Within the framework of reorganisation of the World Federation of Diamond Bourses (WFDB), its Managing Director was appointed for the first time. On 18 July, Ernest Blom, President of the WFDB stated that he would be replaced by Michael Vaughan.
Vaughan has been the Secretary General of WFDB since 2002. He will continue in that office together with acting as the Managing Director. Vaughan notes that WFDB is on the verge of a new era. The market expects diamond trading to comply with the ethical practice and have a responsible approach. It is WFDB with its reputation and available facilities that is able to ensure compliance of the sector with the existing requirements.
The jewellery sector of Great Britain witnessed a “dethronement”. Garrard of Mayfair, which had been the crown jeweller for 160 years, gave place to Harry Collins, a small family business. The crown jeweller is responsible for maintenance of the royal collection of jewellery.
Queen Victoria honoured Garrard with its title in 1843. The company has been facing financial problems in recent years and an American investor purchased it in March 2006.
Collins will be entitled to use the imprint of the Queen’s signet together with an inscription “appointed by the Queen”.
It is obvious that this is the way the Queen demonstrated her British patriotism. One of responsibilities of Collins will be weekly visits to the Buckingham Palace for inspection of the comprehensive royal collection of jewellery including necklaces, brooches, diadems and other valuable things. Mr. Collins has already worked with the Queen as her personal jewellery designer.
BHP Billiton Diamonds transferred its polished diamond sale business and operations related to CanadaMark brand programme from Canadian Vancouver to Antwerp. BHP believes that this will result in increased efficiency of its operations and more successful operations in the polished diamond market. “Successful work under CanadaMark™ programme evidencing Canadian origin of its diamonds will not undergo any changes”, Chris Ryder, Managing Director for diamond sales, said.
Stuller Inc. has developed a special advertising TV programme together with Spot Runner web agency. It was inaugurated this year in the JCK Show.
Any corporate retailer connecting to the programme via website http://www.stuller.com/ may download any commercial it likes for 499 dollars and add to it five images of Stuller Inc. jewelleries. Such retailer may record its sound accompaniment over the commercial for promotion of its trademark. This is the way a ready commercial is made for demonstration on local TV and the store itself.
Indian Gitanjali Group has recently proceeded with sales of unmounted diamonds using Ezee Diamonds brand intended for the Indian middle class consumers. The company is a DTC site holder. It already owns a number of jewellery trademarks, including Nakshatra and Asmi.
In retail, Ezee Diamonds will be sold at prices ranging from 125 to 9,000 dollars. The Company Management thinks that such prices are intended for an ordinary office employee or college student, for whom it may be a good investment or initial step towards making jewellery. Diamonds are supplied in sealed plastic package with IGI certificates attached.
Renaissance Jeweller Ltd., the leading Indian jewellery manufacturer and exporter, is preparing for going public. The Company has already registered its issue prospectus. It intends to use its net IPO proceeds for financing extension of its manufacturing departments, investments in its foreign subsidiary and floating capital gain. Three jewellery factories of the Company in India export their products primarily to major US retail chains.
According to Internet Retailer, Blue Nile, Bidz and Tiffany are the three leaders of the American jewellery Internet trading. Together, they are responsible for 65.2 % of Internet jewellery sales in 2006, amounting to approximately $ 503.6 bn. In the aggregate, there are ten jewellery companies trading via the Internet in the list of 500 companies.
Cuervo y Sobrinos is a manufacturer of jewellery and watches established in Cuba 125 years ago, but it celebrated its anniversary and return to the world brand market in Madrid with three hundred distinguished guests invited. The Company used to be one of the most reputable companies in the jewellery world. Its jewellers worked in Germany and France, its watches were made in Switzerland and its goods were sold everywhere.
After a long period of inactivity due to the political situation in Cuba, the brand relive in 2003.
ALROSA, the Russian diamond-mining giant, entered into an agreement with the administration of the Orel Region with respect to diamond cutting factory development in the region. Orel-Almaz, a subsidiary of ALROSA, was engaged in diamond cutting, but was declared bankrupt in 2005. According to Diamondintelligence.com, dwellings for settlers from the Republic of Yakutia, where almost all Russian diamonds are mined now, will be built in the region under an agreement signed by President of ALROSA Sergey Vybornov and Orel Governor Yegor Stroyev.
ALROSA and the Government of Armenia entered into a diamond cutting co-operation agreement. Mass media have repeatedly stated that it was planned to establish a Russian-Armenian jewellery company jointly with Diamond Company of Armenia (DCA) owned by a Member of the Armenian Parliament Gagik Abramyan.
Crystal from Smolensk, the largest Russian diamond manufacturer intends to increase its sales by 17 % (up to 400 m. dollars) during this year. The state-owned company whose proceeds from diamond sales amounted to 358 m. dollars in 2006 stated that its objective was to sell its products for 450 m. dollars in the next year, 500 m. dollars in 2009 and 560 m. dollars in 2010.
The Company stated that it had “all prerequisites for an increase in output of 11 to 13 % a year. Moreover, the general growth might amount to 25 % a year thus doubling production in three years”. Those objectives could be realised provided that a sufficient amount of rough diamonds is available. Crystal receives most part of such rough diamonds from ALROSA.
In the first half of 2007, sales of Crystal increased by 39 %. The Company states that it is due to its marketing initiatives and general improvement of quality of its products.
Rough&Polished
