SAJN April 2015

R36.00 (incl VAT)

APRIL 2015

SOUTH AFRICAN JEWELLERY NEWS

The industry's only trade journal

Metal Concentrators celebrates 25 years SA’s power crisis and its effect on the industry Attendance up in Hong Kong

Editor: Adri Viviers Tel: +27 (0)11 883-4627 Cell: 084-261-1805 E-mail: sajewellerynews@isikhova.co.za Watch Editor: Alice Weil Tel: +27 (0)11 880-1680 Cell: 083-266-9182 E-mail: aweil@mweb.co.za

c ntents 23. Jewellex africa 2015

Advertising Sales: Tanja Jordaan

7. news

Cell: 083-268-6153 E-mail: adsales@isikhova.co.za

• Jewel City and Diamond Centre likely to move

Advertising Sales Representative (India): Bhupal Potdar

• De Beers hosts synthetic detection seminars

Cell: 91-982-115-1035 Email: bhupalpotdar@gmail.com

Jo Dallamore, Managing Partner of Intercolour Gems, believes shows such as Jewellex provide a focused, one-stop shop to benefit buyers and sellers alike

• Positive ambience at IIJS Signature 2015

Advertising Sales Representative (Hong Kong): Maud Errera

• CIBJO commission’s special report released

E-mail: maud@lni.com.hk Designer: Joanne Brook

• Antwerp Diamond Pavilion dominates at event

Copy Editor: Anne Phillips Subscriptions & Accounts: Thuli Majola

• Sotheby’s to offer 100ct emeraldcut diamond

Tel: +27 (0)11 883-4627 Fax: +27 (0)11 783-2677 E-mail: subscriptions@isikhova.co.za Distribution: Ruth Dlamini and Direct Marketing Solution

SA Jewellery News is published by: Isikhova Publishing & Communications CC, PO Box 651793, Benmore, 2010,

15. Power crisis SA’s power crisis and its effect on the precious metals sector

24. branD management • Breitling: The aviation connection

Johannesburg, South Africa.

• Famous check design extended to timepieces

27 Panners Lane, Riverclub, Sandton, South Africa.

Website: www.isikhova.co.za

• Morellato – it’s all about the quality

Chief Executive Officer: Andrew Meyer E-mail: andrewm@isikhova.co.za

• Pandora: Dazzling, darling daisies

Chief Financial Officer: Imraan Mahomed

• Inspired by historic chronometer

E-mail: imraanm@isikhova.co.za Printing: Colors Banking Details: Isikhova Publishing & Communications CC Bank: Standard Bank, Sandton, South Africa Branch Code: 01-92-05 Current Account Number: 4209 6822 9

16. international fair Attendance up in Hong Kong

18. branD history We trace the history of Ball Watches

21. scene arounD

The views expressed in this publication are not necessarily those of the owners and the Diamond and Jewellery Federation of South Africa, its members, the publisher or its agents. While every effort has been made to ensure the accuracy of its contents, neither the owners and the Diamond and Jewellery Federation of South Africa, the editor nor the publisher can be held responsible for any omissions or errors; or for any misfortune, injury or damages which may arise therefrom. The same applies to all advertising. SA Jewellery News© 2015. All rights reserved. No part of this magazine may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or any information storage retrieval system, without prior written permission from the publishers. ISSN 1817-5333.

Metal Concentrators celebrated its 25th anniversary with a chic gala dinner at the ballroom of the Michelangelo Hotel in Sandton, Johannesburg, on 21 March

R36.00 (incl VAT)

SOUTH AFRICAN JEWELLERY NEWS

APRIL 2015

Official Journal of the Diamond and Jewellery Federation of South Africa.

Website: www.jewellery.org.za

The industry's only trade journal

Metal Concentrators celebrates 25 years SA’s power crisis and its effect on the industry Attendance up in Hong Kong

28. little gems The story of a road

on the cover Metal Concentrators is a leading precious metals refiner and distributor of gold, silver, platinum and palladium grain, alloys and minted bars. The casting division offers rapid prototyping and trade casting in precious metals. Call for diamonds, Kruger Rands and medallions. For more information, contact Metal Concentrators on tel: Pretoria: (012) 000-4440; Cape Town: (021) 510-0770; Durban: 083-600-2210; Mauritius: +(230) 283-3861 or e-mail: info@metcon.co.za. Website: www.metcon.co.za.

SA JEWELLERY NEWS – APRIL 2015

NEWS

GSI Botswana first to utilise Sarine Axiom in Africa Gemological Science International (GSI), one of the largest independently owned gemmological laboratories in the world, has announced that its Botswana laboratory is the first in Africa to use DiaMension Axiom, Sarione’s nextgeneration, high-tech scanner for measuring and modelling polished diamonds.

Debbie Azar, Executive Vice-president of

GSI, says: “We’re proud to be the first user of the DiaMension Axiom. With its introduction, we can now detect the tiniest attributes and features of a diamond, such as facets pointing down to a micronic level of accuracy.”

The DiaMension Axiom is the only scanner that enables fully automated cut and symmetry grading. Such innovative technology breaches

the boundaries of the old shadow modelling concept and limitations.

Uzi Levami, CEO of Sarine, says: “After 25 years of 3D modelling based on shadows, the revolutionary DiaMension Axiom enables inlight direct modelling of real-time microscopic analysis, detecting the tiniest imperfections of a diamond, such as facet junctions.”

Positive ambience at IIJS Signature 2015 The Gem & Jewellery Export Promotion Council (GJEPC) officially inaugurated its eighth edition of Signature from 20-23 February at the Bombay Exhibition Centre (NSE Complex) in Mumbai. Over 580 exhibitors participated this year, with over 1 100 booths spread over the 30 000 m2 venue. The event attracted more than 7 000 national and international visitors.

It was inaugurated by chief guest, Andrey Polyakov, Vice-president of Alrosa, Russia.

Speaking at the event, GJEPC Chairman Vipul Shah said: “There’s widespread optimism that good times are ahead. The government has shown foresight and vision in supporting our industry, with plans for a special diamond import and trading zone.

We must use the opportunity to ensure that India truly becomes a global hub for gems and jewellery.

“A show like Signature not only supports the growth of the gem and jewellery industry, but also elevates it to higher levels of sophistication. Every year, we observe improvements in the design and quality of the products. And the retail sector from all parts of the country flocks to Signature in greater numbers to purchase stock for increasingly demanding customers. Both the buyers and sellers are grateful that the show provides greater efficiencies in sourcing. The jewellery events organised by the council, such as the mega-India International Jewellery Show, Signature, the India

International Jewellery Week and the India Gem & Jewellery Machine Expo, have provided useful platforms for the industry to grow and collectively raise the bar in terms of quality, design and business practices.”

A key highlight of Signature 2015 was an online buyer matching programme which allowed participating exhibitors to screen other exhibitors beforehand, get automatic matches to their requirements from the uploaded profiles and send enquiries ahead of the event in order to schedule appointments.

Another highlight was the Signature mobile app, which enabled participants and visitors to seek stalls of various traders and display the closest route to them.

NEWS

Jewel City and Diamond Centre likely to move Rumours have been circulating about the sale of the building currently housing the diamond and jewellery fraternity in downtown Johannesburg, namely Jewel City and Diamond Centre. Based on this, the industry has been investigating available options, since it is key to keep the industry together in a secure zone, as is the practice around the world.

A number of years ago, a presentation was made by developers hoping to secure enough support from the industry to develop a new

centre for the jewellery and diamond sector.

At that time, support did not justify the investment from the developers and the project never got off the ground. Currently the situation seems more urgent, although the building has not yet been sold. The managing agents of the current premises are only extending shortterm (three-year) contracts to tenants and most believe a move within the next three to five years is a distinct possibility.

A presentation was given at the end of

De Beers hosts synthetic detection seminars The De Beers Group of Companies has announced that its International Institute of Diamond Grading & Research (IIDGR) business ran synthetic detection symposiums around India to demonstrate its technology to all elements of the Indian diamond community.

The IIDGR team, led by the institute’s Commercial Director, Jamie Clark, were at the Bharat Diamond Bourse in Mumbai on 16 and 17 February, before travelling to the Gateway Hotel Athwalines in Surat. Attendees gained a better understanding of how the detection technologies work and the role they play in supporting consumer confidence in diamonds.

The IIDGR markets a range of leading detection instruments that play a vital role in giving diamantaires confidence in their own inventory. This, in turn, enables them to provide reassurance to their customers. The institute is also in the process of establishing a referrals centre at its Surat laboratory which will provide a lower-cost option for testing stones referred by detection instruments.

Jonathan Kendall, IIDGR’s President, says: “Diamond businesses must be proactive in managing risks related to undisclosed synthetics and we believe these symposiums play an important role in helping them do this.”

February to Jewel City and Diamond Centre tenants, while industry members from The Hamlet were also invited to attend. The presentation was very well attended, with approximately 170 people present. The developer showed plans and concepts for a development in Illovo. The next step will be for the consortium proposing the new hub to get agreement from enough players in the industry to ensure sufficient support exists for it. This process is currently underway.

Rapaport India appoints new MD Harsh Parekh has been appointed the new Managing Director of Rapaport India. A 15year veteran of India’s diamond industry, he previously worked in jewellery merchandising for Wal-Mart and most recently directed buying operations for the Zale Corporation in India. Rapaport India, with offices in Mumbai and Surat, employs 68 team members who support Rapaport, RapNet, GIA LabDirect, Information, Research & Trading Services. “Harsh shares our company values and will play an important role in expanding Rapaport India,” says Martin Rapaport, Chairman of the Rapaport Group.

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Registration opens for PDE grand opening and Latin American Diamond & Jewellery Week With the launch of a dedicated website at www.latamdiamondweek.com, registration has formally opened for the grand opening of the Phase I building at the World Jewellery Hub trading complex in Panama City’s exclusive Santa Maria business district. Scheduled to take place from 27-30 April 2015, the event will feature the first Latin America Diamond & Jewellery Week at the Panama Diamond Exchange, with diamond suppliers and jewellers arriving from across the region and the world.

The website also enables participants to register for Buyers’ Week and to book at the event’s official hotel, the prestigious Trump Ocean Club International Hotel & Towers, which is offering participants a package of discounted rates. Registered attendees travelling to Panama from the Americas can book flight tickets with Copa Airlines at 15% below the regular price by providing a booking code supplied on the website.

The Buyers’ Week is being co-hosted by key Latin American jewellery associations Cámara de Joyería Jalisco from Mexico, Instituto Brasileiro de Gemas e Metais Preciosos and Joya Cruz from Bolivia. Also co-hosting are the World Federation of Diamond Bourses, CIBJO

New deal for Fossil A joint venture has been brokered between the parent company of the Fossil group of fashion watches and the brand’s former South African distributors, S Keren & Co. Fossil (BV) Netherlands, the European subsidiary of Fossil Inc USA, has acquired a 51% holding in the Cape Town-based business, with the remaining 49% to be held by Avi Keren. “This is something we always felt was a natural match for Fossil, the brand we’ve represented in SA for 23 years. It was like a homecoming,” says Keren.

The new venture will now be named Fossil Accessories SA (Pty) Ltd, with Keren remaining as Managing Director. The new venture will only represent the numerous Fossil brands, with the exception of Swiss brand Mondaine.

SA JEWELLERY NEWS – APRIl 2015

(the World Jewellery Confederation), India’s Gem & Jewellery Export Promotion Council, the Israel Diamond Exchange, the Antwerp Diamond Bourse, the Diamond Dealers Club of New York, Fiera di Vicenza of Italy and the Instituto Gemológico Español of Spain.

The Latin America Diamond & Jewellery Week will feature a variety of jewellery and loose gemstones and will be one of the most significant diamond and jewellery trade events ever to have been held on that continent, with millions of dollars worth of goods available for sale.

Another highlight of the week will be the unveiling of the Phase II building of the World Jewellery Hub, with construction beginning later this year and a finish date scheduled for 2017. It includes a tower in its base, where the offices and trading floor of the Panama Diamond Exchange will be located, along with high-end retail jewellery stores, a luxury commercial centre, banks, specialised support services and restaurants.

All available office space in Phase I of the World Jewellery Hub, which is complete and has been operating since the beginning of this year, has already been allocated and there is a long list of companies waiting for vacancies.

“Almost all the brands of which we’ve been distributors are Fossil brands, either owned or licensed by the Fossil Group,” explains Keren.

These include Skagen, Michele, Zodiac, Michael Kors, Emporio Armani, Burberry, Marc by Marc Jacobs, Diesel, Armani Exchange, DKNY, Adidas, Karl Lagerveld, Tony Burch and the recently acquired Kate Spade.

Fossil is the largest contributor to the South African business, reports Keren and the company has on site all the expertise necessary for its optimum operation. There is no plan for any American or European personnel to move to the local office. Fossil originated in Dallas, Texas in 1984 and has grown to be the largest fashion watch company in the world, with over US$3,5 billion sales and 16 000 employees worldwide. The company is quoted on the Netherlands stock exchange.

Keren is upbeat about the joint venture: “We believe this has enabled us to take the business to the next level. Our focus is not merely on SA, but also on sub-Saharan Africa, which we cover too,” he comments. “We plan to be the leading fashion watch company in SA. With our worldclass brands, Fossil’s support and the expertise of our local team, we’re confident of expanding our position as market leaders.”

Launch of first web-based CSR compliance system CIBJO, the World Jewellery Confederation and Fiera di Vicenza have launched the jewellery industry’s first web-based corporate social responsibility (CSR) compliance system at the VicenzaOro show in Vicenza, Italy. The system was developed by Branded Trust Assurance Systems.

The launch took place on 25 January in Pavilion 7.1 and was followed by a seminar entitled “Social Responsibility as the New Reality: Best Practice Initiatives, Tools and Business Success”.

The CIBJO-Fiera di Vicenza CSR system is geared to provide practical and economic solutions to all companies in the industry seeking to achieve social compliance, develop risk management policies and do social reporting.

Managed online, the Branded Trust system provides simple, effective tools that are easily managed, integrate with existing systems and bring leading businesses into compliance with major international rules. The first tool is a web-based management system that can be implemented across an organisation. It encompasses a set of policies, measures, full implementation support, education and reporting. Branded Trust provides certification to businesses that have achieved successful implementation.

The second tool is a system which allows certified businesses to participate in the ethical market. This not only provides supply-chain transparency and product differentiation, but reduces business risks associated with markets.

Branded Trust, which was presented last year at the United Nations in New York, is the outcome of an extended research partnership between a team of researchers, business leaders and industry associations, which led to the development of effective methods for improving business performance by combining outstanding management practice with social responsibility principles.

PDE to open phase I building The Panama Diamond Exchange (PDE), the only recognised diamond bourse in Latin America, will celebrate the grand opening of the phase I building of its dedicated trading complex from 27-30 April 2015. The event will be highlighted by a buyers’ week on PDE’s new 300 m2 trading floor.

The Latin America Diamond & Jewellery Week will feature a variety of jewellery and loose gemstones and will be one of the most significant diamond and jewellery trade events ever to have been held in this region, with millions of US dollars' worth of goods for sale.

The buyers’ week is being co-hosted by key Latin American jewellery associations Cámara de Joyería Jalisco from Mexico and Instituto Brasileiro de Gemas e Metais Preciosos from Brazil. Also co-hosting are the World Federation of Diamond Bourses, CIBJO-The World Jewelry Confederation, India’s Gem & Jewellery Export Promotion Council, the Israel Diamond Exchange, the Antwerp Diamond Bourse, Diamond Dealers Club of New York and Fiera di Vicenza of Italy.

While the grand opening has yet to be formally celebrated, PDE’s phase I building is already fully operational, with trading underway and all import and export services up and running. The building already counts among its residents 45 multi-national firms, including 14 of the world’s largest diamond and jewellery trading corporations, which together employ 85 000 people globally and report combined annual revenues of more than US$13 billion.

The building is located in a Free Zone, which was established by an Act of the Panamanian Parliament for the benefit of the international gem and jewellery trade, and exempts transactions conducted within its area from payments of customs duties and taxes.

SA JEWELLERY NEWS – APRIL 2015

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NEWS

Antwerp Diamond Pavilion dominates at event From 2-6 March 2015, the Antwerp World Diamond Centre (AWDC) hosted 109 leading diamond traders in the Antwerp Diamond Pavilion at the 2015 Hong Kong Diamond, Gem & Pearl Show. It was the second year the traditional Hong Kong March fair has featured a separate loose stone venue. In its first year, the show attracted over 32 000 professional buyers from around the world, marking its emergence as one of the most successful shows in the industry.

Considering that Hong Kong remains a key destination in the world for polished diamonds, this show is extremely important to Antwerp diamond companies. Representatives from businesses of all sizes saw a tremendous variety of loose stones on display at an extremely favourable price/quality ratio.

Although the Chinese government has lowered its growth expectations for 2015 to 7% and the Chinese New Year had just ended, the show provided an ideal opportunity to maintain good relations and establish new contacts.

Santosh Kedia from Kediam said: “If you can offer customers attractive prices and have the right contacts, the Hong Kong Trade Fair in March is still a great platform for doing business.”

Mike Akiki from Antwerp Cut, specialist in fancy

coloured diamonds, added: “Potential buyers don’t come here specifically to replenish their stocks, but to make the right contacts so that they immediately know who to talk to when they need a customised order.”

Despite the less favourable economic outlook for the coming year, Hong Kong remains one of the premier marketplaces for diamantaires. With the Chinese market for diamonds expected to double in the next 10 years, Antwerp diamantaires want to have their networks in place.

AWDC is an industry-established foundation whose mission is to serve and support the diamond business in the city, the world’s most important diamond trade hub. As the co-ordinating body and official representative of the Antwerp diamond sector, the foundation is recognised internationally as the host, mouthpiece and intermediary for the Belgian diamond community. In this capacity, it liaises with governments and actively promotes support for the diamond sector at home and abroad.

Eighty-four percent of all rough diamonds and 50% of all polished diamonds pass through Antwerp. Diamonds represent 5% of total Belgian exports and 15% of all Belgian exports outside the European Union.

CIBJO commission’s special report released With the opening of the 2015 CIBJO Congress in Salvador, Brazil, scheduled for 4 May 2015, the first of the special reports from the CIBJO Marketing & Education Commission (headed by Jonathan Kendall) has been released. The report urges the jewellery and gemstone industries not to fall behind other business sectors in adopting positive environmental policies.

The upcoming CIBJO Congress will be carbon-neutral, notes Kendall, likely making it the first-ever jewellery industry conference or trade show to achieve this status. He has also announced the launch in Brazil of the CIBJO Climate Leadership Awards, which will focus on recognising jewellery and gemstone trade organisations or individuals showing leadership in response to climate change.

“Research has shown that consumers make choices between product categories and today the jewellery industry’s competition comes from products such as smartphones and computers. All these industries have made significant progress with regard to the environment. We don’t wish to see our industry left behind,” writes Kendall.

Rough diamond trade fair well attended The Rough Diamond Days which took place at the end of February in the Antwerpsche Diamantkring was once again well attended. Some 65 exhibitors traded a significant number of rough diamonds to national and international dealers.

In 2014, US$58,8 billion worth of diamonds were imported to and exported from Antwerp. Given that 84% of all rough diamonds and 50% of all polished diamonds pass through the city, it remains the ideal place to purchase stones at the best price/quality ratio.

Nevertheless, these are difficult days in the international diamond trade. The prices of rough diamonds are extremely high, while the prices for polished diamonds have not followed, forcing many dealers to sell at no profit, or even incur a loss.

Freddy Inzlicht, organiser and Chairman of the Antwerpsche Diamantkring, says: “A wide range of rough diamonds were on offer during this two-day trading event, so everyone could find what they were looking for. Above all, the personal contacts boosted confidence, which is something many dealers need in these difficult times.”

The Antwerpsche Diamantkring is the only trade fair in the world specialising in rough diamonds. Organising the Rough Diamond Days in the wake of the so-called “sighting week” enables contact to be made easily with rough diamond dealers. Major mining manufacturers organise sighting days to present their offerings of rough stones.

The fair attracted more than 2 500 potential buyers. In addition to the many Belgian diamond traders, a large number of foreign delegations were from India, the USA and Israel.

TEL: 011 011 9110 | EMAIL: nandi@intercolour.co.za

SA JEWELLERY NEWS – APRIL 2015

POWER CRISIS

SA’s power crisis and its effect on the precious metals sector He adds that although the energy crisis has hit gold producers and other mining companies, in particular, peripheral players are equally concerned. “We need power, whether it’s to produce gold, refine it or turn it into, for instance, jewellery, Kruger Rands or minted gold bars,” he says. “During the past few months, we’ve had numerous incidents of load-shedding. Our timeous investment in a says Stern. “According to recent statistics from diesel generator has rescued our productivity, the Chamber of Mines, our country’s gold proalbeit at a substantial cost. It’s crucial for duction fell by over 50% over the past eight Eskom and the Department of Energy to find years, from 226,105 kg of fine gold in 2007 to a sustainable solution to ensure the future of 146,473 kg in 2013.” gold mining and the subsequent While there are many reasons beneficiation of our precious for this decline, energy insecumetals. SA’s natural resource rity is undoubtedly one of the industry, as well as upstream most important ones. “In January and downstream operations, are 2008 alone, the month which massive drivers of the economy heralded the start of our power and important job creators too. If crisis, gold production in SA fell mining has a hard time, everyone by 16,5%,” Stern said. “SA’s gold else has a hard time too. output for the entire first quarter “The nuclear deal with Russia of 2008 declined by 17% commight be controversial, but it’s pared with the same period the (Above): Bernard Stern of good news in terms of energy Metal Concentrators. year before. This can be attribsecurity,” Stern adds, explaining uted directly to our energy problems.” that in the long run, this will provide SA with While load-shedding slowly subsided and a stable supply of energy. “The problem is was put in abeyance for a while, it has now that it will take many years before these new reared its ugly head again. “It’s important to power plants start pumping energy into the realise that the energy crisis has never gone energy grid,” he stresses. “We need someaway – and it won’t go away anytime soon,” thing in the interim to keep our country’s says Stern. economy going.”

Load-shedding and the impact of the ongoing power crisis on SA’s mining and metal extracting sectors featured high on the agenda during the 2015 Africa Mining Indaba. Industry leaders, including peripheral players such as precious metal refiners, are worried and are hoping for a sustainable solution.

As South Africans are subjected to load-shedding and an insecure energy supply, the 20th Investing in Africa Mining Indaba recently opened its doors to over 7 000 business leaders, investors, mining experts and politicians from all corners of the planet.

While the event, known as the world’s largest mining and investment gathering, was dominated by distinct optimism, particularly in relation to the ongoing recovery of the global economy, there was apprehension too, says Bernard Stern, CEO and co-founder of Metal Concentrators (MetCon), SA’s largest independent precious metal refinery. He adds that various speakers voiced their concerns about Africa’s overall energy shortages and the impact of this on mining activities.

Figures by the World Bank, for instance, showed that 1-3 Gigawatts (GW) of electricity are installed in Africa each year. Stern says this is a fraction of the 6-7 GW of newly-installed power capacity the continent needs per annum in order to achieve universal access to electricity by the year 2030.

“Investors are worried and a big concern among them has to do with power,” said Credit Suisse mining analyst Justin Froneman during the Mining Indaba’s first day. “There’s a dire need to grow mining production across Africa, but this requires more energy. The question is where this power base comes from.”

“Over the past years, SA’s natural resource output has dropped. Gold was no exception,”

SA JEWELLERY NEWS – APRIl 2015

There’s a dire need to grow mining production across Africa, but this requires more energy. The question is where this power base comes from.

15

INTERNATIONAL FAIR

Attendance up in Ho Under the “Two Shows, Two Venues” arrangement for a second successive year, the Hong Kong International Diamond, Gem & Pearl Show and the Hong Kong International Jewellery Show welcomed over 76 000 buyers from 140 countries and regions, up 2% over last year.

Nearly 30 000 buyers visited the Diamond, Gem & Pearl Show at AsiaWorld-Expo (2-6 March), while over 46 000 visitors attended the Jewellery Show at the Hong Kong Convention & Exhibition Centre (4-8 March). Both events were organised by the Hong Kong Trade Development Council (HKTDC).

“Despite the global economic challenge, the two shows recorded a slight increase in buyer attendance. It’s a very encouraging result.

Attendance from some traditional markets even recorded double-digit percentage growth, such as the USA, Italy, the UK and Japan. Attendance from certain emerging markets such as Thailand, Israel and SA also recorded significant growth, reinforcing Hong Kong’s position as a leading jewellery sourcing hub,” says Benjamin Chau, HKTDC Deputy Executive Director.

The HKTDC commissioned an independent

16

agency to conduct on-site surveys during the two shows, interviewing 1 206 buyers and exhibitors about their views on market prospects, products and industry trends. The survey found that around 80% of buyers expect steady or increased overall sales this year. Over 60% of buyers and exhibitors expect retail prices to remain steady in order to remain competitive.

Both buyers and exhibitors are optimistic about

the growth potential of Hong Kong’s and the Chinese mainland’s jewellery markets, with most of them considering the Chinese mainland a key market to explore.

In terms of product materials, the majority of buyers and exhibitors interviewed expect carat gold to be the most popular in 2015, including gold-carat white (48%), gold-carat yellow (32%) and gold-carat rose (33%). They also predict that diamonds (50%) will be the most popular gemstone this year, and 1ct (48%), round-cut (45%) and colourless (41%) diamonds will lead the market.

The majority of respondents consider jewellery shows in Hong Kong effective. Ninety-one percent of buyers and 93% of exhibitors consider Hong Kong’s fairs a major channel to find

SA JEWELLERY NEWS – APRIL 2015

INTERNATIONAL FAIR

new suppliers, while 79% of exhibitors consider the fairs a key avenue to promote new products.

The majority of respondents said the twin Hong Kong fairs are their must-attend trade show.

Buyers from the USA have continued to surge. The US Jewelry Importers & Manufacturers’ Association organised 10 jewellery companies to visit the Hong Kong International Diamond, Gem & Pearl Show to buy diamonds and coloured stones. The Association’s President, Dagbjorn Johnson, considers the shows well organised and conducive to stone-sourcing. Adrienne Dequarto, the Director of Catalog Merchandising of Luxury Brand Holdings, which is also based in the USA, stresses that the shows are important because they facilitate sourcing for the upcoming seasons and preview new trends, adding: “We fixed 50 appointments through HKTDC’s business matching service before going to the show and we’d already bought samples for all our product lines.”

The purchasing power of the emerging markets should also not be ignored. Ayman MN Al Chaar, the owner of UAE-based Samer Jewellery, says he placed on-site orders worth more than US$300 000. San Seyho, the Director

of Cambodia’s Chheng Hak Stone Diamond, notes that Cambodian consumers prefer highend jewellery set with large diamonds as a sign of their wealth and status. “We looked for big diamonds, pearls, vintage diamond jewellery and uniquely designed jewellery at the two shows,” he said. “The Hong Kong International Jewellery Show is huge, where buyers can find what they need.”

Amid the economic uncertainties in Europe, there were some pleasant surprises at the fair. The Italian Jewellery Silverware & Watch Federation’s Chief Executive, Steven Tranquilli, said at the event that the Italian retail market is recovering and consumers are favouring medium- to high-end jewellery items.

“The federation will organise a delegation of about 50 Italian retailers to visit the two shows again next year,” he said.

More than 4 360 exhibitors from 52 countries and regions took part in the two shows, setting a new record and ensuring the event’s continued status as the world’s largest jewellery marketplace. Most exhibitors said Hong Kong’s position as an international jewellery trading hub helps them enter Asian markets.

This year, the Diamond, Gem & Pearl Show introduced the new “Treasures of Ocean” zone to showcase exquisite pearls. Many exhibitors revealed that there is a big demand for high-quality pearls on the Chinese mainland. Jose Casares, the Director of Switzerland’s Shanghai Gems SA, a pearl wholesaler, says Chinese mainland customers were particularly interested in natural, top-grade pearls, and this will help his company’s growth in the Chinese mainland market. Alain Boite, the President of Alain Boite SAS from France, is also optimistic about Asia’s emerging markets and was grateful for the opportunity to reach international buyers through the events.

“We did good business at the shows this year.

ong Kong

More than 4 360 exhibitors from 52 countries and regions took part in the two shows, setting a new record and ensuring the event’s continued status as the world’s largest jewellery marketplace.

SA JEWELLERY NEWS – APRIl 2015

Many customers approached us to buy all sorts of pearls in different sizes. We met some new buyers from the Chinese mainland, Hong Kong and Indonesia as well, and their demand for gold pearls is especially strong,” he said.

Japan’s JETRO also gathered nearly 100 Japanese companies to exhibit at the Hong Kong International Diamond, Gem & Pearl Show. The President of Japan Pearl Exporters, Yoshihiro Shimizu, was particularly complimentary about the show’s good traffic and active trades.

Besides the pearls featured at the Australia pavilion, the country’s opals were also very well received. Andrew Cody, the Director of Cody Opal (Australia) and head of the 11-companystrong Australian delegation at the events, says: “The buyers’ feedback was 50% above our expectations.

There’s a particularly strong demand for black opals because of their rarity. We met many Chinese mainland customers who are looking for high-end loose opals and we’ve successfully closed deals with them.”

First-time British exhibitor Moira Fine Jewellery had a booth at the Jewellery Show’s Hall of Extraordinary, Antique & Vintage Jewellery Galleria. The company’s owner, Suzanne Lauder, says European jewellery sales have slowed down in recent years, but the show helped her company reach more international buyers and discover Chinese mainland clients.

Hong Kong’s exhibitors have also benefited from the rise in buyers. Cherry Chong, the Manager of diamond and jewellery retailer Lili Jewelry, says the company’s handmade jewellery is rare in the market. Its products have been very well received by European and Indian buyers and some even placed their orders on site.

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BRAND HISTORY

The railroad is considered an American icon which helped to consolidate the country and united it through a web of steel. The whistle of the locomotive across the countryside was a symbol of freedom of movement before the advent of the automobile.

After the Ohio disaster, which occurred because one of the engineers’ watches had stopped, it became apparent that stringent regulations were required to ensure such a tragic event did not recur. Webster Clay Ball, who – after a two-year apprenticeship to a jeweller – had opened a jewellery shop in Cleveland, Ohio, was commissioned by the railway officials as Chief Time Inspector in 1891.

His duties were to establish strict standards for all watches used by railroad employees.

Ball, as one of the pioneers of rail timing, was instrumental in establishing these precision standards, as well as a timepiece system for railroad chronometers. In fact, in 1973 this inspired the establishment of the Swiss Society of Chronometry’s (COSC) own chronometric certification standards, which still apply today.

And so Ball’s original jewellery business evolved into the Ball Watch Company, which followed strict guidelines for the manufacture of a sturdy, reliable precision timepiece. At first he utilised other watch companies’ movements and perfected them. His company also used complete watches from other companies. His suppliers were top American companies Elgin, Hamilton, Waltham and additional sources such as Swiss mechanical movements from Audemars Piguet, Longines and Vacheron Constantin.

It was obvious that as railroads involve movement, the authorities required a set of rules as well as the physical equipment to enforce them. In the UK, for example, the Regulation of Railways Act had already been passed in 1889, introducing a set of requirements implementing safety measures, as a result of a serious rail accident in that country.

Railway signalling is a system designed to safely direct rail traffic in order to prevent trains from colliding. Trains travel on rails which are fixed, making them susceptible to collisions unless their movements are controlled. This is even more important when trains are running on a single track, as happened in the Ohio disaster.

On the Ball To a large degree, the development of the watch industry in America is attributable to the installation of the country’s first railroads, which opened up the West. A head-on collision between two trains in the state of Ohio in 1889, in which eight people lost their lives, stressed the need for accuracy and promptness in train timetables. We trace the history of Ball watches – the American brand which was among the first to react to these changes towards the end of the 19th century.

Essential to this was the need for highly accurate timing. Before the train had gained momentum – a factor which made it difficult to halt, before reaching an impending obstacle – an authority was needed to control its movements.

Enter the signalling system and the station master, who were responsible for the train control of a particular section of the railroad.

This system needs to be run according to an exact timetable, making precision timekeeping a necessity. Another problem relating to the inflexibility of the system was that trains could not be delayed without advance notice. The timetable was the normal mode of operation in the early days of the railroads of North America.

Ball’s original jewellery business evolved into the Ball Watch Company, which followed strict guidelines for the manufacture of a sturdy, reliable precision timepiece.

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The company’s links with Switzerland eventually encouraged management to move its headquarters and workshops to the watchmaking town of La Chaux-de-Fonds in the Canton of Neuchâtel – an advantageous move because of its access to sophisticated industry requirements and skilled personnel. This has entitled the brand to be identified as “Swissmade”, while preserving its American origins.

Interestingly, the brand is credited with being the inspiration for the phrase “to be on the ball”, which means being absolutely precise.

Ball’s innovations and creativity are the foundation and cornerstones of its corporate mission. “Accuracy under adverse conditions” is its credo – in the tradition of its founder.

Ball aspired to manufacture the most accurate mechanical watches on the planet and today claims that it is setting standards for accuracy.

The timepieces are equipped with self-powered micro-gas light technology, which illuminates brightly for up to 25 years. Other innovations include the 7,500 force shock absorber and a patented crown protector.

SA JEWELLERY NEWS – APRIL 2015

SCENE AROUND

Scene around Leading SA refinery Metal Concentrators celebrated its 25th anniversary with a chic gala dinner at the ballroom of the Michelangelo Hotel in Sandton, Johannesburg, on 21 March.

Industry members and friends joined owners Bernard and Hilary Stern for an evening marked by elegant ballgowns, sumptuous food and beautiful dĂŠcor.

SA JEWELLERY NEWS – APRIl 2015

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DID YOU KNOW?

Interesting facts 1

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Oils or paraffin are typically added to emeralds to enhance the clarity of the stone. The process masks some of the inclusions and allows the beautiful emerald colour to shine through.

The colour of gold has always been pure yellow. It changes its hues when mixed with various metals to create jewellery.

In fact, it is quite rare to see a piece of jewellery that’s crafted using pure gold.

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4

The Heart of the Ocean, from James Cameron’s Titanic, was not completely fictitious – it is believed that a rather large sapphire went down with the Titanic on that fateful night.

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The word “bracelet” comes from the Latin brachiale, meaning “belonging to the arm”.

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In 1953, when Sir Edmund Hillary was the first man to conquer Mt Everest, he was wearing a Rolex Oyster.

People in countries such as England, the United States of America, France and Canada traditionally wear the engagement ring on the left hand. However, in Germany, Russia and India, the ring is worn on the right hand.

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The Federal Reserve Bank of New York holds the world’s largest accumulation of monetary gold. The vault is 25 metres beneath the street and holds US$147 billion worth of gold bullion.

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If you put a diamond on your tongue, your tongue will start to get cooler. A diamond is the best conductor of heat, so it’s as if the stone sucks all the heat from your tongue.

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Injectable gold has been proven to help reduce pain and swelling in patients suffering from tuberculosis and rheumatoid arthritis.

• For your weekly dose of interesting industry-related facts, visit: www.facebook.com/pages/SAJN/508328912586722 and “like” the SAJN Facebook page.

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SA JEWELLERY NEWS – APRIL 2015

JEWELLEX AFRICA 2015

Where networking is key Jo Dallamore, Managing Partner of Intercolour Gems, believes shows such as Jewellex provide a focused, one-stop shop to benefit buyers and sellers alike.

How long have you been a part of InterColour Gems?

I’ve had the privilege of working at the company since March 2003.

What do you enjoy most about working in the jewellery industry in SA? Dealing with well-cut, good-quality coloured gemstones, as well as interacting with likeminded people every day. Working in the jewellery industry in South Africa has been a challenging and inspirational journey. In trading as a wholesaler to the industry, I’ve met highly knowledgeable and wonderfully creative people who continue to inspire me and I’ve learnt a great deal from them.

The ongoing and loyal support of both our clients and suppliers has allowed me to travel the world in order to personally hand-pick the best coloured gemstones at the right prices for our market and also to be exposed to the very latest cutting trends. Many of our clients involve me in their creative process in terms of stone selection, which is always fascinating. I love seeing our stones in the finished product.

Why do you believe shows like Jewellex are so vital?

A trade show like Jewellex provides an opportunity for people in the wholesale trade to showcase the latest and best of their stock to a potentially broader client base and to interact with other stand-holders.

Jewellex provides a wonderful networking opportunity for all participants. In a short space of time, trade buyers can be educated and source new stock in a protected environment that’s conducive to trade. Specials are always offered by stand-holders which appeal to anyone who can’t resist a bargain, as well as to buyers who may not be able to afford to buy at the top end of the market.

A show like Jewellex rubber-stamps the confidence that the Jewellery Council of SA has in the local industry. Its marketing garners

SA JEWELLERY NEWS – APRIl 2015

A show like Jewellex rubber-stamps the confidence the Jewellery Council of South Africa has in the local industry. national interest and a sense of excitement in drawing all the main players in the industry from all over the country and other parts of the world to come together, under one roof, for a few days.

Do you think Jewellex Africa 2015 will be different from previous years?

I look forward with interest to this year’s event.

I’m very excited about a dedicated diamond pavilion which will be showcased for the first time – a new development for the show.

How many times have you attended Jewellex before?

Intercolour Gems has been a stand-holder at the show for the past 10 years as both a buyer and a seller.

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BRAND MANAGEMENT

the aviation connection Breitling is the official supplier to world aviation and its new Chronoliner has been confirmed by the Contrôle Officiel Suisse des Chronomètres (COSC – the Official Swiss Chronometer Testing Institute) as a chronometer.

Like all Breitling chronographs, it upholds the brand’s longstanding aeronautical tradition in a spirit that is both modern and timeless. Its distinctive features are a broad, high-tech, scratch-resistant bezel with a star-shaped cutout to facilitate handling, as well as white ceramic numbers which provide optimum contrast.

The second time-zone is easily read off via a red-tipped hand, together with a 24-hour graduated rotating bezel equipped with an ultraaccurate ratcheted system. The black dial is distinguished by its perfect readability, white

translucent oversized hour-markers and a luminescent centre counter-hand standing out against the black background.

Functions are date, hours, minutes, seconds, quarter-seconds and a monophase chronograph with 30-minute totaliser and a 24hour time-zone display. The 48 mm case is polished steel, the bi-directional ratcheted bezel is black ceramic and the cambered crystal has anti-reflective treatment on both sides. It is mounted on a black leather strap or the brand’s Ocean Classic steel mesh or a crocodile-leather strap. This timepiece is water-resistant to 100 m.

The brand’s Transocean Chronograph 1915 has a mechanical handwound movement and is also COSCcertified as a chronometer. At a time when chronographs had only one push-piece in

the crown, Breitling claims to have invented the first independent push-piece at 2 o’clock, ensuring a better separation of functions, as well as adapting more naturally to the user’s hand. To celebrate the centenary of this milestone – an invention that would change the face of the modern chronograph – the brand has introduced this re-designed model in a limited series of 1 915 pieces, equipped with a new hand-wound mechanical monopusher movement featuring a double-column wheel system.

In a choice of 38-43 mm steel case, it has a transparent crystal back and a vintage-inspired dial. The steel case incorporates the famous 1915 push-piece re-designed and integrated in a way which further enhances its functionality.

This is a collector’s item with 33 jewels, 28 800 vibrations per hour, a minimum power reserve of 70 hours and a steel case inscribed with “100th anniversary 1915-2015”. The dial is mercury silver with luminescent numerals and the historic Breitling signature.

Dazzling, darling daisies This season, Pandora pays tribute to the beauty of a garden bursting into life with elements of nature and blossoms.

The daisy is reinterpreted in a cool, contemporary way that references spring’s top catwalk looks, with bright clusters of these delicate flowers portrayed in its statement designs.

World-renowned for its high quality and hand-finished jewellery at affordable prices, Pandora designs, manufactures and markets

modern jewellery made from genuine materials.

Pandora’s unique and detailed designs, combining traditional craftsmanship with modern technology, are sold in more than 90 countries across six continents through approximately 9 900 points of sale, including more than 1 400 concept stores. Founded in 1982 and headquartered in Copenhagen, Denmark, Pandora is publicly listed on the nASDAQ OMX Copenhagen stock exchange.

inspired by historic chronometer Swiss brand Zenith celebrates its 150th anniversary this year by introducing an exceptional mechanical timepiece – the Academy Georges Favre-Jacot.

The special feature of this timepiece, which has been inspired by the historic marine chronometer, is that it uses the fusée and chain system – which required great expertise to transpose into the small space of a wristwatch. The function of the device is to compensate for the progressive reduction in the fusée on the barrel as the power reserve is discharged, as well as to maintain perfect stability of the force, with no loss of amplitude. In other words, the mainspring

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transmits its energy to the fusée.

Adjusting variations in tension ensures the regularity of the force distributed to the gear train and then to the silicon escape wheel.

This timepiece is a mechanical, hand-wound, constant-force calibre; the fusée and chain connect the watch to the barrel. It is a COSC-certified chronometer which vibrates at 30 000 vibrations per hour. It has 737 parts, including 575 for the fuse and 30 jewels, and is set in a 43-48

mm case of 18ct pink gold. The cambered sapphire crystal on both sides has anti-reflective treatment. The grained dial is silver-toned, the barrel set between 10 and 11 o’clock and the fusée between 1 and 2 o’clock.

The watch is set on a brown rubber-lined leather alligator strap with an 18ct pink gold folding clasp. This is a limited edition of 150 pieces.

Zenith has occupied the same premises in Le Locle since its establishment in 1865.

SA JEWELLERY NEWS – APRIL 2015

BRAND MANAGEMENT

famous check design extended to timepieces British fashion label Burberry is distinguished by the iconic check design which appears on the lining of its trench coat, created in the 1920s and recognised the world over. The

brand has now introduced a timepiece for men which reiterates this motif.

In a 45 mm anthracite, DLC-treated titanium polished and brushed case, the face of the watch is covered with a similarly treated grid pattern which serves as the timepiece’s openwork dial and affords a tantalising glimpse of the movement and the Cores de Genève decoration. With this movement, crafted with Swiss watchmaking expertise and combined with the best of British design, the collection is limited to 20 pieces. The movement is mechanically hand-wound, has 17 jewels and vibrates at 28 800 vibrations per hour.

Functions are hours, minutes and seconds.

The scratch-resistant sapphire crystal has antireflective treatment and the watch is waterresistant to 100 m. It is set on a black alligator leather strap with a folding buckle.

A ladies’ interpretation named the Britain Icon Check, for women using the famous check motif in polished and brushed 18ct pink gold and a 38 mm case, has its bezel set with 124 diamonds (0,868ct). It has a storm grey mother-of-pearl dial set with 245 diamonds (1,163ct). The diamonds magnify the design by being encrusted in double rows. Its mechanical automatic movement has a brand-new “swan’s neck” calibre and 26 jewels. The vibrations are similarly 28 800 per hour, the bridges adorned with the check motif.

Functions are hours, minutes and seconds, while the sapphire crystal is also scratchresistant and anti-reflective. The motif is handset in a precious hand-woven check pattern on the dial. This watch is water-resistant to 50 m and is a limited edition. Other versions can be made exclusively to order.

morellato – it’s all about the quality The Morellato group, with headquarters in Padua and Milan, is one of the most successful and renowned Italian companies in the fi eld of watch bands, jewellery, watches and jewellery cases.

The historic activity of the group is the production of watch bands and today Morellato is a worldwide leader in this field. The company was founded in Bologna in 1930 by the great pioneer, Giulio Morellato. Born into a family of artisans specialising in the manufacture of footwear and watches, he created each watch band with great passion and impeccable quality, drawing on his family tradition for the expertise he required.

After Morellato’s death in 1965, his closest collaborator – Silvano Carraro – took charge of the company. In the following years, through a series of important marketing operations, it became the leading producer of watch bands in the European market. In 1990, Carraro handed the business over to his sons, Massimo and Marco, who still head it.

As a European leader in the market of spare parts, Morellato has always established

SA JEWELLERY NEWS – APRIL 2015

consolidated partnerships with the most important watchmakers. In fact, it offers a unique combination of craftsmanship with modern production techniques. Morellato’s laboratories are avant-garde structures in which materials and watch bands are tested in the strictest ways.

All its watch bands are completely handmade, from the cutting of the hides to the stitching. Its styling office works closely with its clients’ designers in order to fully understand and satisfy every requirement.

The selection of leather, fabric and other innovative materials is made with extreme care. Indeed, since its inception, Morellato has operated closely with the best Italian and European tanneries.

Morellato’s quality control laboratories are among the most advanced in Europe. Each production phase is constantly monitored and the group is a member of the Leather, Skins & Leather Goods Technical Commission of the Italian Organisation for Standardisation, an association working closely with the Experimental Station for the Leather Industry & Tanning Products in naples. In this way, consistent quality in leather is ensured around the country.

Morellato’s production and logistical structure in China allows the brand to offer clients products of the same high standards for which it is known in Europe. All watch bands produced in China undergo the same stringent quality controls employed in Italy.

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Contact Adri Viviers on 084-261-1805 or sajewellerynews@isikhova.co.za

SA JEWELLERY NEWS – APRIL 2015

MARKETPLACE

SA JEWELLERY NEWS – APRIl 2015

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LITTLE GEMS

Contrary to the general belief that the Witwatersrand yielded the first signs of gold in 1852 on the farm Paardekraal (Krugersdorp) – a secret kept by the government of the time to avoid an influx of “uitlander” prospectors (foreigners of two decades earlier, in 1834, to be more precise), a hunter is said to have discovered traces of alluvial gold in the Jukskei River near the confluence of the Crocodile River.

(It was not until 1886 that George Harrison discovered the main reef of the Witwatersrand.)

Alluvial gold is deposited by water movement and is essentially primary gold broken down by weathering and erosion and transported by the movement of water through gullies and streams, creeks or rivers, or by gravity, over many millennia of geological time. Wherever such gold is found, there is a likelihood of finding more in the area and there could well be a primary source of it nearby. These deposits are generally in angular, irregularly-shaped nuggets. Larger nuggets are more commonly found near the source of the gold and smaller ones down the slope.

Panning for this form of gold is the oldest and simplest method of gold mining. It extracts the metal from a placer deposit using a pan. It was first used in ancient Rome, where the precious metal was extracted from streams and mountainsides using sluices and then panning. But productivity by this method is slow and it was later replaced by more sophisticated capital equipment. Once a prospector has decided on the likelihood of a placer deposit, the next step is to scoop gravel into the pan and gently agitate this in water. The gold will eventually sink to the bottom of the pan.

The history of Panners Lane and the Driefontein farm, which played a vital role in the development of the area, is bound up with the arrival of the earliest hunters, settlers and prospectors who crossed the Vaal River in the 1830s and ’40s. At the time when the country was known as the South African Republic, a prospector named Pieter Jacob Marais travelled between Potchefstroom (then its capital) and what is now Pretoria and stopped to pan for gold. In October 1863, he wrote in his journal: “Found some gold on a farm on the Klein Jukskei River.” The farm was named as Zandfontein – now Sandton Central – and had a very short

The story of a road

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Just a few kilometres from the Sandton CBD in the Johannesburg suburb of Riverclub is a quiet residential road signposted “Panners Lane”, where the offices of Isikhova, publisher of SAJN, are situated. This is the story of that road and how it came by its name – redolent as it is of the early days of the discovery of gold in SA. It’s a well-documented heritage site which was at first open veld, then a dirt road named Road 202 on rudimentary maps and, ultimately, Panners Lane. Alice Weil looks at its historic past. frontage along the Klein Jukskei (later known as the Braamfontein Spruit).

This was close to where the present-day William Nicol Highway bridge crosses the spruit.

Among the rudimentary allocations of land in the area made by the early settlers to themselves are a string of names. If an allocation involved demarcating a farm, the would-be owner selected a point and measured the next point while riding his horse at a walking pace for 1,5 hours, then measured the next point while riding for a further 1,5 hours. He did this again, riding at right angles, to establish a third point. It was not until a Deeds Office was established in Pretoria in 1859 that the allocation of land was formalised.

The original Driefontein farm was established in the 1840s and included most of what is today’s Riverclub, including its golf course, Bryanston and Randburg. The farm had successive owners, but it was German-born Adolf and Elsa Wilhelmi and their descendants who are crucial to this story. They built a succession of houses, initially a corrugated iron shack, on the side of the Braamfontein Spruit and in

time a stone house along a bend in the river.

This house is pivotal in the history of the environs. The farm was divided and sub-divided by Elsa’s sons and daughter. She died in 1948 and her gravestone is still there.

It is not clear when the search for gold ceased, but it is known that the Wilhelmis’ daughter Freya was more interested in her by then small farm and the balance of the property was acquired by the Gold Mining group. The names of successive owners of the land are well documented, as it eventually developed from farmland into a residential area, but links with its historic past were maintained in naming the dirt track which eventually became Road 202.

It was not until February 1975 that a metal nameplate at the corner of Shiel Ave – which is now Coleraine Drive – and Roan Close was erected in a formal ceremony conducted by the then Mayor of Sandton, Councillor Bill Hedding, Major Reuben Sive, Chairman of the Sandton Historical Association and resident Len Fisher – and Panners Lane was officially named. It was first tarred in 1980.

We do, indeed, live in the presence of history.

SA JEWELLERY NEWS – APRIL 2015