Author: Steven Joseph

After prolonged discussions, the European Commission appears to be moving closer to implementing a significant ban on the import of diamonds from Russia. This measure, part of a wider series of sanctions that include an oil price cap, marks the 12th sanctions package aimed at Moscow. With discussions underway, this proposal seeks unanimous approval from all 27 EU member states and could be finalised in the coming weeks.Set to be effective from January 1, 2024, the ban specifically targets direct imports of Russian diamonds. A critical component of the sanctions includes the establishment of a traceability mechanism from March. This…

In its ninth cycle of sales for 2023, the De Beers Group reported a provisional rough diamond sales value of $80 million. This figure, subject to final adjustments, compares with $200 million in actual sales for Cycle 8 of 2023 and a significantly higher $454 million in the corresponding cycle of the previous year. These numbers reflect the ongoing volatility in the diamond market.CEO’s Market AnalysisAl Cook, CEO of De Beers Group, commented on the current economic climate’s impact on the diamond sector. “Macro-economic challenges continue to affect the diamond sector. The retail recovery in China remains slow. And the…

The UAE is set to chair the Kimberley Process in 2024, with the vice-chair role commencing in 2023. This decision, made at the Kimberley Process Plenary in Botswana, highlights the UAE’s growing role in the international diamond industry.Implications for JewellersThis role may provide stability and continuity during market uncertainties, as expressed by Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC: “The Kimberley Process is a global body that strives to enable trade to flourish in a safe and stable environment so that all participants and their dependent societies can benefit to the full… we are committed to working with…

Claire’s has announced a strategic partnership to introduce its products in 700 Kohl’s department stores across the United States. This collaboration is a significant step in Claire’s ongoing efforts to further expand its retail presence.In-Store FormatsClaire’s will establish its presence in Kohl’s through three distinct formats:Expanding Retail PartnershipsClaire’s has been actively forming partnerships with various retailers to broaden its reach. Last year, the brand inked a deal with Macy’s and is now available in over 125 locations, including eight flagship stores. Claire’s has also partnered with more than 40 retailers worldwide, such as CVS, Amazon, Toys R Us, Kroger, Asda,…

The American Gem Trade Association (AGTA) has unveiled the winners of the 2023 AGTA Spectrum & Cutting Edge Awards. The competition, which took place on October 24–25 in Dallas at the Omni Frisco Hotel at the Star, saw a significant increase in entries compared to the previous year.Key HighlightsAward WinnersBest of AwardsBest Use of ColorJeffrey Bilgore, Jeffrey Bilgore, LLC – Platinum bracelet featuring Sapphires, demantoid Garnets, yellow Diamonds, and white Diamonds.Best Use of PearlFannie Thomas, Fannie Thomas Jewelry – 22K yellow gold hand-carved ring with a cultured South Sea baroque Pearl bird.Fashion ForwardJeffrey Bilgore, Jeffrey Bilgore, LLC – 18K yellow…

Tiffany & Co. has announced the launch of its latest jewelry collection, Tiffany Forge. The collection, crafted from sterling silver, is inspired by the idea that every individual forges their own unique path in life, while an open-link design motif throughout the collection draws inspiration from designs found in the Tiffany Archives.This new collection pays homage to Tiffany & Co.’s longstanding tradition of crafting sterling silver pieces, a material deeply rooted in the brand’s history. Notably, over a hundred years ago, Tiffany & Co. established the U.S. standard for sterling silver purity. The signature open-link motif of the Tiffany Forge…

The Responsible Jewelry Council (RJC), the Mineralogical & Geological Museum at Harvard (MGMH), and the Gemological Institute of America (GIA) have once again joined forces. Following their collaborative efforts at the State of the Art Summit in June 2023, these industry leaders have announced the launch of JewelryArts24 during Frieze Week 2023.The Call for Responsible PracticesThe State of the Art Summit, held at the Mineralogical and Geological Museum, Harvard University, highlighted the pressing need for responsible practices within the jewelry industry. A significant takeaway from the summit was the importance of involving the younger generation, promoting storytelling, and deepening global…

JCK has been honored with the title of the “Greatest Show of 2022” by Trade Show Executive’s Gold 100 at an event held in San Diego in September.The award is a recognition of JCK’s outstanding contributions to the trade show industry and its excellence in providing a platform to connect, engage and explore the latest trends and innovations in the jewelry sector. Organized by RX, JCK 2022 was a return to form – showcasing outstanding attendance, effective marketing strategies and robust sales – driving the event to beat budgets and exceed the attendance figures of 2019 pre-Covid. This remarkable achievement…

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…