Current Jewelry Headlines
1/08/09 AU 856.30 PT 971.00 RH 1150.00
Madoff with Some Jewelry Too 1/6/08
The now infamous Bernie Madoff, the Wall Street investor accused of perpetrating the largest Ponzi scheme in world history, has apparently violated the terms of his bail by asking friends and family to hold approximately $1 million in jewelry while he awaits trial. Clearly, this effort could be construed as an attempt to shield and hide assets from authorities.
It was reported last week that a statue stolen from one of Madoff's homes was returned to the garden with a note attached with the following message; "Bernie the Swindler, Lesson: Return stolen property to rightful owners. Signed by The Educators." The newly revealed information about his secreting away of jewelry clearly shows that Madoff has no intention of returning anything to his defrauded investors or assisting investigators in determining what remaining assets are available for liquidation.
Regular Maintenance is Boring but Necessary...A Missing Diamond 12/20/08
After the New York Museum of Natural History's sleepover event, attendee, Catherine Hart looked at her hand on the way to her home to discover a horrible sight; her diamond from her engagement ring was missing. A tedious search began for the 1 carat diamond, but it was nowhere to be found. Mrs. Hart stated that she was probably in every corner of the museum that night and could not imagine where the diamond could have been lost.
Heartbroken, she and her family left the museum. Mrs. Hart's diamond was purchased by her husband in 2000 to replace a previously lost diamond, so it had great sentimental value to Mrs. Hart. The staff at the Museum of Natural History were determined to reunite her with her missing diamond. They proceeded to put on gloves and masks and go through numerous vacuum bags carefully examining anything shiny. Unbelievably, the staff discovered the diamond in the vacuum cleaner bags.
Soulmates' Jewelers have heard many similar stories of 'miraculous' findings of missing gems that will be detailed at a later date. However, we would like to caution all of our clients that while a catastrophic event could have happened to Mrs. Hart's ring, thus causing the diamond to fall out, it is far more likely that the ring was not properly maintained over the course of 8 years. Please be aware that diamond engagement rings, in particular due to daily wear, should be professionally cleaned and examined for damage about 4 times per year, or every 3 months. Most jewelers do not charge for cleaning and examining their own rings, and any maintenance repair costs pale in comparison to the heartbreak of losing a diamond. Soulmates does not charge for standard cleaning and examination, so please do not hesitate to stop in and brighten your ring, and your day anytime.
Byzantium Thrills and Chills 12/08
The Byzantine Empire of C.E. 330-1453, spanned most of Europe to the north down to North Africa in the South and was a powerhouse for 11 centuries. If you are in London prior to March 22nd there are over 300 pieces of art, including many pieces of incredible jewelry, on display in the Royal Academy of Arts of London. Many pieces have never been put on public display before.
One of the most famous items on display is the "Antioch Chalice" which was believed to be the Holy Grail for many years. Many religious icons that have never left their home countries are on loan for the exhibit. For more information, contact http://royalacademy.org.uk.
Palm Beach Pawnbroker Boom Times 12/18/08
Levi Touger, Palm Beach pawnbroker, is busy doing business with many former clients of notorious hedge fund manager, Bernie Madoff. He describes himself as an alternative to a bank, with the exception that in a mere 60days, he owns the merchandise. When the AP showed up to interview him, he pulled out a 12carat diamond tennis bracelet and a diamond baguette cocktail ring that he purchased just that afternoon.
If you are in need of similar services, Soulmates Jewelry purchases gold of all karats, broken jewelry, silver, diamonds, fine jewelry and offers a generous consignment program for interested clients needing to sell fine jewelry. Stop in today for an estimate or for further information.
New York Governor Paterson Contemplates Luxury Tax 12/18/08
In addition to potential taxes on items from soft drinks to iTunes downloads, Governor Paterson is contemplating a tax on luxury items like jewelry, yachts and cars. Having lived through the luxury tax hike under President Bush ('41) we can assure Gov. Paterson, with all due respect, that while domestic soft drink sales may be controllable and collectible, citizens who wish to purchase luxury items and have the means to do so will simply find a way to do it outside his state of New York. The luxury tax of the '90's only hurt our business and did not result in a significant boon in tax revenue or a decrease in consumption of luxury items. Since we do not operate in New York State, we have no vested interest in this battle but hope for the sake of independent NY jewelers, that Gov. Paterson finds other creative ways to fund budget items.
Tiffany & Co. Offers Discounts, Fails to See Results in Profits 12/19/08
Tiffany & Co. announced a few weeks ago that they were lowering prices on their diamond engagement rings 10-15%. (Editorial aside: that is not enough to bring the prices in line with Soulmates and other independent jewelers for the same quality diamond.) However, the price reduction has failed to secure a flurry of new prospective grooms. Tiffany & Co. took out full page color ads this week in major newspapers, but again failed to achieve their sales goals. Same store sales fell 14% and the company lost $12 million in the 3rd quarter of 2008.
Vibrating Body Jewelry 12/15/08
It is now possible to add a device to your body piercings that will cause them to vibrate. The device also comes with some type of clamp that will hold the item to your body, since the vibrating motion would normally cause the piercing to come loose and fall out. There are a variety of styles available and chain connections to connect the vibrating piercings. These new designs will be available over the internet on various websites. source: impactlab.com
Swiss Refiners Cannot Keep Up with Demand for Gold Bullion 12/17/08
As consumers lose confidence in banks and other financial institutions, the demand for gold bullion is outpacing the ability of refiners to produce it. Switzerland is not a mining country, but processes nearly 40% of the newly mined material. Depending upon the form of gold the consumer requests orders are taking 4-8 weeks to fill, with coins taking longer than bars or ingots.
However as the Holiday season is upon us, consumers have dual demands. The demand for gifts of value and a reliable way to secure their money is on the minds of most people at this stressful time. Soulmates Jewelry has a shop full of gold jewelry of all karats, including platinum. The turn around production time is yesterday, i.e. we have produced beautiful custom pieces of jewelry that can be purchased at your leisure, no 4-8 week processing time is necessary. If securing your finances and purchasing something that will not lose it's value tomorrow is on your mind, stop in Soulmates Jewelry today and purchase a fine, custom designed, hand made piece of jewelry for your loved one. It is a wise investment and a purchase that will bring good feelings all year long.
"A Little Gold Can Go a Long Way." 12/14/08
In Prescott, Arizona on Friday morning, Salvation Army workers discovered little plastic bags in the collection kettles containing gold jewelry with an accompanying note saying, "A Little Gold Can Go a Long Way." A total of 12 pieces of fine gold jewelry were discovered deposited in collection kettles all around the city. A local jeweler appraised the items for around $1,000 total. The Salvation Army is selling the items intact since they are all in good condition, with the prices for the items ranging from $40-$275. Despite the strained economy, donations to the Salvation Army in Prescott are actually higher this year than last. To purchase one of the donated pieces of jewelry call 928-778-0150.
Aquarius Platinum Mining Company Halts Activities for 6 Months 12/15/08
Aquarius Platinum, a South African platinum mining company, will cease operations at it's Everest Mine for 6 months and will retrench 1,950 workers. The company is preparing an insurance claim since the reason for the halt in operations is due to subsidence. Subsidence is the collapse of land due in part to mining, rainfall and erosion.
The company believes that the 6 month hiatus will allow ample time to prepare to resume mining operations in a safe and secure manner. The decline of platinum prices also made this an opportune time to prepare the operation for safe future activities.
Sterling Corporation of Akron, Ohio Sued for Discrimination 11/08
Sterling Jewelry Corporation is being sued by the U.S. Equal Employment Opportunity Commission for discriminating against female employees. Sterling operates the following retail jewelry store brands; Kay Jewelers, Jared, JB Robinson, Osterman Jewelers, Rogers Jewelers, Belden Jewelers, Goodman Jewelers, Marks & Morgan, Shaws Jewelers, LeRoy's Jewelers, Weisfield Jewelers, and Friedlander's Jewelers.
The EEOC alleges that Sterling pays female employees less than male employees performing equal work, denies females promotional opportunities and maintains a promotion and compensation system that is excessively subjective, encouraging managers to deny female employees equal pay and opportunities. The suit was initiated when the EEOC was unable to reach a voluntary settlement with Sterling.
The Sterling Corporation plans to defend themselves vigorously against the legal actions and could not substantiate claims of discrimination through an internal investigation.
Singer George Michael and his 24k Gold and Diamond Face 11/6/08
George Michael has contracted with sculptor, Laban Roomes, to create a replica of his face in 24k gold with diamonds. Roomes has created similar sculptures that have been featured on the UK television show, 'The Dragons' Stories.' The sculpture is reported to cost George Michael $2 million.
George Michael and his partner plan to add the sculpture to their art collection, which includes the platinum and diamond skull created by artist Damien Hirst described in the Blue Diamond Newsletter Tucson 2008 edition. George Michael and his partner created the Goss-Michael Foundation which displays art in galleries in the US. Source: MusicRadar.com
Fake GIA Diamond Reports Discovered 12/08
Fake diamond reports are circulating on the market this Holiday Season and even jewelers have been fooled. The reports look exactly like a genuine GIA diamond grading report but have counterfeit certification numbers. Before purchasing a diamond that is alleged to be certified, jewelers and buyers are advised to verify the certificate number with the GIA using their free online service at http://www.gia.edu/reportcheck.
Wittelsbach Blue Diamond Sells for $24.3million 12/11/08
A rare 35.56carat blue diamond with a long history through generations of German royalty sold at auction for $24.3million. The buyer, Laurence Graff of Graff Diamonds, is the same collector who purchased the Leseli la Letseng rough. The Wittelsbach diamond is often compared to the Hope diamond in terms of color and clarity. The Wittelsbach is a modified cushion cut.
King Philip IV of Spain purchased the diamond in 1664 to be a part of his daughter, Infanta Margarita Teresa's, dowry. After her death her husband, Leopold I of Austria, kept the blue diamond and it passed down through generations of German royalty. It gained the name Wittelsbach when Leopold's granddaughter married Charles of Bavaria, a Wittelsbach.
The diamond surfaced publicly in 1962 when a jeweler refused to recut the gem, successfully defying common wisdom that all jewelers are money-grubbing simpletons. Soulmates' jewelers applaud this anonymous educated jeweler who saved this historically significant gem from disappearing.
Diamond Wholesaler Arrested in FedEx Truck Hijack Robbery 12/08
According to a statement released by the US Attorneys office, a diamond wholesaler from New York City was arrested for his part in a scheme to hijack 2 delivery trucks known to be carrying loose diamonds. Brian Greenwald, President of Doppelt and Greenwald Diamonds, is alleged to be one of 12 conspirators who hijacked a FedEx truck in December 2007 using fake police badges to gain entry. The gang then tied up the driver at gunpoint and drove the truck to a loading dock where they were unable to unload the truck and abandoned it.
During the course of the investigation, it was discovered that some of the gang acted as enforcers for Mr. Greenwald's wholesale diamond business, collecting outstanding debts and other services. FBI agents used recorded phone conversation and surveillance to build their case against the conspirators. If convicted, the men face up to life in prison.
Cross-Dressing Thieves Rob Harry Winston Jewelers 12/5/08
Men dressed as women brandished guns and robbed the Harry Winston Paris boutique located in the Champs-Elysee shopping district on Thursday, December 4th. The thieves apparently dressed as women to appear less threatening when gaining entry to the shop and were able to steal a reported $108 million worth of merchandise. This boutique is also the location of a similar robbery in November 2007, when the thieves made off with an estimated $30 million of merchandise.
Harry Winston is the legendary American jewelry house whose founder donated the Hope Diamond to the Smithsonian. In the industry, they are well known for handling only the finest of diamonds and colored gemstones, creating large, spectacular pieces for movie stars and other wealthy clients.
The thieves spoke accented French and seemed well-versed in not only the security procedures of the boutique, but with the employees. Some reports claim that the thieves knew the employees by name, although casing a jewelry store before robbery is very common and learning the names of employees is not unexpected. It is believed that these thieves may be part of a network of Eastern European gangs who are able to sell the stolen gems in those markets. The pieces stolen would be nearly impossible to sell in Europe or the United States.
During the robbery, next door shops and pedestrians failed to notice anything wrong in the boutique. Some employees may have been hit with the weapons although no one, including the clients in the shop at the time, was seriously injured. This robbery is one of the largest in recent history, although theft in jewelry stores is on the rise this year.
President-Elect Barack Obama Allegedly Purchases $40,000 Ring for wife, Michelle 12/1/08
It was reported in the UK newspaper, The Daily Mail, last week that President-Elect Barack Obama had purchased a rhodium and diamond ring from an Italian designer, Giovanni Bosco, for his wife as a way of thanking her for her patience and work during the campaign. Obama representatives were quick to debunk the false story, but the story seemed odd from the beginning for a variety of reasons.
Rhodium is an extremely expensive and rare metal used in jewelry primarily for plating white gold to make it look more white, like platinum. While rhodium has a large range of industrial uses, it is not practical as jewelry because it tends to be brittle and does not cast well for jewelry purposes. Despite the high market price of rhodium, $30,000 to $40,000 for a ring is still ridiculously high, even with diamonds.
Further research into both the Italian designer and the ring turned up more problems with the story. The Italian designer makes pretty typical fine designer Italian chain and other gold products, some with diamonds, but nothing along the lines of a romantic thank you ring for a newly elected American President trying to avoid the appearance of insensitivity to the current economic situation. In addition, the alleged ring, upon further inspection of published photographs, appears to be 18k white gold plated with black rhodium which would certainly retail for far less money than the $40,000 price tag originally reported.
We certainly support any husband giving his wife a thank you ring for any reason but with 2 daughters, our humble suggestion to President-Elect Obama is that he should purchase 2 rings thereby eliminating the need to decide which daughter later inherits what will become a very historic piece. We, at Soulmates Jewelry, would of course be willing to assist if President-Elect Obama needs any help with those types of important...perhaps crucial decisions.
Rio Tinto, Global Mining Giant, to Slow Production 12/6/08
Rio Tinto is in continuing talks with bankers to refinance debt, but in the meantime will slow exploration and production at a number of projects, facilities and sites, including South Africa, Australia and Canada. As a result, lay-offs are expected but exact numbers have not been released by the company.
Winona Ryder and the Missing Borrowed Jewelry 11/26/08
Winona Ryder is part of an investigation by Spanish police after approximately $125,000 worth of borrowed Bulgari jewelry went missing. Ms. Ryder was lent the diamond bracelet and matching ring to wear while attending a Marie Claire event. At Ms. Ryder's hotel after the event, the jewelry could not be located.
A report claimed Ms. Ryder gave the jewels to the hotel front desk upon departure, however surveillance footage showed no such transaction taking place. A claim that the jewels were left in the hotel room is currently under investigation. After Ms. Ryder was unable to return the jewels to Bulgari, the jeweler filed a report with the local Madrid police. No further comment has been issued from Ms. Ryder, Bulgari or the police, however the investigation is continuing.
Ring Lost Fishing Turns Up in Bass Caught 21 Years Later 12/4/08
A bass fisherman in Buna, Texas discovered a missing treasure in an 8 pound bass he caught in Lake Sam Rayburn. A men's ring engraved with a name and set with a blue gemstone was discovered inside the fish.
The fisherman, who wishes to remain anonymous, used the internet to track down the owner who still lived in the area. The owner of the class ring, Joe Richardson, lost the ring two weeks after graduating from Universal Technical Institute of Houston in 1987. According to Mr. Richardson, his mother purchased the ring for about $200 and was pretty mad when he lost it.
Upon hearing his ring had been found, Mr. Richardson's reaction was, "...you gotta be kidding me." In an interview with the Associated Press, the anonymous fisherman stated he wishes he knew, "...how many fish it's been in."
Leseli la Letseng, a 478 carat Rough White Diamond Sells for $18.4million 12/4/08
Graff Diamonds, a high end jeweler, successfully purchased a 478 carat rough diamond found in the Letseng le Terai mine of Lesotho, Africa for $18.4 million. Graff diamonds has acquired many large and significant pieces of white diamond rough in recent years. They expect to yield a polished diamond of approximately 200 carats from the rough.
Graff named the 478 carat rough diamond 'Leseli la Letseng,' which means 'the Light of Letseng.'
A Disastrous Proposal from The Blue Diamond newsletter Winter 2008 *
Lefkos Hajji, an east London resident, had what he thought was a unique and romantic way to propose to his girlfriend. He placed the $12,000 engagement ring inside a balloon and was going to have her pop the balloon as he ‘popped’ the question.
Unfortunately for Mr. Hajji, as he exited the balloon shop with the helium-filled balloon, a gust of wind ripped the balloon out of his hand and over the rooftops of London. His intended fiancé is furious with him and is demanding a new ring. Now that is a bad day!
Where was Your Gold Born? from The Blue Diamond newsletter Winter 2008 *
NASA scientists suggest that it could come from space. The abundance of gold on Earth appears to be too vast to be the result of early universe formation. One theory is that collisions of neutron stars cause the formation of neutron-rich elements, like gold.
Your jewelry could be a souvenir from one of the most powerful and dynamic explosions in the entire universe. Wow!
*If you would like to subscribe to The Blue Diamond newsletter, the official and original newsletter of Soulmates Jewelry, please email us your mailing address or request an email edition here.
Please direct any comments and/or corrections to: Courtney