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February 25, 2009
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TOP STORIESReport: Winner Emerges in Fortunoff Auction Report: Finlay Fighting Bankruptcy #Ad:2054_v2_Pos2_336x280#
Birks & Mayors Q3 Sales Down 28.2% Bidz.com Q4 Sales Down 44% Charles & Colvard Pursues Suit Against K&G From Our BlogsCutting Remarks by Rob Bates De Beers in the Hole? There is a lot of uneasiness about the disclosure that De Beers received a pair of ... Read On » Cutting Remarks by Rob Bates De Beers’ New American Marketing Model (Maybe) For the last few years, the question about De Beers’ marketing in the U.S. ... Read On » Style 360 by Carrie Soucy Oscar Fashion Doesn't Disappoint I take it back. After the Golden Globes, I doubted Hollywood starlets’ and styl... Read On » JCK Voices by Hedda Schupak From The World Pearl Forum This post--written more than a week ago--was intended to be "Live From the ... Read On » De Beers Mothballs Mines in Botswana First Morellato Store Opens in U.S. Thailand’s Campaign to Lift Jewelry Industry Dubai to take Leading Role in Pearl Industry Hong Kong Show Focuses on Special Zones Israeli Diamond Industry at Hong Kong Jewelry Show |
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The liquidation of luxury jewelry and home furnishings retailer Fortunoff Holdings LLC could begin as early as Wednesday after a group of six liquidators won a bankruptcy auction for the company on Monday, Reuters reports. 
Finlay Fine Jewelry is involved in last minute negotiations to avoid filing for bankruptcy, which could happen in a few days, according to a report on the Israel Diamond Institute portal. 
Luxury jewelry retailer Birks & Mayors reported Monday that net sales for the third quarter of fiscal 2009 fell by 28.2 percent, year-over-year, to $88.1 million. Same store sales decreased by 23 percent, with same store sales in the company's Canadian and U.S. markets down 18 percent and 28 percent, respectively. 
Online jewelry retailer Bidz.com said Monday that net revenue for the fourth quarter of 2008 fell 44.4 percent, year-over-year, to $35.1 million, with domestic and international sales representing 72.1 percent and 27.9 percent of sales, respectively. 
Charles & Colvard, Ltd., the sole manufacturer of moissanite jewels, said Monday its discussions with K&G Creations regarding possible settlement of the litigation between the parties have been unsuccessful. 
De Beers has suspended mining operations at four mines in Botswana because of a reduction in diamond demand, the Financial Times reports. 
Morelatto & Sector, the international Italian watch and jewelry group, on Feb. 18 opened its first U.S. Morellato boutique, one of 66 worldwide, on New York City’s Fifth Avenue with an in-store gala. 
The Thai Commerce Ministry says it has kicked off “two major campaigns” designed to lift gems and jewelry exports and sustain Thailand's status as a leading jewelry center. 
The two-day World Pearl Forum, organized by the Dubai Pearl Exchange, a subsidiary of the Dubai Multi Commodities Centre, concluded with industry calls for Dubai to take a leadership role in driving the future collective growth of the global pearl trade. 
The Hong Kong International Jewelry Show 2009, to be held March 4-8, will be divided into a number of specialized theme exhibitor zones that will make it easy for buyers to locate specialist and niche items, says the Hong Kong Trade Development Council, organizers of the trade fair. 
The Israeli diamond industry will have a larger presence than ever at the Hong Kong International Jewellery Show, March 4 - 8. A total of 61 Israeli diamond manufacturers and exporters will be exhibiting, with 41 of these companies located in the Israel Diamond Pavilion, organized by the Israel Diamond Institute Group of Companies. 
