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Giving Relief

Updated: Jan 28

Pressing Matters: First and foremost, my thoughts and prayers are with those in Southern California affected by the devastating wildfires. Jewelers of America set up a relief fund to help jewelers that have been impacted. Donations can be made here.   

 

Read JCK Online’s coverage: LA Jewelers Cope With Loss as Industry Helps

 

Now, here’s the news, in a different format I’m trying out this week... Let me know what you think.

 

>>> De Beers and the Gem & Jewellery Export Promotion Council (GJEPC) established the Indian Natural Diamond Retailer Alliance (INDRA) to enhance the narrative about natural diamonds.

 

Watch my video explaining why this is important: The De Beers-India Marketing Alliance

 

>>> Group sales at Mumbai-based Titan Company rose 24% year on year, with its jewelry segment up 26%, in the quarter ending December 31. Sales were buoyed by strong demand during the Diwali festival, the company said

 

Why it matters:

Titan is the largest branded jewelry retailer in India, with well-known names such as Tanishq, Zoya, Mia and Caratlane in its portfolio. It serves as a bellwether of consumer demand in India, which is the second largest and fastest growing market for diamond jewelry.

 

Worth noting:

Titan’s subsidiary Caratlane opened its first international store in the US state of New Jersey during the period.

 

>>> Jewelry ranked as a hot category for e-commerce over the holiday period, according to Adobe Analytics. Total US online sales grew 8.4% year on year to $241.4 billion in November-December, with electronics, apparel and home goods accounting for 54% of all online spending, Adobe reported.

 

Why it matters:

Online shopping continues to grow and evolve, with mobile and artificial intelligence (AI) playing increasingly important roles in the sales process.

 

Something to think about:

“The 2024 holiday season showed that e-commerce is being reshaped by a consumer who now prefers to transact on smaller screens and lean on generative AI-powered services to shop more efficiently. It presents opportunities for retailers to deliver new services and experiences that capture the attention of consumers, many of whom are now shopping online in different ways.”

Vivek Pandya, lead analyst at Adobe Digital Insights.

 

>>> Diamond miner Alrosa expects rough and polished inventory levels to normalize in the coming months, supported by “significant” demand for jewelry and a notable decline in mining capacity.     

 

Why it matters:

Alrosa is majority Russian state-owned and is the largest producer of rough diamonds in the market. The company is subject to sanctions by the G7 nations preventing Russia-origin diamonds from entering those markets.

 

Worth noting:

Increased online sales enabled jewelers to structurally reduce their inventory needs, according to CEO Sergey Takhiev.

 

Upcoming events

 

>>> I’m looking forward to participating in the Metals & Mining Conference by Davos in the Desert on January 16. In my presentation I will explain to investors the mechanics of the diamond market and the challenges it faces.

 

>>> Europe’s largest jewelry trade show, VicenzaOro, takes place on January 17 to 21. The show has emerged as the premier jewelry design fair, featuring the best of Italian jewelry alongside new collections by jewelers from around the world. It’s well worth the visit.

 

>>> Portraits: The Anthropology of Body and Ornament will feature at VicenzaOro. The event is a groundbreaking seminar exploring the evolution of body adornment and jewelry as tools of self-expression, culture, and innovation. Produced by Trendvision and the creative force that is Paola De Luca, Portraits will be presented on Saturday, January 18 at the Palladio Theatre. 

 

>>> The inaugural Doha International Diamond & Gem Conference will take place January 29 to 31 as part of Qatar’s program to find its niche in the diamond and gemstone market. The conference will help facilitate engagement with producer countries to enhance the country’s trade, organizers said.


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