U.S. weekly chain-store sales rose 1.3 percent from one year ago, according to comparable store data released by the International Council of Shopping Centers (ICSC) and Goldman Sachs. But the week to week change at retail counters was negative reflecting an overall consumer pullback on spending.
"Sales continued to soften over the latest week as mixed regional influences from weather combined with uneven traffic and some softer spending by consumers led to the decline," said Michael Niemira, ICSC director of research and chief economist. "Given the last two weeks sales are now tracking about 2 to 2.5 percent for the month which is somewhat below ICSC Research's earlier expectation of approximately 3.5 percent," Niemira added.
Tuesday, May 25, 2010
Wednesday, May 19, 2010
Diamonds, royal gems seek good prices in revived market
Huge diamonds and gems with royal cachet are expected to fetch strong prices next week as buyers chase unique pieces in a revived international jewelry market, rival auction houses said on Friday.
The semi-annual sales in Geneva, Europe’s capital for jewels on the block, follow highly successful results in both Hong Kong and New York, according to Christie’s and Sotheby’s.
Collectors from Asia, especially China, and the Middle East are increasingly bidding for top-quality gems in the Swiss city alongside traditional buyers from Europe and the United States.
"The market now seems to have returned in great strength. Last year was one of our best years," David Bennett, chairman of Sotheby’s Europe and Middle East jewelry department, told Reuters in an interview.
Sotheby’s, which had record sales in Hong Kong last month, expects to net 35 million Swiss francs ($32.77 million) at its jewelry and watch sales in Geneva.
"The vast majority of the sale comes from private owners. Virtually all the noble section has never been on the market before. The jewels are fresh and quality is very high," he said.
"Period jewelry, collection jewelry and noble jewelry are getting scarcer and scarcer. Competition is growing and estimates are being exceeded quite comfortably. Also for fine diamonds and colored stones," Bennett added.
Jean-Marc Lunel, head of Christie’s jewelry department in Switzerland, said buyers are paying top prices for high-quality diamonds, colored gem stones and jewels of special provenance.
"Colored diamonds take the direction of Hong Kong. In Geneva, we are focusing on fine quality, signed pieces from French master jewelers," he told Reuters, pointing to pieces by Cartier, Van Cleef & Arpels, Boivin and Chaumet.
The semi-annual sales in Geneva, Europe’s capital for jewels on the block, follow highly successful results in both Hong Kong and New York, according to Christie’s and Sotheby’s.
Collectors from Asia, especially China, and the Middle East are increasingly bidding for top-quality gems in the Swiss city alongside traditional buyers from Europe and the United States.
"The market now seems to have returned in great strength. Last year was one of our best years," David Bennett, chairman of Sotheby’s Europe and Middle East jewelry department, told Reuters in an interview.
Sotheby’s, which had record sales in Hong Kong last month, expects to net 35 million Swiss francs ($32.77 million) at its jewelry and watch sales in Geneva.
"The vast majority of the sale comes from private owners. Virtually all the noble section has never been on the market before. The jewels are fresh and quality is very high," he said.
"Period jewelry, collection jewelry and noble jewelry are getting scarcer and scarcer. Competition is growing and estimates are being exceeded quite comfortably. Also for fine diamonds and colored stones," Bennett added.
Jean-Marc Lunel, head of Christie’s jewelry department in Switzerland, said buyers are paying top prices for high-quality diamonds, colored gem stones and jewels of special provenance.
"Colored diamonds take the direction of Hong Kong. In Geneva, we are focusing on fine quality, signed pieces from French master jewelers," he told Reuters, pointing to pieces by Cartier, Van Cleef & Arpels, Boivin and Chaumet.
Thursday, May 13, 2010
REWARD OFFERED FOR IDENTIFYING SUSPECTS IN THEFT OF DIAMOND RING FROM ZALES STORE
San Diego County Crime Stoppers and Investigators from the San Diego Police Department’s Eastern Division are offering a reward of up $1,000 for information leading to an arrest in this case from the public in identifying two suspects wanted for grand theft of a diamond ring.
According to investigators, an unknown white male entered a Zales jewelry store in early April. The suspect asked to see a diamond ring valued at $12,000. The clerk showed the suspect the ring who agreed to purchase it. When the clerk retrieved paperwork for the purchase, the suspect fled the store with the ring. Several pictures of the suspect were obtained via surveillance cameras.
According to investigators, an unknown white male entered a Zales jewelry store in early April. The suspect asked to see a diamond ring valued at $12,000. The clerk showed the suspect the ring who agreed to purchase it. When the clerk retrieved paperwork for the purchase, the suspect fled the store with the ring. Several pictures of the suspect were obtained via surveillance cameras.
Wednesday, May 12, 2010
GIA, LAW OFFICERS JOIN FORCES TO FIGHT INTERNATIONAL JEWELRY CRIME
Special agents and detectives from international law enforcement agencies gathered at the Gemological Institute of America’s (GIA) Carlsbad campus recently for a two-week crash course in gemology that was specifically requested by the Federal Bureau of Investigation (FBI).
Law officers from Brazil, Colombia, Belgium, India, Thailand, the UK and the UAE joined detectives from the New York and Los Angeles police departments and FBI specials agents from New York, Los Angeles, Miami and Washington, D.C. to get a first-hand look at how gemological information can help them solve crimes.
The group was exposed to a broad range of gemstone topics, including how to use gemological tools (loupes, tweezers, microscopes); the Four Cs of diamonds and what to look for in clarity, cut and color; synthetics, imitations and color treatments; the diamond industry and the Kimberley Process; field identification of colored stones; and how to read GIA grading reports.
Learning about the science and tools of gemstones is a priceless opportunity, according to Patrick Peys, of the Belgium Federal Police, an experienced gem detective and lead investigator of the 2003 Antwerp Diamond Center heist of nearly half a billion dollars in diamonds, cash and other valuables.
“There is a big difference between being an operational police officer and having knowledge about the product you’re investigating,” Peys said. “That kind of basic information might give you an advantage you otherwise would not have.”
Working with law enforcement officials is a very important aspect of GIA’s mission to protect the public trust, said Donna Baker, president and CEO of GIA. “It is imperative that we continue to work with these detectives and special agents on the front lines of fast-moving gem crimes.”
“The thieves communicate and coordinate across international boundaries – we need to do the same if we want to stop them. Giving law enforcement officials access to our resources and gemological information will help them close the net on those who steal from and take advantage of the public. This is a mission we are proud to share with law officers around the world,” continues Baker.
Law enforcement agencies and GIA have a long history of working together to solve gem-related crimes, said Tom Moses, senior vice president of GIA Laboratory and Research. “Our grading reports and inscriptions are the most effective ways to protect gemstones and information on thousands of them are stored in GIA’s database for future reference,” he said.
The database, started in the 1980s, has proved to be extremely useful for investigators, according to Daniel McCaffrey of the FBI’s New York field office. “It’s so significant to have this relationship with GIA and to have a starting point,” he said. “Literally hundreds and hundreds of stones have been recovered because of it.”
Ivy Cutler, records coordinator for the GIA Laboratory in New York, notifies law enforcement officials when GIA identifies stolen gemstones and acts as a liaison during investigations. She was recently honored by the Jewelers Security Alliance for her efforts to recover stolen gems and educate law enforcement agencies about gemology.
“Gems are one of the most concentrated forms of wealth, and diamonds travel very quickly,” Cutler said. “It’s amazing how frequently the stolen diamonds flow back to GIA. The crime community is small, the crooks are very smart and a lot of the trade is unaware of what they are handling.”
The investigators added that meeting their counterparts from other countries was one of the best outcomes of the two-week seminar.
“I’m very involved in diamond investigations and as far as I know, GIA is the only organization that is really doing something to bring law enforcement officers together to educate them and get that network working,” Peys said. “For me, that’s very visionary.”
Law officers from Brazil, Colombia, Belgium, India, Thailand, the UK and the UAE joined detectives from the New York and Los Angeles police departments and FBI specials agents from New York, Los Angeles, Miami and Washington, D.C. to get a first-hand look at how gemological information can help them solve crimes.
The group was exposed to a broad range of gemstone topics, including how to use gemological tools (loupes, tweezers, microscopes); the Four Cs of diamonds and what to look for in clarity, cut and color; synthetics, imitations and color treatments; the diamond industry and the Kimberley Process; field identification of colored stones; and how to read GIA grading reports.
Learning about the science and tools of gemstones is a priceless opportunity, according to Patrick Peys, of the Belgium Federal Police, an experienced gem detective and lead investigator of the 2003 Antwerp Diamond Center heist of nearly half a billion dollars in diamonds, cash and other valuables.
“There is a big difference between being an operational police officer and having knowledge about the product you’re investigating,” Peys said. “That kind of basic information might give you an advantage you otherwise would not have.”
Working with law enforcement officials is a very important aspect of GIA’s mission to protect the public trust, said Donna Baker, president and CEO of GIA. “It is imperative that we continue to work with these detectives and special agents on the front lines of fast-moving gem crimes.”
“The thieves communicate and coordinate across international boundaries – we need to do the same if we want to stop them. Giving law enforcement officials access to our resources and gemological information will help them close the net on those who steal from and take advantage of the public. This is a mission we are proud to share with law officers around the world,” continues Baker.
Law enforcement agencies and GIA have a long history of working together to solve gem-related crimes, said Tom Moses, senior vice president of GIA Laboratory and Research. “Our grading reports and inscriptions are the most effective ways to protect gemstones and information on thousands of them are stored in GIA’s database for future reference,” he said.
The database, started in the 1980s, has proved to be extremely useful for investigators, according to Daniel McCaffrey of the FBI’s New York field office. “It’s so significant to have this relationship with GIA and to have a starting point,” he said. “Literally hundreds and hundreds of stones have been recovered because of it.”
Ivy Cutler, records coordinator for the GIA Laboratory in New York, notifies law enforcement officials when GIA identifies stolen gemstones and acts as a liaison during investigations. She was recently honored by the Jewelers Security Alliance for her efforts to recover stolen gems and educate law enforcement agencies about gemology.
“Gems are one of the most concentrated forms of wealth, and diamonds travel very quickly,” Cutler said. “It’s amazing how frequently the stolen diamonds flow back to GIA. The crime community is small, the crooks are very smart and a lot of the trade is unaware of what they are handling.”
The investigators added that meeting their counterparts from other countries was one of the best outcomes of the two-week seminar.
“I’m very involved in diamond investigations and as far as I know, GIA is the only organization that is really doing something to bring law enforcement officers together to educate them and get that network working,” Peys said. “For me, that’s very visionary.”
Monday, May 10, 2010
Huge Diamond Donated to Goodwill
Jewelry sorter, Barry Landis, quite literally found a diamond in the rough when he discovered a 2.6-carat diamond ring among the piles of costume jewelry given to a Pennsylvania Goodwill store. The retired jeweler said he trembled while holding the tarnished stone, realizing he had more than just a rhinestone bauble on his hands.
The ring, appraised at a whopping $17,600, includes a 2-carat European diamond surrounded by 14 smaller diamonds in a platinum setting. No one has called in yet to claim the ring - the most valuable Goodwill donation on record for the Pennsylvania area.
"It could have ended up with a price tag of $5.99," Jennifer Ross, spokeswoman for Goodwill Industries Keystone Area told The Patriot News.
"It makes me think about what treasures might be out there in some of our stores."
Ross said the ring will be posted for auction in the Reading section of www.shopgoodwill.com with bidding starting at $15,000.
"I don't know that we'll ever top this," she said. "All we need is a matching bracelet now."
Another Bidder Joins War For Zale’s
Jewelry chain Zale Corp has another bidder for their struggling operation. Centerbridge Partners has joined the bidding for a stake in the largest jewelry store operator in North America.
Zale stock prices have dropped from nearly $31 per share in 2008 to just $3.42 per share today. Announcement of the potential investors seems to have helped share prices slightly.
In an effort to recover Zale Corp has also hired turn around firm Peter J. Solomon to find investors.
32ct Annenberg Diamond Sells for $240k/ct.
The 32.01 carat, D color, flawless diamond diamond shattered previous records when it sold at Christie’s auction house for over $7.7 million to an anonymous bidder. Originally estimated to sell for around $5 million, the flawless diamond set a new per carat record says the auction house.
Rahul Kadakia, head of jewelry at Christie’s New York, said :
“For three-and-a-half hours, between 10:00 a.m. and 1:30 p.m. on Oct. 21 at Christie’s, it was as if the recession never happened,” he said. “Virtually every lot exceeded its estimate, and the $7.7 million Annenberg Diamond astonished even the most seasoned diamond dealer. It was an auction to remember. And if this were not enough, the sale started again at 2:30 p.m. and continued until 7:00 p.m., giving collectors opportunity to acquire exceptional masterpieces from the superb collection of Rare Jewels and Objets d’Art.”
For jewelers this may be a sign that high quality jewelry is still a viable business option, and may be an indication that the recession is coming to a slow end.
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