Rosendorff jewellers goes into administration

One of Western Australia’s premier luxury businesses, Rosendorff Diamond Jewellers, has been placed into receivership.

A massive liquidation sale of more than $9 million worth of diamonds and fine jewellery will begin on Friday.

More than 110,000 Western Australian couples have celebrated a special occasion featuring a piece of Rosendorff’s fine jewellery.

An announcement to the Australian Securities and Investments Commission (ASIC) said a meeting of creditors was set to get under way at 11am Thursday.

Richard Tucker of KordaMentha Restructuring, appointed receivers and managers of Rosendorff Diamond Jewellers, said the business was holding too much stock.

“We are running a short highly discounted sale through the store to materially reduce the current stock levels whilst a sale or recapitalisation of the business is pursued,” Mr Tucker said.

“It is a tremendous opportunity to acquire a very special jewellery item at very competitive prices and may also help save an iconic Perth jeweller.”

He said a secured creditor would support the receivers to ensure current special orders, repairs and lay-bys were completed in time for the special occasions they might be destined for.

I have always loved the mystique of diamonds. I’m attracted to the joy and romance they bring to their beholders

Craig Rosendorff “From proposals, to weddings and anniversaries, we understand the importance and significance these items have on people’s special memories,” Mr Tucker said.

Daniel Hillston Woodhouse of FTI Consulting has been appointed as administrator.

Rosendorff is an iconic West Australian luxury business specialising in diamonds and bespoke jewellery design headed by Craig Rosendorff.

In 1975 Mr Rosendorff renamed and launched what became one of the longest-standing diamond companies in Australia.

His rags to riches story has been dubbed The Diamond Dream.

“I have always loved the mystique of diamonds,” he says on the company’s website.

“I’m attracted to the joy and romance they bring to their beholders, the heritage and their connection to families across generations.”

The large, glamorous showroom in the centre of Perth on Hay Street has been the setting of many magnificent parties and events showcasing the designs of the Rosendorff team.

Mr Tucker said gift cards and store credits would be honoured while trade continues.

Source: watoday

Rosendorff jewellers goes into administration

One of Western Australia’s premier luxury businesses, Rosendorff Diamond Jewellers, has been placed into receivership.

A massive liquidation sale of more than $9 million worth of diamonds and fine jewellery will begin on Friday.

More than 110,000 Western Australian couples have celebrated a special occasion featuring a piece of Rosendorff’s fine jewellery.

An announcement to the Australian Securities and Investments Commission (ASIC) said a meeting of creditors was set to get under way at 11am Thursday.

Richard Tucker of KordaMentha Restructuring, appointed receivers and managers of Rosendorff Diamond Jewellers, said the business was holding too much stock.

“We are running a short highly discounted sale through the store to materially reduce the current stock levels whilst a sale or recapitalisation of the business is pursued,” Mr Tucker said.

“It is a tremendous opportunity to acquire a very special jewellery item at very competitive prices and may also help save an iconic Perth jeweller.”

He said a secured creditor would support the receivers to ensure current special orders, repairs and lay-bys were completed in time for the special occasions they might be destined for.

I have always loved the mystique of diamonds. I’m attracted to the joy and romance they bring to their beholders

Craig Rosendorff “From proposals, to weddings and anniversaries, we understand the importance and significance these items have on people’s special memories,” Mr Tucker said.

Daniel Hillston Woodhouse of FTI Consulting has been appointed as administrator.

Rosendorff is an iconic West Australian luxury business specialising in diamonds and bespoke jewellery design headed by Craig Rosendorff.

In 1975 Mr Rosendorff renamed and launched what became one of the longest-standing diamond companies in Australia.

His rags to riches story has been dubbed The Diamond Dream.

“I have always loved the mystique of diamonds,” he says on the company’s website.

“I’m attracted to the joy and romance they bring to their beholders, the heritage and their connection to families across generations.”

The large, glamorous showroom in the centre of Perth on Hay Street has been the setting of many magnificent parties and events showcasing the designs of the Rosendorff team.

Mr Tucker said gift cards and store credits would be honoured while trade continues.

Source: watoday

Pandora Cuts 1,200 Jobs as Sales Drop

Pandora will push ahead with a total overhaul of its business, after sales weakened in the first quarter.

Global sales fell 6% year on year to DKK 4.8 billion ($720.5 million) for the January to March period, the Danish charm maker reported Tuesday. Revenue in the US slipped 12% in local currency to DKK 977 million ($146.5 million), while sales in China rose 15% to DKK 548 million ($82.2 million). Global net profit declined 31% to DKK 797 million ($119.5 million).

The company plans to lay off approximately 1,200 employees at its Thailand manufacturing facility. Those cuts are in addition to the 700 workers it dismissed from the factory in February. It will also reduce some workers’ hours, aiming to save a combined DKK 600 million ($90 million) in 2019.

Pandora attributed the weak first quarter performance to its unsuccessful consumer and marketing strategies. As part of a transformation, the company will offer fewer discount promotions, reduce its inventory, and minimize the design variations it carries in stores.

Additionally, the retailer plans to increase its marketing in certain countries, including the UK, Italy and China, to reach consumers more effectively. The campaigns will be consolidated through one advertising agency, which will provide Pandora with a clear brand, it said. The company has also recently launched new campaigns featuring celebrities and influencers.

The strategy shift, which began in the first quarter, “is progressing rapidly, and is creating a real transformation of our business, culture and organization,” said Anders Boyer, Pandora’s chief financial officer. “As expected, the first quarter was characterized by continued weak like-for-like [figures], further burdened by our deliberate commercial reset.”

During the quarter, the company opened a net eight concept stores, down from 39 in the same period last year. It plans to close 50 stores that were not making profits. Pandora expects sales to fall 3% to 7% this year, it said.

Source: Diamonds.net

Pandora Cuts 1,200 Jobs as Sales Drop

Pandora will push ahead with a total overhaul of its business, after sales weakened in the first quarter.

Global sales fell 6% year on year to DKK 4.8 billion ($720.5 million) for the January to March period, the Danish charm maker reported Tuesday. Revenue in the US slipped 12% in local currency to DKK 977 million ($146.5 million), while sales in China rose 15% to DKK 548 million ($82.2 million). Global net profit declined 31% to DKK 797 million ($119.5 million).

The company plans to lay off approximately 1,200 employees at its Thailand manufacturing facility. Those cuts are in addition to the 700 workers it dismissed from the factory in February. It will also reduce some workers’ hours, aiming to save a combined DKK 600 million ($90 million) in 2019.

Pandora attributed the weak first quarter performance to its unsuccessful consumer and marketing strategies. As part of a transformation, the company will offer fewer discount promotions, reduce its inventory, and minimize the design variations it carries in stores.

Additionally, the retailer plans to increase its marketing in certain countries, including the UK, Italy and China, to reach consumers more effectively. The campaigns will be consolidated through one advertising agency, which will provide Pandora with a clear brand, it said. The company has also recently launched new campaigns featuring celebrities and influencers.

The strategy shift, which began in the first quarter, “is progressing rapidly, and is creating a real transformation of our business, culture and organization,” said Anders Boyer, Pandora’s chief financial officer. “As expected, the first quarter was characterized by continued weak like-for-like [figures], further burdened by our deliberate commercial reset.”

During the quarter, the company opened a net eight concept stores, down from 39 in the same period last year. It plans to close 50 stores that were not making profits. Pandora expects sales to fall 3% to 7% this year, it said.

Source: Diamonds.net

Jennifer Lopez wore Harry Winston jewellery worth $8.8 million to the Met Gala

Jennifer Lopez attended the 2019 Meta Gala with her new fiancé Alex Rodriguez, and she was dressed in head to toe sparkles.

If her plunging Versace gown complete with a thigh high slit, iridescent platform heels, silver clutch, and shimmering headdress weren’t enough.

Jennifer Lopez was dripping in Harry Winston diamond jewellery which was worth $US8.8 million

Harry Winston’s “Purple Dragon Necklace,” which weighs in at a whopping 129.48 carats.

Jennifer Lopez wore Harry Winston jewellery worth $8.8 million to the Met Gala

Jennifer Lopez attended the 2019 Meta Gala with her new fiancé Alex Rodriguez, and she was dressed in head to toe sparkles.

If her plunging Versace gown complete with a thigh high slit, iridescent platform heels, silver clutch, and shimmering headdress weren’t enough.

Jennifer Lopez was dripping in Harry Winston diamond jewellery which was worth $US8.8 million

Harry Winston’s “Purple Dragon Necklace,” which weighs in at a whopping 129.48 carats.

Pink Diamond Prices Firm in 1Q

Pink fancy-color diamonds outperformed other major color categories in price terms during the first quarter, the Fancy Color Research Foundation (FCRF) said.

“At a time of diamond-market uncertainty, fueled by growing white-diamond inventory and the emergence of lab-grown diamonds, most categories of fancy-color diamonds are showing continued pricing stability, with the pink segment posting slight price increases,” said Oren Schneider, an FCRF advisory board member.

Prices for pinks grew 0.5% quarter on quarter for the three months ending March 31, according to the FCRF, which released its quarterly Fancy Color Diamond Index (FCDI) last week. By contrast, overall prices of blue fancy-color diamonds, which previously held the top spot, declined 0.2% compared to the previous quarter. Yellows slipped 1.5%, causing the overall index for fancy-color diamonds to fall 0.2%.

“The color-diamond market as a whole is in a slowdown, following the hyper price rises of the past years,” added Alan Bronstein, president of the Natural Color Diamond Association. “Demand always goes through cycles where values rise and fall.”

Diamonds weighing 1 carat showed the best performance in both the fancy-yellow and fancy-intense-blue categories during the quarter, according to the FCRF. The segment was led by the 3- and 5-carat vivid-pink categories, which increased by an average of 3.1%.

In February, the FCRF predicted a rise in the price of yellow diamonds for 2019, as Dominion Diamond Mines’ Ekati deposit — one of the main suppliers of those stones — transitions from open-pit to underground mining. The group cautioned there would be a shortage of supply during the transition phase.

The Fancy Color Diamond Index tracks prices of yellow, pink and blue fancy-color diamonds in Hong Kong, New York and Tel Aviv.

Source: Diamonds.net