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Posted by Rob Bates on July 2, 2009
JC Penney gets ...Read More
Posted by Rob Bates on July 2, 2009
In what could possibly maybe keep-your-fingers-crossed be a sign of improvement in the industry, the Gemological Institute of America said it is seeing some "nice numbers" at its diamond lab. "Obviously we are thrilled and we are cautiously optimistic," said spokeswoman Laura Simanton. "It's just one set of numbers so you can't read too much into it. Summer is coming and that's traditionally a slower time." Of course, the sights are bigger and that may help. Still, even with decent-sized sights last year, GIA's numbers fell so much it was forced to have a series of unprecedented layoffs.
Posted by Rob Bates on June 29, 2009
Outsiders are not sure which way the company is headed. Bringing in Beryl Raff would seem to indicate the company is going in a more promotional direction. However, one of her new hires is from Bailey, Banks and Biddle and Movado Boutiques, which would seem to indicate the opposite.
Posted by Rob Bates on June 26, 2009
I’ve been writing the industry mood has been improving, but talking to people this week, it’s still pretty tough out there, and the new (generally unexpected) Chapter 11s don’t help. We are looking at a long haul.
And here’s the news …
Henry Dunay goes Chapter 11. ...Read More
Posted by Rob Bates on June 25, 2009
- The industry is walking a bit of a tightrope here, particularly in its communications. While it needs to be seen as on the side of the “good guys” (the NGOs), the industry doesn’t want to heavily criticize the KP too much, because that will damage consumer confidence...Read More
Posted by Rob Bates on June 24, 2009
Legendary jewelry designer Henry Dunay just spoke to me about his company’s Chapter 11 filing Monday. He was obviously not happy about the situation, but also resolute, vowing his company would come out of Chapter 11.
“We are going to reorganize the company and go forward,” he said. “We are going to be back and better than ever. I am sure of it.”
His immediate hope is to get new investors in the company, and he said he is in talks to do that. ...Read More
Posted by Rob Bates on June 20, 2009
Check this out ... I don't ever remember the Jewelers Vigilance Committee getting a shout-out in a comedy bit before ...(if you're not seeing the video or it's not playing, click here ..) US To Trade Gold Reserves For Cash Through Cash4Gold.com
Posted by Rob Bates on June 19, 2009
Finlay launches “formal” asset sales process. - Still not looking good ...
DTC ...Read More
Posted by Rob Bates on June 19, 2009
First, the RJC (which was formerly the CRJP, for those keeping track of such things) is moving ahead with its goal of an audited ethical supply chain. It’s currently looking for auditors, and giving members self-assessment workbooks. Eventually, all members will have to pass independent audits that assure compliance with its “Code of Practices.” They will then get a RJC certification, which will involve some form of seal of approval, which the Council a...Read More
Posted by Rob Bates on June 16, 2009
On June 1, 2009, the semi-annual interest payment of $1.7 million was due to the holders of the Senior Notes and was not paid by Finlay Jewelry. The indenture relating to the Senior Notes provides for a 30-day grace period. It is unlikely that Finlay Jewelry will make the interest payment within the grace period. Failure to make the payment within the 30-day grace period will trigger an event of default under the indenture relating to the Senior Notes and an event of default under the Revolving Credit Ag...Read More
Posted by Rob Bates on June 16, 2009
Diamond items shouldn’t be sold at a price of $50 to $100. That causes consumers to lose their trust in diamonds. Such prices degrade the image of diamonds as an eternal value. How can a symbol of love be worth $100?
Vybornov has said such things before. He then adds that “one of the goals of the [St. Petersburg] marketing initiative that we are starting, along with De Beers and other companies, is to r...Read More
Posted by Rob Bates on June 12, 2009
- Court papers with creditor list.
Luxury recovery in 2012?
Interview with Ian Smillie on Kimberley Process. ...Read More
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