Hope everyone is staying healthy and safe.
This week in Diamond Shavings. The latest on J.C. Penney, Neiman Marcus, and Saks. How many malls will close? And an Amazon worker accidentally send her engagement ring with a package. All below.
JCK to hold virtual trade show in August.
LVMH says it’s taking fresh look at Tiffany purchase.
– Tiffany’s sales fall.
– Amends debt agreements.
Signet closing 380 stores this year as sales are hit by COVID-19.
– CEO Drosos talks to CNBC about “turnaround plan.” (Video)
– Earnings call transcript.
Pandora is not going to Jared.
– How COVID-19 derailed Pandora’s comeback.
Harris Jewelry reaches settlement with Tennessee Attorney General’s office.
Macy’s raises roughly $4.5 billion to weather COVID-19.
J.C. Penney’s losses tripled ahead of bankruptcy filing.
– How Penney was able to shift its merchandise strategy.
– Chief digital officer discusses strategy during pandemic.
Neiman Marcus receives strong criticism from bankruptcy judge.
Hudson’s Bay seeks to raise money for new bond issue.
Folli Follie shuts all shops in Hong Kong.
Simon Property pulls out of Taubman deal.
Mall owner CBL issues “going concern” warning.
Consultant predicts that one-third of malls will close.
Five “emerging forces of retail’s new normal.”
Trade show producer Emerald, which runs JA New York and Couture, purchased by private equity firm.
New Paycheck Protection Program law will boost borrowers a bit.
Edahn Golan: Cash flow becomes industry’s “holy grail.”
– Bloomberg: Diamond miners cope with “glut.”
Rapaport trade sheet going weekly again.
Bank Leumi was to acquire ADB’s diamond assets.
New York Diamond Dealers Club reopens.
CBC traces Dominion Diamond’s downfall.
Fitch rates Alrosa as “stable.”
Star Diamond, Rio Tinto clash over project ownership.
Indian diamond companies penalized for not following COVID guidelines.
Two diamond unit owners booked for fraud.
India seizes $175 million from Nirav Modi.
– Modi to stay in custody until July 9.
Ernst & Young wins fight to challenge $11 million gold smuggling suit (subscription required).
Tiffany sued for allegedly infringing on color-change patent.
Edward Asscher named World Diamond Council president.
American Gem Society elects Michael Richards president.
Texas jeweler Irvin Reiner dies.
Tennessee jeweler Johnnie Gilreath dies at 76.
Jewelry designer Yupadee Kobkul Boonsiri dies at 51.
Roberto Faraone Mennella, jewelry innovator, dies.
Pandora commits to using 100% recycled silver and gold.
50 jewelry companies fund Art Smith Memorial Scholarship for black jewelry design students.
Six black-owned jewelry businesses you can support.
$47,000 donated to black-owned jewelry store damaged after looting.
– Bronx jewelry store deals with COVID closing, then looting.
– Immigrant family seeks to rebuild after store looted.
– Neiman Marcus’ damaged window turns into messages of love and support.
Los Angeles jewelry district “never lets its guard down.”
Avianne & Co. jeweler charged after he shoots at car.
Tips for jewelers on dealing with rage and sadness.
Luxury’s “inequality problem” (subscription required).
De Beers backs move to take down founder’s statue
De Beers (the retailer) launches new e-commerce site.
Amazon worker loses ring in customer’s parcel.
The history of the queen’s Cullinan V diamond brooch.
The story behind Grace Kelly’s Cartier engagement ring.
$1 million in rare gold found hidden in the Rocky Mountains.
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Have a safe and healthy weekend.
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