Archive

  • The Jewelry Industry Summit, an open forum on sustainability and responsible sourcing in the jewelry industry, has announced some of names of speakers and session presenters for its March 11-13 conference in New York. “The summit is organized to hear all viewpoints, from miners to retailers,” said Barbara Wheat, executive vice president of the Natural Color Diamond Association, who is a member of the planning committee.

  • More than 60 Indian exhibitors and several hundred buyers took part in the first day of the fourth India Diamond Week (IDW) being held this week on trading floor of the Diamond Dealers Club (DDC) in New York. The event is being held from January 18 to January 21. The trading event is one of several such inter-bourse shows held around the world, and is jointly organized by the DDC and India's Gem and Jewellery Export Promotion Council.

  • Without great fanfare, Los Angeles has become America's second-largest diamond-cutting center after New York and is dominated by Armenian immigrants who sell to wealthy buyers in China and elsewhere looking for intricate jewelry made with traditional craftsmanship, reports Bloomberg. "Los Angeles has the largest Armenian population outside of Armenia and many are involved in the jewelry trade. They’ve helped fuel explosive growth in the region’s diamond business that exported $4.6 billion last year, up from $34 million a decade earlier.

  • Tiffany & Co. shares rose on Tuesday after the upscale jeweler's stock was upgraded to buy from hold by investment house Jefferies. Analysts at the firm substantially raised forecasts for Tiffany's shares – to $100 from $88. In a note to clients, the firm said there was "a rare opportunity to get a high-quality company at a discount," and that Tiffany is a "powerful" and stable luxury brand that is improving its systems and supply chain.

  • Up to $10 million in diamonds were 'stolen' from a New York jeweler who admitted he had failed to lock the safe where the gems were stored. Jonathan Birnbach told police that he discovered $5 million to $10 million worth of diamonds missing from the vault in his business in the heart of the Diamond District.

  • The two-day Jewelry Industry Summit, which aims to provide a forum for all parts of the diamond and jewelry industry to discuss sourcing issues, is due to take place at the Fashion Institute of Technology in New York City from March 11 to 13. Also attending will be representatives of government and NGOs, as well as consumer and marketing experts and service providers such as banks and industry trade associations.

  • Auctioneer Christie’s generated $59.7 million from the sale of jewelry at its New York auction on December 10, with the top-selling item being the rectangular-cut, 31.34-carat, D-color ‘Victory’ diamond ring for $4.3 million. The diamond, which commemorates the Allied victory in World War II, sold for $137,492 per carat. It fell comfortably within Christie’s pre-sale estimate of $4 million to $5 million. Meanwhile, a cushion-cut, 43.79-carat, D-color diamond ring was acquired for $4 million, and a 103.66-carat diamond pendant necklace was bought for $3.7 million.

  • Sotheby’s Magnificent Jewels auction in New York on Wednesday generated total sales of $52.2 million, with the highest selling item being a platinum, sapphire and diamond ring which was bought for $5.1 million, way beyond its pre-sale estimate of $3.5 million to $4.5 million. The ring is set with a cushion-cut sugarloaf cabochon sapphire weighing 25.87 carats at its center, with two bullet-cut diamonds weighing approximately 0.40 carats on each side. Meanwhile, a Van Cleef & Arpels created diamond necklace worn by the late Queen Nazli of Egypt sold for nearly $4.3 million.

  • More than $170,00 worth of jewelry and watches were stolen from the store which Paltrow opened less than two weeks ago. Three men entered the store and forcibly opened a cabinet full of high-end goods, and although they were spotted by staff who alerted the police they managed to get away.

  • Christie’s will for the second time auction the 'Victory' diamond named to commemorate the Allied victory in World War II on in New York on December 10. The diamond was previously out under the block by Christie’s in 1984. Other notable stones to be offered for sale at the auction include the 'Petrie' diamond ring, a D color stone of 24.34 carats by Harry Winston, and a diamond pendant of 103.66 carats as well as a selection of fancy colored pinks, blues, oranges and yellows.

  • A platinum and diamond necklace created for Queen Nazli of Egypt with a pre-sale estimate of $3.6 million to $4.6 million will go under the block at Sotheby's in New York next month. Set with 217 carats of diamonds, it was made by Van Cleef & Arpels after Queen Nazli of Egypt commissioned it for the wedding ceremony of her daughter Princess Fawzia in 1939, Sotheby’s said. In excess of 500 lots will be up for sale on December 9, with the necklace being one of several jewelry items with a pre-sale estimate of more than $1 million.

  • The Diamond Dealers Club (DDC) of New York is expanding its arbitration services and is to offer help to members in settling disputes with non-members. Members will be able to put an acceptable arbitration clause into their memos, invoices, and letterheads, the DDC said.

  • Members of the Diamond Dealers Club of New York, the Antwerp Diamond Bourse and the Bharat Diamond Bourse of Mumbai will be taking part in the event in the trading hall of the Israel Diamond Exchange.

  • Fancy color diamond prices are holding steady ahead of the holiday season, according to the Fancy Color Diamond Index, with prices remaining stable during the third quarter "at a time when white diamond prices showed declines of 6-10 percent", according to a press statement from the Fancy Color Research Foundation (FCRF).

  • Celebrity jeweler I. Friedman & Son is one of many jewelry tenants moving as the famed New York Diamond District continues to be redeveloped by real estate baron Gary Barnett, according to the New York Post. Robbie Friedman, whose grandfather I. Friedman founded the company in 1922, said its longtime location at 10 W. 47th St. is one of many being bought by Barnett, a former diamond merchant, whose, Extell Development company is involved in luxury real estate.

  • New York jeweler Slavik Hayimov has pleaded guilty to laundering the proceeds of a nationwide jewelry theft ring and faces 20 years in prison when he appears in court for sentencing on February 26. Hayimov was arrested after the 2012 bust of a South American gang, which robbed at least 15 jewelry salespeople in seven states in a three-year spree that reportedly fetched around $5 million in goods. Hayimov was charged with buying goods for cash on at least 15 occasions at far less than market value knowing they were stolen.

  • The Natural Color Diamond Association (NCDIA) has begun a series of conferences around the world aimed at increasing consumer awareness about diamonds. The events began in New York on October 2 before moving to Mumbai on October 8. They will cover the topics of rarity and value and natural pink diamonds and will continue with a conference at the Israel Diamond Institute in Ramat Gan next month. Further meetings are planned for Australia, London, Hong Kong and Antwerp, and subjects that will be discussed include natural versus synthetic diamonds and retailing with color.

  • The announcements of the death of gold, it appears, were somewhat premature as the price of the yellow metal continues to rise. Gold prices dropped in the summer on the belief that rising jobs numbers in the United States would lead the Federal Reserve to raise interest rates from September. However, September saw just 142,000 jobs created, well below analysts' estimates of 205,000 and rates are not expected to rise before December at the earliest.

  • Sotheby’s auction of diamonds in New York last week generated sales of $18.4 million. Among the leading items was an F-color emerald-cut diamond weighing 30.15 carats that was set in a ring was bought for $2.6 million. Meanwhile, a cushion-cut sapphire weighing 43.25 carats framed by round and marquise-shaped diamonds and weighing around 2.90 carats sold for $802,000, and a platinum bracelet by Harry Winston from around 1960, with diamonds weighing a total of 101.00 carats engraved in cluster-style, was sold for $424,000.

  • An energy company executive has appeared in court in New York to face criminal charges that he diverted $18.5 million in company profits to a personal investment in an alleged conflict diamond mine Congolese. Gary Mole, the onetime owner of now-defunct Glacial Energy Holdings, pleaded not guilty to avoiding $740,000 in New York state taxes from 2005 to 2009. At different times, Mole classified the corporate cash as his own, listed the Générales des Mines au Congo mine as a consultant and backdated the “consulting agreement” with the mine, also known as Gemico, according to court papers.

  • Justin Abramowitz, 32, would ask to see an engagement diamond, then swap it with a ring set with a worthless piece of cubic zirconia, court papers allege. He started his crime spree on July 24 in a jewelry store on 47th Street and is charged with stealing four rings with a total value of tens of thousands of dollars.

  • The newly elected board of directors of the American Gem Trade Association (AGTA) will take office in February 2016 for three-year terms. Jeffrey Bilgore, of Jeffrey Bilgore, LLC, was elected President.

  • Daniel Struyf, who has been a jewelry specialist at Christie’s since March 2011, is now the international jewelry director at Bonhams, a newly created role. Struyf is a jewelry auction and industry veteran who is fluent in multiple languages and has worked in the three major jewelry hubs around the world - Christie's, diamond company Backes & Strauss in Antwerp and Olympic Diamond Corp.

  • Hollywood, Bollywood and a couple of Trumps turned out for the official opening of Indian luxury jewelry retailer Nirav Modi's boutique on Madison Avenue, its first in the US. "Establishing a presence in the United States is a key milestone of our growth strategy as a leading international luxury brand," Modi said on the occasion of the launch. For the occasion, Modi displayed a Maharani diamond necklace and earring set valued at $1.65 million in the store window. The NYC store is the company's fourth, following Hong Kong, Mumbai and New Delhi. 

  • The Israel Diamond Exchange (IDE) officially opened the fifth edition of its International Diamond Week on Monday. The event features more than 300 Israeli exhibitors and hundreds of buyers and exhibitors from 20 countries, including Belgium, India, Turkey, China, the US, Russia and Switzerland, the IDE said. Among the largest delegations to the show are those from the Diamond Dealers Club of New York, the Antwerp Diamond Bourse, and the Bharat Diamond Bourse in Mumbai.

  • Round diamonds below 0.9 carats in weight saw significant price movement to the negative, while items above that weight were more positive, according to IDEX's weekly price round-up. There was a brighter story for prices of fancy cut diamonds, however, particularly for diamonds weighing 0.3-3.99 carats in the medium to better color range. There were price declines for stones in the 4-4.99 carats range, especially in higher colors.

  • Around 100 exhibitors and several hundred buyers took part on the first day of the third India Diamond Week on the trading floor of the Diamond Dealers Club (DDC) of New York in Manhattan on Monday, the DDC said in a statement. The event is being held in conjunction with India's Gem & Jewellery Export Promotion Council (GJEPC). The event continues until August 27.

  • Stable demand in the United States is continuing to support, with excellent opportunities for cash buyers, Rapaport reports. On the minus side, Chinese consumer diamond demand is declining as the Shanghai stock market fell a further 8% this week. Consequently, low expectations are still in place for the September Hong Kong show, and the Indian domestic market is cautious about buying as the rupee falls below the 65 to the dollar level.

  • The Diamond Dealers Club of New York has re-elected Reuven Kaufman as its president, along with officers and board members.

  • Signet, which is ramping up its direct sourcing of rough from miners such as De Beers and Rio Tinto, wants to open a polished diamond selling office in New York City. “Signet has traditionally sold its diamond excesses and goods that do not meet our qualities from our Akron [Ohio] office,” says spokesperson David Bouffard. “Because the heart of the U.S. diamond market is also located in New York, we believe an office in the city should greatly facilitate that process.

  • More than 600 people attended the GIA’s New York Jewelry Career Fair where jobseekers were given the opportunity to meet in-person with representatives from 48 companies during the jewelry industry’s largest recruiting event. A wide range of gem and jewelry companies, including Cartier, Christie’s, CIRCA Inc., Jewelry Television, Rent the Runway and Tiffany & Co., were looking to fill hundreds of positions. The program also featured a panel discussion with industry veterans and one-on-one coaching with 23 gem and jewelry professionals.

  • White Pine Trading held a buying event for retailers at its New York City office on July 25, just ahead of the JA New York Summer show which began today (Sunday). The company sold goods from its inventory of fine, branded, signed, antique and estate jewelry outside. White Pine Trading specializes in the buying and selling of recycled diamond and jewelry.

  • Lab-grown diamonds versus naturally mined stones, issues concerning diamond grading reports, marketing to Millennials, using social media to increase sales, improving profitability, and identifying the latest jewelry fashion trends are among the panel discussions to be held at Jewelers of America New York summer show on July 26 and 27.

  • The well-known US department store chain Macy’s, which last month announced plans to open a new store concept called Macy’s Backstage to sell off-price items, including jewelry, has added two more locations due, the firm said, to a strong response from shoppers. Four pilot stores were initially announced in the New York area. Of the two new locations, one will be in the Bronx, and one in New Jersey.

  • Following its $118 million jewelry auction in Hong Kong which set a new record for the most valuable jewelry auction ever held in Asia, Christie's is preparing for its Important Jewels sale on June 16 in New York. More than 200 lots will be offered, including colored and colorless diamonds, rare gemstones, and signed designer jewels, with the auction forecast to generate $18 million in sales.

  • The three-day New York sale at Heritage Auctions saw jewelry sales of almost $8.8 million, with colored diamonds, including Fancy yellows and pinks raising $5 million.

  • The Jewelers Association (JA) New York Spring Show and the Manufacturing Jewelers and Suppliers of America (MJSA)’s Annual Expo will be held at the Javits Center at the same time.

  • French conceptual artist Mathieu Mercier will exhibit seven abstract portrayals of diamonds inside the Skylight at Moynihan Station in New York. Denis Gardarin, the gallarist organizing the exhibit, said, “To exhibit these works that are representations of value, at a time when the market is very much about value, puts it all out there.” Mercier explains that “Diamants 2015″ plays with multiple planes of representation.

  • A 30.80-carat purple diamond, named the “Kimberley Purple” and found in Batla Minerals’ Superkolong diamond tailings plant in Kimberley, South Africa will be tendered later this month in New York until April 23, and later in Antwerp from April 27 to 30.

  • A stroll down 47th Street can be bewildering, if you don’t know the language.