product and review Diamond Gem Jewelry Bracelet Ring Earring Connecticut Gemstone Repair Ruby Emerald Sapphire Precious Stones Goldsmith Bands Baguette Princess Trillion Marquise Radiant Oval Heart Pendants Pearls Platinum for sell or buy in retail store.
Showing posts with label Diamond. Show all posts
Showing posts with label Diamond. Show all posts

Saturday, February 23, 2008

J.C. Penney faces low sales

J.C. Penney faces low sales

Sale of jewellery dipped in Q4

J.C. Penney encountered sales decline by 4.1% to $6.4 billion during the fourth quarter ended February 2, 2008. The slow sale of fine jewellery was partly attributed to this. The net profit also dipped by 10% to $430 million. The company mentions a conservative approach in business plans to maintain a balance between near-term economic realities and long-term growth opportunities. The store will stress on improving the customer experience at the stores with improved merchandising and smart prices.

http://www.diamondworld.net/newsroom/news.asp?newsid=2024

GIA alumni Meet

GIA alumni Meet

The agenda focused on education about diamonds and gemstones

Gemological institute of America (GIA) organised an Alumni Meet for its Members and Industry Leaders on February 22,l 2008. The event was graced by Russel Mehta of Rosy Blue, Ashish Mehta of Kantilal Chhotalal, Satish Shah of Deccan Institute, Hyderabad, Sultan Mohiden of Madras Gem Institute, Nirupa Bhatt, MD GIA India and Middle East and other GIA alumni who traveled down from Hyderabad, Delhi, Madras and Kolkatta.

The event kicked off with a presentation of GIA courses by Deepak Bagai. Russel Mehta spoke about protection of consumer confidence and synthetics. He said, “The complete understanding of diamonds is very important and this can come through education. We need to understand that certification is very important and now a days buying happens online.”

Satish Shah spoke about color-stones being given stepmother treatment. “The Cartel is advocating diamonds and color-stones though in abundance in nature and equally beautiful, are being ignored,” he explained. Asish Mehta also seconded Russel Mehta’s opinion that synthetics were a threat and could take on the markets if they were not identified on time and proper training was not imparted to diamond merchants.

Some other GIA graduates spoke on the occasion about the institute’s reputation in the trade and how the courses had helped them in their business. The event ended on revival of fond memories of days spends at the institute.

http://www.diamondworld.net/newsroom/news.asp?newsid=2028

Charles & Colvard Ltd. earns net loss, last year it earned a net profit

Charles & Colvard Ltd., had a disappointing net sales in the year 2007. During the year it faced a net loss of $24,424 as compared to a net profit of $6.1 million a year earlier.
For the fourth quarter ending December 31, 2007, net sales decreased by 35% to $7.9 million, while for the entire year it dipped by 32% to $27.81 million.

The net loss in the quarter amounted to $1.1 million, whereas it has earned a net income of $1.3 million, per diluted share in 2006. The company said they faced problems with their distribution model. In the US, sales in the fourth quarter dipped by 40% to $6.6 million, while international sales increased 20% to $1.3 million. Charles & Colvard has decided to discontinue its policy of providing future guidance on sales, gross profit margins and marketing and sales expenses.

http://www.diamondworld.net/newsroom/news.asp?newsid=2027

IDMA criticise the lack of comprehensive generic diamond promotion

At the two-day International Diamond Manufacturers Association (IDMA) retreat in Israel, the members unanimously discussed the lack of cohesive and comprehensive generic diamond promotion, and expressed readiness to coordinate such a programme on behalf of the industry. The IDMA issues a statement at the meeting. The IDMA members present were, Jeffrey Fischer, IDMA president; Vasant Mehta, IDMA vice president (GJEPC of India); Moti Ganz, IDMA vice president, Uri Schwartz, Bumi Traub, David De Toledoand Udi Sheintal (the Israel Diamond Manufacturers Association); Eduard Denckens, IDMA vice president; Maxim Shkadov, IDMA vice president, Stephane Fischler, IDMA Secretary General and Treasurer, and others from diamond cutting and manufacturing bodies.

IDMA President Jeffrey Fischer affirmed that as the industry shifts to a demand driven model, IDMA has identified the lack of cohesive and comprehensive generic diamond promotion in the consumer market as a short-sighted failing on the part of the industry. " IDMA has resolved that it will take a leadership role in developing specific proposals to help remedy this situation. IDMA is calling upon all stakeholders to assemble with the express purpose of creating an ongoing industry-wide generic diamond promotion campaign. IDMA offers to act as the coordinator of this 'summit meeting' to address this important need and will announce a plan of action shortly," he stated.

Fischer said. " IDMA is concerned that current rough diamond prices are speculative. As a result, the diamond manufacturing sector is experiencing the collapse of already very thin profit margins. Producers - large and small - should take note and take appropriate action!”

The participants focused on internal organisational planning, matters of concern to IDMA membership, and issues confronting the wider diamond industry. The retreat was moderated by Chaim Even-Zohar of Tacy Consultants Ltd., and Charles Wyndham of WWW International Diamonds Ltd.

Tuesday, February 12, 2008

Diamond: April’s Gemstone

Diamond is the birth stone for month of April, and besides being the most popular gemstone for engagement rings, is the anniversary gem for the 10th and 60th years of marriage. Diamonds are found in Australia, Congo, Botswana, Russia, and South Africa.
Even though the diamond is the hardest of all gemstones known to man, it is the simplest in composition: it is common carbon. The ancient Greeks believed that diamonds were splinters of stars fallen to earth. It was even said by some that they were the tears of the Gods or perhaps crystallized lighting or hardened dew drops. The truth is, however, that the exact origin of diamonds is still something of a mystery, even to scientist and geologists.
In ancient times only kings wore diamonds as a symbol of strength, courage, and invincibility. Over the centuries, the diamond acquired its unique status as the ultimate gift of love. It was said that Cupid’s arrows were tipped with diamonds which have a magic that nothing else can ever quite equal. But it wasn’t until 1477, when Archduke Maximillian of Austria gave a diamond ring to Mary of Burgundy, that the tradition of engagement rings began. Even the reason a woman wears it on the third finger of her left hand dates back to the early Egyptian belief that the vena amoris, vein of love, ran directly from the heart to the top of the third finger, left hand.

Friday, January 18, 2008

Zale Corp to close 60 stores in 90 days

Zale Corp to close 60 stores in 90 days

Wants to cut annual capital spending from the planned $110 million to $85 million

Zale Corp seems to be noticing erratic developments recently. The company wants to cut down its annual capital spending from the planned $110 million to $85 million, as its sales slipped down by 9% during November and December 2007. A result of this is that Zale intends to close down 60 stores quite rapidly within the next 90 days. And this does not seem all, as the corporate wants to close a few more dozen stores later this year. On the contrary, Breeden Capital Management has increased its stake in Zale from 15.9% to 17.7%. Breeden has increased its stake for the fourth time during the month.

http://www.diamondworld.net/newsroom/news.asp?newsid=1900

GJF to spread its ‘trust mark’ nationwide

GJF to spread its ‘trust mark’ nationwide

Will target 250 jewellery retailers in Phase I

The All India Gems & Jewellery Trade Federation (GJF), which had introduced the ‘trust mark’ logo in Mumbai in 2007, now wants more jewellers across India to benefit from it. The Federtaion would promote its programme amongst all jewellers in major cities of India. The logo signifies integrity in the conduct of business, as part of the Top Jewellers of India (TJOI) club. The other two membership categories are Preferred Jewellers of India and Reliable Jewellers of India.

When it was launched, around 20 jewellers in Mumbai had enrolled to bear the logo. The
GJF said that it is targeting 250 jewellery retailers from cities like Rajkot, Ahmedabad, Baroda, Surat, Delhi, Kolkata, Chennai, Pune and Hyderabad, in the first phase ending March 2008, according to reports by the Financial Express. The jewellers who wish to participate must be those selling hallmarked jewellery and hold a registration with the Bureau of Indian Standards.

http://www.diamondworld.net/newsroom/news.asp?newsid=1904

Tiffany authorises repurchase

Tiffany authorises repurchase

Investor also increases his stake; now owns 10.71 million Tiffany shares

Tiffany & Co. said that it has authorised the additional repurchase of its shares and has also extended the deadlines for repurchasing. The shares are valued at $500 million of the common stock.

With the increase, Tiffany will be able to repurchase up to $637 million of its shares through January 31, 2011. Also Tiffany's staunch investor Nelson Peltz has increased his stake to 7.9% and now owns 10.71 million Tiffany shares. According to Michael J. Kowalski, chairman and chief executive officer at Tiffany & Co., “This new authorisation clearly expresses our board's confidence in Tiffany's business and growth potential, and enables us to continue to opportunistically repurchase shares and return excess capital to stockholders.”

Tiffany had made such an increase in August 2006, when it authorised the repurchase of up to $813 million stock through December 31, 2009. Tiffany is now planning to open a boutique in Tokyo's Matsuzakaya Ginza department store and another in Fukuoka's Hakata Daimaru department store by March 1, 2008.

http://www.diamondworld.net/newsroom/news.asp?newsid=1901

De Beers' lawsuit to be heard soon

De Beers' lawsuit to be heard soon

Claimants say that De Beers was involved in unfair trade and promotions

De Beers S.A and its associated companies seem to be immersed in class action lawsuits, where the claimants are asking for money damages on behalf of diamond purchasers. According to Resource Investor, the lawsuits connote that De Beers and subsidiaries had violated antitrust, unfair competition and consumer-protection laws by monopolizing diamond supplies, and had conspired to control the diamond prices by fixing and raising them as per their discretion. The company was also charged with false advertising.

The settlement which is being heard in the US District Court for the District of New Jersey, states that De Beers would be liable o pay $22.5 million to the Direct Purchaser Class Members who have submitted valid claims, while $272.5 million must be paid to Indirect Purchaser Class Members also with valid claims. The claim applies to diamonds purchased between January 1, 1994 and March 31, 2006. The Court will hold a hearing on the Settlement, called the “Fairness Hearing,” at 10:00 a.m. on April 14, 2008.

http://www.diamondworld.net/newsroom/news.asp?newsid=1902

DTC cocktail party ends on an ambitious note

DTC cocktail party ends on an ambitious note

Shine and Penny reiterate the growth plans of the DTC

The DTC Sightholder cocktail party, which was held two nights ago in London concluded on a positive note. Although the recent past has not been so pretty with DTC slacking its number of sightholders, Nicky Oppenheimer stated that several personal friends would no longer be buying diamonds directly from De Beers but, “At the same time, it is exciting to welcome new players who I am sure will add luster and vibrancy to the industry as a whole. Varda Shine (DTC Managing Director) has kept me closely in touch with the whole process and she and her team have met every challenge I placed before them.”

De Beers Managing Director Gareth Penny noted that in 2007 De Beers had introduced improvements to find new deposits of rough. He added: “As we look forward to opening several new mines this year, we have also sold on some of our operations that no longer fit with the business model we seek to deploy. To attain profitable growth, we must remain aware of costs. As India and China continue to register outstanding economic growth, their demand for finite supplies of natural resources has resulted in higher resource prices.”

DTC Managing Director Varda Shine admitted that the recent changes in DTC policies have not been easy for anyone. However, she noted: “I believe that the new Sightholder contract was implemented fairly and objectively, applying the same rules to every applicant. I believe too that it has resulted in a list of diverse, quality Sightholders that are best placed for future success, particularly in the current environment of constrained supply.” She also highlighted the road ahead to be taken by DTC along with its partners, saying “DTC Botswana will be opening its new building in Gaborone and we will be working on our plans to transfer aggregation from London to their fantastic new facility in 2009. The new Sightholder contract will mark the completion of major period of change in the structure of our business relationship with you, our clients. Our joint ventures with the Governments of Namibia and Botswana are start up businesses. They have access to the knowledge and expertise of the DTC and will adapt as lessons are learnt. Together, the DTC, its producer partners and the Sightholders with operations in these countries will continue to seek ways of maximizing the value of diamonds and work together to ensure that a sustainable downstream business is created.”

Shine asked the Sightholders to benefit DTC’s initiatives with feedback to make ways for improvements. She also clarified the eligibility of the Forever mark, saying: As you know, in future participation in the FOREVERMARK will be open to all eligible diamantaires and not just DTC Sightholders. This means that existing and new DTC Sightholders through their continuing compliance with the Best Practice Principles will meet one of the fundamental criteria to be a FOREVERMARK diamantaire.”

http://www.diamondworld.net/newsroom/news.asp?newsid=1903

Saturday, January 12, 2008

S Leone diamond exports sparkle

Freetown - Sierra Leone exported 603 623 carats of diamonds in 2007, in line with the previous year, but the value of sales rose to $142m as quality improved, a government official said on Friday.

Director of Mineral Resources Alimamy Wurie said the value of exports had increased from $127m in 2006, when 603 868 carats were exported.

"The 2007 total carats figure is less than 2006, but this year the carats were worth more," Wurie told Reuters.

The value of Sierra Leone's official diamond exports slumped to around $1m a year in the wake of a 1991-2002 civil war.

The West African country has since joined the Kimberley registration process and made strides in curbing smuggling, in collaboration with neighbouring Liberia and Guinea.

The arrival of diamond companies like Koidu Holdings, which operates the country's largest Kimberlite mine, has allowed the government to earn royalties, which were not previously paid by artisanal miners.

Government figures showed that last year the country's largest exporter was Lebanese diamond dealer Hussein Makie, who shipped 269 499 carats valued at $55m, Wurie said.

Koidu Holdings was second with 147 376 carats valued $28m, he said.

Koidu, owned by Israeli diamond magnate Beny Steinmetz, saw its activities suspended by the government in mid-December after a riot at its site in eastern Sierra Leone.

The managing director of Koidu Holdings, Jan Jourbert, said the company was still waiting for a government enquiry to begin.

"With the suspension of our Kimberlite operation by the government over two weeks now the company has been losing millions of dollars, and so has the government," he said.