in October 2016. Starting in July, the new ads will appear in weekly and monthly magazines across several verticals, including bridal, lifestyle, fashion, and entertainment.
A ring that was originally purchased in the 1980s from a car boot sale for £10 ($13) under the assumption that it was a decorative costume jewel, today went under the hammer at Sotheby's Fine Jewels auction in London for $700,000 (£540,000), hammer price. It was only in the past few months that the owner decided to see if the ring had any value and asked Sotheby's to appraise it.
As part of a mine-to-consumer deal, R2Net, which owns JamesAllen.com, and Dominion Diamond Corporation have signed an agreement to market and brand CanadaMark® certified diamonds. JamesAllen.com will be the exclusive online retailer of CanadaMark certified diamonds; brick-and-mortar retailers will be able to sell the diamonds, but will not be allowed sell them online, giving James Allen "a significant advantage", according to JCK's Rob Bates.
In their recent addition to the Diamond Insight reports focusing on diamond jewelry demand and emerging trends, De Beers said it expected single women's acquisitions and spend to increase in 2017, leading to an increase in self-purchasing in non-bridal, discretionary jewelry categories, driving incremental demand above and beyond the fundamental driver of demand, namely, bridal diamond jewelry.
According to industry insight data published today by De Beers Group, "U.S. Diamond Jewelry Demand Hits US$41 Billion High", total diamond jewelry demand from US consumers increased 4.4 per cent in 2016 to exceed US$40 billion for the first time. While slower US GDP growth in the first quarter of 2017 is likely to have impacted diamond jewelry demand in the short term, the US has recorded five years of consecutive demand growth. US consumers now account for roughly half of all diamond jewellery purchases globally – a level not seen since before the financial crisis.
The lastest disruptive online diamond sales platform, a "reverse auction site" startup called Legemdary, purports to serve the interests of diamond buyers and wholesalers by cutting out retailers altogether, writes Rachelle Bergstein for Forbes, introducing the company to a global audience. Legemdary calls itself the only straight to wholesale online diamond marketplace, connecting prospective engagement ring buyers directly with wholesalers who bid to supply the consumers' needs.
Christie's Hong Kong yesterday auctioned off the famous 'Jonker No. 5' diamond for $5.3 million, soundly beating the pre-sale estimate of $2.2 million to $3.6 million. The 'Jonker No. 5' is part of a legendary collection of 13 stones fashioned from one of the most famous diamonds in history: the 726-carat piece of rough discovered by Jacob Jonker in South Africa in 1934, which at the time was said to be the fourth largest gem-quality diamond ever recovered. The Type IIa stone is D color, VVS2 clarity, rectangular-cut and weighs 25.27 cts.
Debra LaBudde launched Memo, an ecommerce site that specializes in fine jewelry. The name of the brand refers to the consignment practices within the jewelry and diamond industry, wich served as the inspiration for her concept. LaBudde noticed there was an untapped market for fine jewelry, “(I saw) an interesting opportunity in the marketplace that, in my mind, hasn’t been well served, and that ultimately could create a larger market.”
Tiffany & Co. reported Wednesday that while U.S. sales varied by location in the first quarter, they were “generally soft” with both foreign tourists and local customers spending less. In the first quarter ended April 30, the New York-based retailer recorded a 4 percent decline in same-store sales in the Americas, with net sales down 3 percent to $392 million. Worldwide net sales rose 1% to $900 million due to growth in Asia-Pacific - Tiffany's second largest market - and an increase in the wholesale sale of diamonds, while comparable store sales were 3% below the prior year.
Canadian - or rather, Québécois - diamonds from mine to finger were cause for celebration in Montreal yesterday, as Maison Birks unveiled the first 200 diamonds from Quebec's Renard diamond mine, owned by Stornoway Diamond Corporation. In the presence of Birks Group President and CEO, Mr.
The first edition of CARAT+, the new diamond and diamond-jewelry exclusive trade show in Antwerp, concluded its final day of trading on a positive note, the organizers announce. Official data indicates that over the three-day period, CARAT+ recorded 2,927 visitors from 29 different countries; they were welcomed by 116 exhibitors from 14 countries. The organizers have already set a date for the second edition: 6 + 7 + 8 May 2018.
Signet Jewelers Limited has announced that it had reached an agreement with the Equal Employment Opportunity Commission (EEOC) to resolve all claims related to the pay and promotion of female retail sales employees at the company in EEOC v. Sterling Jewelers Inc. The Consent Decree states there were “no findings of liability or
The French luxury group Kering reported a strong first quarter, with group revenue rising by 31% y-o-y basis to $3.89 billion. Sales from its luxury activities for the same period totaled $2.63 billion, up by a steep 34%. The sales growth in the group’s directly operated store network increased significantly to 36.6%, as a direct result of the remarkable performance in Western Europe and the Asia Pacific area, which reported sales increases of 49.9% and 46.7% respectively.
Chow Tai Fook has partnered with luxury travel retailer DFS Group, a subsidiary of LVMH, to open its second boutique in the United States on the Hawaiian island of Oahu. The Hong Kong-based jeweler’s branded store will launch in T Galleria by DFS in the heart of Honolulu and close to the iconic Waikiki Beach. T Galleria by DFS is a prime shopping destination for travellers seeking leading international luxury brands; Hawaii is a popular wedding and honeymoon destination, with jewelry fast becoming a key retail category for travellers to the islands.
In April 2017, a symposium called, “Synthetic Diamonds: Are Watchmaking and Jewelry in Danger?” was held in Geneva, specifically to address the issue of synthetic diamonds in the domain of watchmaking and how it is possible to differentiate natural from lab-grown stones.
Following the end of year 2016 in which poor sales performance and management changes were overshadowed by the reemergence of allegations of rampant sexual harassment and discrimination, Signet Jewelers is clearly making an effort to polish its i
The world’s largest jeweler, Hong-Kong based Chow Tai Fook, reports strong retail sales growth in the fiscal fourth quarter, reversing 12 consecutive quarters (3 years) of same store sales decline in Hong Kong and Macau, dating back to Q4 2014. The uptick was strongest in Mainland China, where overall retail sales value increased 16% while same store sales rose 12%. Overall and same store sales in Hong Kong and Macau rose by 1% and 4% respectively.
‘Chocolate’ diamonds have gained in popularity in recent years, to the chagrin of many purists. For years some diamond jewelry companies have been accused of generating a hype about diamonds traditionally seen as bottom-the-barrel stones, effectively deceiving end consumers by rebranding brown diamonds as ‘chocolate’. Jezebel and the Daily Mail have gone so far as to call these jewelers “liars” who are “fooling women”, claiming the name and marketing of the chocolate diamond is insulting: “Women won’t be able to resist, because it’s chocolate!
The De Beers Group made headlines last month when it announced the end of its joint venture with LVMH with the aquisition of their 50% share in De Beers Diamond Jewellers (DBDJ), a move that Chaim Even-Zohar characterizes as, "brilliant and long overdue." He writes, "With De Beers at the helm, the venture will get a realistic chance to succeed.
Necklaces with detachable pendants that double as brooches, tiaras fit for royalty that can also be worn as bracelets, and earrings which can transform into haircombs are making their way back this season. High Jewelry brands such as Chaumet, Van Cleef & Arples, Cartier, Bulgari and Graff have re-embraced the notion of transformable jewelry. The versatile trend is“perfectly adapted to our times,” says Jean-Marc Mansvelt, CEO of Chaumet.
LVMH Moët Hennessy Louis Vuitton, the world's largest luxury producs group, recorded revenue of 9.9 billion Euros ($10.51 billion) for the first quarter 2017, an increase of 15%. Organic revenue (with comparable structure and constant exchange rates) growth was 13% compared to the same period of 2016, an increase attributable to all business groups.
With 850 million active users monthly, western luxury brands have been quick to embrace China’s “most important platform for luxury brands”, WeChat. Local and international brands have realised the potential of the platform to make them key players in China’s $103 billion jewelry market. Western companies have used it for flash sales as well as marketing and customer interaction. While these flash events have spurred sales, China’s online sales remain limited, says Antoine Pin, managing director of Bulgari in greater China.
R2Net, which owns JamesAllen.com, the fastest growing online diamond retailer, obtained a $140M growth equity investment from Francisco Partners to further accelerate the company’s rapid expansion, the company announced in a press release. “Anyone who has ever bought a diamond or an engagement ring appreciates how intimidating the process can be for the consumer,” said Matt Spetzler, Partner at Francisco Partners.
Luxury Jeweler Chopard has collaborated with “Diamonds” singer Rihanna on an exclusive and limited edition Haute Joaillerie collection “Rihanna ♥ Chopard”. The international R&B star is frequently adorned in Chopard on the red carpet. Caroline Scheufele, Chopard’s Co-President and Creative Director, worked directly with the artist for the colorful collection inspired by the singer’s home, Barbados, with elements of the gardens and the vibrant spirit of Carnival.
JCK's Rob Bates conducted an in-depth and personal interview with Cecilia Gardner, who recently stepped down after 18 years as president and CEO of the Jewelers Vigilance Committee, a not-for-profit trade association dedicated to compliance with laws pertaining to the jewelry industry.
Christie’s upcoming auction of Magnificent Jewels will take place on May 17 at the Four Seasons Hotel des Bergues. Consisting of approximately 250 exceptional jewels, it will include a thematic section comprising 30 exceptional pieces from Italian makers, important gem stones, coloured diamonds and signed jewels.
"The organizers of Baselworld, the world’s largest watch and jewelry fair, have recognized that it is in a state of decline," writes Anthony DeMarco for Forbes. "At a time when the fair has reached the milestone of 100 years, fair organizers announced that they are reducing the 2018 edition by two days and cutting prices for exhibitors, following several years of exhibitor and attendance declines." The organization announced in a press release that visitor figures were down 4% to 106,000 buyers.
Speaking at the Antwerp World Diamond Centre (AWDC) Café - a monthly guest lecture series at AWDC - diamond industry analyst Edahn Golan addressed the latest trends in the U.S. retail jewelry market. Drawing on actual point-of-sale data gathered by NPD Group from thousands of retail doors in the U.S., including major jewelry chains and hundreds of independent jewelers, Golan notes that the industries tracked by NPD in the U.S.