Three points before we get started his week:
– I didn’t get to talk about our latest podcast last week because of Fourth of July weekend, but you should check it out. It’s back to our old format of Victoria Gomelsky and me discussing the latest news, in particular how the industry has been coping with COVID-19. We look at which jewelers have had successful strategies, the mask issue, why Patek Philippe and other watch brands decided to sell online (though not always for long), and which customers are shopping and which aren’t. Basically, we have plenty to say. Check it out here.
– I will be out of the office next week, and this feature will not run.
– Finally, we wish all our readers good health and good things during these perpetually troubling times. Take precautions and stay healthy, please.
This week in Diamond Shavings: Charting the rise and fall of Alex and Ani and Groupon. Merchants complain about not getting paid by Square. And the author of the Melania Trump tell-all has jewelry connection. All below.
Gold price passes $1,800, for the first time in nine years.
New organization hopes to be a WJA for people of color.
– Open letters from U.S. and U.K. jewelers.
– Racial profiling at retailers called “persistent problem.”
Brooks Brothers, parent company of jewelry company Deconic, files for Chapter 11.
– Jewelry component “most likely” sold separately, CEO says (subscription required).
Bank of America says jewelry sales improved in March and April.
Pandora says consumers returning faster than expected.
Customers prefer jewelry stores—but only safe ones.
– Major retailers call for mask mandate.
Shoppers get “digital hand holding” at Signet stores.
Retail’s “not-so-grand reopening.”
– Shoppers starting to retreat again.
COVID-19 has boosted livestreaming at QVC and HSN.
What will COVID-19 mean for DTC brands?
– Will COVID mean sustainability takes a back seat?
How the rich are shopping right now.
Shane Co. ranked its most popular engagement ring styles.
Here are the top 100 U.S. retailers ranked by sales.
Macy’s posts nearly $4 billion loss.
Will J.C. Penney be split up?
– Asks for more time to negotiate solution.
Two parties are interested in buying Dominion.
Ekati might resume operations in fourth quarter of 2020.
Movado announces restructuring, layoffs.
Longread: How Alex and Ani “fell apart.”
– Founder Carolyn Rafaelian sues company’s owner.
How Groupon “fell from grace.”
How Rent the Runway has stayed in business (subscription required).
Israeli diamond industry “on verge of collapse.”
Could COVID-19 reshape the memo market?
COVID-19 scare gets diamond workers to leave Surat.
– Robots ensure social distancing at Surat firms.
Diamond fetches $2.1 million in Christie’s online sale, breaking record.
– 12 ct. blue marquise sells for $16 million at Christie’s.
Lab-grown diamonds may get their own price scale.
How online exchange Get Diamonds may get market share.
TikTok debuts TikTok for Business site.
Amazon has lost web traffic.
Merchants say Square is withholding money from them.
Switzerland opens criminal probe into Glencore.
– Cash deposited into Dan Gertler’s accounts were delivered to top Israeli figures.
Kingold Jewelry sued for allegedly using fake gold for loans.
– Company announces “internal investigation,” as well as other issues.
Jadelle Jewelry and Diamonds goes Chapter 7.
ED registers two new cases against Winsome Diamonds, former promoter.
Jewelers Mutual, JVC create anti–money laundering program.
Signet’s legal officer leaves, company settles shareholder suit.
Nordstrom consolidates merchant team (subscription required).
Plumb Club elects new officers.
Bruce Lake named Vibhor’s Western director of sales.
ISDMA elects Nissim Zuaretz as president.
Henry Nelson Keyser of Simons Brothers Co. dies at 101.
Jennifer Carroll Williams dies.
Landslide at Jade mine kills more than 170 in Myanmar.
Serena Williams donates jewelry profits to Black small-business owners.
Kimberly McDonald opens store in Atlanta.
Brooklyn, N.Y., piercing studio opens up shop in Paris.
Surat jeweler selling diamond-studded face mask.
Author of Melania Trump tell-all book is related to Harry Winston.
Anti-Trump group makes ad based on “he went to Jared.”
How Jennifer Gandia is managing.
Diamonds may rain down on Neptune and Uranus.
Media Watch
Asia Tatler talks to De Beers’ Andrew Coxon about selling diamonds.
From the Blog
New Group Aims to Be WJA for People of Color
From the Podcast
The Jewelry District, Episode 22: The Industry Copes With COVID-19
Have a safe and healthy weekend.
– Email: rbates – at – jckonline.com.
– Twitter: @robbatesjck
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