Cutting Remarks   

For those of you following the Finlay saga, check out the first link ... It seems like it could be the last straw, but this is a company that's perservered way beyond expectations. Anyway, hope everyone has a great Fourth of July weekend ...

Finlay officially misses June bond interest payment. 

Bankruptcy of the Week: Speidel files for receivership, now up for sale.

 

JC Penney gets ...Read More

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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.

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So .. we hear there has been a bit of a shake-up at the Helzberg merchandising team now that Beryl Raff has taken over as CEO ...

Four or so key merchandisers have either retired or left, including people long associated with the chain like John Doerty and Oliver Keene.

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.

The mood internally is described as "nervous," which is natural when there are a lot of changes (and certainly describes a lot of places these days.)   The abrupt replacement of Marvin Beasley as CEO shook up ...Read More

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They say deaths come in threes … do bankruptcies?

 

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.   

- Interview with Dunay.

 

...Read More

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Another round of negative headlines on the Kimberley Process and I have the following thoughts:

 

-         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

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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

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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

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Summer is traditionally a slow time for the industry, but we are seeing some stirrings out there. The pick up is slow,  but it's noticeable. And after so many months having to fill these with nothing but bad news, a lot of the articles this week are about the prospect of recovery. Good to see. And here's the news ..
 

Finlay launches “formal” asset sales process.

- Still not looking good ...
- Zell's "gets lease on life."

 

DTC ...Read More

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At the Vegas show, I was given an update on the Responsible Jewellery Council …

 

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

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Excerpts from its latest 10Q …

 

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

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There was an interesting statement from Alrosa president’s Sergey Vybornov in his recent interview with Rapaport …

 

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

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So for any newcomers, this is my round-up of the most interesting stories and other stuff from around the web. It's posted every Friday at around 2:15 - 2:30 .. .And here's the news ...

Michael Beaudry goes Chapter 11.

- Court papers with creditor list.

 

Luxury recovery in 2012?

 

Interview with Ian Smillie on Kimberley Process.

...Read More

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