Stephan Wolzok, CEO of Rubel & Ménasché specializing in the supply of high-quality diamonds, described the situation in the French market in his answers to the questions from Rough&Polished.
Could you say a few words about your company for our readers?
Rubel & Ménasché was established back in the fifties in the diamond dealers historical neighbourhood of Paris, the 9th Arrondissement. Perfect location, 10 min away from the workshops of the Place Vendôme.
In the last 15 years, led by a brilliant and visionary president, Mr Jacques Zaïcik, we became a major supplier of the world-known french Jewelers, by establishing a both sides trustworthy relationship built on transparency and continuous quality. In 2006, we moved rue de la Paix, known as the Jewelers street.
What is the most popular assortment of diamond goods offered by your company among your customers?
Top quality small goods, close to perfection. Excellent color, clarity and of course perfect make.
Being a partner of Dali Diamond, which is buying rough from ALROSA, you may happen to operate with diamonds mined in Russia. What are their shipping destinations from Rubel & Menasche after they are turned into polished diamonds?
We don’t only source our rough from Alrosa, but for the past 20 years Dali has been manufacturing rough in Russia.
The excellent craftsmanship of Russian polishers enhances the beauty of the Russian rough.
In turn we are able to supply our customers with the ultimate in color and make.
Your company is known as a supplier to Van Cleef & Arpels. What kind of diamond goods do you usually sell to this brand?
Exactly the same mentioned earlier: top quality small goods with excellent criteria. Top of the top I would say!
In 1990 Rubel & Menasche pioneered kit bagging, later adopted throughout the profession. Please, describe this process and the improvements it brings about.
With a few parcel papers you recreate the whole nomenclature of a piece of jewelry, but each size in a different parcel. This how was born the “kit”.
The kitting helped setters winning time to work perfectly on jewelry pieces instead of finding the right stone in a huge parcel containing all the dimensions required.
Many diamond analysts actually discard Europe as a current diamond buyer. You happen to operate in France, which has always been setting pace in European fashion in general and in jewelry in particular. Do you think the situation may change or not in the mid-term?
No, I hardly think the situation may change. We got a chance to prove ourselves to the Jewelers and worked hard on taking it and turning it to a success. We “grew” together with our long lasting clients, following up their speed, but we may be one of the happy few in Paris.
Speaking about France, are diamond sales in this country going up or down this year compared to 2011?
The small retailers are suffering a lot. On the contrary, the French Majors are selling even better than in 2011 for Q1.
What was your company’s performance in the first quarter of 2012?
It is a double digit growth. Which is explainable as we are an atypic example.
Working with the Majors on a specific segment of goods, exporting most of them, we do not happen to undergo the dull aspect of the French market.
Since your company happens to be an RJC member, what is your opinion of the discussion on conflict diamonds offered by the new KP Chair, Gillian Milovanovic?
We support her proposition to change and therefore extend the definition of conflict diamonds. We can only hope she will have enough time as Chair of the KP. Keeping in mind that the two next chairs will be African countries, which may not recognize themselves in the extended definition, we could face a disappointment.
However one can say that her efforts to give the KPCS more credible structure (permanent secretariat) and bringing back the NGOs in the discussion are a positive action. Those perspectives needed to be drawn and the Ambassador Milovanovic is at this initiative.
What is your vision of the French diamond market in 2012?
Speaking about the wide range of quality, and not the one we work on, not so good for H1. The reasons are quite obvious, the USD is high as well as rough, small retailers buy only when needed as demand is weaker than ever. The country is desperately trying to get out of the crisis without any real success. Let’s not forget about the political aspect, the new government reviewing the tax system to make it heavier. Consumer’s trust is at the lowest.
Hopefully, summer will ease everyone’s fears, leaving wholesalers hoping for a dynamic upcoming holiday season at the end of the year.
Clearly, we see a double speed market in France, small retailers struggling and Majors never been better thanks to (Asian) tourism, therefore the French diamond market’s health is easy to picture.
Vladimir Malakhov, Rough&Polished
