Author: Ruchi Singla

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 Performance The 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…

The American Gem Trade Association (AGTA) has announced the establishment of the Alfie Norville Women in Excellence Award for the upcoming 2024 AGTA Spectrum & Cutting Edge Awards.  This award, sponsored by Allan Norville and the Norville family, will recognize female designers in several categories: Bridal Wear, Classical, Engagement Rings, Evening Wear, Business/Day Wear, and Men’s Wear. Women entering these categories can indicate their eligibility for the award on their entry forms. Background and Legacy of Alfie Norville Allan and Alfie Norville, known for their real estate development work in Tucson, Arizona, were also prominent figures in the jewelry industry.…

New York-based jewelry brand Verragio has filed a lawsuit against The Art of Jewels and Fine Art LLC, accusing the San Francisco-based retailer of copying its engagement ring and wedding band designs. The lawsuit was filed on July 26 in the U.S. District Court for the Northern District of California, alleging copyright infringement, trademark counterfeiting and infringement, and unfair competition. Details of the Allegations The Art of Jewels, established in 1990 and billing itself as the “#1 Lab Grown Diamond Marketplace” in the United States, is accused of producing and selling jewelry that allegedly replicates Verragio’s distinctive designs. Verragio, led…

The Accessories Council has announced that the 6th Annual Design Excellence Awards will take place on November 4th, 2024, at The Fifth Avenue Hotel in New York City.  Entries are now open and will be accepted through August 30th, 2024. Expanded Categories for Broader Recognition The Design Excellence Awards, established in 2019, aim to recognize outstanding products across the accessories industry. This year, the event has expanded its category offerings, with new inclusions such as Independent Eyewear (1-2 brands) for both Optical and Sun, and Fashion Jewelry categories under and over $100 (SRP). The Brand Collaboration Award, introduced in 2023,…

The Independent Jewelers Organization (IJO) recently awarded 23 scholarships at its conference in Chicago, held from July 13-16. The scholarships were distributed among three distinct categories, with eight recipients receiving full scholarships and 15 obtaining partial scholarships. Bill Roberts Memorial Scholarship The Bill Roberts Memorial Scholarship, sponsored by IJO Owner and Chairman Jeff Roberts, awarded a total of $5,000 for Gemological Institute of America (GIA) studies. Jeff Roberts initiated this scholarship to honor his father, Bill Roberts, who founded IJO over 50 years ago and emphasized education.  Jeff Roberts stated, “In founding IJO more than 50 years ago, my dad…

Grown Brilliance has introduced its “Melrose” collection, marking the company’s first venture into pink and blue lab-grown diamonds.  This collection takes its name from the brand’s storefront at 8483 Melrose Place, Los Angeles, which opened in December 2023. Inspiration and Design Akshie Jhaveri, the creative director and founder of Grown Brilliance, drew inspiration from the architectural elements of the Los Angeles store. She emphasized the influence of organic shapes, the play of light, and color in the store’s design on the new collection. Additionally, the broader California landscape, including locations such as Catalina, Rodeo, and Del Mar, inspired the names…

The Shop! Association has announced the third annual Shop! MarketPlace trade show and conference, scheduled to take place in Charlotte, North Carolina, from April 8 to 10, 2025.  This event, organized in partnership with SmartWork Media, is the only North American trade show dedicated exclusively to enhancing the in-store retail experience. Event Focus and Audience Shop! MarketPlace is designed to cater to retail design professionals and consumer-packaged goods companies, offering a comprehensive three-day program that includes product sourcing, learning opportunities, and collaborative sessions. The event provides a platform for retailers, brands, design firms, consultants, manufacturers, and suppliers to gain insights…

Tiffany & Co. and the Council of Fashion Designers of America (CFDA) have announced the creation of the Tiffany & Co. x CFDA Jewelry Designer Award, a new initiative focused exclusively on American jewelry designers.  This initiative aims to elevate jewelry design to the same status as womenswear and menswear within the fashion industry, with a focus on promoting inclusivity. Mentorship and Fellowship Opportunities Selected participants in the program will receive mentorship and immersive experiences within Tiffany & Co., gaining insight into the company’s tradition of innovation and craftsmanship. One designer will be awarded a yearlong fellowship with Tiffany &…

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 Trends Josh 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…

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 Warranties The 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…

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 Fraud Sezanayev, 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.…

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 features The 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…

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 Logistics The 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…

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 Categories Since 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 Articles The 2024–25 Buyer’s Guide includes several informative articles aimed at helping readers make informed investment decisions.…

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 Solutions Mike 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…

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 Details Established 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…

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 Closures Between 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 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 Aspirations Tahnee 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…

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 Fees The 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…

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…

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 Demographics According 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…

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 Areas The 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…

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 Analysis In 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…

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 Submissions TJS 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…

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 Trends JIS 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,…

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 Transition Tehmasp 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…

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 Seizures The 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…

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 Model Rocksbox 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 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 Sustainability Mathuram 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…

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 Details The 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…