Author: Ruchi Singla

The Jewelers Security Alliance (JSA) released its 2023 Annual Crime Report on April 23, 2024, detailing the criminal activities that affected U.S. jewelry firms last year. This article offers a breakdown of the key statistics and their implications for the jewelry industry. Overview of Crime Statistics In 2023, the total dollar losses from crimes against jewelry firms in the United States were reported at $133.2 million, a slight increase of 2.9% compared to $129.4 million in 2022. However, the total number of crimes saw a significant decrease, falling to 1,621 from 2,211 in 2022, which marks a 26.7% reduction. Types…

Recently launched, JEMS Institute aims to offer independent retail jewelers a unified platform that consolidates educational resources, professional training, and comprehensive business management tools.  This initiative, named Jewelers Excellence Management Solutions (JEMS), aims to streamline various aspects of jewelry retailing including sales training, marketing, and overall management. Membership Model JEMS offers a lifetime membership, where members make a one-time payment to access all existing and future resources. This approach is designed to provide ongoing support for the diverse needs of jewelry retailers. Background of Founders Co-founders Jim Ackerman and Paul Furse, who have a combined experience of nearly three decades…

The Strong and Precious Art Foundation recently held a private jewelry exhibition in Washington D.C., showcasing some of the finest example of Ukrainian jewelry.  This event took place at Ukraine House, a central venue for Ukrainian cultural events, displaying six unique pieces of jewelry that represent Ukrainian craftsmanship and cultural narratives and follows an earlier showing at NYC Jewelry Week. In a statement, Marianna Falkova, Executive Director of Ukraine House, and Ruslan Falkov, Director of International and Governmental Relations at Ukraine House, said “We express our gratitude to the Strong and Precious Art Foundation and the founder, Olga Oleksenko, for…

Signet Jewelers has reached a new fundraising record with $8.75 million raised for St. Jude Children’s Research Hospital.  This amount is the highest the company has raised in a single year, contributing towards its ongoing support for the hospital’s mission against childhood cancer and other serious diseases. “I’m so proud of our team members and thankful for our customers for enabling us to make another record-breaking contribution as we hit the ground running to tackle our commitment of raising another $100 million for St. Jude,” stated Virginia C. Drosos, CEO of Signet Jewelers. “Guided by our purpose of Inspiring Love,…

Jewel360 has integrated a new feature into its cloud-based point-of-sale (POS) software that allows jewelry retailers to enable customers to round up their credit card payments to the nearest dollar for charitable donations. This feature is developed in collaboration with the non-profit organisation Jewelers for Children (JFC). “We’re excited to be partnering with Jewel360 to bring this integration to jewelry stores around the nation. Enabling consumers to have a direct way to donate, as they desire, is paramount to bringing more resources to the children,” states Sara Murphy, executive director at Jewelers for Children Modernising Charitable Donations The introduction of…

In a preliminary ruling by a Pennsylvania state court, Joyce’s Jewelry of Uniontown has been allowed to continue its lawsuit against PNC Bank and several of its employees following a significant cyberattack. The jeweller lost over $1 million due to unauthorised wire transfers, raising important questions about the security responsibilities of banks. Incident Overview The cyberattack occurred on May 12, 2022, involving an employee of Joyce’s Jewelry who mistakenly entered login details on a fake website posing as PNC Bank’s. These credentials were used to make 11 wire transfers over a period of 20 hours, depleting the store’s bank accounts.…

The US jewelry sector has experienced an accelerated rate of closures in the first quarter of 2024, signaling continuing challenges within the industry, according to the latest figures from the Jewelers Board of Trade (JBT). This downturn has affected all areas of the industry, from retail to manufacturing, with closures primarily attributed to bankruptcies. Industry Overview During the first quarter, 563 jewelry retailers ceased operations, which represents 3.1% of the nation’s 28,000 retailers. This marks an increase from the 2.2% closure rate at the beginning of the previous year, showcasing a steady rise over consecutive quarters. The total active companies…

The National Retail Federation (NRF) has forecasted a steadier economic environment for the remainder of the year. NRF’s Chief Economist, Jack Kleinhenz, outlined the expectations for economic and retail growth in the April issue of NRF’s Monthly Economic Review, predicting a more tempered pace in the growth of gross domestic product (GDP) and retail sales. Economic Forecast and Retail Sales Growth According to NRF’s analysis, retail sales are anticipated to increase by between 2.5% and 3.5% in 2024. This projection indicates a slowdown from the sharp growth rates experienced post-pandemic but aligns closely with the 10-year average growth rate of…

A well-known family-run jewelry store in Oakland faced a harrowing armed robbery, marking the most severe incident in its over four-decade history. Phuong Jewelry, located in the heart of Oakland’s Chinatown, was targeted by eight armed individuals in a midday heist that left the store severely depleted of its inventory. The Incident Unfolded Surveillance footage captured the chilling moment when eight suspects shattered almost every display case in the store. Diana Trinh, aged 69, was seen taking cover and screaming for assistance as the robbery unfolded. Compounding the lack of in-store security at the time, her 76-year-old husband intervened, brandishing…

Ben Bridge Jeweler has established the Lonia Tate Scholarship to support diversity in the gemology sector.  Named in honour of the pioneering Lonia Tate, the first Black President of the Seattle Chapter of Executive Women International, the scholarship aims to support minority students pursuing a career in gemology. The scholarship is set at $10,000 and is tailored specifically for high school graduates looking to further their education in this specialised field. Scholarship Details and Benefits The Lonia Tate Scholarship offers a comprehensive package to aid students in their education. It covers the costs associated with the Graduate Gemologist program offered…

Stuller has expanded its product offerings with the release of four catalogues—Mountings 2024 – 2025, Findings & Metals 2024-2025, Chain & Components 2024-2025 and for the first time Lab-Grown Diamond Jewelry 2024 – 2025,  The catalogues offer a variety of products and enhancements aimed at improving the jewelry crafting process and customer experience. The Mountings and new Lab-Grown Diamond Jewelry catalogues collectively feature over 1,500 jewelry items and more than 650 loose lab-grown diamonds. They include expanded options for key items like stud earrings and line bracelets to accommodate larger carat weights and offer increased customization options. “Lab-grown diamond jewelry…

The NYC Spring Jewelry and Object Show, organised by KIL Promotions, is scheduled from April 18th to April 21st, 2024, at the Metropolitan Pavilion in New York City.  This year’s show introduces a contemporary designer section alongside its traditional showcase of antique and estate jewelry, offering a comprehensive experience for collectors and enthusiasts. A Harmonious Display of Heritage and Innovation The event presents a diverse array of offerings from esteemed antique, vintage, watch, and estate dealers such as Duvenay, Alpha & Omega, and Jewels by Grace, alongside contemporary designers like KIL N.Y.C., Heavenly Vices, and Erica Molinari. This setup is…

The Black in Jewelry Coalition (BIJC), in collaboration with Jewelers Mutual Group and the Brooklyn STEAM Center, has inaugurated the first jewelry-focused education program, named “The Future Jewelers Academy”.  This initiative aims to prepare high school students for careers in jewelry and gemology, signalling a forward-thinking approach to nurturing talent in the gem and jewelry sector. Program Overview and Curriculum Developed with input from Professor Frank Fraley, a renowned jewelry designer and the program’s lead instructor, the 2023/2024 curriculum encompasses a comprehensive range of subjects including design, gem-setting, materials, and laser repair techniques. The program also introduces students to the…

Moissanite pioneer Charles & Colvard has unveiled its new venture, CharlesandColvardDirect.com, marking a pivotal change from its traditional business approach.  The initiative, aimed at fostering growth, enables approved retailers and independent jewellers to directly access and purchase from the full range of Charles & Colvard moissanite products. This move, according to Don O’Connell, President and CEO, is set to energise the company’s growth trajectory. “We are excited to formally announce the launch of Charles & Colvard Direct, which, we believe, will be a catalyst for future growth based on this significant shift in our Company’s traditional business model,” expressed Don O’Connell,…

Authorities are investigating a sophisticated burglary at a jewelry store located in a mall in New Jersey, where thieves managed to steal merchandise estimated to be worth around $1 million. The incident occurred at Venzio Jewelers, highlighting a growing concern over security measures within the jewelry retail sector. Burglary Details The theft was carried out with considerable planning. Thieves accessed Venzio Jewelers by first entering an adjacent vacant storefront. They then cut through the wall to enter the jeweler’s back office. To ensure their activities remained undetected, the burglars took several measures, including cutting the store’s phone and alarm cables…

Jewelers Mutual Group, in partnership with the Gemological Institute of America (GIA), has announced the introduction of the Ron Harder Gemological Scholarship which aims to support GIA students in advancing their education and skills in gemology. With a fund of $50,000, the scholarship will be distributed over the next five years, offering an annual award of $10,000 to aid aspiring jewelers. Honouring Industry Legacy Named after Ron Harder, Jewelers Mutual’s CEO from 1982 to 2007, the scholarship pays tribute to his significant contributions to the jewelry industry, emphasizing excellence, innovation, and education. Harder’s dedication to supporting industry associations, including the…

In an audacious attempt to burglarize Denny Lesser Jewelry located at Topanga Canyon Plaza, Chatsworth, Los Angeles, burglars endeavored to tunnel through adjacent businesses in the early hours of March 25. Despite the elaborate preparation, the heist was foiled by the jewelry store’s owner, who was present and swiftly alerted the authorities, leading to the burglars’ retreat without any loot. Ambitious Plan Foiuled The would-be thieves embarked on their ill-fated heist around 2 a.m., initiating their operation by cutting through a fence to enter an adjoining martial arts studio. Their plan involved tunneling through the walls of several businesses with…

The Manufacturing Jewelers & Suppliers of America (MJSA) has introduced a Mentor & Apprenticeship Program, aimed at fostering traditional apprenticeship routes in the jewelry sector. Launched in the spring of 2023, the initiative facilitates the sharing of knowledge from experienced jewelers to newcomers, providing a structured career path in the industry. Program Uptake and Official Recognition The initiative has been welcomed by various professionals in the field, including designers, manufacturers, and retailers, all looking to enhance their bench operations. It has received approval from the U.S. Department of Labor’s Apprenticeship Office as a National Guidelines Standard (NGS), marking it as…

Mercury Free Mining (MFM) has announced Bernadette Mack’s appointment as its Managing Director. This strategic recruitment is part of MFM’s ambitious plan to enhance its programming and extend its outreach, specifically targeting areas adversely affected by mercury pollution. Background in Nonprofit and Jewelry Bernadette Mack brings to MFM a distinguished career in both the nonprofit sector and the jewelry industry, notably serving as the executive director of the Women’s Jewelry Association (WJA). With over two decades of experience, Mack has honed her expertise in operations management, fundraising, marketing, and communication.  Pioneering a Mercury-Free Future The induction of Mack comes at…

Diamonds Do Good (DDG) has announced its latest initiative titled “April = Diamonds Do Good Month”, which aims  to foster a deeper understanding among consumers regarding the significant, positive impact of purchasing natural diamonds.  “We believe that every natural diamond has a story to tell, and Diamonds Do Good Month provides an opportunity to amplify these stories and educate consumers about the positive impact of their purchase,” remarked Nancy Orem Lyman, executive director of Diamonds Do Good. Educational Resources and Collaboration DDG plans to assist retailers in their educational efforts by providing a comprehensive package of assets, including: “We’re thrilled…

Instappraise has partnered with the National Association of Jewelry Appraisers (NAJA) to introduce two scholarships for aspiring and established jewelry appraisers. This initiative is set to provide substantial support to individuals keen on advancing their appraisal skills, offering both financial aid and educational opportunities. This collaboration brings forth two scholarships tailored for different membership statuses within NAJA, underscoring the partners’ dedication to excellence and innovation in the field. “Teaming up with NAJA to sponsor two new scholarships represents an exciting new milestone for us. Our mission at Instappraise has always been to elevate the industry by providing the right tools…

The Rapaport Group has reached out to the US Office of Foreign Assets Control (OFAC) seeking exemptions and better guidance. This initiative is set to address the complexities surrounding the trade of non-Russian diamonds, thereby attempting to safeguard the wider jewelry industry from the unintended consequences of these sanctions. The Sanctions Context The backdrop of this development is the G7’s stringent sanctions on Russian diamonds, a direct response to geopolitical tensions. These sanctions aim to curtail Russia’s economic gains from the global diamond trade, potentially influencing market dynamics and ethical considerations within the jewelry sector. The US Customs and Border…

Gemological Science International (GSI) has announced the launch of its B2B GSI Stock Exchange. This platform has been designed to support jewelry manufacturers in sourcing goods more efficiently for their GSI certified jewelry programs. The introduction of this exchange is poised to facilitate smoother transactions within the industry, offering a dedicated resource for businesses to streamline their sourcing processes. Features and Offerings The GSI Stock Exchange distinguishes itself by providing an inventory that includes both natural and lab-grown diamonds, catering to the evolving needs of suppliers and manufacturers. One of the standout features of the platform is its ability to…

The Women’s Jewelry Association (WJA) Foundation has announced the establishment of the Hedda Schupak-Baum Memorial Media and Communications Scholarship, commemorating the impactful career and legacy of Hedda Schupak-Baum, a distinguished figure in the jewelry industry.  Hedda, who passed away on October 3rd, 2023, at the age of 62, was celebrated for her engaging journalism and commitment to the jewelry and watch sectors. Scholarship Objectives The scholarship is designed to support individuals aspiring to pursue careers in journalism, public relations, communications, and media, with a particular focus on the fine jewelry and watch industries. It aims to introduce fresh talent and…

The Jewelry Symposium (TJS) has announced the introduction of a scholarship programme for its 2024 edition. Aimed at fostering growth and education within jewelry manufacturing technology, this initiative is set to provide aspiring jewelry professionals with a unique opportunity to engage with the latest industry trends and technologies. Scholarship Details Sponsored by TJS supporters, including C&J Jewelry, Mano Acero Jewelry, and TechForm Advanced Casting, the scholarship programme is designed to support students, interns, apprentices, and those who are in the early stages of their jewelry careers. The programme underscores TJS’s commitment to nurturing talent and innovation within the jewelry sector.…

Jewelers of America (JA) has recently announced the introduction of a new member benefit established through a collaboration with eBay. This partnership aims to provide JA members with exclusive access to eBay Concierge, an exceptional customer service offering designed to assist sellers in optimizing their online sales experience. eBay Concierge is renowned for its premium, white-glove service, tailored to support sellers in maximizing their efficiency and effectiveness on the platform. The concierge service promises to deliver comprehensive support, covering aspects from buyer issue resolution to sales data analytics, all aimed at enhancing business operations for jewelers. What is eBay Concierge?…

Studs has announced plans to further increase its physical presence with the opening of 10 new stores throughout the year. This development is part of the company’s strategy to cement its position in the market by reaching more customers through an expanded brick-and-mortar network. Strategic Growth in Physical Retail Founded in 2019, Studs has swiftly adapted its business model in response to the challenges posed by the pandemic. Initially focusing on digital sales during temporary store closures, the company resumed its physical retail expansion in April 2021. The recent opening of a 1,457 square foot location in New York City’s…

The Jewelers of America (JA) alongside the GEM Awards Committee, has officially announced the honorees for the forthcoming GEM Awards ceremony. Scheduled for March 8, 2024, at Cipriani 42nd Street in New York City, the event is set to celebrate distinguished achievements within the realms of Jewelry Design, Media Excellence, Retail Excellence, Lifetime Achievement, and introduces a Special Recognition Award. “The completion of Tiffany’s holistic four-year-long interior renovation of the Fifth Avenue location, rechristened The Landmark, was the biggest jewelry event of the last year and ignited enthusiasm around the world to visit and shop at the New York City…

The Knot’s 2023 Real Weddings Study, examining the preferences and behaviours of nearly 10,000 US couples married in 2023, offers a comprehensive glimpse into the evolving wedding scene.  This research underscores a significant transition towards more experiential celebrations, deeply influenced by popular culture and an emphasis on personalisation. For jewellers and the wider jewelry industry, these findings suggest a shift in consumer preferences that could impact future trends and demand. Key Findings and Engagement Rings Stats Diamond Dominance: Diamonds continue to reign as the preferred stone for engagement rings, with 85% of engagements featuring a diamond. However, a notable shift…