Connect with us

Headlines

Jewelry Manufacturer Acquires Lab-Grown Brand

Frederick Goldman spent a year looking at how to enter the lab-grown business.

mm

Published

on

SECAUCUS, NJ – Frederick Goldman Inc., one of the largest jewelry manufacturers and marketers in North America, announced the purchase of Love Earth, a lab-grown bridal and fashion jewelry business.

Financial terms of the deal were not disclosed.

Video: Hand Out Specialty Items That Jewelry Buyers Actually Care About
Jim Ackerman

Video: Hand Out Specialty Items That Jewelry Buyers Actually Care About

Video: Stop Asking Jewelry Customers ‘What’s Your Budget?’
Jimmy Degroot

Video: Stop Asking Jewelry Customers ‘What’s Your Budget?’

Waiter Donates $200 to Jeweler’s Fundraiser, Wins Billionaire’s Heart, Gets Dream Job
Headlines

Waiter Donates $200 to Jeweler’s Fundraiser, Wins Billionaire’s Heart, Gets Dream Job

“The market for lab-grown diamonds is expanding rapidly,” said Jonathan Goldman, CEO of Frederick Goldman. “We have spent the past year studying how we would enter this business. Our purchase of the Love Earth brand has expedited those plans.

“As an industry, we need to find new and innovative ways to excite the consumer and compete with other discretionary purchases. We believe that lab-grown diamonds are one of those ideas.”

Dan Schneider, founder of Love Earth, has joined Frederick Goldman vice president of sales for the brand.

“I look forward to contributing to the company’s success, providing their retail customers with the lab-grown products, programs and support required to successfully expand their market share,” Schneider said.

Advertisement

In conjunction with the acquisition, Frederick Goldman has built a separate facility to manufacture lab-grown jewelry, according to a press release.

The Love Earth collection will be available in stores June 2019.

Advertisement

SPONSORED VIDEO

Gene the Jeweler

Gene the Jeweler Gets Kicked Out of the Studio

In the latest episode (#42) of Gene the Jeweler, Gene is going about his business, recording a new episode. But that doesn’t last long. Four-time NFL Pro Bowl leading rusher Ahman Green walks in, and Gene finds that his time in the studio is over — whether he likes it or not. (See more Gene the Jeweler episodes at instoremag.com/gene.)

Promoted Headlines

Headlines

Jeweler, Coin Dealer Charged With Precious-Metal Violations

They allegedly failed to meet reporting requirements.

mm

Published

on

YORK, PA – A jeweler and a coin dealer have been accused in Pennsylvania with violating reporting requirements for precious-metal sales.

The York County district attorney filed charges against James Zimmerman of Zimmerman Jewelers and Dennis Steinmetz of Steinmetz Coins and Currency.

A Pennsylvania statute mandates, “A copy of every record of transaction shall be delivered or mailed to the district attorney of the county in which a purchase of precious metals is made by the close of the next working day after the day on which the metal is purchased.”

Both owners were contacted on Jan. 15 advising them that they were to return to compliance, according to a press release from the district attorney’s office. From Feb. 1 to present, Zimmerman Jewelers has had a 37% compliance rate, and Steinmetz Coins and Currency had a compliance rate of 17%, according to the release.

Advertisement

The York County District Attorney’s Office stated that it “has invested significant time and money in an effort to make submissions easier on precious metals dealers by creating a web-based reporting system.” Over the past two years, the program has grown to include Lebanon County and is in the process of expanding to Cumberland County. There are currently over 50 precious metal dealers using the website, who maintain an average 94% compliance rate.

District Attorney Dave Sunday said, “It is the legal obligation of every precious metal dealer in the Commonwealth of Pennsylvania to provide this information to their jurisdiction’s District Attorney. Data from this website has proven to be an invaluable tool, aiding municipal law enforcement officers in solving drug and property crimes, and helping to reunite stolen items with their rightful owners.”

Continue Reading

Headlines

World’s Largest Diamond Mine to Close ⁠— Here’s What That Could Mean

The mine is known for producing pink and red diamonds.

mm

Published

on

Rio Tinto Group plans to close its Argyle mine in western Australia, and that could bring a rise in the price of pink diamonds.

The mine is well-known for producing pink and red diamonds, Bloomberg reports.

In fact, 90 percent of the world’s pink diamonds come from the mine, although such stones are only a tiny percentage of Argyle’s total production. The majority of its production consists of brown diamonds, which are less valuable.

The mine is the world’s largest producer of diamonds by volume.

Arnaud Soirat, head of copper and diamonds for Rio, told Bloomberg that operations will be shut down in late 2020. By then it’s expected that its supply of economically viable stones will have been exhausted.

Pat Godin, CEO of Stornoway Diamond Corp., has predicted that with the closure, “The rational offset between supply and demand should lead to price growth.”

He told Bloomberg that the effect could be “even more dramatic” for pink diamonds.

“You can imagine the laws of supply and demand will apply, and you can imagine the impact that will have on those very rare pink, red, blue and purple diamonds,” Godin said.

Read more at Bloomberg

Continue Reading

Headlines

Fashion Jewelry Chain to Close All 261 Stores

3,000 employees could lose their jobs.

mm

Published

on

Jewelry and accessories retailer Charming Charlie is closing all of its 261 stores in connection with its Chapter 11 bankruptcy filed July 11.

Bloomberg reports that over 3,000 full- and -part-time workers could lose their jobs.

The bankruptcy filing is Charming Charlie’s second in the past two year, Bloomberg reports.

Store closing sales are being conducted by a joint venture consisting of Hilco Merchant Resources and SB360 Capital Partners, according to a press release.

Charming Charlie operates in 38 states. A full list of closing stores is available here.

Advertisement

The liquidation is expected to take two months.

The company’s debt totals $82 million, according to Bloomberg. Its cash on hand amounted to only $6,000  as of the bankruptcy filing.

Charming Charlie is a Houston-based specialty retailer focused on fashion jewelry, handbags, apparel, gifts and beauty products.

Continue Reading

Most Popular