Author: Ruchi Singla

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,…

Brilliant Earth has promoted two executives, Pamela Catlett to Chief Brand Officer and Sharon Dziesietnik to Chief Operations Officer, as part of its efforts to strengthen its position in fine jewelry and continue its trajectory of growth.Leadership AppointmentsPamela Catlett, who joined Brilliant Earth in 2023, has been named Chief Brand Officer. In this role, Catlett will lead the company’s brand strategy, overseeing retail expansion and omnichannel development. Her background includes high-profile positions at companies like Under Armour and Nike, as well as experience advising executives on brand growth and leadership strategies.Sharon Dziesietnik, who has been with Brilliant Earth since 2012,…

Stuller has earned certification as a ‘Great Place to Work,’ a prestigious accreditation granted by the global authority on workplace culture, employee experience, and leadership. This recognition highlights the positive work environment at Stuller and acknowledges the contributions of its 1,500 employees.Statements from Stuller LeadershipCommenting on the achievement, Stuller President Danny Clark said, “Receiving the Great Place To Work certification is a tremendous honor and a testament to the incredible culture we’ve cultivated here at Stuller. What truly makes Stuller a great place to work is the dedication, passion, and positive spirit that each of our 1,500 employees brings to…

The U.S. government has issued updated guidelines allowing the import of certain diamonds and diamond jewelry from Russian sources, provided the purchases were made before the sanctions were implemented on March 1, 2024. The guidelines, released by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), aim to clarify regulations for diamond importers and jewellers.OFAC’s New Licenses for ‘Grandfathered’ DiamondsOFAC introduced General License No. 103 and General License No. 104 to clarify the handling of diamonds purchased before the sanctions took effect. These guidelines apply to diamonds of Russian or unknown origin, providing direction on diamonds that were…

Clements Jewelers, a family-owned jewelry store based in Madisonville, Kentucky, has announced that it will be closing its doors after 89 years of business. The closure is set to take place by late September 2024, a decision prompted by challenges competing with larger retailers and online shopping platforms.Struggles with Retail Competition and Rising CostsIn a statement shared on Facebook, the store’s owners expressed the difficulty of remaining competitive in today’s retail environment, citing the rise of online shopping and big-box retailers. “After 89 years, we have tried our best, but competing with larger retailers and online shopping isn’t feasible anymore,” the…

Sarine Technologies Ltd reported its financial results for the first half of 2024, achieving a net profit of $1.02 million – a 7% year-on-year increase, despite a 7.8% decline in total revenues to $21.9 million.Sarine’s profitability benefited from cost reduction strategies and growth in recurring revenue streams, which helped offset the decline in equipment sales tied to the natural diamond market.Market Context: Natural Diamonds and Lab-Grown DiamondsThe broader diamond market experienced considerable challenges in H1 2024, with demand for natural diamonds weakening, especially in China.In the U.S., the growing popularity of lab-grown diamonds (LGD) has disrupted the market, though this…

The Women’s Jewelry Association (WJA) Foundation has announced the appointment of Kathy Hillelson, a second-generation diamantaire and CEO of OWL Financial Group, to its board. Hillelson has over 15 years of experience in both diamonds and finance.Career and Industry InvolvementAs CEO of OWL Financial Group, Hillelson expanded the company’s global presence and offered financial solutions for the diamond trade. In addition to her role at OWL Financial Group, she continues to oversee global diamond trading operations at her family business, Blue River Gems Inc.Hillelson is also involved in the jewelry industry through her memberships in the World Diamond Council (WDC)…

Jewelers for Children (JFC) has announced that Saturday, September 21, 2024, will mark this year’s celebration of JFC Day – a day dedicated to uniting the jewelry industry in support of children facing severe challenges, including life-threatening illnesses, abuse, and neglect.The event encourages participation from all sectors of the industry, including suppliers, retailers, and consumers, to raise awareness and funds for a variety of worthwhile children’s charities.Nationwide Retailer SupportJFC Day has gained increasing support from retailers across the United States, many of whom organise in-store promotions to highlight the industry’s contributions to charitable causes. The event is designed to celebrate…

Jewelers Mutual Group, the Wisconsin-based jewelry insurance company, has selected Raleigh, North Carolina, as the site for its new technology hub, following a competitive evaluation process that included 15 potential locations. Raleigh was chosen over Dallas, Texas, due to factors such as the availability of skilled workers, local educational resources, and business conditions. The company plans to invest approximately $5.9 million in this project, which is expected to be completed by the end of 2025.Job Creation and Economic ImpactThe new hub will create 200 jobs, with positions primarily in engineering and technology, offering an average annual salary of around $169,600 -…

The second annual INSTORE Show concluded on August 12, 2024, at the Donald E. Stephens Convention Center in Rosemont, Illinois. Held from August 11 to 12, the event coincided with the Chicago Responsible Jewelry Conference (August 9–10), with the National Association of Jewelry Appraisers (NAJA) co-locating for the first time.The show featured networking, educational seminars, and buying opportunities for independent retailers, exhibitors, and industry professionals. INSTORE’s Cram Day Conference on August 10 included seminars on lab-grown diamonds, hosted by the GIA Alumni Collective. The Bench Pressure Challenge, a returning event, attracted interest from attendees.2024 America’s Coolest Stores CelebratedOn the evening of…

Brilliant Earth has revised its financial outlook for fiscal year 2024 following a decline in sales during the second quarter. The company, specializing in bridal and fine jewelry, reported a 4 percent drop in net sales for Q2, citing challenges within the industry and broader macroeconomic conditions.Q2 Financial PerformanceFor the quarter ending June 30, 2024, Brilliant Earth reported net sales of $105.4 million, a decrease from $110.2 million in the same period the previous year. The company’s first-half net sales also declined, totalling $202.8 million, down 3 percent year-over-year. Despite the dip in sales, the company managed to expand its gross…

The Black in Jewelry Coalition (BIJC) will host a webinar titled “Ethical Practices and Responsible Sourcing” on August 20. Featured SpeakersMonica Stephenson, founder of ANZA Gems and co-founder of Moyo Gems, along with Christina Miller, will lead the session. Stephenson has significant experience, having served as president of Ethical Metalsmiths and holding positions on various advisory boards, including the Women’s Jewelry Association, Gem Legacy, and BIJC. Christina Miller also brings expertise in advancing sustainable practices in the sector.Focus: Responsible Sourcing and Ethical PracticesThe webinar will address key topics in today’s jewelry industry, particularly around transparency and sustainability. The discussion will include best…

This year’s JA New York Fall Show, scheduled for October 27-29, 2024, will feature several new initiatives, including enhanced learning experiences and a new pavilion in collaboration with Jewelers of America (JA). The partnership with JA will include a 1600 square foot pavilion that will highlight JA’s services, benefit partners, and advocacy efforts. Within this space, there will be an 800 square foot area dedicated to JA supplier members and a 400 square foot section for ten designer fine jewelry makers.“JA New York and Jewelers of America share a long history of supporting and championing jewelry designers, and their new pavilion,…

Moijey Fine Jewelry & Diamonds has concluded its 2024 Moijey ‘Mine to Finger’ 3D Jewelry Program as part of the Montgomery County Public Schools’ (MCPS) Summer RISE program.Participating students used Moijey’s 3D jewelry design software to create custom gemstone jewelry pieces with the aim of inspiring creativity and imparting practical skills in jewelry design and business management. The program was inspired by the book “My Crystal Powers,” written by Moijey Fine Jewelry & Diamonds’ President and CEO, Dan Moijueh. Each student received a copy of the book to deepen their understanding and interest in gemstones and jewelry design. This year’s participants collaborated…

In a carefully planned heist, burglars tunneled through the walls of several stores to access Marquise Jewelry in Schaumburg, stealing $1.5 million worth of merchandise.The IncidentBurglars broke through the walls of multiple stores overnight to reach Marquise Jewelry at Woodfield Mall. Owners Asma Anwar and Shazad Malik arrived at their store on Friday morning to find their shelves emptied by the burglars.”Everything was gone. They did not leave us anything,” said Anwar. “This was a well-planned burglary.”Discovery and InvestigationSchaumburg police were alerted to the crime by a construction worker who entered a vacant store next to Marquise Jewelry at around…

A new survey conducted by Worth, in collaboration with Boston Consulting Group (BCG), provides an in-depth look at the values, spending habits, and investment preferences of wealthy millennials. The “Millennial Mindset Report” challenges several preconceived notions about this demographic, offering valuable insights for the jewelry industry.Demographics and IncomeThe survey includes responses from 1,989 U.S. millennials aged 28-43 with household incomes over $250,000, or $350,000 in high-cost cities, and net worths exceeding $1 million. Around 33% of these individuals have net worths of at least $3 million.Despite societal advances towards gender income parity, wealthy millennial men still dominate the sample at…

Berkshire Hathaway’s retail division, encompassing notable jewelry chains such as Borsheims, Helzberg Diamonds, and Ben Bridge Jeweler, reported a 4.5% year-on-year decrease in sales for the second quarter, reaching $4.74 billion. The decline was primarily attributed to reduced foot traffic and smaller purchase sizes. Additionally, the division’s pretax earnings dropped 23% to $336 million. Retail Segment PerformanceThe decrease in revenue was not uniform across all segments of Berkshire Hathaway’s retail division. While the jewelry chains experienced a downturn, the most significant impact was observed in the home-furnishings business. Moreover, there was a notable reduction in the sale of used cars, which constitute…