Archive for September, 2006
Group Sues EPA Over Lead in Toy Jewelry
Thursday, September 14, 2006
FOX News
By TERENCE CHEA, Associated Press Writer
SAN FRANCISCO — Environmentalists sued the federal government Thursday to stop the sale of toy jewelry made with lead, citing dangers it can pose to brain development in children.
The San Francisco-based Sierra Club wants the Environmental Protection Agency to find ways to stop the sale or production of toy necklaces, bracelets and rings containing lead.
“I don’t think parents realize that these pieces of jewelry have the potential to be harmful,”said Jessica Frohman, head of a Sierra Club committee on toxic substances. Children can be exposed to dangerous levels of lead if they suck on or swallow the jewelry, she said.
The attorneys general in California and Illinois sent letters to the EPA supporting the Sierra Club complaint.
The EPA would not comment directly on the lawsuit, which was filed in federal court in San Francisco. But spokesman Mark Merchant said the agency has a”comprehensive set of regulations”to protect children from lead. It does not, however, have specific regulations for toy jewelry containing lead, he said.
Inexpensive toy jewelry made with lead or painted with lead paint is sold nationwide in vending machines and in stores that sell mainly to immigrant communities.
(Story continues below)
September 15th, 2006
Classic Diamonds to tap US retail jewelry market
Myiris.com, India
Source: IRIS (13 September 2006)
Classic Diamonds India has recently signed an agreement with Diamond Direct, a company dealing in jewelry outlets and super stores in USA, to establish retail operations in the US and Canada.
The company and Diamond Direct are planning to set up jewellery retail chain stores under the `Classic Jewels` brand. These chain stores will retail diamond-studded jewelry manufactured by the company
Classic Diamonds India is a DTC sight-holder company. It has its presence in all the value segments in the jewelry manufacturing chain - from loose diamonds to design, and manufacture of retail jewelry.
The rough diamonds are cut & polished at the company`s diamond manufacturing unit, while diamond studded jewellery is designed and manufactured in-house. This manufacturing expertise allows the company to have better control on production processes, thus enabling better cut and clarity and low cost of production.
Diamond Direct is a jewelry wholesaler, working exclusively with the company. Its clients include retail chain stores like JC Penny, Sterling, Zales and the Samsclub (a higher end store of WALMART). All the jewelry sold to these retail chains is sourced through the company.
* Q - Quote , N - News , C - Chart , F - Financials
September 14th, 2006
Supermodel Petra Nemcova the new face of Fortunoff Holiday jewelry collection
China Daily, China
Fortunoff, 84-year-old New York retailer has signed supermodel and humanitarian, Petra Nemcova, as their new face. She is the first personality associated with the brand since Lauren Bacall served as Fortunoff’s spokesperson twenty six years ago. Petra, known for her beauty as well as her compassion and charitable endeavors, will serve as the face of Fortunoff’s regional advertising campaign and their Fall and Holiday Jewelry catalogs.
The latest images of Petra’s campaign have recently been unveiled in the windows of Fortunoff’s flagship Fifth Avenue location. With this new campaign Fortunoff’s desires to appeal to a more youthful and fashionable consumer.
In addition to serving as the face of Fortunoff, Petra will take on the role as designer for the very first time. She collaborated with the jewelry design team to create a new collection called the “Petra for Fortunoff Collection,” available this holiday season in all Fortunoff retail locations, as well as online.
“Petra for Fortunoff Collection” incorporates pieces in gold, sterling silver, and pieces with diamonds and gemstones that retail from $125 to $5,000. A portion of proceeds from select items will benefit the Happy Hearts Fund, Petra’s personal charity of choice she founded in 2005. The Happy Hearts Fund provides aid to children in need who have suffered loss or hardship as a result of natural, economic or health related disasters.
“For me, jewelry is an easy way to make a personal statement with your look. I feel very blessed to now be a part of the Fortunoff team, and the pieces I designed not only add a glamorous and sexy touch to any outfit, they add a bit of light and hope to your outlook each and every day,” explained Petra Nemcova.
Joel Kier, of the Office of the Chairman relayed, “We are very excited to announce Petra as the new face of the Fortunoff brand. Not only is she extraordinarily beautiful but she epitomizes the modern day woman. Her humanitarian efforts are inspiring and we feel she’s a perfect choice because of her well-rounded nature.”
Another element of this collaboration includes a holiday ornament called “The Petra Heart” that has been exclusively designed for Fortunoff by renowned ornament expert Christopher Radko. The design features the children of the world holding hands around a heart, which exemplifies the mission of the Happy Hearts Fund. The ornament will retail for $46, and will be available in Fortunoff stores and on their website at Fortunoff.com beginning November 1st with a portion of proceeds benefiting the Happy Hearts Fund.
Petra Nemcova is a Czech born model and tsunami survivor. Since her introduction to modeling, Nemcova has worked with some of the industry’s most prominent photographers, such as Mario Testino, Gilles Bensimon, Patric Demarchelier. Her sultry looks have been featured in major magazines including Vogue, Vanity Fair, Elle, Harper’s Bazaar and has appeared in advertising campaigns for high-profile brands such as La Perla, Clarins, and Max Factor, among others.
In 2005, Petra Nemcova established the Happy Hearts Fund to support children who are the victims of natural, economic and health-related disasters. Her commitment to raising funds for charity has been recognized by numerous organizations including Glamour’s “Women of the Year” and Fortunoff’s “Women in the Know” event co-sponsored by Vanity Fair.
September 12th, 2006
LVMH’S WATCHES & JEWELRY BUSINESS GROUP OPERATING MARGIN UP OVER 10%
Tacy, Israel
10 September 2006
Luxury products group LVMH Moët Hennessy Louis Vuitton recorded a 19 percent increase in profit from recurring operations during the first half of 2006 and a 35 percent increase in operating profit. Each of the business groups recorded double-digit growth in profit from recurring operations, a performance which is even more noteworthy in view of the strong growth in the first half of 2005
There was strong recovery in the Watches & Jewelry business group, whose recurring operating margin has exceeded 10 percent for the first time. The profit from recurring operations in the Watches & Jewelry business group was US$47.3 million in the first half of 2006, compared to US$17.9 million in the first half a year earlier.
“Our performance during the first half of the year once again demonstrates the exceptional appeal of our brands as well as the coherence and effectiveness of our strategy. The Group again recorded double-digit growth in its results and continued to improve its profitability. Revenue growth over the summer has continued the trend we saw at the beginning of the year. Numerous product launches alongside growth of our core brands, both in our traditional markets and in the emerging countries, should allow LVMH to continue its progress in the second half of the year in a well oriented economic environment. All these elements enable us to confirm our objective of a very significant increase in results for 2006,†says Bernard Arnault, Chairman and Chief Executive Officer of LVMH.
September 11th, 2006
Hong Kong: Quality, design diversity
Global Sources, SingaporeÂ
Well-established factory management systems, an emphasis on quality and fast development time have made Hong Kong one of the most prominent sourcing centers for costume jewelry.
Currently the world’s largest exporter in the line, Hong Kong shipped more than $6 billion worth of costume jewelry in 2005. Outbound shipments have grown by more than 25 percent in each of the past two years. The US is the biggest market, followed by the EU, Japan and Taiwan.
There are about 70 manufacturers in the SAR alone, not including companies with production facilities located in parts of mainland China. Makers are mostly privately owned, small and midsize, and with direct export capability.
As with many Hong Kong industries, most suppliers have already transferred manufacturing to nearby cities in the mainland, including Dongguan, Shenzhen and Panyu. Only design development, sampling, sales and marketing personnel remain in the SAR.
This migration seems to have had no ill effects on the industry. In fact, having factories in the mainland has helped manufacturers obtain raw materials easily. The lower operating costs there have also allowed makers to increase investment in high-tech machines and production technology.
Many costume jewelry suppliers in Hong Kong are now equipped with advanced mold-making, die-casting, polishing and electroplating machinery. Modern equipment helps in producing more elaborate finishes and models that are consistent in terms of size and quality specifications.
A number of companies have also incorporated production techniques such as electroforming with handiwork to enhance efficiency.
Some makers have invested in ERP software to integrate all aspects of production from accounting to shipment. Companies are also boosting efforts to improve management systems, thereby enhancing quality and minimizing costs.
In addition, Hong Kong costume jewelry suppliers benefit from an experienced workforce. Many of these makers’ factories have well-trained workers who need minimal supervision in handling manual tasks and operating high-tech machinery.
September 8th, 2006
Parent Firm of Boston, Richmond Jewelry Stores Files Chpt. 11
Diamonds.net, NY
The parent company of Boston jeweler Shreve, Crump & Low –Tyringham Holdings Inc.– blames high remodeling costs and the jewelry store’s relocation for a decline in business for which it was forced to file Chapter 11 on September 6.
Tyringham also owns the Schwarzschild Jewelers chain in the state of Virginia, which consists of three store locations in the Richmond area.
Prior to Christmas season 2005, Tyringham invested more than $7 million to relocate and remodel one of two Shreve brand stores. The store also commissioned a hand-made Steuben sculpture for a central design element. Revenue fell some $1.5 million following the move. Tyringham’s 2005 revenue clocked in at $31 million, down 26 percent from year 2000, and net losses came in at $9 million, up from $648,000 in year 2003, according to court papers.
Court documents list assets at $24.8 million and liabilities at $24.3 million.
Tyringham has been soliciting bids for both chains and allowed four companies to conduct due diligence in 2006. Tyringham reports having signed “a pact” with Carlyle & Co. Jewelers of North Carolina, following a $9.8 million proposal to buyout only the  Schwarzschild chain.Â
September 8th, 2006
Jewelry Artist to Appear at This Year’s St. Louis Symphony Showhome
Associated Content, CO
“I have people approach me all the time to tell me what great compliments they get when they wear my jewelry; each piece is made from the finest quality materials from around the world†said Mary Barge Hoar, “ I hand craft each one so that no two pieces are the same.â€
Jewelry Artist Mary Barge Hoar will be a featured vendor September 22 thru October 15, in this year’s Symphony Showhome.
Freshwater pearls from all over the world and Swarovski crystals from Austria are just some of the fine materials you can find in a piece of jewelry made by Ms. Hoar. Come out to the Symphony Showcase to see Mary’s creations and get a few for your own jewelry collection.
Mary Barge Hoar studied art during her time at Kirkwood High School and her college career. She originally wanted to be an art teacher however; she decided to put those dreams on hold to pursue a career in business.
While enjoying a successful career in sales and marketing, being happily married and a new mother; Mary was diagnosed with an invasive case of breast cancer. After this life-changing event, her priorities were altered forever. She decided that staying home with her son was now the most important thing in her life.
During her free time she began to play with wire and make wine glass charms. Eventually, her small charms evolved into a unique and wildly popular form of artistic expression. “Each place I go, and person I meet is an inspiration that goes into my designs†said Mary.
For more information about Mary Barge Hoar and how to get your own charming design, visit her website at www.charming-designs.com.
September 7th, 2006
Jewelry Buying Tips
DailyIndia.com, NY
Online Jewelry Auction Buying Guide: There are many advantages to buying jewelry through online auctions. The first advantage is pricing. In many cases, one could never go into any jewelry store and find the bargains that abound online.
In fact, online auctions have changed the way consumers shop for jewelry. Where else can consumers find top graded gems and finished jewelry products for just pennies on the dollar?
There was a time when consumers went to what they thought was the “source” (the New York Diamond District) for their diamond purchases, however, over the years, those who want to keep up with the competition (in New York) have actually opened eBay stores and conduct auction events in order to move their merchandise quickly (especially during non holiday seasons).
Jewelry Pricing: Many consumers can’t understand why there can be such wide swings in gem and jewelry prices. First, the jewelry business is cyclical (seasonal). Some of the best prices on gems, diamonds and finished jewelry can be had during spring and summer months. This is because we (as jewelers) need to bring in the much-needed capital to make large purchases in stock for the holiday season.
This is not to say one can’t find great bargains during the holiday season, as we end up with overstock, duplicate items, last years designs and in some cases, the item just did not appeal to consumers visiting brick and mortar retail jewelers. Online jewelry auctions provides an outlet for retail and wholesale jewelers who need to sell every piece of jewelry and gem they have in stock, in order to go back to their suppliers and Global Jewelry Shows to buy more.
The more we buy in stock from our suppliers, the higher our credit limits are extended. If we pay cash for our products (and not take too many items on consignment) we end up gaining higher cash discounts, which allow us to sell near wholesale pricing. The bottom line is always affected by volume in sales. The more we sell, the higher our credit limits are extended. In addition, we cannot look at every gem or piece of jewelry based upon “did we or will we make money”. On many pieces we lose money, however, if we have volume in sales (over the long term) we can stay in business. This is where online auctions come into play.
With millions of registered users worldwide, online auction sites allows us to reach the largest possible audience we could ever hope to achieve. There is no doubt, that finished jewelry products and gems find homes (worldwide) through our Live Auction Events due to the expansive reach of internet. In other words, gems and jewelry, which do not sell due to the lack of interest on the part of consumers shopping in brick and mortar establishments, will sell through online auctions due to the vast audience available on the internet.
On another note, there are may consumers who expect to pick up 10+ carat diamond necklaces in Platinum with VS diamonds for a few thousand dollars. This is just not possible in the “real world” let alone in any brick and mortar jewelry retailer (worldwide).
Expectations of getting a bargain on sites such as eBay, run high (sometimes too high) and this is due to a few sellers, which may have to dump an item (once in a while) below wholesale cost. Those super, super bargains are far and few between, however, once someone scoops up a super bargain, they expect to find that same bargain abounding everywhere on eBay. While you’ll never find “super bargains” on a daily basis, you can find bargains from those in the jewelry trade, who just need to “move” merchandise and move a lot of it quickly in order to keep pace with the industry.
Price Swings: We are asked many times a day “how do offer such high quality gems and jewelry at prices my local jeweler can’t offer?” First, we do not operate a brick and mortar location and if we did, we would need to set up an establishment in a highly visible location (undoubtedly with high rents). Second, we would have to advertise through all media outlets in order to get the consumer into our door. Third, we would have to buy jewelry display fixtures and then staff our store.
Finally, the most expensive investment in such a store is “lighting”. Not to mention the cost of carrying millions of dollars of insurance for product lines and liability. When you walk into a jewelry store ALL of these expenses are calculated into the price of every piece of jewelry and gem you buy! This is not even taking into consideration that every jeweler ends up dealing with “the middlemen” who mark up gems and jewelry to the point where what you’ll find on sites such as eBay, cost 1000% less then what you’ll find in a local jewelry store.
Our company, splitsecondauctions.com works on two premises. One, we are the creator of the “Fine Jewels Auction at Sea” events onboard the world’s largest ocean liners. What does not sell on our cruise ship vessels ends up on eBay at steeply discounted pricing. We need to move merchandise quickly in order to re-supply and keep up with industry trends. While consumers can’t believe what they can buy for “pennies on the dollar”, we also face an uphill battle with brick and mortar jewelry establishments in the United States. Our industry is one of the only industries in which the competition is so fierce that you’ll find a war being waged between online jewelers and brick and mortar jewelry retailers.
Here’s a good example. Let’s say you purchased a 10+ carat VS Diamond & Platinum Necklace on eBay for $6500.00 (the average retail price of that item would be $35,000.00+ in a local jewelry store). Now let’s say you take the item you won on splitsecondauctions.com and brought that item into your local jeweler for his opinion of its value. In nine out of ten cases, the local jeweler will say you got “robbed” as he could offer the same piece for less. In no other industry, is the competition so fierce that wars are waged between online jewelry sellers and retail brick and mortar operators. Why does this happen? Because you did not buy the item from your local jeweler, they lost a sale and hope to recover you as a customer.
When we’re faced with such a situation, we have one question of the brick and mortar operator and the buyer, “if you can sell that necklace for $6500.00 we’ll send you $65,000.00 for ten of them”. We have never been taken up on our offer (to date) and our customer comes to the realization that they got the deal of a lifetime!
Appraisals: Just what is an appraisal? It’s a piece of paper expounding on value (whether that value be determined by Estimated Retail Value or Insurance Replacement Value). It’s also, no doubt, a sales tool, which can or should be used by a prospective buyer to come to some kind of determination of value on a piece of jewelry.
When you buy a piece of jewelry from a jewelry store, they may offer you an appraisal. If the appraisal was performed by a third party appraisal firm then you may have something of value in your hands.
If the appraisal was performed by an “on-site” gemologist employed at the jewelry store, the question of “who’s working on who’s behalf” comes into question.
Buy a piece of jewelry online and go into any jewelry store and just because you did not buy the item in that specific store, you’ll more than likely be told you paid too much.
The Acid Test: Take your favorite piece of jewelry (a piece you have owned forever) and bring it to that local jewelry store and ask how much it’s worth and they’ll give you an estimate. Better yet, get it appraised by their “on-site” gemologist. Then ask them if they’ll buy the piece from you for the quoted estimate. The answer will be a resounding NO! (unless they can grab it from you for pennies on the dollar).
Take the piece to a pawn shop and they’ll offer you some variation of the spot price of gold (if the piece is set in gold) and if the piece has a diamond - what until you hear just how low they can go.
Jewelry is just like any other consumer product. Buy a car, drive it off the showroom floor, bring it back to the dealer a week later to sell it back and see what they offer.
However, jewelry and gems do have one outstanding feature. Insurance companies offer their customers the ability to increase their loss policies (for jewelry) each and every year upwards by 5%!
The biggest buyer of jewelry a few years back was not a national jewelry store chain or any combination thereof -it was a Major Insurance Carrier!
This may answer the question of what type of an appraisal consumer’s should seek! Insurance Replacement Value appraisals are based upon “true” values upon which an insurance carrier will either replace the lost item (at the replacement cost stated within the policy) or their right to replace the item at their own cost (of course discounted to them, which they receive due to the enormous quantity of replacement pieces they purchase each and every year due to loss).
Estimated Retail Value appraisals can be helpful determining “retail value” but if such an appraisal is presented to your insurance carrier, your premiums will be high and if the insurance carrier has the right to replace the item at their cost (and not hand you over a check for value) then you’ve paid through the nose for extra coverage you did not require.
If the item is so unique that you feel no insurance carrier in the world could replace the item - seek out the most qualified gemologist you can find to determine value.
Quality Assurance Report… A QAR can be useful in just determining if a piece is authentic. In other words, you just purchased a 3 carat diamond which is set in Platinum. Is it a 3 carat diamond? Is it set in Platinum? The least expensive way to find out is to bring your piece to an independent appraiser and ask for a QAR.
The Last Word… Remember, every appraisal in the world is based upon an opinion. Nothing is set in stone except the ring on your finger. Every appraisal in world has disclosures protecting the appraisal company from legal action. The most widely known gemological lab has been under fire by the FTC however, consumers flock to them for appraisals based upon brand name recognition.
Remember, always buy a piece of jewelry or gem based upon what that piece brings to you!
Please note that this article represents the views and opinions of the author and not those of www.dailyindia.com.
September 6th, 2006
London - Architect’s foray into fine jewelry
Europa Concorsi, Italy
By Suzy Menkes
‘It could become jewelry - this could become an object of desire,’ says Frank Gehry as he looks at models of the architectural work he has first drawn and then modeled by cutting and folding pieces of silver paper.
‘Frank Gehry’s Sketches’ - the movie bio made by the architect’s friend and Oscar-winning director Sydney Pollack - embraces the iconic buildings, with their flowing lines and metallic finishes. But the film, which premiered in London last week, following on New York’s Tribeca Film Festival, does not show Gehry’s latest design project: fine jewelry.
In collaboration with Tiffany, the architect of Santa Monica Place, the Vitra Design Museum in Germany and the titanium-clad Guggenheim Museum in Bilbao, Spain, has brought his sculptural skills to the decorative arts. For the first time since Elsa Peretti and Paloma Picasso were tapped by Tiffany a quarter of a century ago, the American jeweler has come out with a ‘Frank Gehry’ collection. It includes silver fish dancing around a bracelet, brushed silver folded into a pendant and linear, interlocking cuffs. The more than 150-piece collection is as modern and streamlined as it is classic.
After its launch in Los Angeles, it was London’s turn last week to see the Tiffany creations in sterling silver, wood and stones, with chains snaking in silver or made from cord and rubber. The six separate collections with titles like ‘Torque,’ ‘Equus,’ ‘Fold’ and ‘Axis’ were shown at the after-party to the movie audience, which included Bob Geldof (who has one of the film’s witty lines about most architects deserving to be hit). Also present were Anthony Minghella, the rocker Nick Rhodes and Pollack himself, who said of his documentary: ‘I wanted it to be a conversation between two friends.’
The organic and angular shapes referred to on screen by Thomas Krens, director of the Soloman R. Guggenheim Foundation (which commissioned Gehry’s building in Bilbao) are reflected in the twisting curved planes and undulating surfaces of the jewelry. The pieces, including some distinctly masculine propositions, start at £90, or about $160.
Gehry drew the parallels between his different disciplines, saying: ‘For me, architecture and design are about the process. Sketching three-dimensional models and conceptualizing different possibilities - this is the essence of creating. The impulse is always the same: to discover new forms that have a natural flow and a relevance to contemporary life.’
September 5th, 2006
India : Gold jewelry exports to surpass Rs479bn
September 2, 2006/Fibre2fashion.com, India
India’s gold jewellery exports are poised to rise to Rs315 billions by 2010 which would further accelerate to Rs479 billions by 2015 against its current export size of Rs175 billion, according to a Paper brought out The Associated Chambers of Commerce and Industry of India (ASSOCHAM) on `Structure of Gold Industry.
The Paper to be released here on Saturday by Mr. P C Gupta, Minister for Company Affairs during 2nd Gold Summit under aegis of ASSOCHAM also states that domestic gold demand is expected to rise to 980.83 tons by 2010
the projections for which are estimated to be 1152.64 tonnes for 2015 against its current demand of 800 tons.
Commenting on the findings of the Paper, ASSOCHAM Chief, Anil K Agarwal that India’s exports of gold jewellery have already increased in recent years because of healthy growth in demand in key markets, and intensive efforts by exporters towards improved quality and new designs.
The same trend will continue for future as the appetite for gold in India will increase with yearning for its value addition for export gains.
Click to view further news
September 4th, 2006
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