In November 2016, Reuters reported that an Italian market regulator Consob was investigating the sale of high-quality investment diamonds through bank branches across the country after a TV report alleged the stones were mis-sold to the public. Several Italian banks distribute diamonds for diamond brokers, generating around 300 million euros ($334 million) in sales for the brokers last year.
The International Gemological Institute (IGI) will unveil two new organizations at a jewelry workshop in Italy this week on the technical and commercial impact of synthetic diamonds on the jewelry industry. Firstly, the IGI Italy Association, which will represent the Antwerp-based laboratory’s operations in Italy, combines the five territorial districts involved in implementing IGI’s School of Gemology programs in Italy. Secondly, the IGI Italy Alumni Association will also be introduced at the workshop.
Forevermark diamond, part of the De Beers Group, announced it had inscribed its two millionth diamond, a 3.48 carat round brilliant which now bears the unique inscription of ‘2,000,000’. The diamond was mined, cut and polished in Namibia, then inscribed in the Forevermark Diamond Institute in Surat and will be set in a piece of jewelry at the Forevermark Design innovation Centre in Milan, Italy.
Bulgari, an LVMH-owned jeweler and watchmaker, announced the opening of its new jewelry manufacturing facility in Valenza, Italy, a mere 18 months since the foundation stone was laid. It is one of the largest expansions of Bulgari’s exclusive “made in Italy” manufacturing network. Bulgari strategically chose Valenza, famous for its goldsmith history and the Cascina dell’Orefice (est. 1817), as the location for the new site, which they expect to create an additional 300 jobs by 2020.
Italian private equity firm Clessidra said it has agreed to sell an 85 percent stake in high-end jeweller Buccellati to Chinese conglomerate Gangtai Group, according to Forbes. The Buccellati family, who in 1919 founded the jeweler famous for its ornate, lace-like creations, will retain a 15 percent stake. A source familiar with the deal said the acquisition gave Buccellati an enterprise value of 270 million euros ($282 million) or 6.6 times its revenues.
An Italian regulator is investigating the sale of diamonds through bank branches across the country after a TV report alleged the stones were missold to the public, writes Reuters. Several Italian banks distribute diamonds for diamond brokers, an unusual partnership that generated around 300 million euros ($332.88 million) in sales for the brokers last year. State channel Rai3 said in October that several banks sold diamonds as financial products in bank branches at twice the market price.
The VicenzaOro show, organized by Fiera di Vicenza, began on Saturday, continuing to September 7. The organizers said 1,300 brands from 35 different countries were taking part. The main theme of the show is 'The Golden Touch', with sub-themes including product excellence, national and international products, Corporate Social Responsibility, distribution, new trends in the industry and the marketplace, international aspects and communication.
The World Jewellery Confederation (CIBJO) and Fiera di Vicenza will hold a seminar on marketing to millennials at the VicenzaOro show in Italy next week. Speakers at the panel discussion will include Jean-Marc Lieberherr, chief executive of the Diamond Producers Association; Costantino Papadimitriou, senior VP of brand strategy and innovation at Forevermark; Roberto Coin, owner of the jewelry brand that bears his name; and Ella Goldner, global strategy director at IPG Mediabrands, an advertising and marketing agency in London.
The Board of Directors of Fiera di Vicenza, which organizes the VicenzaOro tradeshows, told the firm's Shareholders’ Meeting on February 3 of plans to list the company on the Milan Stock Exchange. Such a move is supported by the company's strategic and economic objectives, the directors explained. "As soon as possible, another Shareholders’ Meeting will be convened to discuss the methods and strategies for the listing process," Fiera di Vicenza said in a statement.