Author: Ruchi Singla

In a cross-border case of diamond investment fraud, Canadian citizen James Gagliardini has been sentenced to 56 months in U.S. federal prison for orchestrating a $21 million scheme through his company, Paragon International Wealth Management Inc. From 2013 until its shutdown in 2018, Paragon misled around 200 investors, many elderly, into spending significant sums on pink diamonds that were promoted as high-value investments. Telemarketing tactics were used to gain trust, but many investors received neither promised returns nor diamonds.Paragon International: Inside the Diamond Investment SchemeFounded in Toronto, Paragon International promoted itself as a diamond investment firm focused on colored stones. Under…

The Consumer Financial Protection Bureau (CFPB) has issued its final Personal Financial Data Rights Rule, aimed at simplifying the sharing of consumers’ financial data between banks and other financial services providers. The rule requires banks to share data related to various financial products, including bank accounts, credit cards, prepaid cards, mobile wallets, and payment applications, without imposing fees on consumers for data sharing. By facilitating broader access to financial information, the rule is intended to make it easier for consumers to switch banks and access alternative payment solutions.The National Retail Federation (NRF) welcomed the rule, emphasizing its potential to offer merchants…

Gem Legacy Adventures, the for-profit partner of the nonprofit organization Gem Legacy, has announced the dates for its 2025 trip to Northern Tanzania and Southern Kenya. The trip, scheduled for July 25 to August 4, will allow participants to visit artisanal colored gemstone mines, experience local cultures, and take part in a service project supporting one of Gem Legacy’s initiatives.With only 12 spots available, the trip is open to both members of the jewelry industry and the general public. The itinerary includes visits to gemstone mining operations and a safari through national parks in both countries. The trip also includes a…

A new monthly event, the NYC Jewelry and Vintage Show (NYCJAVS), is launching in New York City on October 26, 2024. Organized by KIL Promotions, the show will take place in the Chelsea arts district at 545 West 23rd Street and will feature vintage jewelry, fashion, art objects, accessories, and watches. The event will continue on a monthly basis with additional dates on November 29-30, December 13-14, 2024, and January 25, 2025, at the Metropolitan Pavilion.Monthly Showcase of Vintage Jewelry and FashionThe NYC Jewelry and Vintage Show is set to offer a regular showcase of vintage design, featuring items from vendors…

Signet Jewelers Limited has announced an executive leadership change with Oded Edelman, the company’s Chief Digital Innovation Officer and President of Digital Banners,  stepping down from his role.His departure is scheduled for February 1, 2025, but could occur earlier, depending on the company’s discretion after December 1, 2024. This move follows the signing of a Transition and Separation Agreement between Edelman and the company on October 20, 2024. Edelman will remain in place to assist with transition-related responsibilities until his departure.New Leadership in Digital BannersSignet Jewelers has appointed Corinne Bentzen as the new President of Digital Banners, effective November 4, 2024.…

The National Retail Federation (NRF) has released its holiday sales forecast for 2024, projecting steady growth for the winter season. According to the NRF, retail spending for November and December is expected to rise by 2.5% to 3.5% over last year’s figures, reaching between $979.5 billion and $989 billion. This forecast follows $955.6 billion in sales reported during the same period in 2023.Economic Conditions Behind Spending IncreasesNRF President and CEO Matthew Shay indicated that a stable economy is supporting the growth expectations. He noted factors such as a solid labor market and higher wages as contributors to ongoing consumer spending. These…

The Grown Diamond Trade Organisation (GDTO) has announced a key achievement in the lab-grown diamond sector: reaching the production of 50,000 GDTO Jewelry Reports. This milestone signifies the growing impact of GDTO’s efforts to support ethical, sustainable, and transparent practices in the lab-grown diamond industry.Standardising Sustainability in Lab-Grown DiamondsGDTO’s Jewelry Reports, designed to highlight the ethical and environmental benefits of lab-grown diamonds, provide a unique selling point for retailers. These reports offer consumers comprehensive insights beyond the standard grading of Color and Clarity. Each report includes a sustainability survey that allows diamond growers, manufacturers, and retailers to display transparent sustainability ratings…

Jewelers of America (JA) has announced the election of Sheryl Jones, President of Sheryl Jones, Inc., to its Board of Directors, following an election  during Jewelers of America’s Annual Membership meeting on September 23, 2024.Sheryl Jones Joins the JA BoardSheryl Jones brings over two decades of experience to the Jewelers of America board. Her career in the jewelry industry began in 2000, following her transition from a senior communications role at MTV. Jones’s experience spans private client services and wholesale operations. She initially opened her retail space on New York’s 47th Street, before relocating to Rockefeller Plaza. Her designs have also…

Jewelers of America (JA) returned to Capitol Hill last week, engaging with lawmakers on issues critical to the jewelry industry. The annual fly-in, organized by the Jewelers of America Political Action Committee (JAPAC), took place on September 18, 2024, and focused on global supply chain concerns, retail crime, and credit card swipe fees.Russian Diamond Restrictions at the ForefrontA key topic of discussion during the fly-in was the implementation of Russian diamond restrictions across G7 nations, including the United States. Jewelers of America has been vocal in its opposition to the European Union’s proposed system for physical verification and certification of all…

The Retail Jewelers Organization (RJO) Foundation has introduced a new Disaster Relief Fund, aimed at providing financial assistance to its members and vendor partners impacted by natural disasters.Financial Aid for Jewelers and VendorsThe Disaster Relief Fund will offer immediate financial support to retail jewelers and their employees affected by disasters such as hurricanes, floods, wildfires, and tornadoes and is designed to help businesses recover and resume operations after these events, supporting members in need.The aid will extend beyond businesses to cover the families of members, ensuring comprehensive support for those within the RJO community. This aims to provide timely assistance…

Monishkumar Kirankumar Doshi Shah, a jeweler operating in New York City’s Diamond District, has admitted to evading customs duties on over $13.5 million of imported jewelry. Shah, 39, who has residences in Jersey City, New Jersey, and Mumbai, India, pleaded guilty to charges of conspiracy to commit wire fraud and operating an unlicensed money transmitting business in a federal court in Newark. According to U.S. Attorney Philip Sellinger, the offenses occurred between December 2019 and April 2022.Scheme DetailsTo avoid the 5.5% customs duty on direct jewelry imports to the United States, Shah arranged for goods from Turkey and India to be…

De Beers Group has announced the appointment of Sally Morrison as its new natural diamonds market lead for the US, as part of a strategic move to enhance its category marketing under the Origins strategy.Morrison, a seasoned industry professional with extensive experience at De Beers and other major jewelry companies, will also serve as interim head of international markets.Expanding Role and ResponsibilitiesMorrison’s appointment represents an expansion of her duties. While she will continue to lead De Beers’ joint campaign with US jeweler Signet, her role now encompasses broader category marketing responsibilities for the entire natural diamond sector in the United…

The International Gemological Institute (IGI) played a prominent role at New York Fashion Week (NYFW) as the official jewelry sponsor for Runway 7. Held at Sony Hall, the five-day event showcased the Spring/Summer 2025 collections of various designers, featuring a range of IGI-graded diamond, solitaire, and gemstone jewelry pieces on the runway. This collaboration allowed IGI to emphasize the importance of certification and transparency in the fine jewelry industry while providing a platform for designers to elevate their collections with high-quality pieces.Jewelry and Fashion CollaborationIGI’s collaboration with Runway 7 provided an opportunity for participating designers to pair their collections with…

The Jewelers Vigilance Committee (JVC) has announced the appointment of Liz Fraccaro as its new Assistant Counsel. Fraccaro, a trained archaeologist and attorney, brings experience in anti-money laundering (AML) and financial crimes prevention, particularly in the art and antiquities sectors.Background and ExpertiseFraccaro graduated from DePaul University College of Law and is admitted to both the Illinois State Bar and the New York State Bar. In 2024, she earned a Certified Anti-Money Laundering Specialist (CAMS) certification, further underscoring her qualifications in this specialized area of law.Before joining the JVC, Fraccaro worked as a Legal Consultant at the Antiquities Coalition, where she directed…

The COUTURE Diversity Action Council (DAC) has announced the opening of applications for its next group of mentees. This program, which focuses on supporting BIPOC designers, offers mentorship, education, and networking opportunities within the fine jewelry industry. As the current cohort, The Luminaries by COUTURE, nears the end of their two-year mentorship, the DAC is seeking new participants to join the initiative.Mentorship Program Details“Our DAC mentorship program aims to identify the best and brightest of BIPOC talent and utilize our combined resources to provide the education, access and information necessary for their success,” stated Eric Ford, Precious Jewelry Buyer for…

Signet Jewelers Limited has announced its financial results for the second quarter of Fiscal 2025, showing a mix of both positive and negative results as it continues to navigate a challenging market environment.Revenue and Sales PerformanceFor the second quarter of Fiscal 2025, Signet reported total sales of $1.49 billion, a 7.6% decrease from the $1.61 billion recorded in the same period of Fiscal 2024. Same store sales (SSS), which include both physical stores and online channels, declined by 3.4%. In North America, the company’s largest segment, total sales dropped 6.9% year-over-year to $1.4 billion. International sales fell by 15.2%, reaching $86.5…

Boucheron has officially opened its first boutique in New York City, marking a significant milestone in the brand’s 166-year history. Located at 747 Madison Avenue, the boutique reflects Boucheron’s blend of Parisian elegance and New York’s iconic Art Deco architecture. This opening signals the jeweler’s intent to expand its presence in the U.S. market, with further plans to open boutiques in Las Vegas and Beverly Hills by the end of the year.A Strategic Expansion into the U.S.Although Boucheron previously had a limited U.S. presence through partnerships with luxury retailers such as Bergdorf Goodman, Neiman Marcus, and Saks Fifth Avenue, the brand’s…

The American Gem Trade Association (AGTA) has revealed the results of its annual Board of Directors election. Several new members have been elected, with others returning to serve additional terms. These newly elected members will officially begin their roles in February 2025.Key Election OutcomesAmong those elected, Bruce Bridges of Bridges Tsavorite has been named as the incoming President of the AGTA Board of Directors. Bridges, who will serve a three-year term, will succeed current AGTA President Kimberly Collins of Kimberly Collins Colored Gems. Collins will remain in office until February 2025 and will then take on the role of Past…

The American Gem Society (AGS) has announced Confluence 2024, a virtual event set to provide industry professionals with updates on both natural and laboratory-grown diamonds. The event will take place on September 25, 2024, from 11:00 a.m. to 2:00 p.m. Pacific Time, with all sessions available on-demand starting from September 26 through December 31, 2024.Confluence 2024 will provide AGS members and jewelry professionals with updates on diamond-related topics. It will feature three main sessions, each addressing key aspects of the diamond market, including pricing, disclosure, and diamond screening.Focus on Laboratory-Grown DiamondsThe first session, titled Laboratory-Grown Diamonds: Pricing, Supply, and Disclosure,…

The JCK Industry Fund is now accepting applications for its 2025 grant cycle, with submissions open until November 15, 2024. The fund, established to support the advancement of the jewelry industry, has awarded over $7 million in grants during the past three decades. In 2024, the JCK Industry Fund provided more than $340,000 to organizations working on initiatives in sustainability, transparency, inclusivity, and security.Mission and Focus AreasThe JCK Industry Fund’s mission is to support organizations that contribute to the industry’s growth through projects aimed at enhancing sustainability, responsible sourcing, inclusivity, and security. “JCK is committed to investing in the future of…

The 2024 edition of the New York City Autumn Jewelry and Object Show will take place from 21st to 24th November at the Metropolitan Pavilion, New York. Organised by KIL Promotions LLC, the show will include a wide selection of jewelry, such as antique silver, watches, and designer collections with exhibitors including Jewels by Grace, The Vintage Jeweller, Jack Weir and Sons, and Sandy Jacobs Antiques. The event opens with a VIP Early Viewing Party on 21st November from 6pm to 8:30pm, offering exclusive early access to the collections, along with light refreshments. General admission will follow on Friday and Saturday from…

Jewelers Mutual Group has released findings from a recent study where 1,500 respondents offered insights into jewelry acquisition, usage, and storage, focusing on emotional connections and insurance practices.Jewelry Ownership and AcquisitionThe study confirms that engagement and wedding rings remain the most valuable and commonly owned pieces, with the average engagement ring valued over $7,000. Watches, necklaces, and non-bridal rings also rank highly among jewelry acquired in the past three years, reflecting a broad spectrum of ownership beyond bridal jewelry.According to the survey, nearly 70% of respondents own up to 10 pieces of fine jewelry. While half of the participants said…

Gems Keep Giving, an international charitable initiative supporting artisanal colored gemstone mining and cutting communities, has undergone a significant restructuring. The organization, originally launched by the International Colored Gemstone Association (ICA), has appointed a new board and leadership team as part of its efforts to extend its impact within the global colored gemstone industry. The newly elected board members include Hayley Henning (Chair), Damien Cody, Clement Sabbagh, Ruth Benjamin-Thomas, Brian Cook, Rocco Gay, Cecilia Gardner, Robert Weldon, and Henry Ho.Focus on Supporting Artisanal Gemstone CommunitiesGems Keep Giving was established to provide aid to artisanal mining and cutting communities, which play a…

The Texas Jewelers Association (TJA) will hold its annual convention from October 26-27 at the Crowne Plaza Galleria in Houston. Educational Speakers and Industry InsightsThe convention’s lineup of speakers will cover a variety of aspects of the jewelry market, with a focus on both diamonds and colored gemstones. Harold Dupuy from Stuller will discuss the current trends in the diamond sector, while Doug Hucker from the International Colored Gemstone Association (ICA) will share international developments in the colored stone market. Additionally, John Ford, representing the American Gem Trade Association (AGTA), will provide updates on national gemstone trade standards.The FBI will lead a…

Ylang 23 has inaugurated its new flagship store at The Shops of Highland Park in Dallas, a 3,200-square-foot location that marks a significant step in the brand’s nearly 40-year history and underscores its commitment to evolving the customer experience.New Direction and DesignThe relocation, led by Ylang 23’s co-owners Alysa, Joanne, and Charles Teichman, showcases a design born from a collaboration between local and national firms, including Dallas-based B.Russo Designs and New York’s MAOarch, with contributions from Wield Creative and Trace Element. The new space aims to introduce a fresh color palette and design elements that signal a modern brand direction with…

White Pine has launched its Partner Jewelry Program, offering retail jewellers a transparent method for sourcing diamond essentials, supporting them in meeting customer demands while managing costs and inventory with flexibility.Program DetailsThe Partner Jewelry Program allows jewelers to customize their orders by selecting specific styles, metal types, diamond quality, carat weights, and sizes or lengths. White Pine then manufactures each style to order, adhering to the retailer’s specifications. Pricing within the program is straightforward: diamonds are priced per carat, gold at the daily spot price, and a fixed labor cost per gram. Additionally, the program offers a six-month payment plan and…

Jewelers of America (JA) has unveiled the winners of its 34th annual CASE Awards thes annual competition dedicated to highlighting creativity and quality in jewelry design.With over 120 entries across eight distinct categories, the categories were divided between JA retail members and JA supplier members, with awards segmented by retail value: Jewelry up to $2,000, $2,001 to $5,000, $5,001 to $10,000, and $10,001 to $50,000.Judging Criteria and PanelJAA’s panel of design experts evaluated the entries based on overall design, marketability, originality, and quality of manufacture. The judging panel comprised industry experts, including Brecken Branstrator of GemGuide, writer Tanya Dukes, Natalie…

On August 8, 2024, six major organizations from the jewelry industry hosted the 4th Annual ‘Mega Mixer’ in Downtown Los Angeles. The event, held at the Elevate nightclub, brought together around 250 members and their guests, offering a space for networking and collaboration.The event was organized by the Diamond Club West Coast, Inc. (DCWC), Indian Diamond & Colorstone Association (IDCA), Women’s Jewelry Association (WJA LA Chapter), 24 Karat Club, GIA Alumni Association, and Polygon. These organizations represent a cross-section of key stakeholders in the jewelry sector, bringing together manufacturers, gemologists, and other professionals.Networking and Building Industry RelationshipsAttendees had the chance to…

Saks Fifth Avenue has introduced its first high jewelry collection, Saks Fifth Avenue High Jewelry, expanding the retailer’s luxury jewelry portfolio. The collection emphasizes rare diamonds, blending modern design with classic styles. This launch aligns with Saks’ broader strategy to elevate its luxury offerings while delivering personalized services to its clientele.Key Features of the CollectionThe Saks Fifth Avenue High Jewelry collection features over 200 pieces across various jewelery categories, including solitaire diamonds ranging from 10 to 100 carats in a range of shapes, cuts, and colors. The collection includes a 100-carat pear-shaped diamond necklace, large solitaire rings, and matching diamond…

Lab-grown diamond retailer Grown Brilliance has expanded its presence in the market by acquiring the assets of two prominent e-commerce rivals, Clean Origin and Aether Diamonds. Financial details of the transaction were not disclosed.Consolidation in the Lab-Grown Diamond MarketThe purchase of Clean Origin and Aether Diamonds by Grown Brilliance reflects the increasing trend of consolidation in the lab-grown diamond sector. Tejas Shah remarked on this development, suggesting that further mergers and acquisitions could occur, driven by ongoing price trends in the market.The acquisition also bolsters Grown Brilliance’s retail footprint. Clean Origin’s six brick-and-mortar stores will be rebranded as Grown Brilliance locations,…