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GF Weekly Newsletter
A 35.56-carat blue diamond broke through the financial gloom on Wednesday, setting a new world record price for a diamond sold at auction.The deep grayish-blue gem, known as the Wittelsbach Diamond, sold for $24.3 million at Christie's "Jewels: The London Sale," topping the previous record of $16.5 million set by the sale of a 100-carat diamond in Geneva in 1995. 
The Manufacturing Jewelers & Suppliers of America named a new chairman and elected several new members to the Board of Directors at its 105th annual meeting on Dec. 8. Richard Powers of Stern-Leach Co. moved up from first vice chairman to chairman, replacing Alan Bell of The Bell Group. Joining Powers in new leadership positions are first vice chair David Meleski of Richline Group and second vice chair Edward DeCristofaro of LDC Inc. Michael Toback of Myron Toback Inc. entered the officer ranks as secretary. Michael Salvadore Jr. of Salvadore Auctions & Appraisals Inc. remains treasurer.
In July, according to the JSA, a female sales associate at a New York jewelry store was assisting three males with viewing diamond solitaires. At some point during the sales presentation, the suspects swapped out one of the diamonds for a cubic zirconia. According to the JSA, the sales associate realized a switch had occurred and tried to lock the door, but the suspects pushed her aside and fled. 
The worldwide financial system is in trouble. Stock markets are in turmoil. Diamond demand is down. We're apparently in a global recession. How can you make business plans for 2009 and beyond in that kind of environment? We've recently been besieged with questions from jewelers about how to plan for 2009. They're requesting our industry sales forecast. They're asking our opinion about how they should build their sales and profit budgets. 
Without customers, we wouldn't be in business. That is way it is surprising how easily retail shops unintentionally drive customers away. Sometimes, understanding the what can ruin a business can help us focus on what not to do while building our enterprise. Here are five simple ways to lose customers.
Identity theft has had a crippling effect on more than 9 million Americans, according to the Federal Trade Commission (FTC), and businesses that collect or hold identifying information report millions of dollars in annual losses as a result of these crimes.New identity theft regulations for creditors -- which can include technology retailers, Internet service providers and telecommunications equipment/service companies, among others -- come into effect on May 1, 2009. 
In yet another sign of how the recession is impacting the jewelry industry, the Gemological Institute of America (GIA) has announced that it is cutting 11 percent of its U.S. staff and trimming executive salaries by 10 percent. A GIA spokeswoman confirmed the cuts to National Jeweler on Friday, saying that the job cuts were a "last resort" move for the institute, spurred by trying economic times.
Marketing your Jewelery business is nothing more than buying customers. That's all it is, and the sooner you understand that, the more comfortable you'll be investing money in everything from advertising to sales training and from PR to Customer Relationship Management tools.
The owners of a Knoxville, Tenn., Jewelry store said they were the victim of an overnight heist that netted up to $1 million in jewelry, according to media reports. Janice Enix, wife of Enix Jewelers president William Enix, said that sometime after 11:30 p.m. Dec. 6 two suspects cut through the store's roof and dropped inside the building, the Knoxville News Sentinel reports. The thieves then cut the wires to the security system and proceeded to use one or more torches to cut their way into the store's safe.
Online holiday spending for jewelry and watches for the first 12 days of December is down 4 percent year-over year, according to digital tracking company comScore. The figure for Dec. 1 - Dec. 12 marks a improvement from the 22 percent decline reported for the first five days of December.
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GemFind: Diamond Search, Web Development, JewelCloud , ring builder, stud builder, pendant builder 2008-12-16
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Tags: 2008, December, Uncategorized
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