FRESH INDUSTRY NEWS AND PRESS RELEASES

Stay up to date with the latest jewelry industry happenings with our roundup of news from suppliers, associations and other businesses. Send your news to us at This email address is being protected from spambots. You need JavaScript enabled to view it..


Jewelers for Children Forms Partnership With Lavish Jewelry Cleaner

 

(Press Release) Jewelers for Children has partnered with Lavish, a supplier of jewelry cleaner, on a fundraising program in which industry companies can participate.

Every jewelry store sells jewelry cleaner, and through this new relationship, they can purchase Lavish Jewelry Cleaner in the patented foaming version or traditional jewelry bath, directly from Lavish and support Jewelers for Children. Lavish is donating a portion of the proceeds on the sales directly to JFC to support children in need.

The JFC-branded products are available with the retailer’s logo for free if they order 200 or more units, or $0.20 per unit if the order is less than 200 units. Every opening order will include a JFC-branded point-of-purchase countertop display to showcase the product to customers.

"Jewelers for Children is doing amazing work, and Lavish is excited to help them continue impacting the lives of children who need it the most,” says Larry Rodgers, founder and president of Lavish. “We feel privileged to team up with JFC to offer our industry-leading jewelry care products as a way for retail jewelers and designers to participate and reach out beyond the jewelry community. This program will allow jewelers to provide their customers with the very best in luxury jewelry care products to keep their jewelry shining and beautiful every day, with a little extra sparkle for knowing that they're helping to make a difference in the lives of children in need."

“Lavish produces a great product, and their program that provides full support and fulfillment to the retailer is a perfect fit for JFC,” says David Rocha, Jewelers for Children executive director. “We are excited to be working with them on a program that will raise money for our mission and help involve retail jewelers across the country.”

Anyone interested in participating in the program can contact Jewelers for Children at This email address is being protected from spambots. You need JavaScript enabled to view it., or visit www.jewelersforchidlren.org.


GJEPC Announces Fiscal Year Results

 

Left to right: Mr. Kirit Bhansali (co-convener, diamond panel), Mr. Sabyasachi Ray (executive director), Mr. Praveenshankar Pandya (chairman), Russell Mehta (vice chairman), Dilip Shah (convener, international exhibitions) and Ashok Gajera (regional chairman – western region) at the annual conference of The Gem and Jewellery Export Promotion Council (GJEPC) held in Mumbai.

(Press Release) Mumbai, April 28, 2016: India’s Exports of gems and jewellery dropped 3.46% in FY16 to USD 38,599.18 mn as compared to USD 39,980.63 mn in FY15. Gross exports of cut and polished diamonds in FY2016 (financial year April 2015 to March 2016) dropped 13.66% to USD 19,996.06 million (provisional same ports figures and data) as compared to USD 23,160.18 mn in FY15. Apex body The Gem & Jewellery Export Promotion Council (GJEPC) sponsored by the Ministry of Commerce & Industry, Government of India (GoI) released annual export performance report for FY2016 in the presence of Chairman Mr. Praveenshankar Pandya, Vice Chairman Mr. Russell Mehta and other Directors. Exports of gold jewellery in FY16 dropped 13.07% to USD 8,609.25 mn as compared to USD 9,903.61 mn in FY15. Exports of Colored Gemstones dropped 4.43% in FY16 to USD 433.18 mn as compared to USD 453.25 mn in FY15. Other exports (such as pearls, synthetic stones, costume and fashion jewellery, etc.) increased by 49.66% in FY16.

In FY16, gems & jewellery exports of USD 38,599.18 mn accounted for 14.78% (up FY15) of the country’s cumulative exports of US$ 261,136.80 million (overall exports were down 15.85% as compared to FY15) ranking the gems & jewellery sector as one of the leading foreign exchange earners for the country. However, this is the fifth successive year wherein gross gems & jewellery exports have been falling; and the first time in the last six years that the exports of cut & polished diamonds has fallen to below USD 20,000 mn levels.

Net import of rough diamonds (quantity in lakh carats) dropped 16.17% in FY16 to USD 14,047.81 mn as compared to USD 16,757.37 mn in FY15. Net imports of cut and polished diamonds dropped 58.26% in FY16 to USD 2,771.40 mn as compared to USD 6,640.14 mn in FY15.

Mr. Praveenshankar Pandya, Chairman, GJEPC, said, “For the first time ever, the Export of Cut & Polished diamonds, has shown a huge decline of 13% during April- March 2015-16, in comparison to the same period last year. Weak international demand and high rough diamond prices have led to the absence of Profitability. Slow Demand has led to the fall in Rough Diamond Import by 16% in FY 2015-16 for the first time. Rough Prices are edging upwards, the sluggish global demand has created inventory pile up. Increased Financial Cost or inventory carrying cost has become unbearable. Interest Subvention is the need of the hour!

“However, export to the US is showing an upward trend but the only deterrent is the DUTY in the Region. Inclusion of gems & jewellery business in Merchandise Exports from India Scheme (MEIS) will bring respite and boost trade to the Region.”

Cut and polished diamonds accounted for 52% of the gross gems & jewellery exports in FY16 while gold jewellery exports accounted for 22% of the gross G&J exports. Silver jewellery accounted for 8% of gross exports respectively. Major Gem & Jewellery Export Markets - The UAE in FY16 accounted for 32% (up from 29% in FY15) of the gross exports while those to the US accounted for 22% (up from 21% in FY15) of the gross exports. Exports to Hong Kong in FY16 accounted for 28% (down from 31% in FY15) indicating the slowdown in China/ Hong Kong.

Union Commerce & Industries Ministry is considering the recommendations made by GJEPC with respect to the availability of Duty Free Gold by the Nominated Agencies. Small and Medium exporters are still facing issues in procurement of duty free gold from the nominated agencies/banks across the country. Replenishment Scheme is still not operational and jewellers have still not been able to get their gold used in manufacturing jewellery or export purpose from their own stock

“GJEPC is preparing a ‘Job Work’ draft Policy to be shared with the Government. The facility of job work is already allowed in China. In-spite of labour being around 20% expensive than India, global diamantaires are sending their diamonds to China for manufacturing purpose as job work policy is already in place in China. It is proposed to allow Goods on consignment basis for manufacturing purpose thus creating more jobs for artisans/karigars in the country”, said Mr. Russell Mehta , Vice Chairman, GJEPC

GJEPC is collaborating with leading Miners namely De Beers, ALROSA and Rio Tinto and to launch a Joint Promotional ‘Generic Diamond Promotion’ Programme. Diamonds or Diamond Jewellery does not feature as Top of the Mind Recall amongst Consumers today be it India or Globally. Category is losing its sheen to its competing luxury categories: Holidays, Designer Fashion, Accessories, etc. Man made diamonds are affecting Consumer Confidence.

To realise the Make in India dream of the Prime Minister and ‘Make India’ an International Diamond Trading Hub, the sector seeks implementation of Ease of Business for the Indian diamond sector. By attracting International Manufacturing business to India (diamantaries from Belgium, Israel and Dubai), it can tap additional market share of approximately around USD 20 bn (in FY 2018-19) thereby helping the Government garner more tax collection in the long run. This will also help create jobs for 1.56 mn Indians (by 2018-19) in the gems & jewellery sector while preserving skill and talent of labour force of the existing 3.5 mn labour force. This will help in tackling trade deficit and current account deficit through higher exports.

According to Bain & Company's report titled 'The Global Diamond Industry 2015 - Growth perspectives amid short-term challenges’, the long-term outlook for the diamond market remains positive, with demand expected to outpace supply starting in 2019. However, as in past years, the industry faces key challenges: sustaining long-term demand for diamonds in developed markets and among a new generation of consumers, and boosting demand from other sources than jewellery and aesthetic use. Annual gold jewellery demand across the world declined 3% in 2015, year-over-year, to 2,414.9 tons as many markets remain under the strain of geopolitical tensions and instability (Source: World Gold Council).

The Chairman also urged the government to permit the sale of rough diamonds at the SNZ in Mumbai by implementing a 0.25% tax on sales turnover achieved at SNZ by foreign mining companies. This, he pointed out, would generate a new area of tax collection by shifting such sales from Belgium, Israel and Dubai.

An All-India Jewellers Meet called by GJEPC in Mumbai on April 26, 2016 was attended by over 60 jewellers representing four major all-India bodies and Regional associations. The 20-member Committee was formed which will include representatives of Gem & Jewellery Export Promotion Council (GJEPC), All India Gem & Jewellery Trade Federation (GJF), All India Jewellers Action Committee, Indian Bullion & Jewellers Association (IBJA), etc. The Committee will ensure a coordinated industry response on Excise issue and will focus on preparing a common submission to the Ashok Lahiri headed Sub-Committee of the High Level Committee set up by the government to look into issues related to the Imposition of Central Excise duty on jewellery.


Omi Taps Adam Graham as Director of Sales and Marketing

 

Adam Graham

(Press Release) Jewelry industry veteran Adam Graham has joined Omi Inc. as its director of sales and marketing. In this new role, he will oversee the selling, marketing and public relations functions of the gemstone company and its fine jewelry division Omi Privé.

“We are thrilled to have Adam join us at this stage in our company’s ongoing growth,” says Niveet Nagpal of Omi. “Adam’s experience and relationships in all facets of the industry will really enhance our team as we continue to build both our loose gemstone and jewelry business.”

Graham was most recently vice president/managing director for Black, Starr & Frost and has held executive-level positions with other notable firms in the industry, including Erica Courtney, the American Gem Trade Association, Rapaport and the American Gem Society.

“I am very excited about this opportunity with Omi,” says Graham. “I get to work with fantastic colored gemstones, beautiful jewelry and some of the best people I know.”


IAC to Hold Sixth Annual Gold Conference

Initiatives in Art and Culture will hold its sixth annual Gold Conference at the Graduate Center of the City University of New York from April 28-29. The conference is titled, “Gold: Mentors, Milestones and Metamorphosis.”

IAC has created a special code for INSTORE readers to give them half off the registration fee. By entering promotional code "INSTORE,” they'll pay $175 to attend the two-day conference instead of $350. Information and registration is available at artinitiatives.com.

Here is a description of the conference from IAC’s website:

“Jewelry is the lens through which we focus our examination. The emotional power of jewelry incorporating gold is due as much to the metal itself as to the artistry of the piece. The quality of the metal and its value has long been assured by a specialized professional community, one aspect of our inquiry. More recently, the notion of "value" has expanded to reflect the costs of mining, and, we consider as well the journey toward universal adoption of ethical sourcing and transparency. We then look to how leading retailers of gold jewelry and other objects work their magic. Successful retailing relies on a nuanced understanding of the consumer and reaching him or her in ways both traditional and novel. But at the end of the day, the consumer must find objects both beautiful and valuable, differentiated and new. Creating these objects requires art, and art requires artists. Artists require mentors, and we address the criticality of mentorship and education to the future of gold jewelry. Creating the differentiated and the new increasingly demands more than art, however, and we thus explore new technologies such as CAD and 3D printing that allow not only production on demand but greater precision in the creative process.”

Kimberly McDonald, Geode cuff set in 18 karat yellow gold with brown rose cut diamonds.


Paid2Post to Debut E-Commerce Platform for Jewelry Industry At JCK Las Vegas Show

SAN DIMAS, CA – Paid2Post, a new patent-pending ecommerce platform for the jewelry industry, will debut at the 2016 JCK Show in Las Vegas.

Developed by Chi Huynh, owner of Galatea: Jewelry by Artist, Paid2Post aims to simplify the process of creating an online store by linking suppliers and their products directly with retailers. Retailers can select product from a community of wholesalers by a simple request (think: “friending” on Facebook). A wholesaler is free to select its own regulations for what constitutes an authorized retailer, such as requiring a certain amount of in-store product. But as soon as the wholesaler hits “accept,” the retailer’s selected inventory immediately populates the store. Retailers are protected by zip code (one store per), and all consumer sales are commissionable for the area. A key social media component also allows consumers to reap a commission from posting products, incentivizing the promotion process.

When it comes to online sales, the jewelry industry is losing ground. With e-commerce growing at an exponential rate, some jewelers are being left behind as only an estimated 15 percent are selling online, eclipsed by mega-sellers like Amazon and Blue Nile.

“Jewelers are in dire need of a solution,” says Huynh. “Things are changing more quickly than anyone expected, which is why I believe Paid2Post is the solution for today’s jewelers who want to have an online presence but either don’t know how to go about doing it, or can’t spend the money needed to create a store from scratch.”

Membership is free for retailers and suppliers. The retailer’s customizable page can be promoted as its own URL, by a badge on the jeweler’s homepage, or through the Paid2Post site. Jewelers can track orders, answer questions and check on customer deliveries, which are either shipped directly by Paid2Post to the customer or delivered to the store for personal pick-up.

There are four ways for consumers to enter into the Paid2Post system: through the retailer’s store; through the wholesaler or supplier’s store; through the Paid2Post website; or through an individual’s social media site. Payments are split between the jewelry manufacturer, retailer and Paid2Post. Full wholesale value of the jewelry is paid to the supplier. A 20 percent commission is paid to Paid2Post, and the remaining profit goes to the retailer. If a jeweler is not assigned to the customer’s zip code, the supplier may assign a retailer to access the commission or may keep the commission for themselves. Paid2Post manages all orders and online payments. Returns are accepted within 30 days of shipment receipt.

One of Paid2Post’s most unique features allows consumers to reap a commission should their online image post result in a sale. Special embedded product images, available for download from the Paid2Post website, can be shared and tracked on Facebook, Instagram, Pinterest and Tumblr. This photo-sharing system gives an incentive to anyone who wants to earn extra money from the sale of a piece of jewelry. Commissions to individuals will be 10 percent of the selling price.

Paid2Post is designed to raise online and offline visibility for retailers since much of the true value of a bricks-and-mortar store is in its service and relationships with its customers. “The world is changing and the jewelry industry must change along with it,” says Huynh. “We can’t sit by and see sales slip away, hoping that it will stop. It won’t. Consumers are buying online now more than ever. This is a way for the industry to join together to have a piece of the online ‘pie’ for ourselves.”


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