Scientists' work improves odds of finding diamonds

Kevin Burke, professor of geology and tectonics at UH, and his fellow researchers describe these findings in a paper titled "Diamonds Sampled by Plumes from the Core-Mantle Boundary," appearing July 15 in Nature, the weekly scientific research journal.

Burke's team found that kimberlites, which are rare volcanic rocks that include diamonds, owe their origin to occasional pulses of hot mantle rock - called mantle plumes - that have risen through the entire thickness of the Earth's mantle from deep down next to the core, or innermost part, of the planet. This core/mantle boundary lies at a depth of about 2,000 miles. While the idea there might be mantle plumes rising from the core/mantle boundary was first suggested about 40 years ago, it is only within the past few years that evidence of plumes coming all the way from this boundary to the Earth's surface has been clearly demonstrated by Burke's group.
"Our approach is new, because it combines observations of the Earth's deep interior from seismology with evidence of how tectonic plates have moved about on the Earth's surface during the past 500 million years," Burke said. "I have been interested in mantle plumes from the core/mantle boundary since they were first hypothesized in 1971. About 10 years ago, I realized there might be a link between the seismically defined structure at the core/mantle boundary and volcanic rocks at the Earth's surface that had been suggested to be linked to mantle plumes. I immediately realized how the existence of that link could be tested, and it was then that I came in contact with Trond Torsvik in Norway, who proved to be uniquely qualified to carry out the required tests."

Torsvik, a professor at the University of Oslo in Norway, and Burke developed the conceptual ideas for this research. Additional members of the team were Bernhard Steinberger at the Helmholtz Centre Potsdam in Germany, and Lew Ashwal and Sue Webb from the University of the Witwatersrand in South Africa. The research consisted of applying and interpreting the results of mathematical analysis, much of it applying spherical geometry to the Earth's surface, to publicly available data-sets put together mainly by Ashwal, Webb and Torsvik.

The present structure of the Earth's mantle has been increasingly understood by researchers in seismology during the past 25 years, and Burke and his colleagues' work has helped confirm the seismologists' results. The work of the Burke group, however, also describes the structure as it was in the past, revealing the history of deep mantle structure over the geologically long period of 500 million years. That, Burke said, is new.

"Establishing the history of deep mantle structure has shown, unexpectedly, that two large volumes lying just above the core/mantle boundary have been stable in their present positions for the past 500 million years," he said. "The reason this result was not expected is that those of us who study the Earth's deep interior have assumed that, although the deep mantle is solid, the material making it up would all be in motion all the time, because the deep mantle is so hot and under such high pressure from the weight of rock above it."
As for how this improves the odds of finding these precious gems, Burke explained that geologists interested in diamonds have known for more than 50 years that rare diamond-bearing kimberlite volcanic rocks are highly concentrated in ancient cratons within areas of the Earth's continents. This has concentrated the search for diamond-bearing rocks within an area amounting to no more than about 10 percent of the entire area of the world's continents. The new work has shown that most of the kimberlites have been erupted into one or the other of those old cratons only under certain conditions. These findings will enable the search for diamonds to be further concentrated.

Ultimately aiming for a better integrated understanding of how the solid Earth of the crust and mantle works, the group hopes to obtain further results within months. They hope to better establish how plate motions at the Earth's surface have evolved over the last 500 million years and how to work out just how those movements have related to both the stable and the moving parts of the Earth's mantle during the same interval.

Provided by University of Houston

GEMS TV BUYS 32% OF JEWELRY TELEVISION

Singapore-based Gems TV Holdings Ltd., the parent company of defunct retailer Gems TV, has finalized the purchase of 32.7% of one-time on-air rival Jewelry Television.

According to National Jeweler, Gems TV invested $60 million in cash, inventory and assets of Jewelry Television.

The multimillion dollar investment includes a $10 million cash payment, a $10 million promissory note, about $20 million in jewelry and gemstone inventory, and $20 million in intangible assets, such as proprietary technologies, brand and domain names, nearly 15,000 custom jewelry designs and the Web property ThaiGem.com.

"This transaction represents a positive scenario for both of our organizations," said Jewelry Television CEO Tim Matthews. "The Gems TV investment greatly enhances our balance sheet and enables JTV to fast track our aggressive growth plan with one less major competitor. We will also gain access to proprietary technologies and human capital that represent great value."

Gems TV Chairman Jason Choo said the transaction "allows Gems TV to reinvest the assets and intellectual capital developed since its inception."

U.S. Chain-Store Sales +4%

The July 4th holiday weekend in the U.S. helped to boost retail sales at the chain stores this past week, according to comparable store data released by the International Council of Shopping Centers (ICSC) and Goldman Sachs. Same-store sales at chains rose 3.9 percent compared with one year ago. The figure rose by 1 percent from the previous week.

"The lingering hot weather [in the northeastern and midwestern U.S.], as well as a calendar shift, certainly helped to drive seasonal demands on Saturday ahead of the Independence Day holiday," said Michael Niemira, ICSC director of research and chief economist. "Sales for the month are expected by ICSC Research to increase by 3 to 4 percent on a year-over-year basis for the fiscal month of June with bias towards a stronger performance for the month," Niemira added.

The Weekly World Market Watch

United States: Traders are growing in confidence as prices have edged up, although they are hoping for additional increases. Most are still concerned about the economic recovery and that sustained high unemployment will further impact the jewelry market. There is good demand for 0.50-carat, SI goods, while demand for 1.00-carat goods in all categories continues to be strong. High-quality fancy shapes, mainly princess and cushions, are in demand. Retail sales continue to be dominated by bridal goods, with the engagement ring market maintaining a strong level of sales.

Belgium: Trading is stable but quiet, with much of the focus having shifted to Hong Kong in the past week. There were positive reports from the Hong Kong show, though there is some resistance from buyers toward sellers’ asking prices. There is a shortage of certain items, particularly 0.60- to 0.80-carat and 1.50-carat goods, and sales of 0.30- to 0.70-carat goods have slowed. There are also significant supply shortages in the nicer VG+ goods and especially in Triple-EX goods, while demand for larger goods above 3.00 carats has improved.

Israel: Trading quieted in Ramat Gan as is often the case during this time of year. Dealers and manufacturers who went to the Hong Kong show were satisfied with the event, but did not report extraordinary activity there. Some stayed longer to try to make additional sales. There is some expectation of a last-minute push to sell goods before the summer break in August. Overall demand for goods is stable, while demand for 1.50-carat stones has improved. Demand for pointer sizes of 50- to 70-carat stones has slowed in the past week.

India: Activity slowed slightly in polished and rough trading, with reports that prices at the BHP Billiton tender declined, resulting in more buyer resistance to sellers’ asking prices. Many buyers are expecting some correction to balance the high prices observed in the market, while continued instability in the dollar-rupee exchange rate is also contributing to their caution. There remains strong demand for 0.02-carat, J+, SI-pique good, while melee, J+, SI-pique is also a hot category. There is good demand for 1.00-carat goods in all categories, with severe shortages reported in pique goods.

China: The retail and wholesale markets are stable, although trading is subdued, as expected for this time of year. The mood has dropped slightly among retailers, particularly in the south of the country, where rainy weather is keeping consumers away. There is good demand for 0.30- to 1.10-carat, D-J, VVS-SI, GIA-certified and preferably EX-cut stones, while demand is stable for parcel goods in 0.20- to 0.30- carat, H-J, VS-SI categories.

Hong Kong: The market improved in the past week, with the influx of buyers for the June Hong Kong Jewellery & Gem Fair 2010. Buyers at the show eased their resistance to sellers’ asking prices, but there remains a notable gap between the two and there is still a price lag evident between the buying and cutting centers. There was good demand for high-color SI goods at the show and medium- to high-color, VS-SI stones. There is good demand for high-end goods.

U.S. Lowers Growth Rate for 1Q10

.S. consumers spent less than previous thought during the first quarter of 2010, according to new figures released by the government, which forced the nation's first quarter gross domestic product (GDP) growth rate lower. The government revised GDP growth to only 2.7 percent for the January through March quarter, down from an advanced estimate of 3.2 percent in April, and the final reading was much slower than a 5.6 percent growth rate for fourth quarter of 2009. Consumer spending is often cited as accounting for 60 percent to 70 percent of the GDP.

Stuart Hoffman, chief economist at PNC Financial Services, wrote that the revision reflects a "halfhearted economic advance" and he predicted similar growth rates for all of 2010.

Paul Dales, U.S. economist with Capital Economics, told the Associated Press that the U.S. is experiencing "the weakest and longest economic recovery" process post-WWII. Without stronger, long-term growth the job sector will experience little if any change, which is a leading concern for U.S. consumers.

Seiko Watch Range Soon to be Unveiled - Keep up to Date and be the First to See New Range

Express Watches continues to keep an eye of the radar for all new Seiko watches soon to be released. The watch industry as a whole are waiting on the anticipated range that will be released in coming weeks.

Christopher Andrews, Managing Director of Express Watches is one of those staying ahead of the pack. As an authorised Seiko Dealer, Express Watches makes the whole Seiko range available at discounted prices. Through an established ecommerce site, Andrews brings Seiko watches within the reach of budgets sharing "bricks and mortar" cost savings with clients allowing him to offer Seiko watches at affordable prices through http://www.expresswatches.co.uk

"This time of year is not only busy in terms of sales but also a highly competitive period when authorised Seiko dealers want to the first to bring out the latest ranges" commented Andrews.

Not only do Seiko dealers want to be the first to reveal the new range but Seiko watch owners also want lead the pack with the latest Seiko watches. "The majority of our customers don't just see a watch as a timepiece and are repeat customers who come back for the latest Seiko watch designs". Andrews believes that many can afford repeat orders as Express Watches discounts Seiko Watches by up to 50%.

Recognised as an authorised Seiko dealer, customers also have faith in Express Watches who have solid customer relations services, reassuring guarantees and tight delivery procedures. This is an area Andrews has been keen to develop "our customers want to browse and purchase the latest Seiko watches safe in the knowledge that their transactions run smoothly, deliveries are on time and that there is complete transparency on all issues".

Express Watches will be revealing the latest ranges very shortly. Andrews anticipates that there will be over 40 new Seiko watches coming shortly, all driven by the Seiko attention to detail and style. To keep up to date on the latest Seiko watches visit http://www.expresswatches.co.uk where new watch designs will be showcased as they are released.

Luxury Watch Sales Boosted by China, Latin America

While limited-edition and diamond-encrusted watch sales remained steady—even increasing in some places—sales of “fashion”, more common brands suffered. As with loose diamonds, it seems that bigger is better when it comes to selling in a tough economy. It may seem counter-intuitive, but the more over-the-top a piece is, the more likely it is to sell, and quickly. “The decline of bonus culture had a big effect on the watch market,” says Catherine MacDonald-Home, editor of Luxury Briefing. “A lot of guys would buy a watch with their first bonus.” So while watches in the $10,000 to $25,000 range dropped, those over $25,000 have actually seen an increase in sales.


Last year, a Middle-Eastern watch collector paid $3.3 million on Piaget’s Tourbillion watch, studded with 1,200 diamonds and shaped like a Mayan temple. Only one was made. The ultra-luxe brands like Cartier, Piaget, Rolex, and Patek Philippe continued to do well even in the darkest depths of the recession. “Anything over $60,000 is holding up,” MacDonald-Home continued. “It has to be something that’s a limited edition or of a very high quality.”

Piaget, with an average watch price of $25,000, saw expanding markets as their lifeline. To encourage this growth, they have placed 9 new stores in China and plan to build 5 more there. They are also placing 3 new stores throughout the Middle East. Audemars Piguet, with an average watch price of $35,000, saw growth only in one area during the last fiscal year: Latin America. In honor of this, they created 2 new models for 2010, called “Pride of Mexico” and “Pride of Argentina”. North American President and CEO of Audemars Piguet noted that, “The Latin American market is booming. I showed up at a dinner in Caracas for 30 people. Each had more than $150,000 on his wrist.”

The way to sell timepieces in this economy is to create unusual pieces with either a new design or new technology. While watch sales between $100 and $25,000 falter, it is the extremely decorative or unusual pieces with huge price tags that are moving. Collectors are still collecting. And with markets growing throughout Asia, the Middle East, and Latin America, the diamond jewelry industry as a whole can look forward to an all-around increase in sales over the next few years.