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‘Pink Legacy’ Diamond Sells for $50M, Setting Per-Carat Price Record

It was sold by Christie’s in Geneva.

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The diamond was immediately renamed The Winston Pink Legacy by its new owner.

The Pink Legacy, an 18.96-carat fancy vivid pink diamond, sold for $50.4 million in the Magnificent Jewels auction on Nov. 13 at Christie’s in Geneva.

It was promptly renamed The Winston Pink Legacy by its new owner, Harry Winston.

“The saturation, the intensity of this stone is as good as it gets in a colored diamond,” said Rahul Kadakia, international head of jewelry for Christie’s. “To find a diamond of this size with this color is pretty much unreal. You may see this color in a pink diamond of less than one carat. But this is almost 19 carats and it’s as pink as can be. It’s unbelievable.”

While most pink diamonds exhibit a colorr modifier like purple, orange, brown or gray, the Pink Legacy shows no trace of a secondary color, according to a Christie’s press release. Its even color distribution, combined with a balanced saturation, tone and straight pink hue, qualify the 18.96 carat diamond for the “fancy vivid” color grading from the Gemological Institute of America.

Only one in 100,000 diamonds possess a color deep enough to qualify as “fancy vivid,” and the Winston Legacy set a record price per carat for a pink diamond, according to the release.

In the fancy vivid pink range, diamonds of more than five or six carats are rarely encountered. In fact, fewer than 10 per cent of pink diamonds weigh more than one-fifth of a carat. In the saleroom, fancy vivid pink diamonds over 10 carats are virtually unheard of — in over 250 years of auction history at Christie’s, only four such stones have ever appeared for sale.

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Rooftop Burglars Take Everything from Jewelry Store

They even stole repair items.

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Burglars cut through the roof of a jewelry store in Laguna Niguel, CA, and took “all items in the store, including repair pieces,” the Jewelers’ Security Alliance reports.

KCAL-TV identfied the business as Nuggets and Carats Jewelry Store.

According to JSA, the burglars “cut through the roof, used a rope to lower themselves in, and cut into the safe.”

They also “removed another safe from the store, which was dragged out a back door into a parking lot.”

The crime took place on the evening of March 23.

JSA states that it has seen a nationwide uptick in the number of reports of burglaries involving rooftop entry or cutting through sidewalls, with some involving cutting alarm wires.

According to KCAL, store owner Brian Hassine said of the safe: “It’s a 6-inch deep safe. It’s got a plate on the outside that needed to be cut with some type of a laser or saw, and they had to cut away at the concrete, and then another plate they had to go through.”

Find out more at KCAL-TV

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100 US Jewelry Retailers Closed in the First Quarter

The rate of closings slowed considerably.

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The Jewelers Board of Trade reported that 100 U.S. jewelry retailers closed their doors in the first quarter of 2019.

That number represented a decrease from 282 closings in the first quarter of 2018.

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The total included 73 retailers in the category of “ceased operations” as well as 22 “consolidations (sale/merger)” and five bankruptcies.

The total number of U.S. jewelry businesses that closed, including retailers, wholesalers and manufacturers, was 125. That was a decrease from 343 in the first quarter of 2018.

Meanwhile, JBT reported that 48 new retailers opened their doors in the U.S., up from 45 in the first quarter of 2018.

The total number of new jewelry businesses, including retailers, wholesalers and manufacturers, was 57. That was down from 62 new businesses in the year-ago quarter.

JBT listed a total of 18,920 jewelry retailers in the U.S. as of the first quarter of 2019, down from 19,554 in the same quarter a year ago.

The group listed 25,037 jewelry businesses in all, including retailers, wholesalers and manufacturers. That was down from 25,898 in the first quarter of 2018.

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Forevermark Names CEO

She’s stepping up from the role of COO.

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Forevermark has announced that Nancy Liu will become its CEO, stepping up from her current role as chief operating officer.

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Liu said: “At Forevermark we’ve come a very long way in a very short space of time, yet we believe the future will be even more exciting. The brand has taken a number of bold steps in recent years, and the positive consumer response to these show that there’s a real resonance with our approach. As we continue to develop consumer concepts, campaigns, products and designs, Forevermark will play a vital role in the diamond ecosystem for diamantaires, designers, jewelers and consumers, and I’m delighted I’ll be leading the business as it writes its next chapter.”

Nancy Liu

Liu has served as Forevermark’s president of Asia Pacific for 11 years, and she was responsible for overseeing the brand’s global launch in China.

She was appointed COO of Forevermark and member of the De Beers Executive Committee in August 2017.

Prior to her tenure at Forevermark, Liu specialized in corporate management at The Boston Consulting Group, consulting global luxury brands with the aim to develop their businesses in China. Previously, Liu was the vice president of merchandising at Louis Vuitton Asia Pacific, servicing Louis Vuitton across 14 countries, and general manager for the LVMH Watch and Jewelry division managing TAG Heuer, Zenith, Dior, Ebel, Chaumet and Fendi.

Stephen Lussier, executive vice president of consumer and brands for De Beers Group, will continue to oversee the strategic role Forevermark plays within the Group’s brand portfolio as Forevermark chairman. By stepping away from the day-to-day accountability for Forevermark, Lussier will be able to increase his focus on shaping De Beers Group’s strategy at the consumer level.

Lussier said: “This is a moment of great opportunity for diamonds. As symbols of nature, uniqueness and positive social impact, they have huge potential to inspire consumers of all ages, and with a new CEO at the helm for Forevermark I will be able to spend more time ensuring we build even stronger consumer connections with these miracles of nature across all our activities.

“Fortunately, we have an outstanding candidate to take over as CEO of Forevermark. As the brand sees rapid growth in Asia, Nancy’s exceptional expertise and knowledge of the region provide us with excellent continuity as Forevermark goes from strength to strength.”

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