Responsible Jewellery Council Reaches Membership Milestone

The Responsible Jewellery Council said that its membership has exceeded 250 companies and trade associations throughout the diamond, gold and platinum metals jewelry supply chain from around the world.

RJC, based in London, is an international not-for-profit organization that promotes responsible ethical, human rights, social and environmental practices in a transparent and accountable manner throughout the industry from mine to retail. Their commitment aims to reinforce consumer and stakeholder confidence in jewelry products.

Among the newest RJC members are Bottega Veneta, Christian Dior Couture, Gemological Science International, Girard-Perregaux, GCAL: Gem Certification & Assurance Lab, Inc, H.K. Designs (India) and Vacheron Constantin.

“RJC’s healthy membership reflects the growing awareness of the importance of ethical, human rights, social and environmental performance in the jewelry industry. RJC’s members are vital to cultivate future business ethical generations,” said Michael Rae, CEO of RJC.

Under the RJC system, all commercial members of the RJC have committed to be audited by accredited, third party auditors to verify their conformance with the RJC’s Code of Practices and become certified.

A full list of RJC Members can be found here.

Survey: Affluents Buying More Jewelry from Online and Discount Stores

The worst of the recession may be over for players in the jewelry industry but affluent consumers are trading diamonds and gold for jewelry made with white metals and other materials, according to a recent survey. In addition, these high-worth consumers are turning to online outlets and discount stores.

About 28 percent more affluent consumers purchased jewelry during the first half of 2010 than the same period last year, according to Unity Marketing's latest luxury tracking survey. In addition, the average amount an affluent customer spent on jewelry increased by 7.3 percent.

“More affluent consumers purchasing jewelry and spending more money translates into a newly revitalized market for luxury jewelry,” according to a statement in the survey results, which tracks the purchases of 1,359 affluent Americans.

While consumer spending on luxury jewelry is up, the survey, by the Stevens, Pa., market research firm, reveals changes in what jewelry products people are buying and their preferences in gemstones and metal fabrications. For example, affluent consumers spent less on gold and diamond jewelry in the first half of 2010 as compared to the same period last year. They turned instead toward white metals like sterling silver and platinum and colored semi-precious stones. Further the consumer market for "luxe" crystal and man-made or faux jewelry has never been hotter.

Post-recession the luxury consumers' favorite destinations for jewelry shopping have also shifted, according to the survey. Jewelry stores lost 21 percent of the luxury consumer's share of wallet in the first half of 2010 as the internet and discount stores, outlet stores and warehouse clubs captured more of their spending.

“These changes in product preferences and shopping patterns among affluents hint at even broader changes taking place among the overall jewelry consumer market at all income levels,” said Pam Danziger (pictured), Unity Marketing president and lead researcher in the new jewelry study.

This survey of luxury consumers was conducted July 3-8. The average income of participants was $306,700 and their net worth was $15.2 million. Their average age was 44.8 years old. A total of 45 percent of the participants were male and 55 percent female.

Royal Asscher Selects Reena Ahluwalia to Create New Designs for Stars of Africa Collection

Toronto jewelry designer Reena Ahluwalia will create five new jewelry designs for Stars of Africa Royal Asscher jewelry collection. The new  pendants, necklaces and earrings will complement the collection’s half-dome, floating diamond ring that was first unveiled about a year ago.

Royal Asscher will debut the new pieces at the JCK Las Vegas jewelry trade show, which opens June 4.

“Reena designs with immense precision and fervor, a perfect stage to continue the Royal Asscher legacy of gemological excellence and innovation,” the Amsterdam-based diamond company said.

“Royal Asscher has a legendary history of innovation and an unblemished ethical record in the diamond world,” Ahluwalia said. “As a jewelry designer, there is no greater motivation for me than to be able to contribute to positive social changes through my art and the ideas it spreads.”

The jewelry consists of full-diamond globes encircled by orbit-like elements. The globes spin to symbolizing earth's rotation while the free-floating diamonds represent the shining spirit of people. These orbits signify education, health-care and empowerment all of which are essential components to the root of the Star of Africa initiative. The pendants function as modern day amulets infused with messages of hope and well-being. The design of necklaces, earrings and pendants are all streamlined to represent the wondrous continent of Africa.

The entire collection benefits Royal Asscher's fundraising initiative, Stars of Africa, named after the largest diamond ever found, the Star of Africa, at 3,105 cts., which the Asscher family cut in 1908. The initiative was launched in 2008 and is aimed at improving infrastructure in Africa by creating funding for healthcare, education and self sufficiency programs.

Taking Care of Your Jewelry

Good Housekeeping product analyst Christina Peterson provides some simple advice and guidelines for keeping your jewelry clean and secure.

Luxury Shoppers Drive Jewelry Sales

Just in time for the largest jewelry show in the U.S. to begin, luxury-jewelry retailer Tiffany & Co. said Thursday that its first-quarter profit more than doubled, with the return of high-end shoppers, MarketWatch reports.

Net income for the New York-based company surged to $64.4 million, from $24.3 million. Sales in the quarter rose 22 percent to $633.6 million. Comparable-store sales rose 10 percent.

Statement pieces over $50,000 rose for the second time in more than a year and saw the biggest percentage increase in jewelry, executives said on a conference call, the company said. Engagement pieces also rose for the second time in at least a year, helped by pent-up demand, while comparable sales in the company's top market U.S. increased for the second straight quarter after declining the past two years.

This piece of good news comes at a time when JCK shows in Las Vegas are set to begin, with Luxury by JCK (June 1-3), Swiss Watch by JCK (June 3-7) and JCK Las Vegas (June 4-7). Combined it is the largest jewelry show in the U.S. and one of the largest such shows in the world. Jewelry retailers in the U.S. use this event to buy product for the Christmas holiday season, the most important time of the year for these retailers.

A Tiffany spokesperson said the company will introduce a line of yellow diamond jewelry, expand the firm's watch business and will unveil a line of handbag and accessories this year. The company also is expanding its Internet sales and will launch its online business in Continental Europe this year.

Sales in the Americas increased a better-than-expected 22 percent to $315.3 million, compared with a 31 percent decline last year, MarketWatch reports. The number of transactions increased in all major product categories while traffic and average spending amount also were higher.

Jewelry retailer Signet Jewelers also saw its first-quarter profit nearly double, to $52 million year-over-year, according to The Street.

Signet revenue also rose 6 percent to $810 million, while same-store sales grew 5.8 percent. Sales at Signet's higher-end chain Jared The Galleria of Jewelry, jumped nearly 16 percent.

Even struggling Zale Corporation said on Wednesday that it narrow its third-quarter loss as margins improved and it was boosted by a tax benefit.

During the quarter, the more moderately priced jeweler lost $12.1 million compared with a loss of $19.5 million, year-over-year. Excluding the tax gain, Zale’s loss was much steeper.

Zale revenue declined 5 percent to $359.8 million, after the company shut down its supply chain in December in an effort to preserve liquidity, The Street reports. Zale did, however, see more items being sold at full price.