Hosts Rob Bates and Victoria Gomelsky interview an array of jewelry industry professionals live from the show floor at JCK and Luxury. Get immediate reactions from the heads of trade organizations, retailers, a JCK veteran, and a gem explorer on trends they’ve noticed, how the show was going, and the state of the industry at large. Despite questions swirling around many factors affecting the trade—including the price of gold, natural and lab-grown diamonds, and the sale of De Beers—the overall mood at the Las Vegas shows was one of positivity and resilience.
Listen Now
Title sponsor: De Beers (adiamondisforever.com)
Show Notes
00:30 Andrew Rickard, Jewelers Board of Trade
03:45 Brett Riddle, Riddle’s Group
04:56 Feriel Zerouki, World Diamond Council
08:50 Gaetano Cavalieri, World Jewellery Confederation (CIBJO)
12:35 Jonathan LeVian, Le Vian
16:45 Prakash Lakhi, Vishinda Diamonds
19:10 Russ Shor, consultant
25:35 Yianni Melas, gem specialist
31:20 Kelly Selcer, Gold and Smoke
34:45 Susan Klemt Williams, Artistry
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Editor: Riley McCaskill
Plugs: @jckmagazine; adiamondisforever.com
Episode Transcript
This transcript has been abridged and edited for clarity.
Andrew Rickard, president, Jewelers Board of Trade
Rob: What are you noticing that’s interesting about this show?
Andrew: I would say, overall, positivity. I’m not sure that everyone had unbelievably high expectations, but I haven’t heard anything but positivity.
Suppliers are incredibly satisfied with what they’ve gotten from buyers. I was just at Gesswein. Roger, who’s on our board, said it could be a record show for them.
I was just spending time with Jewelers Mutual and earlier in the week I was with Asaf [Herskovitz] at GN Diamond, and they were all incredibly excited. So, I’ve just heard positivity upon positivity. A lot of people are really excited about the results and that’s great news for our industry.
Rob: JBT is known as the keeper of the store stats. What trends have you noticed this year?
Andrew: Well, while some declines have continued—and that’s certainly been a trend for a number of years—the declines are slowing. We’re seeing more new starts. That’s a great sign. The reductions have slowed and that’s also a good sign.
On the financial side, we are seeing more claims. It’s important for suppliers to stay abreast of credit reports and make sure that they’re making safe and secure transactions.
Claims from the first five months of the year are up 60% year over year. So that is a little alarming. The value per claim is down a bit from what its peak was. $12,500 is the average claim. It peaked at about $14,500 last year, but again, more incidences of claims this year. So, we’re watching that very closely.
Rob: What have you heard has been really hot at the show this year?
Andrew: I haven’t had as much of my thumb on the trends in this role, as I did in my former role with RDI. But those who I know in the natural diamond business have commented that the pendulum is swinging back a little bit, and they’re seeing a lot of positivity in naturals. So maybe that is a shift after we’ve seen the last few years, which was an explosion of lab-grown diamonds.
I don’t think that lab’s going anywhere, but prices continue to dwindle. There’s a bit more stability than there’s been in the last few years. So, I think we’re finding a balance between natural and lab, which is also good for the industry.
Brett Riddle, CEO and president, Riddle’s Group
Rob: We’re here with Brett Riddle of Riddle’s Jewelry in Rapid City, South Dakota. And you have how many stores?
Brett: About 70 stores in the Midwest, in 10 states.
Rob: You were a guest on a lab-grown diamond panel that we did, and you gave a lot of great information. Obviously, there are issues with lab-grown doing well, but people are also saying colored stones are doing well. Have you found that?
Brett: Yes. We’ve been educating our people a lot more on colored stones, and gemstones have been doing very well. I think larger bridal center stones in lab-grown has been very interesting.
We also have to find different price points in gold. We are already selling a lot of 14k and 10k gold, but I think you have to find some of that high-fashion vermeil in gold chains so people can still have that big look at an affordable price.
Feriel Zerouki, president, World Diamond Council
Rob: We’re here at the De Beers Breakfast where you worked for 20 years. What was it like attending the breakfast today?
Feriel: It was my first time attending as a non–De Beers employee. It’s been lovely being on both sides, except better that I didn’t need to be here at 5 a.m. this morning; 7 a.m. was my start, just like the rest of you. So that was nice.
Rob: And what does an honorary president do?
Feriel: I finally take on the role of being an ambassador. I actually thought that was going to be the role the first time I took it. But then, the world changed, wars started, and it was a lot of work. Now I’ve been asked to stay on and support the World Diamond Council, which is an organization that has a fantastic team and a great mandate. And it’s been an honor for me to stay with them.
Rob: They said at the breakfast that they feel natural supply is going down and that lab is too high. Is that the sense you’re getting?
Feriel: I’ve been saying that for a long time because that’s the data. Supply of synthetic diamonds is massively increasing and will continue to increase. With oversupply, with any product flooding the market, price comes down. Add to that, it’s a manufactured product with technology improving and getting cheaper, so the product becomes cheaper. So, I totally agree with that analysis.
On the natural diamond side, supply of natural diamonds is decreasing. We were at the Natural Diamond Council event yesterday that was hosted with Angola. Angola representatives there made the statement that they’re also going to decrease supply this year. So, that’s the trend. I support it. And the numbers are behind it.
Rob: And what mood are you seeing at the show?
Feriel: It’s been great. I don’t know if it’s a reflection of me being more relaxed this year, but everyone has been very positive. We know that natural diamonds are selling. There is demand for larger sizes. There is a shortage.
We’ve also heard how marketing campaigns such as Desert Diamonds are actually moving the needle. We’re seeing an array of colors in the natural diamond segment, but it’s in the larger sizes. So, you know, there is hope there.
There is also the reality of the crowds where we’ve seen decline for three years and questions on what we’re going to do. Is this going to be an extended decline of the growth of the industry?
Add to that the news of the De Beers sale and what’s going on there. When are we going to hear who the new owners are? Lots of questions, lots of uncertainty, and that does feed into people’s moods.
Overall, it’s okay. I’ve seen less people, but the people that are here are the people that are buying.
Gaetano Cavalieri, president, CIBJO
Rob: It’s Friday, the first day of the JCK show. How have you found the mood?
Gaetano: The mood is very positive. I can see a lot of action and great interest. The people I know are here because they want to do business and find clients from one side and find suppliers from the other side, because this world—especially in America—is very fast in terms of evolution, new technologies, new design, new trends. It’s a pleasure to see all this incredible sparkling life inside the gems and jewelry industry. I am very happy.
Rob: And you’re having a big CIBJO conference coming up?
Gaetano: We will have a super CIBJO congress in Italy in Vicenza in September where we are going to celebrate 100 years. It will be the centenary congress starting last year in Paris because CIBJO was born in Paris, 1926. And we’ll conclude in Italy because the current president is Italian. We are very happy and proud that we are voluntarily serving the industry in the way we do, simply with passion.
Jonathan LeVian, VP of sales and marketing, Le Vian
Rob: How are you finding the show?
Jonathan: Finding the show really exciting. It’s been a very busy show. Fun to see what’s going on here.
Rob: What kind of things are people looking for?
Jonathan: It’s exciting to see retailers and consumers share their love for our brand. People are reacting well to our trend forecast that we’re giving previews of before we unveil it on Sunday.
It’s America’s 250th anniversary and the Montana sapphires have been something that people are gravitating toward. I think it’s more than the anniversary. The stones are so beautiful and the story behind it is wonderful.
People are loving and gravitating toward the paraiba tourmalines and the Australian boulder opals. People want these different, unique, authentic gems and diamonds.
With diamonds, we’re seeing a huge trend toward natural color diamonds, the fancy color diamonds: the yellows, pinks, and shades of brown. Taylor Swift got engaged with an antique cushion-cut that was off-white with a brown tint to it. After that, we’ve seen that people want to have some color in their diamonds so people know it’s real.
Rob: Desert Diamonds talks about some of the other colors. Has that helped? What kind of effect do you think that’s having?
Jonathan: I think De Beers saw this trend and has really started to pursue it. We worked closely with the De Beers team and worked together on a lot of these initiatives. I think it’s helped the market. When people see these colors, the brown color diamonds, people think of Le Vian.
Rob: What’s the buyer mood? Are jewelers in a good mood this year?
Jonathan: The jewelers are very positive. We’ve seen some retailers hesitant on inventory, but we see the consumer is very resilient in purchasing strongly. We think that as the cycle continues, the retailers will see that the consumers are maintaining.
Of course, we have to adapt to the gold prices and other things changing. The price points are changing, the looks are changing, but it’s much more positive than we would think with gold more than double the price it was last year.
Sponsor message:
This podcast is brought to you by De Beers. It’s not every day a bridal offering reflects love the way Desert Diamonds do. Both are completely natural. Both take time to form. And no two are ever alike. That’s what makes these rings mean so much more. From sunlit whites to golden-hour champagnes and sunrise blushes, colors as natural as love itself. This year introduce your bridal clients to Desert Diamonds. A diamond is forever. Visit adiamondisforever.com to learn more.
Prakash Lakhi, president, Vishinda Diamonds
Rob: You only do natural diamonds, correct? We’ve heard a lot about the state of the natural diamond industry. How have you found it?
Prakash: Yes. I hope the industry is recovering. It suffered a lot due to not marketing natural diamonds and the tough competition posed by lab-grown diamonds.
Rob: Are you noticing an uptick in any way?
Prakash: Yes, the uptick has started in bigger diamonds and hopefully is coming down to smaller sizes.
Rob: What’s the mood of the people in the hall?
Prakash: Lab-grown people are jumping around, and natural diamond people are a bit sanguine, but also optimistic for the future.
Rob: You think they’re optimistic?
Prakash: Yes, you know, it’s optimism that keeps people fighting on. Resilient.
Rob: Any other thoughts? Anything that you’re seeing as a big trend over here?
Prakash: I hope that like De Beers wants to do marketing, other producers come along and they do more and more marketing. It’s going to be better for everyone.
Russ Shor, consultant and former JCK editor
Rob: Victoria and I are here with JCK alumnus, Russ Shor. Victoria, you were just saying that your very first Vegas was with Russ, right?
Victoria: Yes. The year 2000. I got hired at Gemkey as their fledgling jewelry writer. I think I was covering pearls and watches. And Russ Shor was my escort through the halls of the then-Sands Expo.
I remember being stunned that a land like this existed. I’d never been to a trade show in my life and I certainly hadn’t been to a jewelry show and knew nothing about anything. I don’t know if Russ taught me this or if I just picked this up, but I had a cellphone at the time, maybe an early flip phone. And I would just walk down the aisles with the phone to my ear so that I looked like I was talking to somebody. Just to avoid being overwhelmed by people trying to talk to me. Maybe that was a trick you taught me.
Rob: Had you been to Vegas before?
Victoria: I’d been to Vegas because I grew up in L.A. So that was a rite of passage for any youngster. But I’d never been to a jewelry event of any kind. Russ was the best introduction to that, really a mentor.
Victoria: Do you remember that year, 2000?
Russ: I remember it very well. Gemkey had a presence just outside the show.
There was a restaurant, a French place called Pinot, and we would always repair to Pinot for our consultations with interviews because we didn’t always want to share the contacts at the press office.
I went to the first show in 1992. We called it Jewelry ’92, and I’ve been to every one since then. Literally.
Rob: What was your first impressions of Victoria? Did you find her young and naive? She was obviously very bright.
Russ: She was a real quick study and very enthusiastic. I gave her a writing test—
Victoria: I remember it.
Russ: It was about the Lomonosov diamond mine with all these Russian names. I figured, “Well, she’s going to screw up all these Russian names.” Little did I know that was her background. And so, she faked me out. But I think I’ve done good to hire her.
Victoria: I mean, here I am. You’ve done pretty good, if I may say so.
Rob: So you’ve been going to Vegas for 30 years, right? What’s your favorite thing about it?
Russ: Oh, my peeps. All these great people in the industry that I’ve gotten to know all these years, like you and Victoria. It’s been my life for almost 47 years, and it’s a hell of a good one. I mean, 60 countries and have a body of work that I can say I’m proud of? And so, didn’t become a billionaire, but I still have time left.
Rob: Pencil that in for next year. Any thoughts for the industry?
Russ: Well, we’re…I was going to say we’re at a crossroads, but I think it’s more like a spaghetti junction, and anybody who says “here’s the way forward” is either lying or they don’t know anything, because it’s a real unknown zone out there.
Rob: Any thoughts on who might be buying De Beers?
Russ: I heard all kinds of things, not sure how credible they are. But the ones that I’ve read about, a consortium of Angola, Botswana, and Namibia, that won’t work.
I’ve written this, that De Beers is not right now an attractive investor target because—and this is no slam against the government of Botswana—but, the government of Botswana has its role that it has to play for its people. And an investor in De Beers would need to make a better profit return than they’re making. And those roles are direct opposite to one another.
Right now the deal De Beers has with Botswana is, I’d say, better than optimal for Botswana, and every five years, it’s a hard negotiation. So, you don’t have that stability and predictability going forward. Then throw in lab-grown diamonds, and what’s going to happen with that? We don’t know.
Yianni Melas, gem explorer
Rob: We’re here with a self-described big name, gem explorer Yianni Melas. He’s here with us at the Le Vian booth. And he’s looking pretty cool. He has like a lion’s claw hanging around his neck.
Yianni: Yes. I’m not a hunter. It’s just something that tried to eat me. And sadly, he went first.
Rob: And how’d you get that? Seriously.
Yianni: I’m not joking.
Rob: Really? Did you shoot it or wrestle it?
Yianni: I was exploring for gems and this lion that was kicked out of the pride and was very old and couldn’t hunt something fast found me very slow and very yummy-looking. Thank God I was armed and I shot him when he started attacking me and so, now he’s part of a podcast and he’s really famous.
Rob: Tell me a little bit about how you’ve been involved with Le Vian.
Yianni: We’ve been friends for 35 years—Eddie, Larry, the whole family. Especially Moossa because he used to go to Tanzania and we used to be brothers in terms of buying the rough and everything else.
We have old pictures of us going back to the early ’90s in Tanzania. We could share stories of hunting gems in the middle of nowhere. I really respect Moossa because he’s been doing it as long as I have. And we speak the same language.
Eddie LeVian, on the other hand, is on the marketing side. He’s not involved in the rough. He does the things that I don’t like to do. So, I go to the jungles. I find things like aquaprase and aquadite, which is really popular right now. Companies end up cutting it and they end up doing the amazing marketing.
Rob: How have people’s moods at the show been?
Yianni: This year was double the amount of sales from what I could see. The movement was double the amount, at least for Le Vian. I haven’t been around outside, but Le Vian I think represents the mood of America.
People were buying $80,000, $200,000 pieces. And so the mood was actually very positive. All the salespeople I spoke to were so happy. And the mood is not just for one kind of stone. It’s not just Montana sapphire. Although Montana is really kicking ***.
But people like the variation. They want to be able to have the pink diamonds, Chocolate Diamonds. They want to have the boulder opal. So when they come in, they look at all these different stones. They don’t want to just see one thing. They want to go looking around and be excited by color.
Rob: If someone was listening to this and wanted to become a gem explorer when they grew up, what kind of advice would you give them?
Yianni: It’s a lifestyle. You don’t choose it; it chooses you. I started in my grandmother’s yard at 7 years old, digging artifacts.
Nobody ever took my hand and said, “This is what you’re going to do.” I did it on my own. There’s no school for being a gem explorer. This is something that basically follows you through your whole life. And now I’m 64. I’ve been all over the world. I’ve survived.
And now I’m able to say that I have a vision for things—not because I’m an oracle, that I can guess what the next trend is going to be. But I can say, for example, that since diamonds are in decline, I think Montana sapphires are like Secretariat. You’ve got these two stones fighting against each other, and then Montana comes in from behind and wins the race. I think that’s where Montana sapphire is.
So take pink diamonds, boulder opals, aquadite, aquaprase, paraiba, the big three: emerald, ruby, sapphire, as well. Emerald sold really well at the show today for Le Vian. For the people that want to have something luxurious for the evening, I think these stones are going to replace the diamonds.
I think that all the independents fighting to get those stones is going to cause the prices to go up. They’ll see the prices going up, because there’s a limited amount of top-quality goods. And what’s going to happen then? People are going to want to buy them even more because they realize that the value is slowly, slowly going in. So that’s what I see for the colored stone industry.
Rob: We’ll have to check back on that.
Yianni: Absolutely.
Kelly Selcer, owner, Gold and Smoke
Victoria: We’re at the lounge in Barry’s Prime here on Monday night, on JCK’s last day. I’m with my dear friend, the owner of Gold and Smoke, a fabulous brand that exhibited in the Design Collective as part of the Out of the Jewel Box Experience (OJB). They’re a collective of designers that has mostly shown in Tucson. It’s their first year at JCK. How was the show?
Kelly: We had a great show. Everybody was really happy. We had lots of press, lots of people. Our booth was busy all the time. We had so much excitement, so much enthusiasm. Fabulous designers showing cool, collaborative collections and new pieces.
Victoria: Can you attribute that to anything? Were these luxury—the upper part of the K shape we keep hearing about? Were they selling to self-purchasing women? What was the character of your clientele at OJB?
Kelly: I’d say it’s both. We have really good independent retailers that I think everybody was very happy to see. I attribute that to our great location; we did a really good job, and JCK did a really good job of promoting and making sure we had good exposure; and we just had a great energy.
It’s a good collection of people. There’s a synergy and a really good culture. It’s a fun place to be and everyone supports each other. It’s not just “me, me, me.” Everyone wants everyone to succeed and we’re leaving Vegas very happy.
Victoria: What do you think this says about fine jewelry at what a lot of people agree is a precarious moment? There’s a lot of uncertainty out there. Why does fine jewelry persist?
Kelly: Exceptional, interesting, expensive buying. There doesn’t seem to be any pushback with the price of gold.
There’s a real thirst for certainly men’s jewelry. We have a lot of men’s and women’s, but we also have well-crafted, incredible designs. And I think there’s a real interest in a person behind the design. “Who’s the brand? Who is that person? What do they make? I want to meet them.” They’re very talented people. And we had them all in one little spot. That was part of the driving force.
Susan Klemt Williams, president, Artistry
Victoria: I’m here with Susan, president of Artistry, a Luxury exhibitor. On the last day of JCK and Luxury, can you tell me about how this show was?
Susan: It was an absolutely epic show for Artistry and from what I understand, many of the other Luxury exhibitors. It was absolutely thrilling to be in this ballroom filled with incredible energy from both the retailers and the exhibitors.
Victoria: It’s so remarkable. Were you surprised? Were you expecting something different?
Susan: Honestly, I was very surprised. I came in very cautious as I do for all of our shows. You never ever want to go in with too high of expectations, only to be disappointed.
I was very optimistic. I believed that it was going to be a good show, but I really could not have imagined how incredible this show actually ended up being for us and for so many others.
Any views expressed in this podcast do not reflect the opinion of JCK, its management, or its advertisers.
- Subscribe to the JCK News Daily
- Subscribe to the JCK Special Report
- Follow JCK on Instagram: @jckmagazine
- Follow JCK on X: @jckmagazine
- Follow JCK on Facebook: @jckmagazine
