Author: Ruchi Singla

NY-based diamond wholesaler ARAZI has announced a change in its distribution strategy. Effective immediately, the company will discontinue its asset/memo support program for retailers that carry or promote lab-grown diamonds. This decision aims to maintain consumer confidence in natural diamonds in light of falling lab-grown prices.Concerns Over Market TrendsJosh Arazi, vice president and creative director of ARAZI, highlighted the company’s concerns regarding the market viability of lab-grown diamonds. Arazi remarked, “With the prices of lab-grown diamonds drastically comparable to CZ’s, ARAZI does not wish to wait until jewelers are competing with gas stations to distance ourselves from such stores. We…

The World Diamond Council (WDC) has announced that the deadline for transitioning to its revised System of Warranties (SoW) is rapidly approaching. On September 21, 2024, the three-year grace period for converting to the new system for rough diamond sales will conclude.Understanding the System of WarrantiesThe System of Warranties is a global mechanism designed by the WDC to ensure that companies relay compliance with the Kimberley Process Certification Scheme (KPCS) and SoW Guidelines to the next buyer in the supply chain. This system guarantees the conflict-free origin of traded goods and adherence to responsible business practices, including human rights, labor rights,…

A diamond dealer from Manhattan, Manashe Sezanayev, 41, has been indicted on charges of grand larceny and fraud, accused of defrauding fellow diamond merchants by swapping genuine diamonds with lab-grown imitations. The allegations suggest a sophisticated scheme involving false inspections and fake Gemological Institute of America (GIA) laser inscriptions.Details of the Alleged FraudSezanayev, who operates Rachel’s Diamonds in New York’s Diamond District, is charged with two counts of Grand Larceny in the Second Degree, one count of Scheme to Defraud in the First Degree, and three counts of Criminal Possession of a Forged Instrument in the Third Degree. The charges are…

Presidium Instruments has launched the OTi, a handheld diamond verification instrument, which aims to enhance the efficiency of identifying colorless diamonds from synthetic and simulant counterparts.The end result promises to improve operational efficiency for jewelers plus increase consumers’ confidence in their gemstones.Key featuresThe OTi employs dual technologies, combining optical and thermal testing within a single probe. This dual approach facilitates rapid, on-the-spot validation of diamonds, distinguishing natural colorless diamonds from CVD/HPHT lab-grown diamonds, moissanites, and other common diamond simulants such as glass, sapphire and CZ.The device is priced at $1349, which Presidium say should make it accessible for a wide…

The American Gem Trade Association (AGTA) has announced the extension of its flagship event, the AGTA GemFair Tucson, by an extra day in 2025. This decision comes in response to increasing attendance and exhibitor participation, aiming to better serve the needs of both buyers and sellers. The event will now run from Monday, February 3, to Sunday, February 9, 2025, at the Tucson Convention Center (TCC).New Schedule and LogisticsThe updated show hours are as follows:Previously, the show concluded at 4 p.m. on Sunday, but the extended hours aim to maximize the sales window for exhibitors.Key Quotes from AGTA LeadershipJohn W. Ford,…

Manufacturing Jewelers & Suppliers of America (MJSA) has announced the publication of its 2024–25 Buyer’s Guide. This annual publication serves as a resource for essential equipment, supplies, and services in the jewelry industry, supporting jewelers, manufacturers, and designers.Contents and CategoriesSince 1927, the Buyer’s Guide has been a tool for jewelry manufacturers and designers. The latest edition provides detailed listings of suppliers and subcontractors offering a range of jewelry-making products and services. These are categorized to facilitate easy sourcing and include:Informative ArticlesThe 2024–25 Buyer’s Guide includes several informative articles aimed at helping readers make informed investment decisions. Highlights include:AvailabilityThe 192-page guide…

Jewelers Mutual Group has announced the acquisition of Union Life & Casualty Insurance Agency (UL&C), a provider of insurance services to pawnbrokers. This acquisition is carried out through JM Insurance Agency Partners Inc., a subsidiary of Jewelers Mutual Group.Combined Expertise and Innovative SolutionsMike Alexander, Chief Operating Officer of Jewelers Mutual, highlighted the strategic importance of the acquisition. “This strategic acquisition empowers us to leverage our combined expertise and expand our suite of innovative insurance solutions to further strengthen our market position in the pawn industry,” Alexander stated. “Together, we will accelerate our growth and continue to deliver incredible value to…

Ben Bridge Jeweler has announced Bradlei Smith as the recipient of the 2024 Lonia Tate Scholarship. The scholarship, named in honor of the late Lonia Tate, a registered jeweler and the first Black president of the Seattle Chapter of Executive Women International, aims to support minority high school graduates aspiring to enter the fine jewelry industry.Scholarship DetailsEstablished in 2022, the Lonia Tate Scholarship honors Tate’s legacy of community building and contributions to the jewelry industry. It collaborates with the Black in Jewelry Coalition to offer recipients a Graduate Gemologist Diploma from the Gemological Institute of America (GIA) and provides $10,000…

The Jewelers Board of Trade (JBT) has released data indicating a significant decline in the number of active jewelry businesses in the United States during the second quarter of 2024. The report shows a 30% increase in business closures compared to the same period in 2023, reflecting ongoing challenges within the sector affecting retailers, wholesalers, and manufacturers.Increased Business ClosuresBetween April 1 and June 30, 2024, 226 jewelry businesses closed, a notable rise from the previous year. Of these closures, 37 were due to mergers or takeovers, one was due to bankruptcy, and 188 ceased operations for other reasons. The total…

The Manufacturing Jewelers & Suppliers of America (MJSA) has announced the allocation of $9,000 in scholarships to three students pursuing careers in jewelry making and design. Each recipient will receive $3,000 from the MJSA Education Foundation to support their educational endeavors.Scholarship Recipients and Their AspirationsTahnee Barbee is currently enrolled in the Texas Institute of Jewelry Technology, working towards a certificate in jewelry technology. She expects to complete her certification by the end of the year and then plans to seek employment as a bench jeweler.Gigi Sui is entering her second year at the North Bennet Street School in Boston. She…

The American Gem Trade Association (AGTA) has announced new deadlines for its prestigious Spectrum & Cutting Edge Awards, celebrating their 40th anniversary this year. The early bird deadline is now September 20, with the final deadline set for October 9.Key Dates and Entry FeesThe AGTA Spectrum Awards, known for recognizing excellence in colored gemstone and cultured pearl design, have adjusted their submission deadlines. Early bird entries are accepted until September 20 at a cost of $265 for the first entry and $205 for each subsequent entry. For entries submitted by the final deadline of October 9, the fee is $295…

Members of the first class to complete the Gemological Institute of America (GIA) Graduate Gemologist program in New York City gathered to commemorate the 50th anniversary of their 1974 graduation. The event brought together a group of distinguished alumni, their spouses, and GIA staff at GIA New York to celebrate the impact of GIA’s education on their lives and the gem and jewelry industry.Milestone Event“The 1974 NYC Graduate Gemologist class exemplifies the enduring excellence and commitment to education that GIA has upheld for nearly a century,” said Susan Jacques, GIA president and CEO. “We are honored to celebrate the remarkable achievements…

Recent research from Vericast reveals a conflicted consumer sentiment regarding holiday spending for the 2024 winter season. This study surveyed 1,000 U.S. adults and analyzed data from Vericast’s 2024 Holiday Retail TrendWatch, highlighting the tension between the desire to splurge and the necessity to save.Spending Trends and DemographicsAccording to the data, 41% of consumers plan to spend more on gifts for themselves this holiday season, with this trend most prevalent among Gen Z (47%) and Millennials (56%). However, 46% of consumers are focused on budgeting and reducing overall holiday expenditures. The conflict extends to holiday party planning, where 56% of…

Initiatives in Art and Culture (IAC) is set to host its 14th annual Gold and Diamond Conference in New York City from July 16-17, with a welcome reception on July 15. The event will take place at the Bohemian National Hall, beginning with opening remarks by IAC President and Founder Lisa Koenigsberg.Conference Theme and Key Focus AreasThe conference theme, “Expanding Horizons,” aims to foster cross-sector collaboration and address pressing global challenges within the gold, diamond, and jewelers sectors. The agenda includes panels on climate change, gender inequality, and the socioeconomic conditions of mining communities.Opening Remarks and Initial PanelsLisa Koenigsberg will…

Signet Jewelers has been ranked 67th on the National Retail Federation’s (NRF) 2024 list of the Top 100 Retailers, a decline from its position at 56th last year. Signet is the only jewelry-focused company on the list, which is based on annual sales figures.Sales and Store Count AnalysisIn 2023, Signet’s U.S. retail sales totalled $6.53 billion, contributing to a global revenue of $7.21 billion. These numbers represent a decline from 2022 when the company reported $7.5 billion in U.S. sales and $8.3 billion worldwide..Signet’s U.S. store count also saw a slight decrease, from 2,351 stores in 2022 to 2,319 in…

The Jewelry Symposium (TJS), the annual event focused on the advancement of jewelry manufacturing technology, is now accepting proposals for its May 2025 edition. The deadline for abstract submissions has been extended to 1 August 2024.Call for SubmissionsTJS is seeking original presentations from subject matter experts in jewelry manufacturing and technology. The extended abstract submission deadline is 1 August 2024. Final draft papers are due by 15 January 2025, with presentations expected by mid-April.“Our audience of jewelry makers crave topics on manufacturing, cutting-edge technology, research, best business practices, safety, history, bench work, gemstones, metals, sustainability, and sourcing skilled labour,” explained…

Registration for the JIS Fall 2024 event, scheduled from October 6 to 9, is now open. Held at the Miami Beach Convention Center in Florida, JIS Fall will feature over 600 exhibitors, and provide a great opportunity to explore trends, view brands’ wares and network with your peers as we all prepare for the holiday season. Highlighting Seasonal TrendsJIS Fall 2024 will present a broad spectrum of the latest jewelry trends. Attendees will see a variety of pieces, from pearls and reimagined classics to statement pendants and vintage-inspired designs. Brands such as A&P Afarin, Heera Moti, America’s Gold, SimplexDiam, and Golden Stone…

The International Gemological Institute (IGI) has announced the appointment of Tiffany Stevens as Chief Business Officer and Head of Sustainability for its North American operations, succeeding Avi Levy, who has held the position since 2019.Leadership TransitionTehmasp Printer, Global CEO at IGI, expressed enthusiasm for Stevens’ appointment, highlighting her extensive background in legal and public policy, along with her industry knowledge and relationships. Printer stated, “We are excited to welcome Tiffany to the team. Her legal and public policy background and extensive industry knowledge and relationships align with our mission to uphold the highest standards of gemological excellence. I look forward…

U.S. Customs and Border Protection (CBP) officers recently intercepted three significant shipments of counterfeit luxury jewelry, including items falsely branded as Louis Vuitton, Gucci, Rolex, Van Cleef and Arpels, and Cartier. The seizures, totalling 2,387 pieces, highlight the ongoing challenge of protecting intellectual property rights in the jewelry industry.Details of the SeizuresThe first shipment, seized on 1 July, contained 1,466 pieces of counterfeit jewelry, including fake Louis Vuitton, Gucci, and Dior necklaces. This shipment, originating from China, was en route to a residence in Brooklyn, New York. On 3 July, CBP officers seized two additional shipments directed to Miami, Florida.…

Signet-owned Rocksbox has transitioned from a subscription-based jewelry rental service to an e-commerce platform specializing in pre-owned jewelry. This shift aims to meet growing customer demand for outright purchases of pre-owned designer jewelry, rather than rental subscriptions.Changing Business ModelRocksbox launched in 2012 as a subscription-based rental service, offering designer jewelry for a monthly fee. However, customer interest in purchasing rather than renting has led to a significant business model change. According to a survey conducted by Rocksbox in 2023, 78% of its clients expressed a preference for buying second hand jewelry. This feedback has been instrumental in reshaping the company’s approach.“We’ve…

The Grown Diamond Trade Organization (GDTO) has announced the appointment of Stanley Mathuram, CEO of ECG Global Solutions, as the new head of Sustainability Standards and Ratings, aiming to shore up their capabilities around sustainability, transparency, and ethical practices within the lab-grown diamond sector.Extensive Experience in SustainabilityMathuram brings significant experience to the role, with a background in Chemical and Environmental Engineering and over 25 years in sustainability, business development, circularity, climate finance, carbon markets, transition economy, and environmental engineering. Previously serving as Executive Vice President of SCS Global Services, he played a key role in developing and implementing the Certified…

In a bold incident on the Las Vegas Strip, four individuals have been charged with stealing a bag containing approximately $250,000 worth of diamonds from a jewelry vendor attending the Jewelers Circular Keystone (JCK) show at the Bar Luca in the Palazzo hotel.Incident DetailsThe victim, a jeweler from Georgia, was in Las Vegas with his wife for the JCK show. On May 31, while taking a break at Bar Luca with a colleague, he placed a bag between his feet containing 12 diamond engagement rings, three diamond pendants, $250 in cash, and his car and house keys. Despite his vigilance, the…

Jewelers of America (JA) will offer their Bench Professional Certification exam at the Gemological Institute of America’s (GIA) Carlsbad campus on August 8-9, 2024. This exam, set to take place at The Robert Mouawad Campus at GIA’s World Headquarters, aims to assess the skills of bench jewelers.David Bonaparte, President & CEO of Jewelers of America, stated, “JA’s Bench Certification exam is a terrific way for individuals to validate their skills, communicate their professionalism, help their business stand out and gain consumer confidence. We are thrilled to be able to offer the exam on-site at The Robert Mouawad Campus at GIA’s World…

Mejuri has unveiled a new line of earrings crafted from “salmon gold,” a material sourced through an innovative process aimed at environmental restoration. This launch aims to contribute to sustainable practices by addressing ecological damage from traditional mining methods.Sustainable Sourcing and Environmental RestorationThe concept of “salmon gold” refers to gold extracted from the waste rock of abandoned placer mines, specifically those near stream beds. This process involves removing the last remnants of minerals from old mine tailings and subsequently restoring these sites to their original, wildlife-friendly habitats. Mejuri has committed to this sustainable sourcing method as part of its broader…

The Gemological Institute of America (GIA) is piloting a new Jewelry Report service, aiming to provide detailed insights into the various components of submitted jewelry items. This service will encompass metal details, gemstone characteristics, and existing engravings, offering a thorough overview of each piece.Key Features of the GIA Jewelry ReportThe GIA Jewelry Report will include a comprehensive description of the jewelry piece, covering metal verification and the ranges for clarity, colour, and carat weight of D-to-Z diamonds. For diamonds without prior GIA reports, these specifics will be newly detailed. If diamonds have existing GIA report numbers, the specific grades will…

Jewelers of America (JA), recently visited Washington, D.C. to discuss the implementation plans for import restrictions on Russian diamonds into the United States with top lawmakers. Leading the delegation was JA President & CEO David J. Bonaparte, accompanied by key industry figures such as Jon Bridge of Ben Bridge Jeweler, Dave Meleski of Richline Group, Matthew Swibel of Signet Jewelers, and Ronnie VanderLinden of the Diamond Manufacturers Importers Association of America.Advocacy EffortsAdvocacy and lobbying are central to JA’s mission to ensure consumer confidence and protect the U.S. retail jewelry industry. The organization supports measures to exclude Russian diamonds from the supply…

Smiling Rocks again showcased its commitment to philanthropy and digital education at this year’s JCK Las Vegas show. The company, known for its annual charity initiatives, has pledged to build digital libraries in low-income rural communities, with this year’s efforts focused on funding through booth visits at the event.Funding Digital LibrariesSmiling Rocks plans to construct two new digital libraries based on the visitor count at their JCK Las Vegas booth. These libraries aim to provide essential digital education resources to rural schools lacking the funds for computer classrooms. This initiative is part of Smiling Rocks’ broader goal of establishing 100 digital…

Zales has announced the addition of Nungu Diamonds and Dorian Webb to its Designer Edit, a curated collection that highlights both established and emerging jewelry designers. This initiative is aimed at diversifying the brand’s offerings and aligning with consumer preferences for unique and meaningful jewelry pieces.Nungu DiamondsNungu Diamonds, a Black-owned brand based in Johannesburg, South Africa, is one of the newest additions. Founded by Kealeboga and Ursula Pule, the brand is committed to supporting local communities through its jewelry business. The Zales x Nungu collection features necklaces, earrings, and rings crafted in 14K yellow and white gold with natural diamonds. Prices range…

Jewelers of America (JAA) has opened entries for the 2024 CASE Awards – the annual competition that celebrates creativity, artistry, style, and excellence in jewelry design among JA Members. The entry deadline for this year’s competition is 17 July 2024.Competition DetailsThe CASE Awards is open to employees of JA Member retailers and suppliers, providing an opportunity to gain national recognition for their original jewelry designs. The awards are structured into ten categories, segmented by the retail value of the jewelry and membership type (retailer or supplier).Categories and JudgingEntrants can submit pieces in the following categories:Each JA Member can submit up to…

The Plumb Club has confirmed that its retailer-focused learning event, the Symposium, will be held again in 2025 following positive feedback and survey results from the previous event.The Symposium is scheduled to take place during the week of March 10th at a new location in Manhattan, which will be announced soon.Survey Results and FeedbackAccording to a survey conducted by Reed Exhibition, many aspects of the 2024 event received high satisfaction ratings, with the show team, location, keynote, and registration all scoring 90% and above. Additionally, 76% of respondents expressed satisfaction with the event’s objectives of imparting industry knowledge and learnings through…