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Disaster is waiting around the corner for the international diamond trade, says industry leader |
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The World Diamond Council expressed its regret about the inconclusive end to the recent Kimberley Process lntersessional Meeting in Kinshasa, The WDC has called on all parties to renew efforts to reach agreement over the future of exports from Zimbabwe’s Marange region. ln the meantime, the WDC urges all members of the trade to deal only in rough diamonds that are accompanied by KP certificates that comply with the consensus decisions of the Kimberley Process.
"l believe that all sides agree that what is at stake here is not onlythe wellbeing ofthe diamond business, but also the economic future of ordinary people living in the diamond producing areas. And this, of course, includes Zimbabwe, whose production provides an exciting new
opportunity for economic prosperity in Africa. But, if the Kimberley Process is rendered ineffective as a result of indecision at the executive level, nobody really benefits," Mr. Izhakoff stated.
Avi Paz, president of the World Federation of Diamond Bourses (WFDB), said that the uncompromising positions taken by some KP members and the ensuing lack of agreement regarding the future of rough diamond exports from the Marange region in Zimbabwe would be detrimental in particularto the downstream end ofthe diamond supply
pipeline.
Following the breakdown recently ofthe Kimberley.Process lntersessional Meeting in Kinshasa, Mr. Paz said
the impasse had the potential to hit the well-being of the
entire, global diamond industry. "When there are guarrels
in a household, such as the KP, one expects the members
of that household to sit down together and resolve their
differences through negotiations," Mr. Paz said. "However,
by walking out of the house, and by upending the discussions, some members clearly do not realize the enormous
negative and, I fear, disastrous impact their conduct has
and will have on the entire diamond supply pipeline," Mr.
Paz stated.
"Millions of people, both in Zimbabwe, as well as
in the major diamond manufacturing centers, such as India,
who do not have any other means of income, are affected
directly and soon enough the industry at large will fall victim
to the lack of resolve ofthe KP," Mr. Paz noted.
"The WFDB deplores the KP members' failure to
resolve the central issue of rough diamond exports from
Zimbabwe and demands all parties return to the table without delay. The clock is ticking and it shows it’s five minutes to midnight. Disaster is waiting around the corner for the
international diamond trade," Mr. Paz warned.
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Richemont's jewellers, Cartier & Van cleef & Arpels, record string sales growth |
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Richemont, the Swiss luxury goods group, announces its audited consolidated results for the year ended 31 March 2011. Richemont said it has met the challenging
environment of the past year by achieving strong sales
growth across all segments and all geographic regions.
The year under review has seen record sales and profits for
the Group’s Jewellery Maisons and specialist watchmakers,
despite the stronger Swiss franc. Profitability at Montblanc
improved with progress also being seen in the performance
of the Fashion and Accessories Maisons.
As a consequence of these positive developments,
the Group's operating profit has increased by 63% double
the rate of growth in sales. These yery satisfactory results have generated a record level of operating cash flow; as a consequence the Group’s balance sheet is stronger than ever. |
| Flamingo clip by Van Cleef & Arpels. Image courtesy of the Richemont Group. |
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Sales in April were 32% above the comparative period, or 35% at constant exchange rates. In an environment currently marked by geopolitical unrest and currency instability, the Group said it hoped that this positive trend will be confirmed in the coming months. Richemont said it will continue to invest in its organic growth through higher
levels of capital spending in manufacturing capacity end in the futher development of the Group'swn retail network, particularly in growth markets.
The very strong growth reported in the Asia-Pacific
region is measured against robust comparative figures. The
region now represents 37% of Group sales. The Maison
have continued to expand their distribution networks and now enjoy leading positions in many of the region’s markets.
" Growth continued throughout the year. in euro terms, in Japan, sales increased by 18%, largely due to the significant
appreciation of the yen. Yen denominated sales increased
by 1%, reflecting positive responses to new products an
a stabilisation of the Maisons’ businesses.
Jewelers Cartier and Van Cleef & Arpels' strong sales growth was broad-based in terms of geography and products lines. The performance was particularly strong in
the Maisons' own boutiques. As a consequence, the Jewellry Maisons posted record sales and profitability. All of the Group's specialist watchmakers' performed well. The specialist watchmakers' results in the comparative year included a one-off charge amounting to 13 million euros. The specialist watchmakers posted record sales and profits. Overall, the operating margin increased to 21.4% of sales, in sprite of higher costs of sales due to the appreciation of the Swiss franc and higher precious material prices, the Group said.
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Bracelet by Cartier, Image courtesy of the Richemont Group. |
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Continued growth of China & other fast-growing markets are transforming the luxury industry, says new study |
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Buoyed by strong first quarter momentum in the US and Europe and continuing growth in China and other fast
growing luxury markets - including Russia, Brazil, and the Middle East- worldwide luxury sales are projected to grow
to 185 billion euros in 2011, up 8% from 172 billion euros in 2010.
This according to Bain & Company, the leading advisor to the global luxury goods industry, in its "Sprlng 2011
Update: Luxury Goods Worldwide Market Study."
After declining by 17 billion euros over the course of 2008 and 2009, a strong 2010 closed with higher-than-
expected holiday sales, up 14% versus 2009, bringing the luxury goods market to 172 billion euros, surpassing its prior
peak of 170 billion euros in 2007.
Bain finds that department stores and direct-owned luxury stores saw continued double digit sales increases
in February and March versus 2010, selling out on much of their Spring/Summer 2011 inventory. Additionally, stores
have placed robust orders for the Fall/Winter 2012 seasons and have restocked sold—out inventory levels, especially
in accessories, leather goods, and hard luxury categories such as jewelry and watches. Retailers interviewed for the
Bain study expressed a high level of confidence that consumers will keep coming into stores and continue making
purchases with the same vigor that preceded the global financial crisis.
"Luxury has made a brilliant return to the retail stage, but the script has been re-written," said Claudia D’Arpizio, A
a Bain partner in Milan and lead author of the study. "More demanding customers, generational shifts, new loyalty rules,
an increasingly integrated offline and digital customer experience and the continued growth of China and other fast
growing markets are transforming the luxury industiy"
Bain forecasts that sales in the Americas for 2011 will grow by 8%, to nearly 52 billion euros. The US will remaln
the world’s largest luxury goods market. China will see 25% year-over-year growth this year, putting Greater China,
including Hong Kong, Macao and Taiwan, in a strong position to exceed sales in Japan for the first time. Growth in
Europe will reach 7% in 2011 and Japan will see declines of 5%, due, in part to structural decline and also the impact
of the recent earthquake.
However, the Bain study estimates that Japan’s luxury sales will stabilize starting in the third quarter of 2011,
as consumption recovers and as reconstruction drives GDP growth. ln fact, even as Tokyo stores reopened in the two weeks after the earthquake, brands reported a quick resumption of sales to expected levels, with little impact in southern cities such as Osaka.
The study also predicts that growth in emerging markets will remain the focus of luxury manufacturers for the next two to three years.
Lifestyle changes have driven a return of luxury goods sales in Russia; 5 — 10% annual growth. New store, openings will fuel growth in the Middle East; 10 — 12%, while Brazil will see heavy investment by international brands; 10-15%. China‘s fast—growing wealth will fuel both same store sales growth and new store openings.
"The emerging market consumer continues to create the most exciting challenges for our industry,”‘ said Santo Versace, chairman of Fondazione Altagamma. "Even as we adjust to the maturing ofthe North American and European markets, consumers in countries like China are becoming more demanding and more sophisticated in their luxury, tastes?
The Bain study concludes with a look ahead to 2014 and beyond, estimating a 214 billion euros to 221 billion euros market within three years, and recommending three keys to "owning the luxury goods future:"
Deep focus on emerging markets—penetration; route-to-market; a tailored value proposition;
Adaptation to the continuing generational shift-baby-boomers retiring; Generation Z, always connected;
Continuous enhancement of the customer experience—increase loyalty and satisfaction; integrated online and it offline experiences; unrelenting service.
"Emerging markets are doing more than generating revenues," said Claudia D’Arpizio. "New consumers are also forcing luxury brands to become much more nimble in the merchandise selection and customer experience they offe rto increasingly diverse consumers."
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JCK 2011 Platinum Innovation Award winners announced |
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Platinum Guild lnternatlonal USA awarded eight outstanding platinum
designs at the recent JCK Las Vegas 2011 show, where it announced the winners of the 2nd annual JCK 2011 Platinum innovation Awards.
Winners were chosen in six different design categories, as well as two overall categories "Best in Show" and "Editors' Choice." To select the
winners, an impressive 180 entries were first reviewed by editors from the
US’s leading bridal and fashion publications and then voted on bv retailers
during the JCK Las Vegas Show. Entries were up more than 200% over last year's competition.
The winners in each category are:
Entry Platinum Engagement Ring (semi-mounts under US$2,500 retail); Uneek Fine Jewelry Collections: Platinum engagement ring featuring a diamond halo and shank (.21 ct. tw);
Modern Platinum Engagement Ring: Stuller: Platinum engagement ring with diamond melee (.625 ct. tw);
Vintage-Inspired Platinum Engagement Ring: Lieberfarb: Platinum engagement ring featuring a double-halo design and pave diamonds (.31 ct. tw);
Platinum Wedding Band: Carlex by Crownring : Platinum 11 mm band with 100 diamonds;
Platinum fashion ring: John apel: Platinum flower ring with rose-cut, old miner and full cut micro-pave diamonds from the Fleurette Collection;
Platinum fashion earrings: A Jaffe: Platinum floral motif earrings with diamonds;
Editor's Choice: Parade Designs:Platinum engagement ring featuring a cushion cut diamond center stone with interlaced diamonds (.30 ct. tw);
Best in Show: Stuller: Platinum engagement ring with diamonds melee (.625 ct. wt).
PGI awarded each winner with a prize package valued at approximately US$50,000. Winners were announced at an official press conference held at JCK Las Vegas.
Platinum Guild international is dedicated to promoting platinum to the consumer and the jewelry trade. PGI has offices in each of the world's major jewelry markets, providing information, assistance and education on all aspects of platinum jewelry.
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A) Uneek fine jewelry collections: Platinum engagement ring featuring a diamond halo & shank |
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| Stuller: Platinum engagement ring with diamond melee |
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| Lieberfarb: Platinum engagement ring featuring a double halo design & pave diamonds |
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Carlex by crowning: Platinum 11mm band with 100 diamonds
John Apel : Platinum flower ring with rose-cut, old miner & full cut micro-pave diamonds from the Fleurette collection.
A Jaffe : Platinum floral motif earrings with diamonds
Parade designs : Platinum engagement ring featuring a cushion cut diamond center stone with interlaced diamonds.
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Intergem - providing a networking platform for the industry |
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Every year in autumn a small town in the Hunsruck turns into a worldwide fair, a metropolis
of the gemstone industry. The 29th Intergem, hold over 30th Sept. — 3rd Oct. 2011, the trade fair for gemstones and jewelry in Idar-Oberstein,
Germany is one of the main appointments in the trade calendar, because the fair takes place in the middle of the gemstone region.
Purchasers and jewelers anticipate this year's Intergem with great excitement.
After the luxury goods trade cycle has recovered, diamond and gemstone prices have strongly tightened in the last 12 months. Especially high-duality gemstones are in demand.
You may find some of the rarities at the fair, the organiser, Intergem Messe GmbH,
says. The impetus, which comes from ldar- Oberstein and the experts, dictates
the future market development.
Last year, 176 exhibitors to Intergem
saw about 3,700 visitors from all over the world.
Almost every booth is assigned already for this
year’s fair. Everyone of distinction in the gem
stone trade will attend again. |
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A basic aspect is the fact that a unique concentration of top—firms out of the segment meets at Intergem.
These mostly regional located companies have a worldwide prescence. But only at Intergem will visitors will find them
completely assembled, the organiser says.
Besides that, the exhibition gleams with all kinds of superlatives you will ever find: the latest stone findings
from all over the world, innovative cuttings, fantastic pearls and exciting jewelry designs with real gemstones.
Traditional companies from Germany and abroad, creative young designers, the big names of the trade and
service providers around a gemstone exhibit will all be in attendance on 5,000 m2 exhibition area at Intergem.
This year there will be a comprehensive framework program. Lectures by renowned speakers on current matters will inform trade visitors about recent developments. |
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Among other things you will find facilities based in ldar-Oberstein in hall 2.2., are a technical college for jewelry
and gemstone creation and a technical school for jewelry and gemstone design.
Young designers will introduce themselves at association booths. So the fair approves itself as a perfect networking platform for the industry, research, education institutions and young entrepreneurs at the same time, the oraganiser says.
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Images courtesy of Integem Messe GmbH.
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Christie's Hong Kong makes history in Asia with the biggest watch sale ever in the region |
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Christie's made histery in Asia recently vvith the
biggest vvatch sale, Christie's Important Watches Hong
Kong, ever in the region totaling US$21,164,914, which
is close to 70% market share ever its nearest competitor.
With a high 92% sold by lot and 95% sold by value, the
sale reflects the demand for the best and rarest timepieces
and horological vvorks, and underscores the sobhistication
of the global vvatch market, Christie's said.
Aural Bacs, international head of Watches, Christie's, said, "No auction house responds better than Christie's to the damanding appetite of an ever-growing group
of international watch collectors. The auction in Hong Kong
was highlighted by an epic bidding war between two of the
world’s most connoisseur collectors who fought fiercely for more than 10 minutes to acguire the only publicly known
matching pair of singing bird pistols in tho world. The final
winning phone bid was well in excess of the high estimate,realizing US$5,841 ,610, making it not only the highest result
for an individual lot sold at any vvatch auction in Asia, but
also the most valuable achieved for an horological item ever sold at auction in Asia. |
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Left to right : This Patek Phillippe, Celestial, Ref. 5102G white gold automatic astronomical wristwatch with sky chart, phases & orbit of the moon & time of meridian passage of sirius & of the moon, manufactured in 2006 sold for US$218,450 at Hong Kong
-This Patek Phillippe, Ref.2499R, 3rd Series, Pink gold, manually-would perpetual calendar chronograph wristwatch with moon phases, manufactured in 1971 went under the hammer at the Christie's sale for US$1,205,330
-Singing Bird Pistols, attributed to Freres Rochat. The only publicly known matching pair of mirror-image gold, enamel, agate, pearl & diamond-set singing bird pistols, made for the Chinese market, circa 1820 sold for US$5,841,610 at Christie's sale.
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"Another highlight was the charity auction of the
world's first all-aIuminum sport watch from celebrated
watchmaker F. P. Journe - the Centigraphe Sport - to raise funds for the charities '100maisons100familIes’ and 'Medecins du Monte' to aid Japan's earthquake and tsunami victims. Ten bidders competed swiftly to over HK$1 million until thunderous applause broke out when a Japanese collector and philanthropist won the final bid online, raising US$465,170 for this worthy cause. Given the incredible variety of makers, periods and styles on our top ten, we can see an impressive breadth and depth of the market and Christie's savoir-faire in bringing together the finest property any auction house can offer to the world`s top collectors."
Sam Hines, head ef salee, Watches Department at Christies Hong Kong, added, "Chrietie’s sale results once
again reaffirm our position as the worldwide market leader for collectors’ timepieces. Beginning with a 100% sold rate in the morning session, the afternoon session picked up momentum with intensive bidding, especially from internet
bidders who came from 21 countries, making up the highest
number of online participants for a Christie‘s Hong Kong
auction.
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Left to right : F.P. Journe, Centigraph Sport, Ergonomic Chronograph, first wristwatch entirely made from aluminum, No.1 manufactured in May 2011, sold for US$465,170 at Hong Kong
- Christie's made history in Asia recently with the biggest watch sale, important watches Hong Kong, ever in the region
- Bidding was fierce at Christie's important watces Hong Kong sale |
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"Once again Patek Philippe wrist-watches at
tracted competition from all centinents. Lot 2403, the
mythical Ref. 2499R in rose gold, offered directly from family of original owner, and the famous Skymoon Tourbillon
Ref. 5002P, the most complicated wristwatch ever made
by Patek Philippe, made up two out of the top three lots
that sold above US$1 million. Another highlight was Part
2 of the Garvin Brown collection, which, like Part 1 offered
at Christie’s Geneva in the same month, was 100% sold.
We now look forward to the blockbuster watch auction at
Christie's New York on 15 June where Christie’s will have
the honour of offering Part 3 of the Garvin Brown collection and the historically important group of watches from
the James Ward Packard collection," images Courtesy of
Christie's Images Ltd 2011. |
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Outstandanding results for unique timepieces at Antiquorum's June New York sale |
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Watch aficionados came together on June 8th for
Antiguorum’s summer sale of Important Modern & Vintage
Timepieces, which totaled US$4,500,075. The all day sale
held in Antiduorum's New York City auction room featured
an exceptional coltection of 351 luxury timepieces, of which
118% were sold by value, Competitive bidding for the auction came from Taiwan, Hong Kong, the Russian Federation,
Belgium, and Indonesia, as well as the US.
The two highlights of the sale were undoubtedly the Vacheron & Constantin Perpetual Calendar Minute Repeater
Piece Unique and the Audemars Piguet Grand Comptication
Piece Uniguo specially made for Arnold Schwarzenegger.
The Vacheron Constantin elicited a spirited bidding war
between two Asian bidders, with the successful bid coming
at US$374,500. Egually exciting was the competition among
American and European collectors for the Audemars Piguet Grande Complication Piece Unique, which exceeded its
high estimate, also selling for USHS374,500.
"We are very pleased loy the outstanding results
for the Audemars 'Piguet Grande Complication and the
Vacheron Constantin Perpetual Calendar in todays sale.
The outcome of our June auction in New York confirms that
the market for high-end complicated and unique timepieces
continues to thrive worldwide," said Evan Zimmermann,
president & CEO, Antiquorurn Auctioneers.
Bidding for Patek Philippe timepieces was highly
competitive, as highlighted by the 17 lots comprising;
an East Coast private collection. The platinum Patek
Philippe ref. 5050 with Roman dial sold for an incredible US$140,500, while the yellow gold Patek Philippe
ref. 3970 achieved US$85,300. The Patek Philippe platinum
perpetual calendar ref. 3940 also garnered significant
attention, selling for US$68,500, and the Patek
Phillippe yellow gold chronograph ref. 5070 attained US$78,100. |
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Left to right : Rolex ref.6062 stainless steel, Oyster Perpetual, offcially certified Chronometer. Made in 1953. Sold including buyer's premium at US$176,500
- Audemars Piguet Millenary - Maserati Anniversary - MC12 Tourbillion and Chronograph, No.146/150, Ref. 26069PT. Made in a limited edition of 150 pieces in 2006 to commemorate the success of the Maserati MC12 in the 2005 FIA GT Manufacturers' Cup. Sold including buyer's premium at US$160,900.
-Rolex Steel Ref.6236 Jean-Claude Killy. Made in 1960. Sold including buyer's premuim at US$128,500.
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The vintage Rolex market remains strong, as
shown by the results for the Rolex references 6236 and
6062. At US$128,500, the "Jean-Claude KiIIy" ref. 6236
sold above its high estimate, while the Rolex ref. 6062, a
rare stainless steel wristwatch with triple date offered in
exceptional condition, attained US$176,500. Other Rolex
timepieces achieving important results include the Patent
Pending Rolex Double-Red Sea Dweller which sold for
US$69,700, and the yellow gold Rolex ref. 1680 Meter First which went for over twice its high estimate, at US$27,500.
Another significant result was achieved by the Longines "Retour En Vol," ref. 5967. This pink gold chronograph
attained US$20,000, nearly twice its low estimate. The pink
gold Omega with ruby dial realized over four times its high
estimate at US$11,875.
"\/\/ith both modern and vintage watches from
various manufacturers selling strongly, today’s sale proved
that timepieces in exceptional condition continue to be
in demand by collectors across the globe," said Charles
Tearle, watch director and auctioneer, Antiquorum USA. |
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Rolex Ref.6241 - Gold Daytona Paul Newman Relex, Cosmograph Daytona. Made in the early 1970's. Sold including buyer's premium at US$116,500.
Patek Phillippe Ref. 3971 yellow gold. Made in 1989. Sold including buyer's premium at US$104,500 |
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