Author: Steven Joseph

Deloitte’s annual holiday retail forecast anticipates a growth of 3.5% to 4.6% in holiday retail sales for 2023.The projected sales are expected to total between $1.54 to $1.56 trillion during the November to January timeframe. In comparison, the 2022 holiday sales experienced a growth of 7.6%, totaling $1.49 trillion.E-commerce Sales ProjectionGrowth EstimatesDeloitte forecasts that e-commerce sales will witness a year-over-year growth of 10.3% to 12.8% during the 2023-2024 holiday season. This could result in e-commerce holiday sales reaching between $278 billion and $284 billion.Industry ImplicationsUS jewellers have faced an uncertain 12 months, with diamond prices experiencing a decline. The forecasted…

De Beers Group has made the strategic decision to halt the production of lab-grown diamond engagement rings, which were previously sold through its Lightbox brand. This significant move reinforces De Beers’ focus on the enduring allure of natural diamonds amidst the rising popularity of synthetic alternatives. Abandoning The Synthetic ExperimentDe Beers ventured into the lab-grown diamond arena with the aim of capturing a share of the burgeoning market for ethically sourced and cost-effective alternatives to natural diamonds.However, the decision to discontinue this line marks a noticeable shift back to its longstanding tradition of natural diamond craftsmanship.Pricing DiscrepanciesA major concern in…

Parisian jeweler FRED, a unit of luxury group LVMH, has introduced its first synthetic blue diamonds, named FRED Audacious Blue. Known for its elegant and exquisite creations, the brand has ventured into the realm of lab-grown diamonds, marking a significant shift in its product offerings.Limited-Edition CollectionThe brand has released a limited-edition collection consisting of just four jewelry pieces, each containing a 0.50-carat blue lab-grown diamond in the brand’s proprietary Fred Hero Cut. Additionally, a loose 8.88-carat synthetic diamond of the same colour and cut has been unveiled. All five stones are fancy-vivid greenish-blue, have VS clarity or higher, and carry…

A group of 16 individuals has been indicted for their involvement in a series of armed robberies targeting Asian-owned jewelry stores across Florida, New Jersey, Pennsylvania, and Virginia. The thefts took place between January 2022 and January 2023, with the operations being coordinated from Washington, D.C.The AllegationsThe suspects are accused of stealing over $1 million worth of jewelry from the stores. Some members of the crew are also implicated in carjackings. The authorities have stated that while the stores targeted were Asian-owned, no hate crime charges are being considered. The suspects reportedly believed that these stores carried a specific type…

Antwerp-based International Gemological Institute (IGI), part of the Blackstone portfolio, has announced a significant leadership change that will mark the beginning of a new era for the organisation. Roland Lorie, who served as the CEO for nearly five decades, will step down and be succeeded by Tehmasp Printer as the Global CEO, effective October 1, 2023.Lorie’s tenure has been marked by the creation of the largest network of gemological laboratories and schools across the globe, cementing IGI’s position as a leading certification authority for natural diamonds, lab-grown diamonds, coloured stones, and finished jewelry.Tehmasp Printer: A Seasoned LeaderPrinter brings a wealth…

The Gemological Institute of America (GIA) has recently evaluated a 4.04-carat ring made entirely from a single lab-grown diamond. This significant milestone in the world of carved single-crystal diamond rings has implications for the UK jewelry industry, reflecting advancements in lab-grown diamond technology and potential shifts in consumer preferences.A Significant MilestoneThe Ring’s CharacteristicsThe ring, fashioned from a single-crystal CVD (Chemical Vapor Deposition) laboratory-grown diamond, represents a significant development in the field of lab-grown diamonds. While not the first of its kind, it is the first time GIA has evaluated a ring carved from a single laboratory-grown diamond.GIA’s EvaluationTom Moses, GIA’s…

De Beers Group has released its interim financial results for the first half of 2023. The report highlights key developments in production, sales, and market trends, providing insights into the current state of the diamond industry. Key Financial HighlightsProduction and SalesRegional PerformanceMarket InsightsThe report highlights the high levels of polished diamond inventory coming into 2023 and the impact of macro-economic headwinds on rough diamond demand. The anticipated rebound in Chinese demand was affected by a large wave of COVID-19 infections, dampening consumer confidence. The softening in demand and higher financing costs have put profitability under strain.Strategic DevelopmentsImplications for the UK…

Gemological Science International (GSI) has announced the completion of its first advanced gemology program, the Colored Stone Professional Program. This 14-week diploma program, run at GSI’s Jaipur, India campus, welcomed students from across India.”It feels nostalgic to see students graduating from an institution like GSI, which provides a recent and detailed curriculum in an internationally made facility,” says Ms. Sunita Shekhawat, an accomplished Indian jewelry designer known for her intricate craftsmanship and revival of traditional meenakari techniques. Shekhawat adds, “The students using gemology as their base should showcase Indian culture and art when they design gemstone jewelry”.Dr K.L Jain, President,…

In the world of jewelry sales, understanding your customers is paramount to success. But who are your customers, really? As diverse as they are, most customers can be grouped into four basic types:This categorisation can offer invaluable insights into their buying behaviour and help you tailor your sales approach. This article delves into these customer types and provides tips for effectively selling to each.The Price Buyer: Competitive Cost is KeyPrice Buyers are customers driven primarily by cost. Their quest for the best deal often makes them less brand loyal; they’ll compare prices across different retailers to ensure they’re getting the…

Jewelry, especially high-value items, is rarely an impulse purchase. Customers often take time to consider their options, explore various designs, styles, and price points before making a decision. So, when a visitor comes to your website for the first time, it’s unlikely they will make a purchase straight away. This is where a digital sales funnel can come into play.What is a sales funnel?A sales funnel, in essence, represents the journey a potential customer takes from their first interaction with your brand to the final purchase. It’s called a ‘funnel’ because, much like a real-world funnel, the number of people…

Trade show season is coming up and, when done correctly, can play a crucial role in the success of businesses, providing a unique opportunity to interact with potential clients and industry peers. With shows like Pure, the Jewelry Show being one of the most highly anticipated events, standing out amidst a sea of competitors can be a challenging task. Participating in these events can significantly enhance brand visibility, generate sales, and forge strong customer relationships. However, to reap these benefits, it’s vital to set clear, realistic objectives. Whether it’s lead generation, enhancing brand awareness, or driving sales, defining your goals…

New York, NY – In an effort to harness increasing consumer demand and sustain the prosperity of the natural diamond industry, the World Federation of Diamond Bourses (WFDB) has announced a new partnership with the Natural Diamond Council (NDC). This collaboration represents a proactive move in response to shifting market dynamics and a growing need for industry cohesion.Alongside an initial financial investment, the partnership will focus on strategic initiatives to expand the reach and influence of natural diamond values. The WFDB, with its member bourses and individual members, aims to provide wider exposure for natural diamonds and leverage their unique…

The Met Gala 2023 was not just about the clothes – the jewelry worn by the attendees was equally as stunning. The event, which was dedicated to the late Karl Lagerfeld, saw celebrities and fashionistas adorned with pieces that reflected Lagerfeld’s love for pearls and fine jewelry, and served as testament to the transformative power of accessories in creating unforgettable looks. We take you through our top 5 looks below. Dua Lipa’s Legendary Tiffany & Co Diamond NecklaceAs one of the event chairs, Dua Lipa was expected to shine, and she did just that. The singer wore an eggshell-colored vintage…

Launching your new online jewelry store in todays internet driven society is the relatively easy bit. The real work begins when you aim to attract traffic, engage your customers, and clinch those crucial sales.It’s a dynamic world out there – the ebb and flow of consumer behaviour and social media trends make it quite the challenge. This is our first steps SEO guide, the must haves to get your company getting traffic and being found online.First up: What is SEO?SEO, or Search Engine Optimisation, is a set of strategies and techniques aimed at improving your jewelry store’s visibility on search…

Launching your new online jewelry store in todays internet driven society is the relatively easy bit. The real work begins when you aim to attract traffic, engage your customers, and clinch those crucial sales.It’s a dynamic world out there – the ebb and flow of consumer behaviour and social media trends make it quite the challenge. This is our first steps SEO guide, the must haves to get your company getting traffic and being found online.First up: What is SEO?SEO, or Search Engine Optimisation, is a set of strategies and techniques aimed at improving your jewelry store’s visibility on search…