Thursday, October 1, 2009

Jewelry Biz - Found Objects and Refound Brands

After reporting this
Petra Diamonds posted an $8.6 million loss for the fiscal year, ending June 30 compared to a $25.5 profit in 2008. Group losses totaled $88.9 million, according to unaudited results announced September 29.

So why is Petra CEO Johan Dippenaar smiling?

Along with the results, the company announced the recovery of an exceptionally large rough white diamond weighing 507.55 carats at its Cullinan mine in South Africa as well as three other white diamonds of 168, 58.50 and 53.30 carats. At 507 carats, the diamond ranks as one of the top 20 largest high-quality rough diamonds ever found.

You'd be smiling too if you found a high quality, high color 507 carat diamond.

But I'm amused about the timing of the announcement. Did they find this diamond months, or even years ago, and then sit on the news until an opportune time to deflect the negative news about the annual loss?

What else going on in jewelryland?

Tiffany & Co. is opening a third store on the Las Vegas strip.

The new store will have approximately 10,000 square feet (930 square meters), a two-storey, 85-foot (25 meter) glass facade, slightly canted over the street and shaped like a diamond.

Why I wonder...can business really be that good?

Every time that I stay at the Bellagio and walk by the Tiffany store it is empty.

Granted this is anecdotal rather than hard evidence but I can' fathom how they can do enough business to justify three retail stores in one small town.

Harry Winston Q2 Retail Weak, Optimistic About Q4

  • Total retail sales were down 40 percent.
  • U.S. sales were down 48 percent.
  • European sales were down 44 percent.
  • Asian sales were down 21 percent.
    • Sales in Japan were down only 5 percent.

But the good news is that Harry Winston is optimistic about Q4!

and finally we've got

Fabergé Brand Relaunched After 90 Year Hiatus

Famed jewelry brand Fabergé is being resurrected after the new owners of the brand launched a revamped jewelry line. Pieces in the new collection start at $30,000, with an average price of $200,000.

Well I don't know about you but I can hardly wait to see what they come up with in their new collection.

Especially given that the entry level price point is $30,000.

...and that all that expensive stuff will just make Beladora estate jewelry look better!

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Sher said...

I'm waiting to see how many years they study that rock before they actually cut it.

Jill said...

I learn so much from you!

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