JEWELLERY EDITORIAL

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2015/01/23

A new report “Turkey: gold in action” from the World Gold Council, explores the role gold plays in the daily life of the world’s fourth largest consumer of gold, as well as examining its contribution to supporting the national economy.

Turkey is a microcosm of the global gold market – a country which is home to the entire gold value chain from mining and refining, to jewellery design and investment. Its long tradition of gold demand, underpinned by a deep cultural heritage, strong fabrication capacity and a substantial coin market has resulted in households accumulating an estimated 3,500 tonnes(t) (US$145.3bn) of gold tucked “under-the-pillow”, a term used in Turkey to refer to physical gold stored by the general population.
 


The report assesses the role that gold plays in consumers’ lives, examines the economic contribution of the entire supply chain and explores how the metal has been monetised to support the national economy. In 2012 alone, gold fabrication, consumption and recycling added at least US$3.8bn to Turkey’s economy. An innovative central bank policy introduced in 2011 incentivised commercial banks to create a range of gold-backed banking products to mobilise Turkey’s stock of gold. This improved the health of the banking sector by reducing costs and improving liquidity, as well as ensuring commercial banks boost their gold reserves. Policymakers have now successfully seen around 250t of gold (US$10.4bn) drawn into the financial system and put to work supporting Turkey’s economy.

 

Alistair Hewitt, Head of Market Intelligence at the World Gold Council said:

“Amid a challenging global economic climate, Turkey faces ongoing political and social pressures to ensure that it steers a steady economic course. Gold represents many things in this society – from employment for over a quarter of a million people in the gold industry, to an investment protecting people’s wealth against the ravages of inflation and currency weakness. It is also a unique example to the rest of the world of how gold can successfully be put to work at the core of a nation’s financial architecture.”

 

Some of the key findings from the research include the following:

  • Gold is deeply ingrained in Turkish culture. The use of gold coins as a medium of exchange was pioneered by merchants in Lydia – the precursor of modern Turkey - as far back as 700BC and continues to be one of the world’s largest official coin fabricators.
  • Turkey’s long-standing desire for gold has resulted in households accumulating a large stock of gold tucked “under-the-pillow”. An estimated 3,500t of gold has been collected by households. Gold makes a significant contribution to Turkey’s economy. Gold fabrication, consumption and recycling added at least US$3.8bn to Turkey’s economy in 2012 alone.
  • Gold is a small, but important cog in Turkey’s financial system. By the end of 2013, commercial banks held around 250t, equivalent to US$10.4bn, which had been put to work supporting Turkey’s economy. This includes 40t - about US
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    .7bn – of Turkey’s “under-the-pillow” stock, which has been mobilised since mid-2012.
  • With a well-developed post-production supply chain, Turkey has ambitions to become a regional refining and recycling hub. Turkey has a number of large scale refiners which refine doré to internationally accepted LBMA standards as well  as processing or recycling gold.
  • Its gold mining industry is small, but growing quickly. Gold production has increased in almost every year since 2001, growing from 2t to 33.5t in 2013

 

According to the report it’s not just domestic demand that is strong. Turkey’s jewellery industry benefits from exports and a healthy tourist trade. Turkey’s gold jewellery exports boomed after export restrictions were lifted in 1983.  Italy still claims the number one spot, but for some time Turkey has been the world’s second largest exporter of gold jewellery. Its biggest export market is the Middle East, but it also exports to the US, Russia and Germany. Between 1998 and 2013 the value of Turkish jewellery exports, most of which was gold, increased from US$209mn to US$3.3bn, generating valuable overseas earnings.

Download the full report from the World Council Website.

To experience the importance of gold in the Turkish Jewellery Industry, visit the Istanbul Jewellery Fair, organized in March and October of every year.

 


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2015/01/22

When looking at which trends will shape fine jewellery in 2015, there is one important factor to bear in mind: the demographic is getting younger, and cooler.

Women (and let’s face it, the fine jewellery market is dominated by the fairer sex) are no longer waiting to be bought jewellery as gifts, they are buying it themselves, and as such the styles are determined not by investment or sentiment but by what they actually want to wear.

 

FASHION-FINE DESIGNS


Fine jewellery can be fun as shown by this playful animal charm by Theo Fennell Fine jewellery will cater to a younger more fashion aware generation with edgier designs like these earrings by Leyla Abdollahi

Fine jewellery will embrace fashion such as
these geometic ceramic and diamond cuffs
from Roberto Demeglio

Louis Vuitton is taking catwalk trends
to fine jewellery


As the gap between male and female salaries closes, these self-purchasing women have serious money to spend, but they also have a taste more influenced by Instagram and street style than the contents of their mothers’ jewellery boxes.
 

Solange Azagury-Partridge black cherry Hot Lips ring in laquer and yellow gold is an example of fashion-fine jewellery The Juste un Clou bracelet by Cartier is an example of fashion-fine jewellery


Solange Azagury-Partridge
black cherry Hot Lips ring
in laquer and yellow gold


The Juste un Clou bracelet by Cartier


As such, we will continue to see the rise of fashion-fine jewellery in 2015. This sector of the luxury market is less concerned with stone quality and grams of gold than it is about great design. As a result, some of the major fine jewellery powerhouses have been working with younger designers to create jewels that speak to this new generation, but have the quality to last.

 

COUTURE’S CHOKERS


The emboldened connection between fashion and fine jewels is also why jewellery houses should be taking note of the catwalks.
 

An elaborate design with its channel setting of a repeated pattern of clawed set Ruby’s textured plates and small clawed set Diamonds. TOLEDO choker by Paula Mendoza


An elaborate design with its channel setting of
a repeated pattern of clawed set Ruby’s textured plates and small clawed set Diamonds
by
Designs Dubai UK Fashion Ltd.


TOLEDO choker by Paula Mendoza


One of the major jewellery trends to emerge from this arena in the past few seasons has been the choker, fuelled by fashion’s fling with all things 90s. This can be a difficult trend to tap into for fine jewellers due to the scale, but there are clever ways of doing so, such as using less metal by swapping it for strings of semi-precious gems, making a feature of negative space or using mesh structures to reduce weight.

As we move into 2015, I’m assured by jewellery trends analyst Adorn Insight that this trend will hold sway, and that we may see it develop further with the rise of the double choker.

 

COLOURED GEMS THAT STAND OUT


925 Larimar and Onyx Earrings by NNK Jewelry Co Ltd Handmade Fire Opal 18k Gold Cocktail Ring by Gemco Designs


925 Larimar and Onyx Earrings
by
NNK Jewelry Co Ltd


Handmade Fire Opal 18k Gold Cocktail Ring
 by
Gemco Designs


Another key trend set to continue in 2015 will be colour. Once the overlooked cousins of the brighter, sparklier diamond, coloured gems have had a barnstorming couple of years in fine jewellery, and this fiesta of colour is set to continue.
 

Baltic Amber Silver 925 Bracelet by GIELO S.C. Ugo Cala uses its own proprietory gemstone cut as shown in the Diva collection


Baltic Amber Silver 925 Bracelet by GIELO S.C.


Ugo Cala uses its own proprietory gemstone cut
as shown in the Diva collection


What we will see here is competition from the jewellery houses to find ever more unusual stones, and perhaps an increase in proprietary cuts.

 

NEXT-GENERATION PEARLS


One of the most transformed gems of recent times is the pearl. Its recovery from a stigma that had it pegged as overused and outdated has been staggering. And much appreciated, not least by me. The key to this trend is to use pearls in an unexpected way. Perhaps as an ear cuff, or an accomplice to an edgy, rather than classic, design.
 

Multi-stone earrings Pearl with brown diamonds and pink gold - Candy Pop Collection by Christina Debs shows pearls in a modern light Tahiti Pearl & Diamond Jewellery Sets by Wing Hang Jewellery Company Limited


Multi-stone earrings Pearl with brown diamonds
and pink gold - Candy Pop Collection
by Christina Debs shows pearls in a modern light


Tahiti Pearl & Diamond Jewellery Sets
by
Wing Hang Jewellery Company Limited


The future of the pearl trend in 2015 is all about evolution (quite literally), and as well as style, colour is a key area for development. Some pearl farms are experimenting with cross breeding oysters to create naturally occurring colours never seen before, and with only small batches available these unusual pearls are an exciting area for collectors.
 

We will see new colours of pearls entering the market such as this new hue from Yoko London Melanie Georgacopoulos is an expert at presenting pearls in surprising and modern settings


We will see new colours of pearls entering the market such as this new hue from Yoko London


Melanie Georgacopoulos is an expert
at presenting pearls in
surprising and modern settings


Convivial, lively, diverting, trendsetting, but, most importantly, still precious. Yes, fine jewellery can be fun and fashionable, and if there is one theme to knit some of 2015’s key trends together that’s it.

 

Gallery: Having Fun: Multi-style and Exceptional Jewellery


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2015/01/21

Kolkata Jewellery & Gem Fair 2015 (KJGF), a B2B international jewellery trade fair, hosted by UBM India in association with Calcutta Gems & Jewellery Association was concluded with a record of 6, 000 visitors in its second edition. 

Michael Duck, Executive Vice President of UBM Asia Ltd,  Dr. Amit Mitra, Minister In-charge,  Department of Finance, Commerce & Industry, Government Of West Bengal,  inaugurated the fair in January

 

UBM India's recent study with D&B clearly validates Kolkata being a favourite destination for lightweight plain gold jewellery. KJGF is a significant contributor towards UBM India’s footprint in the exhibition business on jewellery with successful and established shows in Delhi, Chennai, Hyderabad and Gujarat, reaching a large group of jewellers across India through exhibitions and road-shows.

 

With UBM's market penetration, KJGF has drawn significant attention from buyers and international sourcing delegates across Nepal, Bangladesh, Australia, Turkey and UAE, with over 200 hosted buyers. All lined up to witness the largest display of Traditional Bengal Gold and Diamond Jewellery in Kolkata. In addition to dedicated pavilions for gold and diamonds, the fair had a dedicated machinery pavilion promoting technical know-how in modern jewellery manufacturing with over 35 machinery companies.

 

KJGF is also marked by the Golden Hand Awards, India's only award which is a unique initiative the traditional 'karigars' for their craftsmanship. Chosen craftsmen were awarded for their exquisite gold and diamond designs. Actress Nimrat Kaur also made her presence as the showstopper at the Jewellery Fashion Show.

Mr. Joji George, Managing Director, UBM India said, "India's gems and jewellery sector has been one of the fastest growing industries globally. The sector has contributed 6-7% to India's GDP and provides gainful employment to around 2.5 million people. In our recent India study in with D&B, more than 40% of the surveyed jewellery companies adopted the trade exhibition strategy, making it the top marketing strategy to promote business, validating trade exhibitions as a powerful source for showcasing their business. It has been a constant endeavour of UBM India to provide a platform to the manufacturers and retailers of this segment, to connect and create business, thus meeting the larger industry needs of India. KJGF 2015 is one such platform, poised to raise benchmarks and fuel trade for the jewellery industry in East India. "

Gallery: Statement Jewellery from India


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2015/01/21

Valentine’s Day is the last big holiday for selling jewellery for a quite a while. Since this holiday is all about romance and passion, this is the time for a romantic and emotional approach to jewellery sales, right? Wrong. Not when selling to men.
 

Let’s face it, most men hate Valentine’s Day. Oh sure, they put on a happy face, give it a valiant effort and do the best they can. But they are tired of gift shopping. They did it last month and now have to do it all over again and this time they need to be romantic about it. They need help and they need it desperately.
 

Men want a quick, painless transaction. More than likely they put this off until the last moment and are under a time pressure. But they also want to be a hero. With a little creativity and a bit of local networking the jeweller can be his saviour. Just remember, it is not about selling romance; it is only about helping him to be romantic.

Heart Gold Pendant with CZ by Phu Nhuan Jewelry Joint-Stock Company Diamond Fashion Pendant by Rosy Blue Hong Kong Limited
Heart Gold Pendant with CZ
by Phu Nhuan Jewelry Joint-Stock Company
Diamond Fashion Pendant
by Rosy Blue Hong Kong Limited


Have a “Men’s only night” Get the word out that you will be able to provide a one stop shopping experience geared toward men who want to be heroes but don’t have the time or creativity to put together a perfect romantic experience. You will do it for them.
 

Make a deal with a local restaurant to get him a priority reservation and sell him a pre-paid voucher for dinner. Now he has the perfect opportunity to give his gift in a romantic setting. But that is still not enough to make him a hero. He needs more.

Tender love Earring by Regal Jewelry Manufacture Co Ltd Heart Pendant by Gyso Pearls & Jewellery Limited
Tender love Earring
by Regal Jewelry Manufacture Co Ltd
Heart Pendant
by Gyso Pearls & Jewellery Limited


Help him make the presentation something special. For bracelets work something out with a local florist for a discount on roses. Not only can you sell the roses to your customer, you can decorate the bouquet with the bracelet to hold it together. For rings have a few boxes of candy. Open the candy and let the customer eat one piece. Fill the empty space with the ring. A little gift wrap and it’s ready to go. Teddy bears make a great way to present a necklace. Have a meeting with your staff to brainstorm other romantic presentations. The wilder, the better. Stock up on any supplies you’ll need to make it happen.
 

The whole idea is to make it easy for him. Send him home with a complete package that will make him the most romantic guy in the world. If he knows you can set him up, he will happily pay for all the extras and will come back the next time he needs to be a hero.

 

 


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2015/01/20

India has so far enjoyed undisputed leadership in the sector of global diamond manufacturing but now its nearest rival China has reached to the level from where it may be in a position to overtake India in near future.

Strategically, China has rightly broken the established trade route by procuring diamonds directly from mines in African countries in which Chinese companies have a stake. As a result, value of China's net exports of polished diamonds has gone up by 72% in last five years to $8.9 billion. On the other hand, India's exports rose by 49% to $14 billion over the same period.

According to the latest data released by the United Nations (UN), China's share of the global polished diamond market has tripled to 17% in the past decade while India's share has fluctuated between 19 and 31%. Industry people say that China's active purchase of rough diamonds from African countries has been continuously reducing the supply available to Indian manufacturers; as a result many manufacturing units across the country have to lay off workers due to heavy losses.

Strong competition between India & China in diamond manufacturing

Strong competition between India & China in diamond manufacturing

 

India, as usual has depended on the middlemen in trading hubs like Antwerp, Tel Aviv and Dubai for its required supply of rough diamonds, which is mainly obtained from Russia or Africa. But now India has become aware of China’s race with it to acquire the lead position in the field of manufacturing.

India has earned help from the world’s top diamond supplier Russia, to maintain its position in the global diamond manufacturing trade. During Russian President Mr. Vladamir Putin's recent visit to India in December 2014, the Russian diamond-giant ALROSA signed an agreement worth USD 700 million for three years effective from 2015 with 12 leading Indian diamond companies, on merit of which Indian manufacturing units will now get direct and regular supply of rough.

But Can China really achieve Numero Uno position in global diamond manufacturing sector?

The Chairman of Rapaport Group Mr. Martin Rapaport feels, "China cannot overtake India as the leading diamond polishing hub in immediate future but India needs to introduce some tax reforms which can make the Indian diamond polishing industry more attractive to foreign miners. Besides, Chinese diamond polishing industry works on a contract-basis and through joint ventures and the Chinese artisans are proficient at mass producing small stones, but they lack the expertise required for bigger and finer stones.”

Moreover, China may be enjoying an upper hand at this moment in securing rough diamonds but its cutting and polishing industry is not as organized as India's and rising labour costs there can prove to be a problem in China’s race with India.

Experts here feel that such a deal (MoU with ALROSA) may give India a temporary relief. In fact it should follow China's example and reform its tax regime to make itself more lucrative for global miners. China had scrapped its value-added tax on rough diamonds in 2006 while a 4% levy was applied to processed stones. These provisions have helped China to become one of the world's leading trade and manufacturing centers for diamond jewellery and processed stones.

The industry leaders here also feel that India now needs to explore such tax policies and trade measures that are more attractive to diamond producers. Major diamond trading countries like UAE and Belgium have created Special Trade Zones to facilitate rough diamond sales in their own countries. India is so far lacking such zones. However, the Indian government has agreed to create one Special Notified Zone (SNZ) in Mumbai and Surat in near future.

So India for sure, is not going to concede its lead in the field of diamond manufacturing at any cost.

 

 


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