A depressed world economy has been blamed for the postponement of the 2003/2004 “Facet Award.”

The international jewelry design awards competition has already received applications from more than 800 designers, said Klaus Hammer, president of Signity, which organizes the event. All applicants received written notification that the awards have been postponed.

“The currently depressed state of the world economy, particularly the jewelry industry, had made far more difficult than expected for Signity to drum up the funding and support required for a competition on the scale of the Facet Award,” Hammer said in a statement.

The first Facet Award, held in 2000/2001, attracted 2,500 designers from 42 countries who submitted 952 pieces of jewelry.

However, a competition as large of the Facet Award requires complex logistics and the commitment of many Signity employees, as well a strong financial commitment. Signity also worried that the competition would receive even more applicants than in previous years. These were among the reasons Signity decided to put the competition on hold for this year.

“Signity has decided to shelve the award for the present and take the time it needs to find a more suitable long-term concept and organizational structure,” the statement said.

JCK