Japan Disaster May Affect Jewelry Market

Given its heavy involvement with Japan, the jewelry industry reacted in shock and horror to the March 11 Great Eastern Japan Earthquake and subsequent tsunami. No member of the industry was known to be hurt in the events. On March 14, Avi Paz, president of the World Federation of Diamond Bourses, issued a statement saying that as far as he knew, every member of the Japanese diamond trade was out of harm’s way.Likewise, Tiffany & Co., which owns 55 stores in Japan, said all its employees were “safe and accounted for,” although Tiffany’s stores in the Kanto and Tohoku regions did close temporarily. One store, located near the earthquake’s epicenter in ­Sendai, was damaged, Tiffany director of investor relations Mark Aaron told JCK.Pearl producer Mikimoto said on its website it had “confirmed the safety of all Mikimoto employees in Japan. Mikimoto stores, buildings, factori

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