SA Jewellery News (SAJN) • July 2018

R36,00 (incl VAT)

Celebrating 90 years of being the industry’s only trade journal

Jewellery News JULY 2018

SA

Royal jewels JCSA holds 44th AGM Fancy colour diamonds, appreciation or profit?

From The World’s Foremost From The World’s Foremost Authority in Gemology Authority in Gemology ™ ™

GIA is the globally recognized source of knowledge, standards, education and analysis for diamonds, colored stones and pearls. Contact us today.

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CARLSBAD NEW YORK ANTWERP BANGKOK DUBAI GABORONE HONG KONG JOHANNESBURG LONDON MUMBAI RAMAT GAN SEOUL TAIPEI TOKYO

CARLSBAD NEW YORK ANTWERP BANGKOK DUBAI GABORONE HONG KONG JOHANNESBURG LONDON MUMBAI RAMAT GAN SEOUL TAIPEI TOKYO

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 Advertising Sales: Ian Starnes Cell: 082-052-8428 E-mail: adsales@isikhova.co.za

c ntents 19. RETAIL CORNER

7. NEWS

Advertising Sales: Trivern Goodoon Tel: 072-837-4962 E-mail: sales@isikhova.co.za

Mining gold, eating pap

• Anglo American Platinum and Metcon sign significant agreement

Advertising Sales Representative (India): Bhupal Potdar Cell: 91-982-115-1035 Email: bhupalpotdar@gmail.com

• Jewellery Manufacturers’ Association of SA appoints new Chairman • Botswana Diamonds’ kimberlite find in SA not viable

Advertising Sales Representative (Hong Kong): Maud Errera E-mail: maud@lni.com.hk

• Exciting activities scheduled for Jewellex Africa 2018

Art Director: Joanne Brook

• De Beers to launch brand of fashion jewellery containing laboratory-grown diamonds

Designer: Brandon van Rensburg Copy Editor: Anne Phillips Subscriptions & Accounts: Thuli Majola Tel: +27 (0)11 883-4627 Fax: +27 (0)11 783-2677 E-mail: subscriptions@isikhova.co.za

25. BRAND MANAGEMENT

• Harry Oppenheimer Diamond Training School to host GIA Diamond Grading Lab Class in Johannesburg

Distribution: Ruth Dlamini and Direct Marketing Solution

• Manero Tourbillon Double Peripheral • The Commander Big Date • Rolex extends partnership with US Golf Association

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

27 Panners Lane, Riverclub, Sandton, South Africa.

Website: www.isikhova.co.za Chief Executive Officer: Andrew Meyer E-mail: andrewm@isikhova.co.za Chief Financial Officer: Imraan Mahomed E-mail: imraanm@isikhova.co.za Printing: Typo Banking Details: Isikhova Publishing & Communications CC Bank: Standard Bank, Sandton, South Africa Branch Code: 01-92-05 Current Account Number: 4209 6822 9

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

Website: www.jewellery.org.za 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© 2018. 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.

4

12. DIAMONDS Fancy colour diamonds: appreciation or profit?

15. JEWELLEX AFRICA A winning partnership

17. BRAND HISTORY

28. LITTLE GEMS

Victorinox: achieving international success

Royal jewels

R36,00 (incl VAT)

Celebrating 90 years of being the industry’s only trade journal

Jewellery News JULY 2018

SA

Royal jewels JCSA holds 44th AGM Fancy colour diamonds, appreciation or profit?

On the cover Jewellex Africa 2018, the premier trade fair of the SA jewellery industry, will take place at the Sandton Convention Centre from 6-8 October. See what “Africa” has to offer under one roof and stand a chance to win R100 000 to be spent at an exhibitor of your choice.

Visit the Jewellex website on www.jewellex.co.za for more information.

SA JEWELLERY NEWS – JULY 2018

DID YOU

KNOW

80% OF THE JEWELLERY SOLD IN SA IS IMPORTED? Pneuma Jewellers is up-ramping the image of the local Pneuma Jewellery Manufacturing Industry Academy of Excellence

Empowerment Through Training LET’S LOCALISE! WHAT WE OFFER:

Training in highly-specialised hand-crafted jewellery manufacturing to international standards.

Accredited trade test centre.

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Highest-level training provided (95% of our graduates gain employment).

Our super artisan program is creating an explosion of skills.

At Pneuma Jewellers we are in a position to assist all manufacturers with diamond and coloured gemstone settings, including unique handmade “one off” Jewellery pieces to high quality standards.

Tel: 011 702 1462/1891 | Mobile: 084 308 2982 | E-mail: pneumasales@gmail.com Website: www.pneumajewellers.co.za | Facebook: www.facebook.com/Pneuma-Jewellers-CC-New

NEWS

JEWELLERY MANUFACTURERS’ ASSOCIATION APPOINTS NEW CHAIRMAN The Jewellery Manufacturers’ Association of SA recently held its annual general meeting, where Dave Newman was appointed the new Chairman, following the resignation of the previous one, Colin Campbell. “The appointment is for three years. However, as it was the second year of [Campbell’s] term, Dave will serve for two years, at which time new nominations will take place,” explains Lorna Lloyd, CEO of the Jewellery Council of SA (JCSA).

Besides Newman (from the Tshwane University of Technology), the Executive Committee comprises Michael Vincer from Metcon, Michael Pneuma from Pneuma Jewellers, Labi Kapo from Akapo, Jannie van Rensburg from Studio C, David Bolding from David Bolding, Rodney Chandler from Chandler Manufacturing, Geraldine Fenn from Tinsel, Bheki Ngema from Ben & Co Designs and Tom Altavilla from Cape Precious Metals.

EXCITING ACTIVITIES SCHEDULED FOR JEWELLEX AFRICA 2018 The

2018

Jewellex

Committee

has

announced a number of exciting activities to take place at this year’s Jewellex Africa.

be offered at the Cape Precious Metals (CPM) bar.

The

2018

Jewellex

Africa

cocktail

Michael Pryke, who is very familiar with

function, sponsored by CPM, will take place

the local diamond and jewellery industries

on Saturday, 6 October at 6pm for 6.30pm

through

at the Michelangelo Hotel in Sandton,

his

association

with

Metal

Concentrators (Metcon) and SA Jewellery

Johannesburg,

News, has been invited to serve as the MC

Convention Centre, which is the venue

at this year’s event.

for the show. “We invite all our industry

opposite

the

Sandton

“A decision was taken to really go all

colleagues and friends to attend the evening

out to organise interesting talks for this

with us,” says Lloyd. This year’s cocktail

year’s show,” says Lorna Lloyd, CEO of

function will be free of charge, but a cash

the Jewellery Council of SA. “Exhibitors

bar will be available.

will also have the opportunity to give talks

“We’re very excited about this year’s

during five-minute slots in the Metcon

show,” says Lloyd. “We’re also extremely

Speakers’ Corner.”

grateful to our sponsors: Brinks for the

The Jewellery Council Collection Awards

lanyards, GIA for the carrier bags, Metcon

pieces will be exhibited in the Metcon

for the coffee shop, BYL Diamonds for

coffee shop and visitors and exhibitors will

the registrations and CPM for the gin and

again be able to vote for their favourite

wine bar.”

pieces. The theme of this year’s competition Jewellex Africa 2018 will take place

is “Retro Jewellery”.

Gin-tastings and welcome drinks will

from 6-8 October.

OPPORTUNITY TO EXPAND INTO AUSTRALIA BUSINESS PREMISES FOR SALE OR RENT There is an opportunity for a jeweller to establish a presence in Brisbane, Queensland, Australia.

Brisbane is a city with a pleasant sub-tropical climate with a population of 2.5million people.

Sydney and Melbourne are only 1½ - 2 hours by air. The jewellery store is situated 3 kilometres from the city centre in a restaurant and fashion street which has easy access by rail with a station on the street as well as a City Cat Ferry Terminal only a hundred metres away.

Brisbane has a large contingent of expat

South Africans. The store owners are ex South Africans who have owned and operated the store successfully for 21 years and are looking at retiring in the near future.

The store has a large window display area, 2x service stations for clients with computer access as well as indoor showcases. There is a private office and a workshop with 2 benches.

There is a large safe, burglar alarms and 24 hour surveillance.

The store is available for rent or purchase.

FOR ANY FURTHER ENQUIRIES PLEASE CONTACT RUTI MEYER ON TEL: +61 419 136 853 OR RUTIM@THECATALYST.COM.AU

NEWS

ANGLO AMERICAN PLATINUM AND METCON SIGN AGREEMENT A very significant agreement was signed between Anglo American Platinum and Metal Concentrators (Metcon) at the Anglo American Platinum offices in downtown Johannesburg.

The agreement is an extension of the platinum financial scheme which commenced in 2006 and makes platinum available to the South African jewellery industry at a fixed rate with payment terms.

“Entry to the competitive world of precious metals is mainly constricted for new jewellers, due to the expensive prices of the metals,” explains refinery Metcon. “It’s risky and expensive to buy platinum, manufacture saleable goods and sell them within a very short period to make enough margin to justify the cost of carrying the beneficiated material during the manufacturing process. This finance scheme makes it possible for local jewellers who qualify to have access to fine platinum and some breathing space to create a beautiful piece at a fixed cost and have a bit of time to sell the product. Alternatively, they need to cost the piece beforehand and get the order fixed and paid for within the terms of the financing scheme. This partnership between Metcon and Anglo American Platinum opens up a few possibilities for South African jewellers – whether you’re a young start-up or an established jeweller.

“Jewellers and designers now have an opportunity which makes it easier to learn and grow in the world of jewellery manufacturing. The aim is to harness local talent and create unique openings for enthusiastic, hardworking creatives.”

The companies would like to achieve the following goals with the new partnership: 1. Increase the use and promotion of platinum within SA, which is the main producer of platinum worldwide. It therefore makes sense to promote this rare precious metal in its country of origin.

2. It is in both companies’ interest to promote and support the local jewellery industry.

Currently 31% of platinum is used to manufacture jewellery internationally, but a very small percentage is manufactured within SA. Other countries are creating wealth with South African precious metal.

This trend should be reversed.

3. The two companies want to cement their partnership by building up the South African precious metal industry from the beginning to the end of the value chain – from picking up stones to manufacturing heirlooms.

4.

The platinum partnership will set a

8

benchmark for other players in the industry to create systems which will stimulate the process of putting the South African precious metal industry back where it belongs: a positive force to build up the country to the advantage of every South African.

5. Platinum as an investment metal is currently at a very good opportunity level for beneficiation and the platinum partnership aims to use this timing to give South Africans the opportunity to benefit and grow their businesses.

Anglo American Platinum and Metcon have also been co-hosts of the annual PlatAfrica jewellery design and manufacture competition.

Since 1999, PlatAfrica has afforded students, apprentices and professional jewellers an opportunity to work with this precious metal and provided a platform for them to showcase their creativity, design and manufacturing skills.

This glamorous event ensures that the industry is continually injected with fresh, new designers.

“Anglo American Platinum is looking forward to further strengthening its collaboration with Metcon to grow the local market. The

Metcon team shares our passion, with a strong drive to grow the South African platinum footprint,” says Jill Wolfe, Head of Marketing at Anglo American Platinum.

“We truly believe that SA is rich in design, innovation and desire to compete globally.

Together with Anglo American Platinum, we’re looking forward to developing the local industry,” says Neville Crosse, CEO of Metcon.

The two stakeholders signed the agreement at a small ceremony which focused on the aim of making the riches of the land available to everyone willing to contribute to the bigger picture of a prosperous industry. “Platinum beneficiation has the potential to change the course of SA’s history in a positive direction. It’s time South Africans took charge of this fantastic metal and the potential it holds,” says Metcon.

“Due to SA’s rich deposits of platinum, it's one of our country’s major competitive advantages and should be promoted as such.

“SA needs economic growth. Every single ounce of precious platinum taken out of our soil needs to be processed and turned into high-quality products which can compete in the international market.”

SA JEWELLERY NEWS – JULY 2018

NEWS

DE BEERS TO LAUNCH BRAND OF JEWELLERY CONTAINING LGDS The De Beers Group has announced that it will be launching a brand of fashion jewellery containing laboratory-grown diamonds (LGDs).

Named Lightbox Jewellery, the range will offer consumers LGDs in high-quality designs for casual, everyday occasions at lower prices than existing LGD offerings.

“Lightbox will bring something entirely new to LGDs by combining colour and sparkle in fashion jewellery – and at very accessible retail prices,” says the group.

Importantly, Lightbox will help clarify consumer confusion about LGDs with regard to what they are, how they are produced and how they differ from diamonds by being transparent about their production process and value proposition.

“Lightbox is underpinned by extensive consumer research which shows that consumers see LGDs as pretty, fun products that are most appealing in fashion jewellery and priced in line with other products in this part of the jewellery sector. The research also clearly demonstrates

that consumers regard LGDs as being inappropriate for meaningful occasions, so we see an opportunity to develop a commercially successful business in the fashion jewellery category that will reflect the different value propositions for LGDs and diamonds, as well as the different consumer perceptions of them. The launch will therefore also support the prospects for the diamond sector, as it will help address existing consumer misperceptions about both diamonds and LGDs,” says the group.

The brand, which is due to launch in the USA later this year, will initially incorporate a select range of earrings and necklaces, with prices retailing from US$200 for a quarter-carat to US$800 for a carat (plus a small jewellery setting cost). The range will include pink and blue LGDs, bringing something fresh and innovative to the LGD space. The jewellery will be available to American consumers from September this year through the Lightbox website, with retail partnerships being announced in due course.

“I believe this must be seen positively.

De Beers’ move illustrates very clearly the difference between genuine diamonds, which take millions of years to be produced naturally and synthetic stones, which can be made relatively cheaply and quickly,” says Ernie Blom, President of the World Federation of Diamond Bourses (WFDB). “It’s telling consumers that this kind of synthetic diamond jewellery can’t be in the same category as diamonds. However, synthetic diamonds do have a niche in the market, provided they’re ethically traded and sold.”

While Lightbox will be a small business in comparison with De Beers’ core diamond business, it will play an important role in bringing something new to the LGD offering to consumers and clarifying many areas of confusion about them.

Despite the group being a world leader in LGD technology through its Element Six industrial synthetics business, Lightbox will be the first time it has used its LGD expertise to develop jewellery products.

BOTSWANA DIAMONDS’ KIMBERLITE FIND IN SA NOT VIABLE Botswana Diamonds recently announced that it will not continue with exploration of the Ontevreden pipe in SA, having discovered that it is smaller than was expected.

“Modern mineral exploration technology isn’t a magic bullet,” says Chairman John Teeling. “Modern geophysics indicated a 0,7 ha pipe at Ontevreden. Our drilling confirmed a smaller pipe, which isn’t currently commercial.”

Research by the University of Johannesburg showed that the site’s rock displays characteristics typically present in high-grade kimberlite pipes.

However, though further drilling of the

resource confirmed that it contains kimberlite, it is not enough to make the project viable for a full-scale operation.

The miner plans to focus on two other South African projects. Botswana Diamonds has been awarded a prospecting licence for the Mooikloof asset, adjacent to the Oaks mine and close to the Venetia mine, both of which are owned by De Beers.

Mooikloof was last prospected in 1986, yet Botswana Diamonds believes it was underestimated at that time and is still commercially viable.

The miner has also received its technical evaluation of the Thorny River project. The results show the deposit holds 1,2 million-2 million tons of kimberlite, estimated to be worth US$120US$220 per carat.

“Significant progress has been made on our joint-venture projects in SA,” says Teeling.

“We’re pleased to finally be awarded the Mooikloof concession. The pipe is historically estimated at 2,5 ha and contains diamonds.”

The company will re-assess the pipe using recently-developed exploration techniques, he explains. – Rapaport

HARRY OPPENHEIMER DIAMOND TRAINING SCHOOL TO HOST GIA DIAMOND GRADING LAB CLASS Through the Gemological Institute of America (GIA’s) unique combination of classroom lectures, hands-on training, one-on-one coaching and integrated multimedia, its Diamond Grading Lab Class – which will take place from 8am-

saving short-cuts to determine a variety of grading factors and be introduced to methods for reading a GIA Diamond Grading Report.

Attendees will spend more than 16 hours practising grading techniques on diamonds

cloth, a plotting pen set, a table gauge, a crown angle card and a colour grading card.

Successful completion

4pm from 20-24 August in Johannesburg – will explore how to grade diamonds consistently and accurately using a modern gem microscope and jeweller’s loupe.

Students will study the GIA’s International Diamond Grading System, explore time-

that were carefully selected and graded by the GIA. In the process, attendees will study how to recognise the most common diamond features.

Students must pass a two-stone practical exam to complete the class successfully. Attendees will keep a lab manual, a pointer probe, a gem

of the class will be accepted by GIA as training credit towards GIA certificates and diplomas.

For fee information or to enrol, contact the Harry Oppenheimer Diamond Training School on tel: (011) 334-9003 or e-mail: info@diamondtrainingschool.co.za.

SA JEWELLERY NEWS – JULY 2018

9

MARKETS

Business barometer A monthly survey conducted by SAJN among industry players (small and large) on a national basis.

DIAMOND DEALERS

RETAILERS

0%

General sales compared with last year this time

BETTER

100 % SAME

0% WORSE

Best-selling diamond size

0% BETTER

100

0% BETTER

% SAME

0%

100

WHOLESALERS

0,5ct

WORSE

% SAME

0% Foot traffic

MAY 2018 VS MAY 2017

WORSE

Watch sales

General sales compared with last year this time

General sales compared with last year this time

0%

100%

BETTER

Breakdown of retail sales

BETTER

100

0

% SAME

% SAME

0%

0%

WORSE

bridal

5%

fine jewellery

70%

WORSE

watches

15%

MANUFACTURERS 20 18 16 14

2015

12 10

2016

8

2017

6

2018

0 % SAME

WORSE

2

50% BETTER

0% BETTER

50

0 % SAME

50% WORSE

% SAME

Jan Feb Mar Apr May Jun

50%

Jul Aug Sep Oct Nov Dec

(Above): Year-on-year statistics for the jewellery industry reflecting armed robberies, burglaries, armed night robberies and smash-and-grab incidents. – All information supplied by the Consumer Goods Council

10

BETTER

50%

4 0

50%

Consumption of platinum compared with last year this time

Consumption of gold compared with last year this time

WORSE

Consumption of silver compared with last year this time

SA JEWELLERY NEWS – JULY 2018

STRAP

Richline South Africa aims to be innovative, have cutting edge technology, deliver world-class service and embrace the education and growth of its most important asset – its employees. www.richlinesa.co.za SA JEWELLERY NEWS – JUNE 2018 5Tel: +27 11 418-1600 • Fax: +27 11 825-4043 • Cell: +27 76 414-7357 • Email: johan@richlinesa.co.za • Website:

FANCY COLOUR DIAMONDS

The recent US$9 million lawsuit by New Orleans Saints quarter-back Drew Brees in the USA created a serious buzz in the diamond and jewellery community. As part of the Fancy Color Research Foundation’s (FCRF) mission to bring clarity to the industry, it decided to shed light on the subject and clarify some of the issues related to investing in fancy colour diamonds.

Fancy colour diamonds: appreciat

FOLLOWING THE NEWS OF THE LAWSUIT (filed on 2 April this year), the FCRF received a plethora of enquiries from jewellery stores, wholesalers and investment companies asking for clarity on the subject, with a particularly high volume of queries focused on strategies for meeting expectations when purchasing a fancy colour diamond as an investment.

Brees claims that a San Diego retailer did not “act in good faith” by selling him US$14 535 004 worth of “investment-grade” fancy colour diamonds over the course of a decade with an allegedly unreasonable profit margin. An independent appraiser evaluated the jewellery at US$6,5 million.

Background The subject of fancy colour diamonds as an investment is extremely complex; all of the aspects cannot be covered in this short article.

Thus, the FCRF generalised concepts in order to clarify the main points, starting with the definition of “investment”, followed by a basic understanding of the diamond supply chain.

A. Investment: “The investment of money or capital in order to gain profitable returns as: interest, income or appreciation in value.”

B. Diamond supply chain: The industry’s supply chain completes four phases before the diamond reaches the end consumer. As the diamond passes from one phase to another, it will increase in value as it is transformed or improved in each stage or “stop” of the supply chain.

Retailer cost $1K

12

Private client pays $1,5K

End Consumers Jewellers Wholesale Traders Manufacturers

external to the supply chain and represents the final stop, or the end of the one-way street. This fact alone leaves the buyer without a tangible platform to trade or cash out for a profit, with the exception of the following two scenarios: Short-term 1. As the supply chain is a one-way street, a jeweller will not be able to profit by selling back to a wholesaler. A manufacturer, too, will not be able to sell back to the miner. This leaves the end consumer with only one theoretical (and unrealistic) option to profit from the appreciation: to sell it to another end consumer.

Mine

After briefly reviewing the “investment” definition, it is obvious that owning a luxury product such as a vintage car, a piece of art or a fancy colour diamond will not singularly generate interest or income – but if we choose a luxury item wisely, it can appreciate in value. In regard to fancy colour diamonds, the appreciation in value over time is indisputable.

For example, the Fancy Colour Diamond Index shows that pink and blue fancy colour diamonds appreciated by 460% and 300% respectively on average, in the past 13 years.

So why is it a challenge for the end consumer to profit from this appreciation?

The answer is that the end consumer is

Waiting for the price appreciation to increase

Long-term 2. If the end consumer has waited a considerable time for the appreciation in price to exceed the profit margin the retailer applied to the stone at the time of the sale, there is an opportunity for the end consumer to see a profit. Example: If the initial jeweller’s cost of a diamond was $1 000 and it was sold to an end consumer for $1 500, the end consumer would need to wait for the diamond to appreciate to $2 300 and would probably need to sell it back to the retailer for $2 000. (Note that the retailer would obviously want to buy a diamond below the price for which he could sell it.)

Retailer buys $2K

Sells it to new client for $2,3K

SA JEWELLERY NEWS – JULY 2018

FANCY COLOUR DIAMONDS

The good news is that in reality, this scenario happens quite often. For example, some fancy colour diamonds that were bought at retail prices since the beginning of this millennium can be sold back to the trade for a decent profit.

The fact that consumers bought fancy colour diamonds as objects of beauty, enjoyed them and were able to sell them back for a profit makes it a win-win scenario. However, it is important to stress that a profit is gained only after a substantial amount of time has passed.

Misconceptions lead to lawsuits The FCRF is involved in many B2B fancy colour diamond valuations, as well as the management of services regarding fancy colour diamond legal disputes. Our organisation encounters

Market price 3: Private buyer’s point of view Retail selling price: This represents the end consumer’s buying price at the store.

(Note that this price includes a substantial margin added by the retailer.)

Investment-quality diamonds: This term is often used subjectively, but only a fancy colour diamond professional involved in day-today industry operations with a proven track record can evaluate future trends or determine whether a diamond can increase in value. Good gemmological characteristics stated on the GIA report are not enough and will not indicate that the diamond is good enough to be resold in the future for a profit. There are many visual factors that should be considered when a diamond is bought as a long-term investment.

ion or profit? many situations where terms are misused or misunderstood, creating unnecessary confusion which can lead to lawsuits. Typically, these terms are either subjective or serve only one interested party. In this short overview, we would like to clarify some of these generic terms in order to avoid future misunderstandings: Market value: In many cases, this term is used incorrectly by jewellers and appraisers when they are asked to evaluate a fancy colour diamond. In fact, there are three different market prices for every fancy colour diamond. Each price category represents a different aspect of the supply chain for the exact same stone.

The market prices below represent a subjective market price from three different points of view: Market price 1: Wholesale point of view Wholesale price: This is the price set among wholesalers and manufacturers in diamond bourses around the world. (Note that this price includes the margin of the manufacturer.)

Market price 2: Retail point of view Retail buying price: This represents the amount the retailer is paying for a diamond. (Note that this price already includes the profit margin of the wholesale trader, who sold it to the retailer.)

SA JEWELLERY NEWS – JULY 2018

Professional appraiser: A professional who evaluates a variety of items, primarily for insurance companies and estates, and is knowledgeable in fields such as antique jewellery, precious and semi-precious stones, precious metals, etc. Professional appraisers are

employed in many instances to appraise fancy colour diamonds as well, but their knowledge of these stones is limited, as are their sources, which are typically auction prices, the Internet and interviews with diamond dealers, located far behind on the supply chain.

This where the problem begins, because neither of these sources represents the true retail selling price which the end consumer paid.

Submitting those prices to private clients who ordered the evaluation would be inaccurate and would cause disappointment, which in turn could lead to a lawsuit against the retailer.

In conclusion The concept of an “investment fancy colour diamond” is elusive and may create aggravation if a seller does not correctly manage the expectations of the buyer. Fancy colour diamonds can be used as an investment only if they are traded at the wholesale level, which sharply contrasts with fancy colour diamonds sold in a piece of jewellery to an end consumer. In that case, an “investment fancy colour diamond” should be purchased mainly as a beautiful ornament that will retain its value for generations, or as an asset class to preserve one’s wealth and generate a future profit.

The concept of an “investment fancy colour diamond” is elusive and may create aggravation if a seller does not correctly manage the expectations of the buyer.

Fancy colour diamonds can be used as an investment only if they are traded at the wholesale level, which sharply contrasts with fancy colour diamonds sold in a piece of jewellery to an end consumer.

Information courtesy of the Fancy Color Research Foundation.

Formally established in 2014, the FCRF aims to empower fancy colour diamond sellers by improving consumer experience through a new information channel and to provide fact-based support for fancy colour diamonds as an asset class. Founded by Eden Rachminov and based in Tel Aviv, Israel, the FCRF is staffed by a team of analysts and professional writers. Governed by a board of advisors, the foundation is directed by individuals representing the various regions and supply chain elements of fancy colour diamonds.

13

“The hardness of a diamond is part of its usefulness, but its true value is in the light that shines though it.”

B.K.S Iyengar

ROMANELLI DIAMONDS SUPPLIERS OF HAND-CALIBRATED POLISHED DIAMOND SMALLS AND CERTIFIED POLISHED DIAMONDS Suite G9, 3 Sturdee Avenue, Rosebank, 2196 Tel: 010 020 6808 • Orders: 010 020 6810 • E-mail: orders@romanelli.co.za

JEWELLEX AFRICA

SAJN talks to Wenda Currie, co-owner of Versitrade, which is known for its Silver Peacock Collection as well as its “The Moon and Back” range and the work it does for the Domestic Animal Rescue Group in Hout Bay, Cape Town. 2018 will mark the company’s 11th consecutive year exhibiting at Jewellex Africa.

A winning partnership How many years has Versitrade exhibited at Jewellex?

Ten consecutive years. Even when times were tough, we’ve always been there – in fact, the one year when Jewellex had very little support and was much smaller than normal, we had an amazing show due to the lack of competition!

We met many retailers that year who’ve gone on to become very loyal customers of Versitrade.

Why is it important for companies to exhibit at Jewellex?

If you have a negative attitude towards our industry, then how can you expect to have positive results within your business?

We’re all trading in challenging times.

Jewellex gives us the opportunity to come together and try to grow, even in these difficult circumstances. Many retailers have had to change direction and focus and what may have previously been a gold-only store is now selling silver too. The show allows a wholesale company to introduce itself to a shop-owner whose door may previously been closed to you.

We feel that exhibiting at Jewellex says to the retailers: "You’re important to us", and it shows a commitment to our business and our customers.

Tell us more about Versitrade’s history and collections.

Versitrade is owned by my husband Brian and I. Its amazing that we haven't killed each other or gotten divorced in the 10 years running the business! We were initially a 9ct gold business, but when the slump came, we made the move into sterling silver. The range is predominantly classic styling, but we constantly try to source things that are a little different or unusual.

countrywide and also launched last year at Jewellex in tanzanite.

The other collection we’re very proud of is the animal range of silver pendants. We’re very involved with the Domestic Animal Rescue Group, an animal shelter in Hout Bay. Through this range, we’ve helped raise and donate thousands of rands to this charity and have also assisted retail stores in running Facebook competitions to help shelters in their areas too.

What can visitors expect to see at the Versitrade stand at this year’s Jewellex?

A positive attitude! We’ll be showcasing our new 9ct gold diamond eternity ring collection, which is very pretty in rose gold. “The Moon and Back” range has expanded and will be a big part of our display. The Silver Peacock has doubled the size of the Tanzanite collection since last year and includes an inexpensive range as well.

Why is it important for buyers within the trade to visit Jewellex?

The show gives the retailer the opportunity to

Last year at Jewellex we launched “The Moon and Back” range of silver discs engraved with inspirational messages, which proved to be a massive success.

Not only are you giving a gift to someone special, but the pendant tells them just how special they

What do you enjoy most about the jewellery industry?

Our industry is something to be proud of. We’re very lucky to be selling a product that’s ultimately going make the end-user happy!

Jewellery’s been around for thousands of years and will hopefully still be around for

see and compare many suppliers under one roof. The economic times have caused many changes and if you don’t adapt, then you might as well close your doors. Jewellex exposes many new trends and products that can help a retailer move into a different area with confidence.

are to you.

Five years ago we identified a gap in the market for “branded” gemstone silver jewellery and the Silver Peacock range was born. It’s set with blue topaz, garnet, amethyst, peridot or citrine. The brand is currently in over 70 stores

thousands more years to come (unlike Betamax video recorders and cassette tapes!). You have to have a passion for what you do and even though it can be frustrating looking for the next new “thing”, if you believe in what you do, you’ll find it.

SA JEWELLERY NEWS – JULY 2018

15

BRAND HISTORY

Achieving international success A range of Swiss products, encapsulating 120 years of invention, which the brand’s American partner launched 19 years ago is gaining increased exposure internationally for the excellence of its products, after expanding its watch business in the heart of Switzerland’ s watchmaking area, the Jura mountains. This is an independent company with a worldwide sales organisation that includes brand stores in New York, Tokyo and Paris.

SWISS ARMY TIMEPIECES WERE LAUNCHED in 1999 and have a strong identity. The brand was the creation of its American partner, which in 1989 produced the first collection under this brand name – a fusion between the watchmaking sector and other products. However, it has its own identity and style, although each has its own expression. Victorinox claims to be one of the world’s best-known brands in its sector through its remarkable pocket knife and its products are an ambassador for Swiss quality.

The watch products are subjected to the same rigorous standards, their name defined by those of the two original founders: Carl Estener’s mother, Victoria, combined with the French word for stainless steel: “inox”. The watches began fairly modestly, with inexpensive models built to withstand the rigours of active use. These original models are still produced in the brand’s original collection and have nylon straps, composite cases, highly legible dials and water-resistance. They have developed into more diverse styles and types, especially in divers’ watches.

SA JEWELLERY NEWS – JULY 2018

Most of the watches feature ETA movements, which are known for their quality. This company manufactures both quartz and mechanical watches and its movements are known to be of exceptional quality, used by many Swiss brands such as TAG Heuer and Omega. They also include sapphire glass crystals and surgicalgrade stainless steel cases. The collection includes watches which are mostly suitable for casual wear.

Models are divided into three segments: “Active” (for dynamic people), “Classic+” for sporting types and “Professional” for those requiring the utmost in performance and functionality.

The term “Swiss-made” has been at the heart of the brand since its inception. It includes cutting-edge technology, research and development and each timepiece is subjected to no fewer than 180 tests, after which it is certified for robustness and durability – requirements that are considered essential. These tests include water-resistance, temperature, corrosion-, torsion- and shock-resistance, Functionality is important, as is dial visibility. The range of watches incorporates over 810 models, each range having its own style and expression,

Victorinox Headquarters in Switzerland

requiring exceptional design to imbue it with distinctive status. The company has premises in which it has its own assembly facilities.

The first Victorinox flagship store was opened in London’s New Bond Street in 2008 and moved to its present manufacturing facility in Delmont in the Swiss Jura in 2015, where its own facilities include case production. The workshops responsible for technical product development and assembly are now located on the premises as well. The head office of the parent company is in Bienne and houses 25 employees, headed by CEO Alexandre M Bemouna and Jean-Bernard Maeder, Creative Director: Marketing & Products. This area includes development, sales and marketing.

A new addition to the iconic IMOX collection is the edition which is 50% lighter and more resistant to scratches than steel, a limited edition crafted in a new matte carbon case of 45 mm. It has a date window at 4.30, a khaki dial and military time printed in red beneath the triple-coated anti-reflective sapphire crystal, which is water-resistant to 200 m. The hands and numerals indexes are coated with SuperLuminova. This timepiece is synonymous with high performance and has a built-in flashlight for nocturnal adventures. Its international safety colour of orange, used to indicate danger on the strap, is yet another of its multi-coloured features.

The case-back is screwed, as is the crown.

It is now available in two limited-edition series of 1 200, 1 000 of which have the khaki strap for a camouflage look and the remainder having a green strap, as well as a second orange one, thus improving visibility and combining functionality with style.

The watches are presented in a shock-proof box with an exclusive camouflage Spartan Swiss Army knife and an additional rubber strap with a removable flashlight.

17

RETAIL CORNER

Mining gold, eating pap A monthly column written by industry expert Dr Petré Prins.

WE PROUDLY PROMOTE South Africa as “the land of diamonds, gold and platinum”. Rightly so, but do we ever think what this may tell the majority of our population? It speaks of untold treasures in our soil, of gems and gold that belong to the people of this land – as guaranteed by our Constitution. Riches that enriched whites in the past and a few blacks recently. Riches that were exploited through the sweat of black men who are still waiting to share the prosperity promised by their leaders.

Selling the glitter How easy to leave a polished diamond on appro and get paid a few months later. What a pleasure to describe the virtue of a diamond as you slip a ring on the finger of a brighteyed. Making a living in the jewellery industry is not back-breaking. It requires common sense (not nuclear science), complete honesty, some tenacity and a pleasant disposition. Some disagree, saying it is a tough business, rife with financial risks, targeted by criminals, overregulated, over-traded and that it is impossible to sell luxuries in a tight economy. This is partially true. However, many of us have never been down a mine and have no inkling of the hardship it takes to bring diamonds and gold to the surface.

SA JEWELLERY NEWS – JULY 2018

Mining the glow Mines are dangerous, damp and dark, and tunnel floors are slippery, often covered by standing water. Due to their extreme depth, our gold mines are among the hottest places on earth, where constant perspiration saps energy and bodily fluids, leaving a miner weak-kneed after a 12-hour shift. Often, dark tunnels are illuminated only by the lamps on miners’ hats.

Our gold occurs in thin rock layers (reefs) which

Can we, justly, call SA the land of diamonds, gold and platinum when 16 million of our people survive on social handouts from the government? result in low roofs and miners may have to work on their hands and knees, their backs or their stomachs in confined spaces. It is no place for the claustrophobic. Cave-ins, fires, explosions or exposure to dangerous gases and mine dust are part of the job.

When miners resort to violence demanding an increase in their R11 000 per month salaries, many of us are unaffected, unable to understand the untenable conditions under which they work.

When we pay R12 000 per month for a tradetested goldsmith and R1 200 per week for a jewellery polisher, can we blame the worker for thinking: “We work the same material, but why are we eating pap and wors while the bosses live in glitz and glamour? Moreover, who got the money that was paid for 50% of all the gold ever mined? What type of profit is the boss making when he regularly offers a 50% discount?”

Our mining industry accounts for about 7-8% of our GDP, a relatively small cog in the economic machine of our country and by no means the creator of wealth it once was. However, a significant percentage of our people are unaware of this and demand to share in the perceived abundance of the land of gold and diamonds.

“Why are we still waiting for prosperity?” they ask. After all, a country that produced nearly 50% of all the gold and 30% of all the diamonds ever mined, and that has 86% of the world’s platinum and 46% of its manganese reserves, should be a wealthy one.

Nowhere is the gap between the image of wealth and the reality of poverty better illustrated than in SA’s gold and diamond industry. Can we, justly, call it the land of diamonds, gold and platinum when 16 million of our people survive on social handouts from the government?

Our mineral wealth is still seen by the majority of black people as mainly in the hands of whites – a volcanic perception in any developing country.

It would therefore be wise for owners and managers in mining, beneficiation and marketing of diamonds and gold to share, as equitably as possible, the spoils of this industry. Make partners of your staff, show them the risks and rewards offered by your business – and share the spoils.

19

JEWELLERY

JCSA holds 44th AGM The Jewellery Council of South African (JCSA) recently held its annual general meeting (AGM) where a number of important issues pertaining to the local jewellery industry were discussed.

THIS YEAR’S JCSA AGM WAS HELD AT THE Jewellery Council’s offices at The Hamlet, 27 Ridge Road, Parktown, Johannesburg.

JCSA Chairman Chris van Rensburg presented the Chairman’s report, where the state of the industry and import replacement were discussed. Van Rensburg also thanked the various committees for their service to the industry before introducing JCSA CEO Lorna Lloyd to present the management report.

The report included a number of issues pertaining to legislation. VAT refund claims to foreign tourists were discussed. In terms of current legislation, foreign tourists must declare proof of payment for cash sales exceeding R10 000. Most tourists are unaware of this requirement and are therefore unable to provide the proof of cash drawings, so members lose the sale. The JCSA has drafted a submission to SARS and the National Treasury, together with the Diamond Dealers Club of SA, to increase the threshold to US$10 000. The JCDSA has subsequently met with SARS and the National Treasury.

Also discussed was the South African Diamond & Precious Metals Regulator (SADPMR), on whose board Bernard Stern serves as a JCSA representative to look after the interests of the industry. The council has set up a Jewellery Industry Liaison Committee between the JCSA and the SADPMR to liaise with key industry players and discuss updates and contentious issues in the SADPMR, and it has already had its first meeting.

The last item under legislation to be discussed was the New Mining Charter and a letter to the DMR Minister stating that transformation is not working in its current format. The council has proposed the establishment of an Empowerment Fund under Equity Equivalent Offsets (transformation audits) and has requested that the framework of thresholds for applying Codes of Good Practice under the Precious Metals Act be reviewed, as the current thresholds – 5 kg and more, or when estimated maximum turnover is greater than R3,8 million – are seen as medium and large

20

Chris van Rensburg, JCSA Chairman

business. Enterprise development and industry buy-in were discussed relating to the issue.

Also on the agenda was the Jewellery Council Risk Initiative. This has been in operation for seven years and members continue to receive regular updates of crime incidents reported by jewellery stores from the Consumer Goods Council (CGCSA). The JCSA and CGCSA have met with the Council of Shopping Centres in an attempt to improve safety and security in and around shopping centres. An agreement was reached that shopping centres implement a list of identified recommendations. Jewellers in the shopping centres will also be expected to implement a list of identified recommendations, depending on their size. This list was sent to members at the end of last year.

Regarding marketing and communication, Lloyd did not go into much detail, as these are annual projects, but she did mention Wanted and its watch and luxury supplement, Jewellery Biz-News Connect and SA Jewellery News.

She also spoke about the Jewellery Council

Lorna Lloyd, JCSA CEO

Collection Awards Design Competition, for which the Jewellery Manufacturers' Association of SA invites students and professional designers to enter. The theme for 2018 is “Retro Jewellery”.

Lloyd also discussed the Valentine’s Day advertising campaign. A competition was held on social media, on the council’s website and on radio over five days. The JCSA invested R750 000 in the 2017 Valentine’s campaign. During 2018, the JCSA will be investing R800 000 in a social media marketing campaign, concentrating on five non-peak periods: New Beginnings, April No Fools, Christmas in July, Spring Day and Black Friday.

Other important issues discussed at the AGM included standardising valuation practices, Jewellex Africa, international exhibitions, training, Design @ 50 Design Course, the Chairman’s Fund and membership statistics.

It was proposed that the JCSA continue to utilise the services of Rautenbach & Van Niekerk as its auditors.

SA JEWELLERY NEWS – JULY 2018

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BRAND MANAGEMENT

Manero Tourbillon Double Peripheral The tourbillon calibre CFB T3000 is a world première and represents a continuation of Carl F Bucherer’s pioneering role in the development of peripheral technology.

The new movement, created entirely in-house, with a patent for the peripheral winding mechanism and a pending patent for the tourbillon, combines a peripheral rotor with a peripherally mounted tourbillon mechanism that seems to float freely.

The carriage, rather than rotating on a centre ruby bearing, is supported peripherally by three ceramic ball bearings, allowing the tourbillon to be admired through the sapphire case-back without obstruction from both front and back.

Calibre T3000, with silicon components, is one of the few tourbillon movements on the market to be officially COSC chronometer-rated.

Functions include hours, minutes, small seconds, tourbillon and stop-seconds. Its 18ct rose gold case is 43,1 mm in diameter and 11,57 mm thick, with convex sapphire crystal and anti-reflective coating on both sides. It is water-resistant to 30 m.

It features a silver-coloured dial with applied rose gold-plated indexes and a dark brown hand-stitched Louisiana alligator leather bracelet with an 18ct rose gold folding pin buckle.

The Commander Big Date To open the celebration of its 100th anniversary, Mido is launching the Commander Big Date: a series of innovative models fitted with the Caliber 80. This elegant automatic watch, which respects the original Commander Collection’s DNA, features a large date aperture at 6 o’clock, a feature generally produced by only highend watchmaking brands.

Its sunray satin-finished anthracite dial is revealed by a faceted and domed sapphire crystal. The indexes are coated with white

Super-LumiNova, as are the diamond-cut hour and minute hands, offering perfect night-time readability. This dial is protected by a round 42 mm-diameter case.

To top it all off, as its name suggests, its high-performance movement gives it a power reserve of up to 80 hours.

One hundred years after its creation, the Swiss Made brand – whose name means “I measure” in Spanish (yo mido) – remains true to its values: timeless design, quality materials and technical innovation.

Rolex extends partnership with US Golf Association From 11-17 June, an elite field of golfers from around the world gathered at one of the USA’s most iconic venues, Shinnecock Hills Golf Club, to contest the 118th edition of the US Open, the championship regarded by many as golf’s ultimate test and for which Rolex has been the official timekeeper since 1980.

Through pivotal partnerships with organisations responsible for advancing the game, including the US Golf Association (USGA), which conducts the US Open, Rolex has become inextricably linked with the many facets of golf. The Swiss watch manufacturer’s continuing support is highlighted by its recent 10-year partnership extension with the USGA, underpinned by a mutual appreciation for the

SA JEWELLERY NEWS – JULY 2018

sport’s heritage and a passion for excellence.

The agreement ensures Rolex will remain the official timekeeper of the tournament until at least 2028.

“Throughout our long-term partnership, Rolex has been instrumental in supporting

our mission and the game of golf, not only at every US Open since 1980, but at every level of the game, from our amateur championships to the rules of golf,” says USGA CEO Mike Davis. “Our recent 10-year extension highlights its ongoing commitment to our sport. For more than 50 years, Rolex has supported the game’s greatest players and been present for some of the most iconic moments in US Open history. Now, from its support of uninterrupted coverage of USGA Championships on Fox to our innovative US Open History Experience and the inaugural Celebration of Champions event, we look forward to the next decade of signature moments that Rolex will help create and showcase to fans all over the globe.”

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LITTLE GEMS

Royal jewels It was a Danish princess who re-introduced fashion, frivolity and a sparkling lifestyle to the upper crust of English society after the sombre mourning period for Queen Victoria’s beloved Prince Albert.

Alexandra was renowned for her sense of style and set a trend by wearing her fabulous jewels at every opportunity, writes Alice Weil.

KING EDWARD VII – KNOWN as the “playboy of Europe” – named Louis Cartier “king of jewellers, jeweller to kings” and the era in which he lived was named after him.

Princess Alexandra’s marriage to “Bertie” thrust her into the centre of the sparkling royal life of Victoria’s reign.

Edward spent lavishly on his wife’s dresses and jewels and she loved flaunting them. One trend was the chokers she wore to conceal a scar on her neck. A diamond girdle encircled her waist, on her bodice she wore the Dagmar necklace to affirm her Danish roots and lengths of pearls were draped around her neck. All this splendour was topped by a crown which included the famous Koh-i-Noor diamond – a stone which has been set in every consort’s crown since then.

Her daughter-in-law Queen Mary – who married her son, Prince George, in 1893 – was described as the last of the 19th century’s grande-dames and also wore amassed glittering jewels when the occasion warranted it. They were greater than those worn by any other queen before her and she was aware that the public expected this of her.

On her wedding day, Mary wore two diamond necklaces, a turquoise and diamond parure (a present from her parents, the Duke and Duchess of Teck), as well as numerous brooches, bracelets, watches and rings. Funded by money raised by subscriptions were the wedding gifts of Great Britain and Ireland, which included the Festoon tiara, the “Some Ladies of England” pearl necklace, the Dorset diamond bow brooch, the Kensington diamond and pearl brooch, the Ladies of Surrey scroll brooch and the Women of Hampshire diamond and pearl Harebells brooch.

(All of these are still worn today by Queen Elizabeth, a legacy from her grandmother.)

Upon her mother’s death in 1897, Mary had inherited her finest diamonds. During a ninemonth tour of the empire, her husband visited

28

South Africa, where he was presented with a casket of unset diamonds for her. During a long tour of India, Mary also received gems from the vaults of the maharajas. Moreover, when she became queen, she took possession of Victoria’s crown jewels and received from the Union of South Africa a gift of 102 cleavings from the Cullinan Diamond. These were made into three brooches and a long sautoir necklace – the set which the present queen refers to as “Granny’s chips”. Mary also personally bought some of the beautiful jewels which are still worn by the British royal family.

When King Edward VII scandalised Britain and the rest of the world in 1936 by abdicating to marry his lover, Wallis Simpson, his brother George acceded to the throne, along with his consort, Elizabeth Bowes-Lyon. From the time of her engagement to the then Duke of York she acquired her own collection of jewels – including an engagement ring of diamonds and sapphires given to her by her fiancé. A few weeks later he followed this with a Cartier Tortue watch on a black moire strap, which she wore for her official engagement photograph. This marked the beginning of the relationship between the couple and the famous jeweller. Elizabeth ran her own account with Cartier.

Among her husband’s gifts to her was a fabulous diamond tiara for their 15th wedding anniversary in 1938, as well as a bracelet of five linked rows of oval Burmese rubies and three square-cut diamonds, its clasp a wide diamond buckle. In 1942, a bequest from a wealthy widow resulted in Elizabeth receiving a pair of earrings, which became her favourite jewels. They featured flowers suspended from

triangular stones and were made by Cartier. She wore them when she appeared on the balcony of Buckingham Palace on her 100th birthday.

The present queen’s personal jewels are separate from the coronation and state regalia making up the crown jewels, some of which are believed to date back to the 16th century. These are worn only at coronations (the St Edward’s crown is used to crown the monarch, while the Imperial Crown is worn at the opening of Parliament).

For other formal occasions, the queen wears jewellery from her own collection. She owns more than 300 items of which 98 are brooches, 46 necklaces, 37 bracelets, 34 pairs of earrings, 15 rings, 14 watches and five pendants. She wears a fringe tiara made for Queen Mary and the City of London fringe necklace. Another tiara belonged to the Grand Duchess Elana of Russia, which was salvaged from Soviet Russia by a British art dealer and secret agent. The duchess’s jewels were later sold to support her exiled family.

Using stones from her private collection, Elizabeth ordered the Burmese ruby tiara – made

by Garrards – in 1973 in the form of a wreath of roses with silver and diamonds making up the petals, while the centres of the flowers comprise clusters of gold and rubies. Other tiaras include one from Queen Alexandra’s Koloshnik tiara ,the Cambridge Lover’s Knot and the Meander tiara, which was a wedding gift from her mother-inlaw, Princess Andrew of Greece and Denmark.

To be sure, crowns and thrones may come with a host of stresses and obligations, but the perks of being a monarch are considerable. Nice work, if you can get it.

SA JEWELLERY NEWS – JULY 2018

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