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Know It All: July 2015

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GIA Issues Alert Over Mysterious Color Treatment

1
The Gemological Institute of America says it suspected as many as 500 diamonds submitted primarily to its lab in Ramat Gan may have been subjected to an undisclosed — and mysterious — treatment that temporarily improves color by as much as three grades. For details, see instr.us/7154.
— IDEX, 5/12/15


Specialty Jewelers’ Market Share Revised Down 10%

2 The size of the U.S. specialty jewelry market is almost 10 percent smaller than previously reported, according to revised data from the U.S. Department of Commerce. The new data means specialty jewelers’ sales have still not returned to their pre-recessionary peak of $30.8 billion in 2007. — IDEX, 5/17/15

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Sunrise Ruby sells for a record $30 million

3 After months of media hoohah about The Sunrise Ruby, a 25.6-carat cushion-shaped “pigeon blood” ruby, achieved a record price for a non-diamond jewel, of $30.3 million, at Sotheby’s recent Magnificent Jewels auction in Geneva. — BBC, 5/13/15


De Beers Selling Kimberley Mine

4 De Beers is selling its legendary Kimberley mine, the South African pit that laid the foundation for its global dominance of the diamond industry. — Financial Times, 5/22/15

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Miners Establish Promotional Body

5 The world’s biggest diamond miners including ALROSA, De Beers and Rio Tinto have agreed to form a new organization committed to boosting consumer demand in every girl’s best friend. The Diamond Producers Association will seek to fill the marketing role once undertaken by De Beers, although at a much more modest level. Its initial budget is just $6 million. — Rapaport Tradewire, 5/29/15


Shopping is Coming to Pinterest

6 Social media darling Pinterest said it planned to sell “buyable pins” to merchants, which would have the effect of turning parts of the visual bookmarking site into a giant shopping catalog. — Wall Street Journal, 6/2/15

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Platinum Seen Testing $1,000/oz

7 Platinum prices could test $1,000 an ounce this year, a level not seen since early 2009, as supply from South African mines and global autocatalyst recyclers climbs, according to the widely followed analysts at Thomson Reuters. — Reuters, 5/14/15


Trade Show Calendar Gets More Compressed

8In further signs of trade show consolidation, MJSA Expo New York will run concurrently with the JA New York Spring Show in March next year, while JCK Events will launch LUXURY Miami to run alongside Jewelers International Showcase Miami in October. JCK’s parent. Reed Exhibitions, acquired JIS in May. — IDEX Online News, 5/31/15


Hole-in-the-Wall Gang Shows Age

9 If there was a lesson from the Hatton Garden diamond district heist, it may be that it’s useful to remember criminals come in all shapes, sizes … and ages. The most striking thing about the crew of nine suspects presented at a preliminary hearing wasn’t their physical dexterity or villainous brilliance. It was their dotage. Their average age was almost 62, while two are in their 70s. — Bloomberg, 5/28/15


Russian Lab Unveils 10-Carat HPHT Diamond

10 They keep getting bigger and bigger. A Russian company has grown a 10.02-carat emerald-cut diamond using the HPHT method. The diamond was cut from a 32.2 carat piece of man-made rough that had been created in less than 300 hours. — Rapaport Tradewire, 5/29/15

This article originally appeared in the July 2015 edition of INSTORE.

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Wilkerson Helped This Jeweler to Navigate His Retirement Sale Despite a Pandemic

Hosting a going-out-of-business sale when the coronavirus pandemic hit wasn’t a part of Bob Smith’s game plan for his retirement. Smith, the owner of E.M. Smith Jewelers in Chillicothe, Ohio, says the governor closed the state mid-way through. But Smith chose Wilkerson, and Wilkerson handled it like a champ, says Smith. And when it was time for the state to reopen, the sale continued like nothing had ever happened. “I’d recommend Wilkerson,” he says. “They do business the way we do business.”

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