There was a buzz at the jewelry shows in Las Vegas earlier this month. Here is a brief recap of the key issues we observed during the week:
- The Diamond Market: Most jewelers feel the tide has turned on natural vs. lab-grown diamonds. Prices of the natural have more or less stabilized, whereas the value of manmade diamonds is still dropping. A bifurcated market is clearly developing. Anglo American has De Beers on the market quite visibly while they continue to try to restore confidence in the natural diamond market. Their move away from lab-grown diamonds is lauded by many – including their partner – the country of Botswana.
- Precious metals: How high will gold go and what effects will it have on the jewelry industry? With gold commanding record prices, more retailers are open to buying off the street and more and more people are selling. The Platinum Guild International unveiled their new platinum alloy Inoveo.
- More Major Consolidation: On the heels of Rolex acquiring Bucherer, Watches of Switzerland has now acquired Roberto Coin in North America. Speculation abounds on who and what is next for these major brands and what it will mean to Rolex dealers and the host of stores carrying Roberto Coin.
- More News to Note: The Natural Diamond Council took over Yardbirds Table and Bar for the entire week. The Gordon Company took over a large section of Juliets each evening for a post-show “wind down” for invited guests. At the Diamonds Do Good’s 2024 awards Gala, awards went to Lisa Bridge (CEO and president of Ben Bridge Jeweler), London Jewelers, and GIA.
As always, we at The Gordon Company stay on top of what’s happening in the jewelry industry and seek to guide fine retailers on the fundamentals of their business. Contact us for your business planning needs.
Call Steve Webb or Ira Bergman today to learn more about what The Gordon Company can do for you! We’ll help you determine the best sale to conduct for you and your store to maximize results and to exceed your goals.
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