Last updateWed, 22 Jun 2016 1am

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Jewelers of America Seeks Participation in Cost of Doing Business Survey

Participating jewelers will receive a free customized benchmarking analysis report 

JA(NEW YORK) - Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, has opened its annual Cost of Doing Business survey, at ww.profitplanninggroup.com/jewel and is asking retailers to take the survey by August 15. Retailers’ participation in the survey is essential as it informs the Jewelers of AmericaCost of Doing Business Report, an important industry report and benchmarking tool – the only one of its kind. Retailers who complete the survey receive a customized Performance Analysis Report and will be entered into a weekly drawing to win $500 in cash.

New online auction technologies benefit jewelers

New technologies have provided many new benefits to US jewelers, but have also created new challenges. In today’s marketplace, jewelers are working in a very competitive low-margin environment, where selection is vast and cash flow is critical. Online jewelry and diamond auctions provide a new and exciting way for jewelers to buy and sell diamonds at the best possible prices using a no risk process.

While auctions have been a known and successful outlet for quite a while, whether its local auction houses or web based like eBay, using new technologies allows for industry dedicated platforms to provide jewelers with much greater benefits.

Man Finds Lost Wedding Ring 15 Years Later While Planting 'Lucky' Bamboo

lostringForget having a green thumb while working in the yard — this man’s ecstatic to have a golden finger.

While planting bamboo in his backyard, Maan Moughawech, of Bloomfield, New Jersey, stumbled upon something he thought was lost forever — his 22-karat gold wedding ring from 15 years ago.

“Yesterday, I decided I wanted to plant bamboo in the corner of the backyard. While digging a hole to plant it, I saw something yellow and shiny in the dirt,” Moughawech told ABC News of his unexpected discovery. “I kneeled down to inspect it, and I instantly knew that it was my lost ring!”

CLICK HERE to read the full story.

Rapaport reports diamond prices decline in June

RAPI for 1ct. laboratory-graded diamonds -1.6% in 2Q

(NEW YORK) - Diamond prices continued to soften in June with many categories trading at deep discounts to the Rapaport Price List. Markets were relatively quiet as U.S. demand after the JCK Las Vegas show was weaker than in previous years, and Far East demand remains cautious. Diamond manufacturers are under pressure and continue to lose money on their rough supply. The RapNet Diamond Index (RAPI™) for 1-carat laboratory-graded diamonds fell 0.9 percent during June. RAPI for 0.30-carat diamonds declined 2.5 percent and RAPI for 0.50-carat diamonds dropped 2.6 percent. RAPI for 3-carat diamonds decreased 1.7 percent.
RAPI for 1-carat diamonds fell 1.6 percent during the second quarter of 2015 and on July 1, 2015 was down 15.3 percent from a year earlier.


Saxon's Diamond Centers Announces Let It Rain Promotion Winners

Saxons(BEL AIR, Md.) - They say rain on your wedding day is a sign of good luck. Greg Hunter and Megan Gernand can attest to that.

Greg and Megan recently won the Let It Rain promotion sponsored by Saxon’s Diamond Centers in Bel Air and Aberdeen, Maryland. According to promotion guidelines, participating couples who purchase an engagement ring from Saxon’s can get a refund of up to $3,000 if there is an inch or more of rainfall in Baltimore on their wedding day. On June 20, 2015, Greg and Megan’s Wedding Day, The National Weather Service in Baltimore recorded 1.92 inches of rain.

Analyst: Apple Watch selling worse than thought

usatodayThe Apple Watch was supposed to be the next magical product from the gadget maker. Not so fast, says Andy Hargreaves of Pacific Crest in a note to clients.

Hargreaves Tuesday cut his forecast for Apple Watch sales in the current fiscal year from 11 million to 10.5 million. That might not sound like much of a reduction, but he warns the bigger letdown will come next fiscal year due to “soft follow-on sales.” The analyst says the company will sell just 21 million watches in fiscal 2016, down from the earlier 24 million estimate.

“Anecdotal evidence suggests Apple Watch demand is slowing quickly,” according to Hargreaves’ note. “This dovetails with recent supply checks, which suggested a reduction in component order volume.”

Uncertain future for global diamond trade as profits vanish

reutersmediaThe family businesses that make up the global diamond trade have seen their profits wiped out over the past five years, hit by shaky financing, increased costs and uncertain demand from customers who prefer hi-tech gadgets to bling.

Manufacturers who cut and polish diamonds have found themselves caught between giant mining companies charging high prices for rough stones, and big retail chains that demand gems at low margins to keep sales moving.

While the $80 billion overall spent on diamond jewelry last year was a record, the manufacturers are expected to share a profit of just $100 million in 2015. That is half last year's total and down from $900 million in 2010, according to Chaim Even-Zohar of Tacy Ltd and Pranay Narvekar of Pharos Beam in Mumbai, two of the industry's top consultants.

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