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NEWS
(Above): For Mandela Day this year, Metal Concentrators (MetCon), in association with Work 4 A Living, bought and assembled stationery packs for a childcare centre in Khayelitsha, supporting children whose education has been affected by the pandemic. And because nobody can learn on an empty stomach, basic food supplies were also taken to the centre.
WFDB ACTING PRESIDENT CALLS ON GOVERNMENTS TO STEP UP
The Coronavirus pandemic has wreaked havoc on the health, social fabric and economies of the world. “The disastrous effects of the virus on our health and welfare are matched by its destruction of our livelihoods and economic security,” says World Federation of Diamond Bourses (WFDB) Acting President Yoram Dvash. “It seems that all branches of the economy are affected; for some, the crisis may be a direct hit from which they may never recover.
“Governments the world over are struggling with these issues: how to keep their populations safe from the virus, while allowing their economies to return to some semblance of normality? How much direct aid to provide to citizens and businesses? What will huge budget deficits mean for the world economy, going forward?”
The world diamond industry has been particularly hard hit by the pandemic. With its main markets spread from Asia to North America, the diamond industry’s shut-down followed the path of the virus. First China, Hong Kong, Singapore and other markets were in lockdown, then Europe and the Middle East, and finally the USA. “Our markets closed one after the other, we ourselves were forced to stay at home and our businesses and livelihoods suffered,” says Dvash. “The diamond industry was among the first to be battered by the crisis and will likely be among the last sectors to recover.”
The current crisis exacerbates the huge systemic problems which have impacted the industry for the past decade – very low profitability, a large price gap between polished and rough, and a major credit deficiency.
“The major diamond centres have seen trade come to an almost complete standstill. This is the worst crisis the global diamond industry has experienced in modern history and it isn’t clear how we’ll emerge from it.
“The diamond and diamond jewellery sectors account for billions of dollars in revenue worldwide and employ hundreds of millions of people. When our industry rumbles, it can create an avalanche for millions on five continents,” says Dvash.
He has called on governments around the world to provide real assistance to the diamond industry in the following ways: • Offer substantial government guarantees to back loans to the diamond industry. • Define the diamond industry as a preferred industry, rather than an industry at risk. • Provide grants to companies and individuals in financial distress. • Institute marketing support programmes. • Where applicable, reduce taxes on imports of rough and polished diamonds. • Streamline international trade procedures that affect the diamond trade.
“Of course, the right package of government aid will differ from country to country, according to conditions in each location. What’s important is that now is the time for our elected officials to assist our magnificent industry in its hour of need, so that we can emerge even stronger than before,” adds Dvash.
More than 300 companies will exhibit at VOICE – VicenzaOro International Community Event, the innovative format which the Italian Exhibition Group is organising to take place, live, at the Expo Centre in Vicenza from 12-14 September 2020. It will be the first opportunity for the gold and jewellery industry to reunite and launch business and export activities since the standstill enforced by the pandemic.
A new layout will be done in order for attendees to attend in total safety, planned under the banner of the #safebusiness protocol defined by the Independent Evaluation Group in line with the trade show community. The exhibition area at VOICE will be accompanied by conferences, training and business matching.
The sector’s key players who have decided to partake in VOICE as the international visibility event after seven months of lockdown include Damiani, together with Crivelli, Leo Pizzo and Mirco Visconti from the high jewellery district of Valenza Po’. Attending from the districts of Vicenza, with Fope, are Roberto Coin, Pesavento, Karizia, Chrysos, Ronco, Chiampesan, Riccardo Orsato, Alessi Domenico, Silvex and Daveri Vicenza. Participants from the district of Arezzo include Unoaerre, Giordini, Richline, Fratelli Chini, Quadrifoglio and Amen. From the Campania region will be Aucella, Bruno Mazza, Coscia, De Simone, Idea Coral and Mattia Mazza, who will bring to VOICE the art of corals and cameos. Enzo Liverino will also return to Vicenza to strengthen the VOICE community.
Participants from the rest of Italy will include the likes of brands such as Annamaria Cammilli, Rosato, Pianegonda, Brosway and Rue des Milles, not to mention highlevel foreign exhibitors like Spanish company Damaso Martinez. The watch segment will see Swiss producers Corum and Victorinox, as well as German brand Junghans. The complete list will be available shortly at: www.vicenzaoro.com/it/voice.
A great system initiative, accessible to all Italian and foreign B2B traders and buyers, will be the ability to physically touch the products in Vicenza in a particular outfitted contest with an elegant look and feel. Due to their sheer size, the large expo centre areas, while rigorously arranged to conform to health regulations, will allow for fluid access and maximum usability of the spaces, thus avoiding lengthy waiting times. Moreover, VOICE will transmit its content in worldwide streaming – especially for areas which are still unable to travel to Italy – on its website, as well as its YouTube, Facebook and Instagram channels, thus taking its exhibitors’ collections and innovations to the international markets.
DIB TO OFFER SERVICES TO DIAMOND AND JEWELLERY SECTORS
Digital International Bank (DIB), a financial entity headquartered in the American territory of Puerto Rico, has announced that it will begin offering services internationally. Among the clientele it will be catering to are companies and individuals involved in the diamond and jewellery industries.
According to a spokesperson, banking services will initially include account management, the international transfer of funds and bank card facilities. A full array of services, including credit and financing, will be added at a later date.
As a banking institution specialising in international commerce, DIB operates within a strict compliance framework, with an in-house intelligence unit monitoring clients and transactions to ensure the financial and legal integrity of all business conducted under its umbrella.
DIB is licensed and regulated by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which is responsible for supervising financial institutions in the American territory and is a member of the US Association of Banking Supervision. As a Puerto Rican-headquartered institution, it falls under the supervisory jurisdiction of the Federal Reserve Bank of New York, which is the larg
est of the 12 regional reserve banks in the USA.
DIB has positioned itself as a boutique bank attuned to meeting its clients’ specific needs, with banking services customised whenever possible to meet the requirements of individuals or companies.
12CT BLUE DIAMOND SMASHES ESTIMATE AT CHRISTIE’S
A blue diamond ring was the top seller at Christie’s Hong Kong in the first live Magnificent Jewels auction since the COVID-19 pandemic began.
The piece, featuring a marquisecut, 12,11ct fancy-intense-blue, internally flawless stone, went for US$15,9 million at the 9 July sale, against its high estimate of US$12,3 million. The diamond sold after 15 minutes of fierce bidding, fetching US$1,31 million per carat, says Christie’s.
Some 82% of lots sold at the auction, yielding a total of US$39,8 million. The event was 92% sold by value of items available.
Other notable items included a necklace featuring a 19,53ct Burmese star ruby pendant, which brought in US$2,7 million, or US$136 000 per carat. That piece was estimated at US$2,3 million-US$3,6 million. A cut-cornered, rectangular stepcut, D-colour, internally flawless, type IIa diamond ring weighing 17,95ct garnered US$1,6 million, within its US$1,3 millionUS$1,9 million valuation.
Meanwhile, another marquisecut, fancy-intense-blue diamond also performed well. The 2,08ct internally flawless stone went for US$1,5 million, or US$719 000 per carat, beating its US$1,3 million high estimate. A Kashmir sapphire and diamond necklace also fetched well above its US$1 million high valuation, going for US$1,5 million.
“Collectors from 14 countries and five continents around the world bid enthusiastically,” says Vickie Sek, Chairperson of Jewellery for Asia Pacific at Christie’s. She adds that jewels achieved “strong prices for top-quality diamonds, jadeite and rubies”.
The auction house held its live Geneva Magnificent Jewels sale on 22 July, which will be followed by its New York event on 29 July. – Rapaport
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Thank you for making a difference
The Jewellery Hub applaud you
Independent publisher Isikhova Media has announced the launch of JZA – Your Jewellery Magazine, SA’s first and only dedicated consumer retail jewellery publication.
Officially endorsed by the Jewellery Council of SA (JCSA), the title is an associative, short and snappy acronym for “Jewellery South Africa” and will be published online seasonally, with the launch issue appearing in November.
“JZA was born from our ‘ideas trust’ of reworking, reframing and The September Hong Kong show has been postponed to November due to the Coronavirus and related travel restrictions, says organiser Informa Market.
Jewellery & Gem World (JGW) Hong Kong, formerly the September Hong Kong Jewellery & Gem Fair, is now due to take place from 9-13 November 2020. It will run at only one venue – AsiaWorld-Expo – instead of the usual two.
Under the previous schedule, the loose-stone exhibition was set for 13-17 September at AsiaWorld-Expo near Hong Kong International Airport. The Hong Kong Convention & Exhibition Centre in the Wan Chai district was due to host the finished jewellery section from 15-19 September.
However, the spread of COVID-19 has forced Hong Kong to introduce a compulsory 14-day quarantine for all arrivals, making it impractical for overseas visitors to attend the show. adapting our skills and offerings within the context of a new and challenging consumer landscape,” says Jason Aarons, Isikhova Media’s Publishing Director. “The publication’s focus is on bringing jewellery retailers and their offerings directly to the consumer through online store traffic and in real time (feet-in-store).
“It further aims to promote the collective corporate identity of generic retail jewellery, as well as all individual brands, and rebuild and retain active, loyal consumers.” That rule will remain in place until at least 18 September.
“This rescheduling was reached with the well-being of our exhibitors, visitors, partners and colleagues as our top priority,” says David Bondi, Informa’s Senior Vice-President for Asia.
The change is a “one-off” arrangement which Informa made largely in response to industry members asking for a trading forum that would enable them to secure orders before the end of 2020. The event will return to its September schedule in 2021, says Bondi. In a normal year, the show is timed so that buyers
Other titles published by Isikhova Media include SA Jewellery News, Jewellery Biz-News, African Odyssey
SEPTEMBER HONG KONG SHOW POSTPONED TO NOVEMBER
and Jewellex Today!
can make purchases just before the fourth-quarter holiday season.
“An international jewellery trade fair in November will provide Hong Kong and the international jewellery industry with a physical trading event when the market fully reopens,” says Lawrence Ma, President of the Diamond Federation of Hong Kong, China.
Exhibitors’ contracts, payments and special benefits will carry over to the new dates. Exhibitors who choose to skip the November event can roll their payments over to the
September 2021 edition. The show will follow strict health guidelines. Informa is also working on a digital event that will launch later this year. The group’s smaller June show, Jewellery & Gem Asia Hong Kong, will next take place in June 2021, since the 2020 event was cancelled. – Rapaport
