Trade Mourns Death of Leo Schachter

Leo Schachter, whose famed international diamond company has borne his name for almost 70 years, has died.

Schachter launched Beck and Schachter Company on New York’s 47th Street in 1952, having learned the trade from his father, Max. The firm became a De Beers sightholder in 1966, and expanded beyond the US to Israel, Africa and the Far East.

It remained a family business, with many of Schachter’s five daughters and five sons-in-law becoming involved. The company moved its main sales and distributions to Tel Aviv in 1982, and in 1984 opened a cutting factory in Botswana. In 2016, the firm — now simply called Leo Schachter — joined Alrosa’s contract-sales program.

“[Schachter] looked you straight in the eye, didn’t say that much, but quietly knew everything,” said Martin Rapaport, Chairman of the Rapaport Group. “He was straight and his advice, soft-spoken, was honest and good. He was generous with his wisdom. Someone you could look up to. I liked him and he liked me. Leo’s passing represents the end of a generation of great diamantaires.”

Schachter was an “icon of the diamond industry” and a longtime member of the Diamond Manufacturers & Importers of America (DMIA), added Ronnie VanderLinden, the DMIA’s president, in a statement.

Source: Diamonds.net

Trade Mourns Death of Leo Schachter

Leo Schachter, whose famed international diamond company has borne his name for almost 70 years, has died.

Schachter launched Beck and Schachter Company on New York’s 47th Street in 1952, having learned the trade from his father, Max. The firm became a De Beers sightholder in 1966, and expanded beyond the US to Israel, Africa and the Far East.

It remained a family business, with many of Schachter’s five daughters and five sons-in-law becoming involved. The company moved its main sales and distributions to Tel Aviv in 1982, and in 1984 opened a cutting factory in Botswana. In 2016, the firm — now simply called Leo Schachter — joined Alrosa’s contract-sales program.

“[Schachter] looked you straight in the eye, didn’t say that much, but quietly knew everything,” said Martin Rapaport, Chairman of the Rapaport Group. “He was straight and his advice, soft-spoken, was honest and good. He was generous with his wisdom. Someone you could look up to. I liked him and he liked me. Leo’s passing represents the end of a generation of great diamantaires.”

Schachter was an “icon of the diamond industry” and a longtime member of the Diamond Manufacturers & Importers of America (DMIA), added Ronnie VanderLinden, the DMIA’s president, in a statement.

Source: Diamonds.net

First ever rough laboratory grown diamonds go on tender

The Dubai Multi-Commodities Centre, or DMCC, will host the first-ever rough laboratory grown diamonds tender on its Dubai Diamond Exchange.

The tender is organised and managed by Tony’s Auction World – diamond traders based in Hong Kong – with viewings of Chemical Vapour Deposition (CVD) rough lab-grown diamonds – approximately 50 000 carats in 55 parcels – taking place on 11, 12 and 13 May.

As a member of the World Federation of Diamond Bourses (WFDB), the Dubai Diamond Exchange is subject to all the organisation’s laws and must be compliant with its stringent regulations.

“Our commitment to facilitating open and transparent trade is unwavering, as is our support for the natural diamond industry.

Ensuring the integrity of the sales process is of paramount importance, and that is why lab-grown diamonds tenders will only take place on the exchange trading floor when both the seller and buyer can clearly evidence that the disclosure, detection and differentiation process has been adhered to,” says Ahmed Bin Sulayem, executive chairman and CEO of DMCC.

According to the exchange and its ‘Code of Business Conduct’, all tender participants must follow a robust due diligence process and provide evidence that lab-grown diamonds are sold and stored separately to natural diamonds.

Tender participants are required to clearly disclose and differentiate the product, with lab-grown diamonds and natural diamonds traded entirely separately.

Scientific equipment commonly available in certification labs across the world can clearly and easily identify laboratory grown diamonds and distinguish them from the natural product.

Research indicated that laboratory grown diamonds make up around 2% of the total diamond jewellery market, but production is growing by 15-20% a year.

“We are proud to stage in Dubai the first laboratory-grown diamonds tender in the world. Lab-grown diamonds offer a different value proposition to natural diamonds and trading them in a regulated and open platform increases the transparency and legitimacy of the sales process,” concludes Rushabh Mehta, CEO of Tony’s Auction World.

Source: DCLA

First ever rough laboratory grown diamonds go on tender

The Dubai Multi-Commodities Centre, or DMCC, will host the first-ever rough laboratory grown diamonds tender on its Dubai Diamond Exchange.

The tender is organised and managed by Tony’s Auction World – diamond traders based in Hong Kong – with viewings of Chemical Vapour Deposition (CVD) rough lab-grown diamonds – approximately 50 000 carats in 55 parcels – taking place on 11, 12 and 13 May.

As a member of the World Federation of Diamond Bourses (WFDB), the Dubai Diamond Exchange is subject to all the organisation’s laws and must be compliant with its stringent regulations.

“Our commitment to facilitating open and transparent trade is unwavering, as is our support for the natural diamond industry.

Ensuring the integrity of the sales process is of paramount importance, and that is why lab-grown diamonds tenders will only take place on the exchange trading floor when both the seller and buyer can clearly evidence that the disclosure, detection and differentiation process has been adhered to,” says Ahmed Bin Sulayem, executive chairman and CEO of DMCC.

According to the exchange and its ‘Code of Business Conduct’, all tender participants must follow a robust due diligence process and provide evidence that lab-grown diamonds are sold and stored separately to natural diamonds.

Tender participants are required to clearly disclose and differentiate the product, with lab-grown diamonds and natural diamonds traded entirely separately.

Scientific equipment commonly available in certification labs across the world can clearly and easily identify laboratory grown diamonds and distinguish them from the natural product.

Research indicated that laboratory grown diamonds make up around 2% of the total diamond jewellery market, but production is growing by 15-20% a year.

“We are proud to stage in Dubai the first laboratory-grown diamonds tender in the world. Lab-grown diamonds offer a different value proposition to natural diamonds and trading them in a regulated and open platform increases the transparency and legitimacy of the sales process,” concludes Rushabh Mehta, CEO of Tony’s Auction World.

Source: DCLA

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