The Jewelry District: Recent Episodes
JCK
A podcast by JCK magazine and JCKonline about industry news, trends, interviews, and more. Hosted by JCK editor-in-chief Victoria Gomelsky and news director Rob Bates.
In this latest episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates cover a highly exclusive watch collector event called Rolliefest, where guests don’t even find out where they’re meeting until just before. There, Victoria met passionate watch collectors, admired their highly unique timepieces, and even shared some of her own. Rob is watching the tariff space as he reports on a new exemption that gives the jewelry industry a much-needed—if minor—break. The hosts also discuss the ongoing sale of Anglo American’s majority stake in De Beers, and the mechanics of Botswana making a play for ownership.
Title Sponsor: Nivoda (nivoda.com)
Sponsor: De Beers (adiamondisforever.com)
In this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates share interviews they did live at Converge—a combination of AGS Conclave and GIA Symposium at GIA’s campus in Carlsbad, California. They checked in with Elyssa Jenkins-Pérez, Katherine Bodoh, Elizabeth Gibson, Georgie Gleim, Sara Murphy, Elizabeth West, Pinny Gniwisch, and Terry Chandler.
They get these experts’ points of view on a gamut of topics: trends they’re stocking up on for the holidays; how the industry is handling lab-grown diamonds; the benefits and drawbacks of AI; and key takeaways from the packed agenda of professional development and education offered. Follow along with our Q&As to be a fly on the wall at the event or if you attended, check in with fellow jewelry industry professionals.
Sponsor: Jewelers Mutual (assetprotection@jminsure.com)
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates sit down with Scott Guginsky, executive vice president of Jewelers Security Alliance (JSA), a non-profit trade association dedicated to battling jewelry crime. Scott, a decorated former NYPD detective sergeant, brings listeners up to speed on the latest high-tech robberies and a recent rash of smash-and-grabs. He offers advice on how to protect yourself, your team, and your livelihood. Do: Get insurance. Don’t: Fight back during a robbery.
Sponsor: Jewelers Mutual (jewelersmutual.com)
In this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss the fallout from steep new tariffs imposed on India, the likely short- and long-term effects on the watch market from tariffs on Swiss exports, and the constant shuffle those in the jewelry industry face as they attempt to navigate the administration’s ever-shifting tariff policy. Next, Victoria updates listeners on an exciting resurgence in American watchmaking. Rob and Victoria close the podcast with a report on changes at the top levels of Ben Bridge and Kendra Scott.
Sponsor: Nivoda (nivoda.com)
In this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Andy Koehn, owner of Wisconsin-based family jeweler Koehn & Koehn Jewelers. The veteran retailer and diehard classic rock fan shares his philosophy on how a store is like a stage, and its staff is like a band. (Even Mick Jagger relies on discipline and preparation to keep Rolling Stones fans coming back.) Like Rob, Andy is a writer in his spare time. He brings listeners up to speed on his new, no-b.s. ring-buying guide for guys and share some clever insights on what the diamond market needs now.
Sponsor: Nivoda (nivoda.com)
In this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss outgoing Natural Diamond Council president David Kellie’s legacy and the challenges ahead for the NDC. Victoria reports on several exquisite new pieces from the high jewelry world, including a million-dollar Mellerio necklace inspired by Marie Antoinette and Boucheron’s ghostly albino thistles, remarkable for their delicacy and the incorporation of nontraditional materials. Finally, Rob reveals the inspiration for his newest mystery novel, Making a Killing in Diamonds.
Sponsor: Jewelers Mutual (jewelersmutual.com/solutions)
In this week’s episode, JCK editor-in-chief Victoria Gomelsky and news directorRob Bates talk with Beth Hutchens, founder and creative director of FoundRae. Beth explains how growing up on the Mexican border instilled a deep appreciation for mysticism in her at an early age, and how this guides her design aesthetic. She shares her strategies for navigating challenging times, dealing with copycats, and coping with soaring gold prices. Finally, she touches on the importance of brick-and-mortar retail and her commitment to supporting freedom of expression.
Sponsor: Jewelers Mutual (jewelersmutual.com/solutions)
In this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates share their thoughts and observations from the 2025 JCK Show. The hosts discuss the overall mood (upbeat), style trends (bold gold!), and their favorite highlights (the people!) from this year’s annual event in Vegas. Both always come away learning something new from the education offered. Victoria covers takeaways from a panel on the preowned watch market while Rob offers insights into the diamond industry from President Boko of Botswana, the De Beers breakfast, and the World Federation of Diamond Bourses event which he attended shortly after the show.
Sponsor: Jewelers Mutual (jewelersmutual.com/solutions)
In this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates share interviews they did live on the 2025 JCK Show floor. They checked in with Cathy Calhoun, Rebecca Foerster, Marie-Claire Daveu, Minister Bogolo Kenewendo and other industry professionals, about the state of natural diamonds, gold prices, consumer trends and more.
Sponsor: IGI (igi.org/education)
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss Victoria’s recent trip to Paris as a guest of Japanese watchmaker Credor to celebrate the brand’s update on a classic Gérald Genta timepiece from 1979. Next, the pair gear up for JCK Las Vegas by highlighting some of the exciting events on their show agenda, from Rob moderating an expert panel on cybercrime and security to Victoria reporting on emerging jewelry trends from the show floor. Other highpoints on the lineup include a keynote speech from Disney’s former head of innovation and live performances by Jason Derulo and Snoop Dogg.
Sponsored by IGI: igi.org/education
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Marc Bridge, CEO and founder of online jewelry platform At Present. A fifth-generation scion of the Ben Bridge family, Marc describes a life in the industry that began with cleaning jewelry cases as soon as he was tall enough to reach them, included a memorable cross-country trip to deliver homemade cookies to Warren Buffett, and spanned decades as a problem solver for the family firm. He urges the industry to sharpen its storytelling skills in order to deepen consumers’ appreciation for gems and explains his role as matchmaker through At Present, connecting jewelry lovers who crave unique pieces with the artisans who create them.
Presenting sponsor: IGI (igi.org/education)
Sponsor: Nivoda (nivoda.com)
On The Jewelry District’s second video podcast, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview Susan Jacques, outgoing president and CEO of GIA. Susan recounts her fascinating journey from growing up in Africa to a life-changing GIA course to an unlikely move to Omaha, where she helmed Borsheims and reported to Berkshire Hathaway CEO Warren Buffett. She even spent a day behind the counter with the billionaire investor. Susan also discusses GIA’s mission, her decision to retire, what the industry must do to avoid a crisis of consumer confidence in diamonds, and the upcoming AGS/GIA Converge conference.
Watch here: https://youtube.com/watch?v=MGxfPtfKj_I
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates explore the ramifications of the staggering rise in gold prices and share a strategy jewelers can use to offer gold at more palatable prices. (Hint: Think vintage.) Next, the conversation turns to tariffs. What’s ahead? What’s the best way to navigate it? Jewelers learned to pivot during the pandemic, and that agility will help them weather today’s volatile times, Rob and Victoria predict. They wrap up the conversation with a preview of what to expect when JCK Las Vegas kicks off in June.
Presenting sponsor: IGI (igi.org/education)
Sponsor: Nivoda (nivoda.com)
In this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates Victoria discuss highlights from Watches and Wonders, including a Bremont relaunch, new Bulgari pieces, and Rolex’s first new collection in 13 years. “Rolex has really thrown down the gauntlet,” with its new Dynapulse escapement, Victoria reports. Next, the pair analyze the effect the U.S. administration’s initial tariff announcements had on the jewelry industry (confusion and worry) and offer some perspective on what may lie ahead in a time of rapid change and continuing uncertainty.
Presenting sponsor: IGI (igi.org/education)
Sponsor: Nivoda (nivoda.com)
In The Jewelry District’s first-ever video podcast, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates sit down with JCK managing editor Melissa Rose Bernardo to discuss buzzworthy trends in categories from colored stones to diamonds. With JCK Las Vegas opening on June 6 and Luxury on June 4, it’s the ideal time to catch up on the latest looks, from creative new gold and pearl earrings to Mocha Mousse gems and Guatemalan jade. JCK’s experts also analyze what surging gold prices mean for retailers and designers and share a silver lining of tumultuous times—jewelry as an emotional support purchase.
Watch here: https://youtube.com/watch?v=LymEiIA_QIU
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with J.K. Symancyk, CEO of Signet Jewelers. J.K. shares his beginnings, from a theater major and aspiring lawyer to specialty retailer mogul, and what customers of sporting goods and pet supply stores have in common with jewelry store shoppers (which is actually much more than you might think!). The hosts and J.K. also dive into the details of Signet’s new strategy, “grow brand love,” what it means for Signet’s big three brands, Jared, Kay and Zales, the importance of the shift from banners to brands, differentiating the lab-grown and natural diamond categories, and the ever-evolving future of brick-and-mortar stores.
Presenting Sponsor: IGI (igi.org/education)
Sponsor: Nivoda (nivoda.com)
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates recap highlights from NYC Jewelry Week, including takeaways from The Plumb Club’s Symposium ’25 that leaders everywhere can apply to help their businesses succeed. Rob brings listeners up to speed on how the ever-changing tariff news could impact the jewelry industry and shares emerging trends from the diamond market. Finally, Victoria discusses the most-talked-about rumors and reports from the watch world, including acquisitions, major management shifts shaking up the top players, and buzz about a potential new line from Rolex.
Sponsored by IGI: igi.org/education
On this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss highlights from the colored gem shows in Tucson, where designers were buzzing over Guatemalan jade. Rob updates listeners on big news from De Beers, which sealed a 10-year deal with Botswana and saw its value written down significantly. In other news, one of Signet’s largest shareholders has called for a sale of the company. Rob offers insights into the factors driving these headline-making stories. Finally, Victoria reports on the state of the Swiss watch industry as Audemars Piguet marks its 150th anniversary.
Sponsored by IGI: igi.org/education
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview John Green, president and CEO of Lux Bond & Green, a fifth-generation family-owned jewelry store based in Connecticut. John, winner of the 2025 Gem Award for Lifetime Achievement, recounts the story of a 127-year retailing tradition in his family. He also offers insights into noteworthy trends he's seeing on the sales floor.
Sponsored by IGI: igi.org
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss LVMH’s recent annual Watch Week in New York City. Highlights include Tiffany’s dazzling 13-foot Bird on a Rock sculpture, cutting-edge clocks in the shape of cars and grenades from L’Epée, and a mini miracle—a tiny mechanical Bulgari Serpenti watch. Next, Victoria and Rob share some perspective on recent reports about trouble at LVMH and downturns in the Swiss watch market. Finally, the pair honor a jeweler with a heart of gold, the late Harvey Rovinsky of Bernie Robbins.
Sponsored by IGI: igi.org
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview our first-ever father-daughter guest duo, Richard “Dick” Hughes and Billie Hughes, co-founders of Lotus Gemology, a full-service colored gemstone testing lab based in Bangkok. The pair give listeners an insider’s guide to the complex world of colored stones. Why is describing faceted color gemstones “pure hell”? (“It’s like trying to describe the wind,” in Dick’s words.) How do experts really detect treated stones? Bonus: Find out how you can learn more from these experts in Tucson.
Sponsored by IGI: igi.org
Victoria Gomelsky and Rob Bates discuss recent holiday sales results and weigh in on what 2025 may bring for jewelers as a new administration takes office, tariffs loom on the horizon, and gold prices remain high. Also discussed is the latest news from De Beers after a less-than-banner year, Rob’s upcoming mystery novel (the final installment of his Diamond District series), and how factors such as Pantone’s Color of the Year and the Year of the Snake may—or may not—impact jewelry design.
Sponsored by IGI: igi.org
Victoria Gomelsky and Rob Bates talk with veteran human rights activist and author Ian Smillie, one of the architects of the Kimberley Process. Ian’s unlikely career began when he volunteered to teach high school in Sierra Leone more than 50 years ago and led him to become one of the leading advocates for ending the blood diamond trade. Ian discusses his quest to improve life for artisanal miners, the threats they face from the rise of lab-grown stones, and his new memoir on a life dedicated to combatting global poverty.
Sponsored by Tracr: tracr.com
On this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss potential ramifications of Botswana’s regime change for De Beers and American jewelers. Next, Victoria recounts her adventures in Geneva, where she was a juror for the Grand Prix de Horlogerie de Genève (GPHG), the world’s most prestigious watchmaking competition. Finally, the pair shed light on what to expect this holiday sales season—and in the year ahead. Hint: buckle your seatbelt.
Sponsored by Tracr: tracr.com
On this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates catch up with Brooklyn-based designer Bliss Lau, who channels her Hawaiian upbringing, part Chinese heritage, and innovative artistry into her self-titled fine jewelry collections. Bliss discusses early career challenges, including a low point when an A-lister attempted to appropriate her designs and a career-changing highpoint when Beyoncé wore one of her pieces. She explains her ethics-first approach to sourcing and highlights her latest collection celebrating Mayan jade.
BONUS: Hear a special sponsored mini interview with Howard Stone from Jewelers Mutual, who covers ways to protect your staff and store during the holiday buying season.
Presenting sponsor: Tracr
Sponsor: Jewelers Mutual
Victoria Gomelsky and Rob Bates delve into the launch of Patek Philippe’s Cubitus Collection. Victoria shares insight into the revered brand’s vision for its new timepieces. Next, Rob explains the philosophy behind a moving new ad campaign by De Beers and Signet for natural diamonds. Finally, Victoria reports on a visit to Roberto Coin in Vicenza, replete with kilos of gold and a masquerade ball.
Sponsored by Tracr: tracr.com
On this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates sit down with Stephanie Gottlieb, founder and creator of Stephanie Gottlieb Fine Jewelry, to hear how she built her business by tapping into the power of social media, what’s ahead for the brand, why she’s passionate about natural diamonds, and her picks for holiday bestsellers.
BONUS: Hear a special sponsored mini interview with Jewelers Mutual Information Security Offer Grant Hansen about the most common cybercrimes and provides security tips to help jewelers avoid them.
Presenting Sponsor: Tracr
Sponsor: Jewelers Mutual
On this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss Signet CEO Gina Drosos’ impending retirement, reflect on her successes over the past seven years, and speculate on what’s ahead for new CEO J.C. Symancyk. Next, the conversation turns to Victoria’s recent New York Times report on the coming-of-age of independent watchmakers. These once-struggling fringe creatives are having a mainstream moment, partnering with major players in the luxury sector and seeing their pieces sell at auction for over a million dollars.
Sponsored by Tracr: tracr.com
On this week's episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Julia Hackman Chafé, social media manager at Intercolor USA.
And hear a special sponsored mini interview with Howard Stone from Jewelers Mutual, who talks store security and loss prevention.
Presenting Sponsor: Tracr
Sponsor: Jewelers Mutual
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk Victoria’s tour of a Montana sapphire mine and some consolidation occurring in the lab-grown diamond industry.
Sponsored by Tracr: tracr.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Greg Verras, watch design director for Shinola, a Motor City icon beloved for its “built in Detroit” timepieces. Greg shares his unlikely journey from a skateboard startup in his garage to high-end watch designer. He touches on what inspires new Shinola timepieces and collections, the hallmarks that make them uniquely American (casual accessibility meets heirloom quality), the wisdom of approaching new trends with care and caution, and the power of storytelling to sell product.
Sponsored by Tracr: tracr.com
On this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates question whether the Paris Olympics suffered from overbranding and ponder what it means for future games, before discussing recent missteps at Tiffany & Co. and a flurry of C-suite changes at luxury watch brands. Next, Victoria explains how and why jewelry brands are tapping into the travel boom with shops in airports and aboard cruise ships. Finally, Rob brings listeners up to speed on Hodinkee’s return to its roots as a watch blog and the factors that prompted it.
Sponsored by Tracr: tracr.com
Victoria Gomelsky and Rob Bates speak with Constance Polamalu, Chief Operating Officer of Zachary’s Jewelers, as well as the owner and founder of both Bloomstone Jewelers and Birthright Foundry. Constance shares her unique entrance into the jewelry industry, as well as the facets of each of her different businesses, from lab-grown diamonds to pieces that represent her American Samoa culture. She also offers insights into selling and interacting with different generations and clientele depending on what jewelry they are looking for.
Sponsored by Tracr: tracr.com
On this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about celebrity watch collectors and investors, such as John Mayer and Jay-Z, and discuss the new Russian sanctions on diamonds that the G7 council is looking to put in place. As well, there are big changes happening at Richemont, with many of the top executives playing musical chairs, and the Saks-Neiman Marcus merger being spearheaded by Richard Baker with Amazon as an investor, raising eyebrows and leading to discussion about other “e-tailers.”
Sponsored by Tracr: tracr.com
This week, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Pippa Small, ethical jewelry designer and founder of Pippa Small Jewellery, based in London. Pippa has traveled extensively and worked to make sure that both her materials and partnerships are sourced with good intentions. Helping people tell stories through jewelry has always been her passion, and she shares her hopes and dreams for her business, the environment, and the people she has met along the way.
Sponsored by Tracr: tracr.com
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates share their reactions to the 2024 JCK show, including their impressions of the states of the diamond and lab-grown diamond sectors, takeaways from the De Beers breakfast, their experiences interviewing Botswana President Mokgweetsi Masisi, and how important it is for producer countries to have a presence at the show. Victoria talks about what she saw and learned from her press trip touring diamond factories in Surat, India with Ben Bridge.
Sponsored by Tracr: tracr.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates share interviews they captured live from the JCK 2024 show floor, including Jan Patrick Smith, CEO of John Hardy; David Kellie, CEO of the Natural Diamond Council; Gina Fahnestock, Senior Associate of Responsible Sourcing and Sustainability at Brilliant Earth; Wesley Tucker, CEO of Tracr; Marie Claire Daveu, Chief Sustainability Officer of Kering; and Susan Jaques, President and CEO of GIA.
Sponsored by Tracr: tracr.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates react to Watches of Switzerland’s recent acquisition of Roberto Coin Inc. As the hosts discuss the slow growth of brands in the jewelry space, Victoria gives the fascinating backstory on Shinola’s Gomelsky watch as an illustration of the challenges of launching a new brand. Victoria covers the exciting activations to look out for on the JCK show floor, all in the name of love—this year’s JCK theme. Both hosts also run down the education sessions that you won’t want to miss this year.
Sponsored by Tracr: tracr.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates welcome one of the most influential guests ever to join the podcast—Al Cook, CEO of De Beers Group. Al shares his back story, comments on the current state of the diamond industry, and sheds light on the future of the diamond business in Botswana as well as what lies ahead for the lab grown market.
Sponsored by Tracr: Tracr.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates share news from their recent trips to Geneva and Austin to attend key industry conferences. At Watches & Wonders, Victoria noted a trend toward red and burgundy watch accents, along with a preponderance of derivative designs rather than radical innovations. She and Rob theorize on the reason for the trend. At a well-attended AGS Conclave, lab-grown diamonds and gold prices were hot topics, and Rob got a fascinating behind-the-scenes tour of a local boutique lab-grown producer.
Sponsored by De Beers: institute.debeers.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with forecasting expert Nancy Leach, co-founder of the consulting firm Gemedge Studio, which helps companies develop strategy and initiatives to drive business growth.
Sponsored by De Beers: institute.debeers.com
The hosts discuss a Ukrainian designer's account of war in her country, the issues with Russian diamond sanctions, and salute retiring Jewelers' Security Alliance president John Kennedy.
Presenting sponsor: De Beers (institute.debeers.com)
Sponsor: Nivoda (nivoda.com/jdpodcast)
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates speak with Jean-Claude Biver, president of JC Biver and a living legend of the watch world. He regales the hosts on his introduction to the industry 50 years ago; his time at Audemars Piguet; how he revived the historic brand Blancpain; his time running Hublot; and how he brought pizazz to Omega with help from Cindy Crawford and James Bond. He also reflects on how all those experiences are shaping what he and his son are doing at his new venture, the luxury watch brand, JC Biver.
Presenting sponsor: De Beers (institute.debeers.com)
Sponsor: Nivoda (nivoda.com/jdpodcast)
Rob Bates and Victoria Gomelsky talk about Russian diamond sanctions, news from Tucson, and a blogger’s mysterious Instagram suspension.
Sponsored by De Beers: institute.debeers.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Vanessa Fernández, designer, bench jeweler, and owner of Vanessa Fernández Studio.
Sponsored by De Beers: institute.debeers.com
Rob Bates and Victoria Gomelsky talk about a Platinum Guild press trip to Miami, the increasing need for lab-grown diamond detection tools and protocol, and what’s in store at the Tucson gem shows.
Sponsored by De Beers: institute.debeers.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Stanley Zale, Principal Consultant at Hill & Company and grandson of Zale Corporation founder M.B. Zale.
Sponsored by De Beers: institute.debeers.com
Today, Rob Bates and Victoria Gomelsky talk about 2024 predictions, Russian diamond sanctions, and the year in the watch world.
Sponsored by De Beers: institute.debeers.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Tom Chatham, chairman of the board of Chatham Created Gems.
Sponsored by De Beers: institute.debeers.com
Victoria Gomelsky and Rob Bates discuss highlights from an event-packed NYC Jewelry Week. These include a jewelry collective working with artisanal gold miners in Peru, a panel of Indigenous designers channeling cultural traditions into their work, and a Stephanie Gottlieb partnership with De Beers spotlighting diamond provenance. Rob weighs in on whether the Black Friday boom will prove a bellwether for holiday sales then turns the conversation to WWF Switzerland’s annual report on sustainability in the watch and jewelry industry.
Sponsored by De Beers: institute.debeers.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates speak with Olga Oleksenko, founder of the Strong&Precious Art Foundation, which showcases Ukrainian jewelry art and design.
Sponsored by De Beers: institute.debeers.com
Today, Rob Bates and Victoria Gomelsky talk about Victoria’s trip to Istanbul, WD Diamonds, and the history of sustainability in the watch industry.
Sponsored by De Beers: institute.debeers.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates welcome Edahn Golan, diamond industry analyst as well as owner and manager of Edahn Golan Diamond Research and Data and managing partner of Tenoris.
Sponsored by De Beers: institute.debeers.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates pay tribute to former JCK editor Hedda Schupak, who passed away this month. An industry icon as well as a mentor to Victoria and Rob, Hedda steered the magazine successfully through major changes in the early 2000s and played a key role in the early days of its annual Las Vegas trade show. Rob updates listeners on the latest news in Russian diamond sanctions, and Victoria shares highlights from her recent trip to Japan to visit Grand Seiko’s studio in the mountain town Shizukuishi.
Sponsored by De Beers: institute.debeers.com
Victoria Gomelsky and Rob Bates interview Monica Stephenson, founder and president of ANZA Gems.
Sponsored by De Beers: institute.debeers.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates delve into hot topics from the world of luxury watches, starting with Rolex’s recent acquisition of Bucherer and its potential implications for retailers. Next the conversation turns to Audemars Piguet’s latest AP House. Finally, Rob shares some encouraging news about a flurry of brick-and-mortar retail openings this year and dishes on the newest installment in his Diamond District mystery book series.
Sponsored by De Beers: institute.debeers.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview acclaimed designer New York designer Lorraine West, whose handcrafted contemporary fine jewelry has earned the admiration of Grammy winners and Hollywood A listers—not to mention Sotheby’s and De Beers. Lorraine recounts the early days of selling her designs on the street in Soho, the bold moves that helped launch her successful career and convinced a music icon to become an early supporter, the unexpected gift she still treasures, and the art of giving back.
Sponsored by De Beers: institute.debeers.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates dive into the hottest trends ahead, from more Barbie-fueled obsession with pink to nostalgic necklaces. (Think Rubik’s Cubes, robots, and all things ’80s.) Equally newsworthy is the luxury world’s laser focus on bigger, better brick and mortar—a high-end land grab that belies the digital-first future predicted during the pandemic. Finally, some of the world’s most elite watch brands are tuning in to hip-hop, EDM, and both genres’ massive hype-building power.
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates sit down with Jeffrey Post, research associate and curator emeritus, to hear where his love for minerology began. Jeffrey describes a visitor’s experience to the Smithsonian’s National Museum of Natural History as well as some of the stories attached to the gems he has encountered over the course of his 32 years as its curator of gems and minerals (including a once-in-a-lifetime chance to study the famous Hope and Wittelsbach Graff diamonds side-by-side).
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss Victoria’s recent custom ring experience, the State of the Art Jewelry Summit, and commemorate the 100th episode of The Jewelry District.
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates sit down with Jeffery Bolling of Colorado-based Jeffery B. Jewelers about his journey from serving in the U.S. Army to selling diamonds to becoming Colorado’s only African American–owned fine diamond, full-service jeweler.
Just back from JCK Las Vegas, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates recap highlights from the big event, where they were delighted to see a return to the liveliness of pre-COVID shows. Diamond trends were a hot topic among attendees and exhibitors, so Victoria and Rob delve into a range of buzzworthy diamond-related observations from Vegas. Among them: Lightbox’s foray into lab-grown engagement rings and how intensifying focus on the three P’s (provenance, people, and planet) is reshaping the industry.
Sponsored by De Beers: institute.debeers.com
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates sit down with Jeffery Fowler, CEO of the influential watch website Hodinkee to learn how the company got its unusual name and to hear about the path that led him to it. Jeff also speculates on the reason mechanical watches inspire such lasting passion (they’re science projects wrapped in history projects wrapped in art projects), offers predictions for the booming pre-owned watch market, and explains why good retailers are the best brand ambassadors.
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates recap highlights from Tiffany & Co.’s star-studded party to mark the reopening of the Fifth Avenue flagship store, where a once homey vibe has been replaced by a sleek temple to luxury. Rob shares an update from AGS Conclave along with insights about the trending topic of ChatGPT and its potential for the industry. Finally, the two compare notes on which events they’re most excited to check out at JCK Las Vegas.
Sponsored by De Beers: institute.debeers.com
Show Notes
01:45: Tiffany’s Night to Remember
12:53: Smart Ways to Harness A.I.
21:35: All Eyes on JCK Las Vegas
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: @jckmagazine; institute.debeers.com
Show Recap
A night to remember marks the dawn of a new era for Tiffany & Co.
The fete for Tiffany & Co.’s reopened New York City flagship on April 27th was even flashier and splashier than expected, Victoria reports. Close to 1,200 guests turned up at the Landmark, while tourists thronged Fifth Avenue to catch a glimpse of A-listers like Blake Lively, Zoë Kravitz, and Mark Wahlberg on the red carpet.
After more than three years in the works, the spectacular new flagship looks nothing like the Tiffany’s store of old, Victoria says. The Landmark is filled with light wood, glass, digital screens, custom artworks, a dramatic curvilinear staircase, and, of course, beautiful jewelry. Victoria’s first stop was the seventh floor, which houses gemstone masterpieces like Bird on a Rock broaches and the Patek Philippe salon. Nearly as awe-inspiring as the gems was the sheer amount of wealth of the guests in attendance, she says.
The Fifth Avenue icon was long venerated as a democratic slice of Americana, Rob notes—a place where anyone could feel at home admiring the pieces on display. He wonders if the Landmark will be as welcoming. That depends on what kind of person you are, Victoria surmises. Sleek and grand, this indisputable temple to luxury may well intimidate certain shoppers. Then again, it’s bound to be a tourist attraction—and there are affordable items to be had, she notes. (The entry price for a silver Return to Tiffany bracelet is $250.) For those confident or curious enough to be undaunted by the glamor, Victoria says it’s well worth popping up to the seventh floor to admire the art, the odes to Tiffany windows, the digital Audrey Experience with a replica of Hepburn’s black Givenchy dress from Breakfast at Tiffany’s, and original notes from the Truman Capote novella that inspired the film.
Want more detail? Read Victoria’s full report on the party.
A.I. update: smart ways to harness artificial intelligence
Next, Rob shares highlights from the recent American Gem Society Conclave, where he found himself socializing without fear of COVID for the first time in several years.
Despite warning signs like inflation and bank failures—and waning from the boom of 2020 and 2021—jewelry businesses are holding up well based on the buzz at Conclave, Rob says. Traceability and lab-grown diamonds were much discussed, but the session that piqued his interest most was on ChatGPT. He found an example shared by business consultant Ford Saeks particularly compelling because it demonstrated A.I.’s potential value as a customer service tool. When Saeks asked ChatGPT to craft an email to a disgruntled customer, the recipient was delighted by what seemed like a personalized note. "This is why I like working with you." the customer enthused. “It was ironic,” Rob observes, that what seemed like such a human touch was crafted by a machine.
Rob’s takeaway based on the session and his own experimentation with ChatGPT? “It’s a powerful tool, but to really master it, you have to understand the prompts, capabilities, and limitations,” he cautions. “As far as factual accuracy, it’s wrong more often than right.”
Rob and Victoria debate what A.I. means for the future of their work and journalism in general. While it may usurp basic writing tasks, Victoria considers the threat minimal, because machines can't replicate reporters. “ChatGPT isn’t about to call up 10 different sources and distill their conversations into pearls of wisdom and weave that into a story,” she concludes.
On the other hand, the technology may have big-picture cultural implications most of us haven’t even considered yet. She cites New York Times columnist and podcaster Ezra Klein, who recently pointed out that since A.I. focuses on culling existing content and data, increasing reliance on it could lead us to rehash things we already know rather than searching for new knowledge. “What does that do for us as a society?” Victoria asks.
All eyes on JCK Las Vegas
The conversation shifts to Las Vegas, as excitement builds for the Luxury by JCK show (May 31–June 1) and JCK Las Vegas (June 2–5). Rob wants to catch the educational sessions on ChatGPT, TikTok, sustainability, and how to do a social media audit. Victoria is eager to get the scoop on DEI (diversity, equity, inclusion), to attend Friday’s Women’s Jewelry Association breakfast on disability inclusion in the industry, and to hear about viral videos at the Innovation Hub’s new Social Stage. She also wants to listen to keynote speakers including Olympic Gold Medal–winning gymnast Dominique Dawes and retail innovator Johnny Earle, a.k.a. Johnny Cupcakes.
Rob will moderate two Hot Topic panels: Friday’s Natural Diamond Updates (featuring speakers from the Natural Diamond Council, the Jewelers Vigilance Committee, and the De Beers Group) and Saturday’s Lab Grown Diamond Updates (with representatives from the International Grown Diamond Association, the International Gemological Institute, and analyst Edahn Golan). Rather than pit the two camps (natural and lab grown) against each other, “we decided to look at these two different segments as individual markets,” he explains.
Other not-to-miss events include Sunday’s Jewelers for Children gala, followed by JCK Rocks, featuring a live performance by country singer/songwriter Andy Grammer.
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates catch up with Lawrence Hess, executive director of The Plumb Club, as the organization finalizes plans for JCK Las Vegas. Lawrence shares his memories of growing up the son of the late great designer Jose Hess and offers a succinct history of The Plumb Club. He also gives listeners a preview of the most intriguing—and encouraging—takeaways from the club’s latest research paper and consumer survey, to be shared at the upcoming JCK show.
Sponsored by De Beers: institute.debeers.com
Show Notes
00:52: Tiffany & Co.’s Landmark Event
03:44: Carrying on the Hess Family Legacy
05:07: Remembering Jose Hess
08:20: Striking Out on His Own
11:08: What’s in a Name?
14:42: A Brief History of The Plumb Club
18:09: The Future Looks Bright
20:31: Three Trends to Watch
24:22: Lab Grown Diamonds in Simple Terms
25:52: Aligning with RJC
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: @jckmagazine; institute.debeers.com
Show Recap
Tiffany & Co.’s Landmark Event
Victoria shares highlights from the Tiffany & Co. extravaganza that marked the Fifth Avenue flagship store’s reopening as the Landmark in April. It wasn’t just the beautiful space and the star-studded guest list that impressed her, but also the obvious wealth of the clientele. One guest sported a Tiffany Blue Dial Limited Edition Patek Phillipe Nautilus watch, which sells for $3 million on the secondary market.
Carrying on a Family Legacy
Victoria and Rob welcome guest Lawrence Hess, executive director of The Plumb Club. Victoria notes that the New York City–based group is one of the industry’s most esteemed organizations, boasting a membership of distinguished manufacturers. Calling in from his office in Englewood, NJ, Lawrence says he is gearing up for JCK Las Vegas, where 50 Plumb Club members will exhibit in the group’s 75,000-square-foot pavilion.
Lawrence is the son of iconic jewelry designer Jose Hess. Victoria asks Lawrence to share his memories of being raised in the business, thanks not just to Jose but also to stepmom Magdalena “Maggie” Hess, a designer in her own right.
Jose instilled a deep love of the industry and its people in his children. “The two most important things to him were family and jewelry,” says Lawrence, who tagged along to work with his dad when he didn’t have school. He recalls his dad’s years as president of The Plumb Club, when early plans for the pavilion covered their dining room table while Jose fine-tuned them.
Rob notes that Jose was renowned for his catchphrases, most famously strong like a bull. “That was his answer to everything, whether things were good or bad,” Lawrence remembers. Many of the designer’s observations are memorialized in The Beauty in All, a book Jose and Maggie co-wrote.
Striking Out on His Own
Another Jose Hess motto was that nothing should be handed to you. So before joining the family business, Lawrence needed real world experience. He earned his gemology degree from GIA and spent the mid-1980s earning his stripes in the jewelry business, from store floor to factory floor.
When he finally joined his father, he felt confident that he brought value to the business in the form of new ideas and perspective. Even so, there was no cushy berth waiting. “I started literally cleaning bathrooms, sorting diamonds, cleaning up the benches in the factory.” Design wasn’t his forte, but Lawrence often weighed in on Jose and Maggie’s creations and discovered that he had a knack for picking winners.
What’s in a Name?
Vic wonders what prompted Jose’s decision to sell his designs under his own name, a bold move at the time. Lawrence says it happened at the dawn of the designer clothing movement. In typical Jose fashion, he summed up his decision quotably: “I remember my father once saying that if Gloria Vanderbilt can put her name on someone’s behind, then I can put my name on a piece of jewelry,” Lawrence recalls.
After Jose sold his business and semi-retired, Lawrence went to work for a family friend who chaired The Plumb Club. When the club created an executive director position, “I felt I could make a difference, so I threw my hat in the ring,” says Lawrence. He’s served as executive director for almost 14 years, helping to grow the group into one of the industry’s premier supply organizations.
A Brief History of The Plumb Club
Flashback to the 1980s, when the industry’s leading trade show took place in New York. Tradition held that suppliers threw competing parties for retailers on Saturday night during the show. That left retailers hopping from event to event, and hosts scrambling to spend quality time with them. Inspiration struck when the competitors combined forces to throw one big party where clients could spend the whole evening. The approach was so successful that the group applied the same concept to exhibiting. When JCK Las Vegas launched, The Plumb Club built its first Las Vegas pavilion. This year marks the club’s 40th anniversary—and its 31st year at JCK.
Lawrence notes that though its roots were as a social club, The Plumb Club has evolved to offer year-round programming that provides education through its Jewelers Resource Center, a comprehensive, searchable database of industry knowledge.
The Future Looks Bright
Plumb Club members are “cautiously optimistic” about the future, according to Lawrence. While the pandemic business boom is slowing, signs point to continued growth in the jewelry industry.
Looking for data to back up those predictions? The Plumb Club will present its third research paper and consumer survey at JCK Las Vegas on Sunday, June 4th, at the Showcase Stage at 11 a.m. Another not-to-miss event on Sunday: The JCK Rocks concert, featuring Andy Grammer, the singer-songwriter behind hits like “Honey, I’m Good.”
Three Trends to Watch
Lawrence shares a trio of noteworthy trends from The Plumb Club’s new research:
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Female self-purchasers are on the rise, with 67% of women making a non-bridal purchase for themselves in 2022.
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Millennials are big spenders. Though they make up just 23% of the world population, they account for 57% of all jewelry expenditures globally. In fact, the average millennial spends 157% more on jewelry than the average American, Lawrence says.
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Sustainability and responsible business practices matter to buyers. Plumb Club research suggests that 71% of consumers are willing to pay more for retailers committed to sustainability, and 69% will pay more to a retailer who demonstrates diversity and inclusivity. “We’ve been talking about sustainability and responsible business practices for years, but that is really now coming to fruition at the cash register,” Lawrence observes.
Lab-Grown Diamonds in Simple Terms
Rob asks what the club’s research shows about lab-grown diamonds. In short, they’re here to stay, Lawrence says. “While natural is still preferred overall, the majority told us they are open either buying or receiving a piece of jewelry with lab-grown diamonds,” Lawrence notes. “The key is in education.”
With almost half of respondents confessing that they don’t really understand the differences between natural and lab-grown diamonds, retailers need to educate themselves—and to be able to give customers a clear, unbiased explanation of the options. Looking for help? The Plumb Club offers a brochure to keep on hand and share with customers.
Aligning with RJC
Victoria asks about The Plumb Club’s requirement that members join the Responsible Jewellery Council. Lawrence says it’s a timely move, given that as consumers ask more questions about responsible business practices, retailers are asking more about how their product is sourced.
That can be a tough question for suppliers. However, once members complete the rigorous RJC certification process, “every retailer can be assured that if they’re doing business with a Plumb Club member, the product they’re purchasing has been vetted to be responsibly sourced.”
Photo courtesy of the Plumb Club
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss the much-anticipated reopening of Tiffany & Co.’s iconic Fifth Avenue store, now called The Landmark. Victoria also reports on her recent trip to Geneva for Watches and Wonders, where traffic was brisk, the mood was upbeat, and Rolex wowed the crowds with unexpected splashes of color and whimsy. Rob updates listeners on what’s new at Signet Jewelers after attending a recent Investors’ Day at the New York Stock Exchange.
Sponsored by De Beers: institute.debeers.com
Show Notes
00:49: Tiffany & Co. Reimagines its Famous Flagship
05:30: Rob Heads to AGS Conclave to Gauge the State of the Industry
07:10: Rolex Brightens a Busy Watches and Wonders Exhibition
15:18: What’s New at Signet Jewelers
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: @jckmagazine; institute.debeers.com
Show Recap
Tiffany Offers a Sneak Peek at its Reimagined Flagship
Victoria seldom flies across the country to attend a party, but she’s making an exception for the much-anticipated reopening of Tiffany & Co.’s Fifth Avenue flagship store on May 27th. After a three-year closure and a complete makeover, what will The Landmark—as it’s now called—look like? Rob remembers visiting the iconic store as a JCK mystery and being surprised to find it warmly welcoming. It was almost homey in those days, he says. Victoria predicts the new iteration will be decidedly sleeker and more luxe since the brand’s target demographic is now considerably more affluent.
“There’s a parallel story about the importance of brick-and-mortar,” Victoria observes. When she interviewed Tiffany CEO Anthony Ledru recently, he called The Landmark “the heart and soul of Tiffany.” The company is putting a major focus on its physical stores, expanding and renovating flagships in Seoul, Sao Paolo, and other parts of the world, she adds. When the pandemic reached its zenith, it looked like the future might be entirely virtual and digital, but “that’s not the case at all,” Victoria says. “The importance of brick and mortar is more apparent than ever.”
Rob to Moderate Conclave Panel
Victoria’s not the only one with travel plans. In early May Rob will head to Louisville, Kentucky, for the American Gem Society’s Conclave event, where he’ll moderate an expert panel on how the industry is faring in 2023 and gauge the outlook for the future. Victoria is eager to hear his takeaways. She predicts JCK’s audience will be too. “It’s been a confusing year, with the lingering specter of recession,” she points out. “People are waiting for some guidance.”
Rolex Brightens a Busy Watches and Wonders
The conversation shifts to Victoria’s recent trip to Switzerland for Watches and Wonders in Geneva. This year’s bustling conference was a far cry from the quiet show of 2022, when quarantine kept Chinese buyers, retailers, and press away. “It felt upbeat and buzzy” in spite of the logistical frustrations inevitable in a crowded convention center, she says.
The optimism surprised Victoria, who expected the drop in secondary watch prices after last spring’s crypto collapse to put a damper on people’s moods. Instead she found an enthusiastic crowd and a robust array of new offerings. The most talked-about were whimsical, colorful watches from Rolex, a new direction for the brand. One featured a Celebration Dial with balloons in a rainbow of colors. Another was an off-catalogue model with 31 emojis and seven inspirational words like “love” and “faith” instead of dates and days of the week. Victoria says this is the first time she has seem Rolex introduce a concept piece and, despite some hate from internet trolls, show attendees loved the fresh, vivid newcomers. She gives the company kudos for introducing innovative offerings that break through some sameness in the category.
Rob asks about Rolex’s recently introduced Certified Pre-Owned Programme. Victoria says people still aren’t sure how it will work, but she thinks secondhand dealers are likely diversifying and refocusing on other brands because they may not be able to compete with Rolex’s proprietary program.
Signet Focuses on Affordable Luxury
Turning their attention back to the U.S., Rob reports on the Signet Jewelers’ Investor Day he recently attended at the New York Stock Exchange. He was impressed by the executive team—and the fact that the majority of its members are female. “Five years ago it would have been all men and one woman,” he notes. “It’s a very different company than before Gina Drosos took the helm” and one he believes is in very capable hands.
Signet is focusing on expanding its accessible luxury offerings, though Victoria notes that the term is highly subjective. We all define “affordable” differently. In Signet’s case, Rob expects it will mean higher price points. The company also plans to expand its bridal offerings and to attract female shoppers, a goal that may pose challenges for traditionally male-focused names like Jared, James Allen, Blue Nile, and Diamonds Direct, Rob says. These four companies were once competitors, so finding their place in the Signet family of brands may take some time, Rob predicts.
Signet also reported that engagements are expected to return to normal levels now that the boom is subsiding. Rob points out that Signet has become the go-to source for market statistics, data that he and Victoria agree is extremely valuable for the industry.
You'll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with two guests who are a married couple: Feriel Zerouki, Senior Vice President of Corporate Affairs at De Beers Group, and Mahiar Borhanjoo, CEO of UNI Diamonds.
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about the 24 Karat Weekend, including the Gem Awards, updates about crime stats at the Jewelers’ Security Alliance lunch, and some news that broke at the Jewelers’ Vigilance Committee luncheon. This leads to a discussion of a potential increase in restrictions on Russian diamond imports and the complexities of this issue. Victoria asks Rob about his take on falling lab-grown diamond prices. She also shares some insights learned from a presentation about differences in lab-grown diamond quality and how those quality issues occur. Finally, the hosts touch on recent events with banks and their impact on the industry.
Sponsored by De Beers: institute.debeers.com
Show Notes
01:45 24 Karat Weekend
05:00 Updates on U.S. sanctions on Russian diamonds
13:00 Lab-grown diamond prices
15:00 Lab-grown diamond quality variance
23:00 Silicon Valley Bank
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: @jckmagazine; institute.debeers.com
Show Recap
24 Karat Weekend
Rob attended the 24 Karat Gem Awards, while Victoria sadly had to stay home. It was a beautiful event, which included a lovely tribute to Steven Kaiser. JCK writer Amy Elliott was up for a media award. Victoria and Rob give a big shout out to Amy, who is a critical member of the JCK edit team and express their pride at her nomination. And they congratulate Michelle Graff, who won this year’s media award.
Rob also attended the Jewelers’ Security Alliance (JSA) lunch, where it was reported that last year was the worst for crime that they have seen in a very long time. On the lighter side of things, Rob enjoyed Joe Piscopo’s performance at the 24 Karat Dinner (lots of Sinatra).
At the Jewelers Vigilance Committee (JVC) luncheon, Jeffrey Fisher was presented the Stanley Schechter Award in a warm, emotional ceremony. The speaker at the luncheon was James O’Brien, U.S. sanctions coordinator. He made a bit of news in his speech. He gave an effective, folksy speech about the U.S. efforts to put sanctions on Russia. He’s now involved in one of the largest sanctions packages in U.S. history.
Stricter Russian Diamond Sanctions on the Horizon
The office of U.S. Sanctions wants to put further restrictions on Russian diamonds to close the “substantial transformations” loophole, which allows Russian diamonds that are cut and polished elsewhere to come into the U.S. While they may not eliminate the legal doctrine of substantial transformations, they may put further restrictions on Russian diamonds including requiring sellers to make a declaration that the diamonds they are are selling are not from Russia. This would be a big change in the market.
In a brief interview following O’Brien’s speech, Rob asked what happens if people don’t have the proper information about Russian origin. O’Brien said that you can get into a lot of trouble if you aren’t honest with customs. There are still questions about many of the details, including what the size cut-off would be for these sanctions, and what type of proof would be required. Rob warns that the changes are on the horizon, and it will have a big effect on the industry.
Rob gives a little context for these changes: Belgium has been under pressure to block imports of Russian diamonds. But Belgium’s argument has been that Russian diamonds just go to Dubai and then the U.S. then Belgium is losing out. But if the U.S. market is closed off, then they are on an even playing field with the U.S. If it isn’t enforceable, there’s no point. But it’s also possible that the way these sanctions are increased could potentially shut down production. This will be presented at the G7 Conference and then put into action after, though the timing isn’t clear yet. Rob hopes there will be a clear set of rules that are attainable and easy to follow.
Lab-Grown Diamond Prices
Victoria asks Rob to chart when we started to see the prices of lab-grown diamonds fall. Rob notes that it has been a steady progression, and an expected one, though it may still be shocking to see now that it’s a reality. He remembers checking the price of a high-end lab-grown diamond and then seeing it thousands of dollars lower just three days later. The market is flooded right now. Though people say that the prices we are seeing now are the bottom, and lab-grown diamonds will no longer profitable if they get lower, it could still happen. As people exit the business, they dump their goods for even less.
Quality Variances in Lab-Grown Diamonds
Victoria has been writing JCK Special Report newsletter articles on lab-grown diamonds. She watched a great presentation on quality in lab-grown diamonds, which was led by the COO and CEO of Ada Diamonds, a direct-to-consumer lab-grown diamond brand. She learned a lot! The presenters explained that they started noticing a bigger distinction in the quality of lab-grown diamonds in 2019. They showed examples of lab-grown diamonds that all had—in theory—the same color and clarity grades, but had very obvious differences. They explained the quality characteristics and issues in terms that were easy for lay people to understand.
The overall message is, as this market has grown, and as people rushed to fill demand—which skyrocketed during the pandemic—growers prioritized speed to market. And when you cut corners in the growing process in order to get goods out the door, there are quality issues that show up in the diamonds. Victoria’s article, “Why Not All Lab-Grown Diamonds Are Created Equal,” goes into more detail about the presentation and her takeaways.
Rob’s reaction is that this is a sign of the maturation of the lab-grown market. For a long time, the discussion around lab-grown diamonds has focused on whether they are the same as natural diamonds. While Rob agrees that they are diamonds, they are a different product, with a different market and different characteristics. This doesn’t make them less than. The trend is to offer less information in lab-grown reports, which makes them cheaper. If a report costs more than the diamond being sold, it’s not worth it! Rob believes consumers deserve to have more information about what they are buying, especially when it comes to color tinges that you can see with the naked eye.
Victoria notes that Ritani sold a $99,000, 26-carat lab-grown diamond online. It’s fascinating that there’s still high demand for these diamonds. Getting to a larger size is much easier with lab-grown diamonds. It is more accessible now than it used to be. The person Victoria interviewed at Ritani predicted that it will be much more common to see big diamond jewelry flashing at the grocery store. And it won’t shock anyone anymore! It's interesting to ponder what that will mean for the natural diamond industry.
Bank Issues and Impact on the Jewelry Industry
First Republic Bank made news when Silicon Valley Bank and Signature Bank had their issues. But has there been any impact on the jewelry industry? Every time a bank fails, the price of gold seems to get higher. It’s concerning for the industry, in terms of the overall economic picture. The irony is that so many diamond banks or diamond divisions of banks have already closed but didn’t get the same helping hand that the tech sector did. Victoria and Rob make a note to revisit the topic later and watch this space.
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Tom Nolan, CEO of Kendra Scott, a billion-dollar brand with a legendary origin story that started with a single mom selling her designs door to door. Tom recounts his own unlikely path to Kendra Scott and shares the inside scoop on the company’s formula for connecting with customers by creating emotional experiences. He offers a look at the 130-store chain’s successful growth strategy, its formula for weathering hard times, and a few clues about what’s ahead for the Texas-based powerhouse.
Sponsored by De Beers: diamondeducation.debeers.com
Show Notes
3:01 Tom Nolan’s journey to Kendra Scott
5:46 From door-to-door sales to jewelry powerhouse
10:39 Cultivating a customer-first culture
13:57 In the brand’s wheelhouse
16:01 The icon behind the name
18:15 Experiential retail specialists
24:26 What’s next for Kendra Scott?
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com; @jckmagazine; kendrascott.com; diamondeducation.debeers.com
Show Recap
From Baseball to Business
Victoria introduces Tom Nolan, CEO of Austin-based jewelry brand Kendra Scott. Founded in 2002, the company (named for its founder) has grown into a 130-store powerhouse valued at more than a billion dollars. Victoria invites her guest to share his background.
The son of working-class parents in New York City, Tom was the first in his family to finish high school. He earned a baseball scholarship and graduated from college in 1999, landing a job selling classified ads for magazines. This led to a stint as publisher of Conde Nast’s Golf World, then to Ralph Lauren, where he served as a senior vice president before leaving to start his own holding company. Prospect Brands, named for the street where he grew up, focused on reviving distressed assets, sometimes successfully and sometimes providing a great lesson in failure.
In 2014, Norwest Capital, Kendra Scott’s first institutional investor, invited Tom to join its board. He had no experience in jewelry and had never heard of the brand but flew to Austin to meet with Kendra and was impressed enough to accept the offer. He’s been with the company ever since.
An Upstart Becomes a Power Player
When Tom joined Kendra Scott, it was a $40 million dollar business with eight retail stores. Outside the Lone Star State, it was an unknown. But within three years, a transaction with another private equity firm catapulted the company’s value to over a billion dollars. Today, Kendra owns the majority of her namesake business, though strategic partners remain peripherally involved and have facilitated growth.
How did it all start? Flashback to 2002: Kendra Scott was a struggling single mom who had dropped out of college to help her stepfather cope with terminal brain cancer. Her interactions with chemotherapy patients inspired her to launch a hat business. Though well-intentioned, the business shuttered, leaving Kendra with $500 to her name. Undeterred, she turned her attention to the jewelry she’d initially crafted as an afterthought. She set up shop in a spare bedroom, finetuned her line—featuring affordable natural gemstones—then went door to door with her infant son in tow, selling her collection.
The early days were strictly wholesale. But when the 2008 recession hit, her customer base dried up, so Kendra boldly opened her own store. And something remarkable happened. She had always helped those in need, and the community showed its gratitude by patronizing her shop. It didn’t hurt that her designs were stylish and her prices were right.
Soon she had a thriving business with a unique vibe. While high-end retail often feels intimidating, Kendra Scott was the opposite. Products in the store were top of counter. Sales associates greeted customers with a glass of champagne and encouraged them to try on items. The store bustled with energy and frequently hosted events. “People were happy,” says Tom. “That was the catalyst for our success.”
Another strategy that grew out of necessity proved remarkably effective. “We would open retail stores in secondary and tertiary markets because we couldn’t afford to be in big markets,” Tom recalls. Plus, in smaller cities “we could control the experience and really become a part of the community.” The brand built its business from the middle of the country toward the coasts, inverting the traditional geographic strategy of retail chains.
A Customer-Centric Culture
Tom likens working at Kendra Scott to being part of a family. The company strives to make its 3,000 employees and its customers feel cared for, supporting them and their communities through philanthropy. Hands-on guidance from Kendra preserves the original vision of giving shoppers a thoughtful, positive experience while turning a profit.
This approach has served the brand well through challenges from social unrest to Covid and an impending recession. “It allows us to be really nimble, thoughtful, creative, compassionate, and sensitive to the customer,” Tom says.
The Best Sellers List
Though Kendra Scott stores now offer fine jewelry at $10,000+, fashion jewelry is still the beating heart of the brand. More than half of all sales fall into that category, with a price point under $100. Perpetual bestsellers include the Elisa pendant necklace and the Danielle earrings. Both have been in the line for 20 years and sell for $55–$60.
Regardless of the category, the company’s designs emphasize four core principles: shape, color, material, and value. “When I think about great brands, I think about things you can see across the room,” Tom says. He believes Kendra Scott has achieved this, as fans instantly recognize her vivacious, colorful natural gemstones in their iconic hexagonal shape.
The Face Behind the Brand
“[Kendra] is the great American success story—one of less than 20 females [to] have created and founded a business valued at north of a billion dollars, and she did it with nothing,” says Tom. Despite her success and frequent appearances on Shark Tank, she remains down to earth, just like her stores, he says. “She has a Midwestern sensibility that is approachable and kind and warm and aspirational at the same time. Those things generally don’t go together.”
Yet Kendra Scott is far from a household name. Just five percent of the country knows her name and her brand. Tom says this offers enormous potential for growth and winning new devotees not just with product but with Kendra’s inspirational story.
All About the Experience
Despite an uncertain economy, the chain had a banner 2022 with double-digit growth and is off to a good start in 2023. “We’ve been able to zig when other brands are zagging because we have the balance sheet to support making aggressive decisions like opening retail stores,” says Tom.
What’s more, the company is built to weather economic storms thanks to its focus on experiential rather than transactional business. “When you look at what’s winning now, it’s experiences. It’s restaurants and bars. People were so cooped up over Covid, they want to get out and live their lives. We’ve been able to stay ahead [by delivering] a great experience and a beautiful product at an affordable price.”
What does that famous in-store experience actually look like? Store managers are empowered to tailor offerings to local tastes, so it changes a bit from market to market. But “You can always expect somebody greeting you as soon as you walk in, offering you a glass of champagne, beer, water, or soda,” says Tom. They’ll also chat with you, asking questions in a friendly, non-pushy way, and encourage you to try on as many products as you’d like.
“When I’m in shopping centers, I always pay attention to what’s happening in other stores. By and large, they don’t look like happy places,” says Tom. “Our stores are fun. We have an amazing retail team filled with happy, excited people who are proud to work at our company. And we invite our customers to participate in the fun in that experience. That’s what retail is all about.”
The chain’s stores hosted 20,000 events last year—all tied to causes and organizations dedicated to improving lives. “Lots of companies make pretty things. We win because we create connections with our customers,” he says. “We win on philanthropy, storytelling, and aspiration.”
Trend Watch
Never willing to rest on its laurels, the brand has branched into several new areas recently. In 2022 Kendra Scott entered the engagement ring category, building on its strong wedding business. (The core of this is Color Bar, a go-to for wedding party jewelry such as matching earrings and bracelets for bridesmaids.) Offerings are predominantly lab-grown, partly because the price is palatable to the clientele, but also because lab-grown diamonds appeal to eco- and ethics-conscious Gen Z-ers and Millennials, notes Tom. Plans for the future involve making the ring-buying experience more immersive, perhaps with standalone Kendra Scott engagement/bridal stores.
Another new addition is the men’s line Scott Bros., named for Kendra’s sons. During the pandemic, Kendra found herself once again designing in her house, much as she had done in the company’s infancy. Her work piqued her sons’ interest, which gave rise to the new line and made the company a true family business. “It’s been really successful,” says Tom. He notes that 25% of the stores’ customers are men, many of whom come to buy gifts but are delighted to be able to pick out something for themselves, too.
In addition, Kendra Scott has launched watches and Yellow Rose, inspired by the Texas ranch lifestyle, Tom notes. “There are a lot of exciting things on the horizon for us in new categories that will allow us to broaden our reach and our product offerings beyond our core [jewelry] business.”
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about what was hot at the Tucson gem shows, and the insights Victoria gleaned as she followed several designers on their searches through the shows. Rob discusses some ongoing diamond supply news, including the ongoing negotiations between De Beers and Botswana, and the possibility of changes to sanctions on Russian diamonds. They also discuss Chat GPT, which people in the jewelry industry—including Rob himself—have started to experiment with.
Show Notes
02:25 Thoughts on Tucson gem shows
12:35 Diamond market news
20:40 Testing out Chat GPT
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Show Recap
Gem Shows Shine Through Cloudy Economy
Victoria notes that those shows depend so much on how the fourth quarter went for retailers: if the holiday went well, and if they needed to restock for their upcoming collections. Many current economic uncertainties also affected this: Everything from the specter of recession, to inflation, to the war in Ukraine. Despite all the looming questions, Victoria reported that Tucson was a great set of shows.
At the high end, despite price increase of 20-30% across the board, demand was still very steady. Victoria spoke with many people who reported having record shows. Dealers explained this was, in part, a reflection of gems’ longtime reputation as a reliable way to store wealth. During times of economic uncertainty, the wealthy may opt to buy gems as a hedge against inflation. And when the economy is booming, people are in good moods, and the up goes the demand for colorful jewels—but for a very different reason. So, there are diverse economic circumstances when gems can fare very well.
What Designers Looked For
Victoria observed that there were many of designers at the show this year. Teams from many of the French houses (Louis Vuitton, Boucheron, Tiffany & Co., and Cartier, to name a few) and countless independent designers, including Stephen Webster, Lauren Harwell Godfrey, Lauren Kessler, Katherine Jetter, and Robert Turner, whom Victoria roamed some of the shows with. And they were all looking for different things.
Stephen Webster was a unique designer to follow, since he was equally invested in finding rough stones. She describes the different shows they attended to find these. She describes him spraying a rough Peruvian pink opal with water to get a sense of the color. Because you can’t see into these stones, all you have to go off of is the outside. It’s only after cutting into the stone that you know what you’re working with. Victoria quotes Stephen’s colorful way of describing that process: “Sometimes you get what we call ‘angel’s skin’ and other times you get ‘angel’s toenail.’”
Most designers start with the stones and build their collections around that. And everyone had their own unique things they were drawn to. Robert Turner loves zircons, tsavorite, and stones in brilliant colors. Katherine Jetter is an opal specialist, so she was looking for those along with Mahenge spinels, which come in very vibrant hot pinks, and were very popular with many designers. Victoria enjoyed being a fly on the wall following these designers on their treasure hunts.
Victoria spoke to Dave Bindra, who—when interviewed in an earlier episode—had made some predictions of what he thought would be hot in Tucson. He had talked about sunset and sunrise colors, which did do very well. There was also a lot of interest in demantoid garnet. Demantoid from Russia is very hot right now but of course, supplies are very complicated. There was growing interest in a newer demantoid supplier in Madagascar, Prosperity Earth, founded by John Ferry (another podcast guest), that both mines and cuts the stones.
Diamond Supplier News
De Beers and Botswana signed a 10-year deal in 2011, which moved all De Beers’ diamond sales from London to Botswana. That change made Botswana’s capital, Gaborone, a new hub of diamonds. The deal ran out in 2021, and it has been extended three times. Now, it’s time for a new contract, and the negotiations have been complex and lengthy.
Rob explains that both De Beers and Botswana are very dependent on one another: Botswana’s economy relies heavily on its diamond revenues while De Beers relies on Botswana as its biggest diamond producer. It’s one of the reasons why De Beers is a dominant force in the industry. There has been some tension renegotiating the contract, which is understandable considering how much is riding on it for both parties. It’s in both sides’ best interests to come to an agreement, but it has been a more complicated and drawn-out process than people expected.
In other diamond supply news, it has been one year since Russia’s war on Ukraine began, and though Russian diamonds are officially sanctioned in the U.S., there is a loophole. Diamonds can be mined in Russia, but if they are cut in India, they are not considered Russian diamonds due to the doctrine of “substantial transformation.” There have been a lot of discussion about tightening sanctions given the one-year anniversary of this war. The U.S. might decide to remove that loophole. People could then have to declare and provide evidence that their diamonds did not come from Russia, which can be difficult to do, depending on what documentation is available. According to the latest Kimberley Process stats, Russia keeps exporting diamonds, despite all the sanctions. They’ve lost a lot of money because of the war, but the sanctions may not have had the impact the U.S. had hoped.
Putting Chat GPT To Work
Rob has been fascinated and somewhat appalled by Chat GPT, so he has been experimenting with it. He used Chat GPT to write a poem about whether lab-grown diamonds are mining-free in the style of Dr. Seuss! An excerpt is below:
Oh, the term ‘mining-free,’ it sounds so grand
But let’s look closer, let’s take a stand
For labeling something as such can be a trap
And lead to misconceptions and a big mishap.
It produced five paragraphs that are coherent, amusing, and even show a sophisticated understanding of some of the issues. The amazing thing is that the bot did all this in only three seconds. Rob spoke to David Sherwood, CEO of Daniel’s Jewelers, who is a Chat GPT enthusiast. David used it to brainstorm a Valentine’s Day slogan, and he used it! (The slogan was, “Bling it.”)
Victoria teases an interview she did with two people about AI, the metaverse, and watches, which she wants to cover in a later episode. Her interview pairs watch lover Miles Fisher—the creator of the “Deepfake Tom Cruise” TikTok account—with Edouard Meylan, the CEO of H. Moser & Cie. who has experimented a lot with the metaverse and NFTs.
Any views expressed in this podcast do not reflect the opinion of JCK, its management, or its advertisers.
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Malyia McNaughton, founder of Made by Malyia. The self-taught jewelry designer and Black in Jewelry Coalition board member is proof that trusting your gut can be the key to creative success. When Malyia couldn’t find the jewelry she wanted, she designed her own—and wore it. Demand for her designs inspired her to launch her brand and has made her a rising star whose looks have been worn by Lizzo and other celebrities.
Sponsored by De Beers: diamondeducation.debeers.com
Show Notes
1:53 From body chain to brand launch
5:09 Expanding organically
8:04 Turning obstacles into opportunities
10:53 Finding creative inspiration
13:57 High-profile partnerships
17:58 In the spotlight on SNL
20:51 The Black in Jewelry Coalition: making a difference
23:52 Tips for aspiring designers
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com; @jckmagazine; madebymalyia.com; diamondeducation.debeers.com [Use promo code JCKPRO_15 at checkout for 15% off workshops.]
Show Recap
From body chain to brand launch
Victoria introduces Brooklyn-based designer Malyia McNaughton, founder of Made by Malyia, and asks how she started creating jewelry. The daughter of Jamaican immigrants was born in the Bronx, raised in Florida, and attended Florida State University, where she studied fashion merchandising and product development. After graduating, she moved back to New York to pursue a career in fashion, starting in sales and product development for Nicole Miller and eventually designing for another fashion brand.
In 2014, Malyia had tickets to a music festival in Philadelphia. She wanted to make a statement by wearing a body chain but couldn’t find the right piece. Undeterred, she sourced materials and designed her own. Little did she dream she was making her first item of jewelry. “I got stopped by so many people asking me where I’d gotten it,” Malyia recalls. “After the fifth or sixth person, my friends said, ‘You might be onto something.’ We went to lunch, and they helped me come up with the name Made by Malyia.’ It was one of those Oprah aha moments.”
Expanding organically
After months of trial and error, Malyia developed a body chain she felt was ready to put on Etsy. To her delight, orders poured in. Still, she viewed Made by Malyia as a creative outlet, not a business. Gradually she added products based on buyers’ feedback. When a client asked if she could make a temporary nose ring, Malyia branched into nonpermanent nose and body jewelry. Next someone asked for a ring. “It started to expand very organically,” she says. Eventually, growing demand persuaded her to build a collection and a website.
“Etsy was a great launching pad,” she says. “I credit my customers [there] for amplifying my voice and bringing me to market.” Though she has moved away from the platform, she hopes to do another Etsy-specific collection.
Turning obstacles into opportunities
Rob asks what challenges Malyia faced as a newcomer to the industry. She points out that the jewelry business is famously generational. While those family bonds are admirable and she hopes to build her own legacy, they have a downside: They create a major entry barrier for self-taught designers of color and anyone else who lacks personal connections.
Malyia turned the disadvantage into an advantage. As a newcomer, she felt less pressure to put out product than established insiders might. This freed her up to focus intensely on design. She is very intentional in the projects she takes on, releasing small, effective capsule collections that will sell through.
Finding creative inspiration
Malyia has said her work celebrates the intersection of art, nature, and culture. Victoria wonders how this translates into her creative process. The designer starts by placing raw materials in her workspace and spending a week surrounded by them. She also immerses herself in nature, drawing particular inspiration from the movement of water. Sometimes weeks go by before an idea strikes her—then ideas come fast and furious, and she finds herself making 100 sketches in a row. Her rough sketches go up on the wall, where she can study and tweak them. Next she engineers her designs to ensure they’re structurally sound before sending them to her CAD designer to see what they look like in 3D. “It’s a pretty unique process, but I’ve learned to embrace it,” she says.
On her inspiration board, Malyia keeps an old magazine article about Monique Péan that she clipped when Made by Malyia was taking root. “She really is a trailblazer,” says Malyia. Other role models include Sheryl Jones, “a phenomenal designer” and personal mentor, as well as Elsa Peretti. She feels a kinship with the late Peretti because, like Malyia, the designer saw herself as an artist.
High-profile partnerships
Victoria points out that Malyia has done quite a few well-publicized collaborations despite being relatively new to the industry and asks how these came about.
In 2021 the Natural Diamond Council launched an emerging designer initiative. Eager to explore the fine jewelry space, Malyia applied. She not only got accepted, she impressed the council enough with her sketches that they commissioned her to design an 11-piece collection as part of a global ad campaign featuring actor Ana de Armas. “I was ecstatic because, if I do say so myself, it was a hit,” says Malyia.
That success led to other opportunities, including partnering with nationwide chain Banter by Piercing Pagoda and its creative director, Grammy-nominated rapper, songwriter, and artist Tierra Whack. “I’m a huge fan,” says Malyia. Being entrusted to execute Whack’s creative vision was an honor. So was revisiting her roots with a trip to a Banter store in the Bronx. “I brought my nieces, my nephews, my sister,” Malyia recalls. “It was such an amazing experience to walk into the mall and to see…pieces that I was responsible for designing. If I’ve had an Oscar moment, that was it.”
In the SNL spotlight
Malyia enjoyed another star moment recently when Lizzo wore her earrings on Saturday Night Live. Rob asks for the backstory. A stylist contacted Malyia and asked to borrow a pair of her Wave Hoop earrings with channel-set baguettes but refused to name the event or the celebrity she was dressing until the day the episode taped. “I was in disbelief when it came on the screen,” says Malyia. “To have one of the biggest stars of our time wear my earrings on SNL, I don’t know if I can top that.”
Celebrity placement is influential, especially for a smaller brand like Malyia’s, she says, because it piques the interest of the public and the media. Reposting the coverage brings people to her site, which translates into sales and visibility.
BIJC: making a difference
In the wake of George Floyd’s murder during the 2020 pandemic, Malyia was working from home when fellow Black jewelry professional Elyssa Jenkins-Pérez reached out with a timely question: Would Malyia join a conversation about how the industry could help move the Black community forward? “I immediately said yes,” she remembers. Soon, she, Jenkins-Pérez, and others who shared their concerns were brainstorming strategies. They formalized their efforts by founding the Black in Jewelry Coalition (BIJC) and assembling a nine-member board that represents all aspects of the business. “We’ve been on calls once a week for about two hours for the last two years,” says Malyia. “It’s been phenomenal work.” BIJC has collaborated with industry organizations on initiatives to help advance Black professionals in gems and jewelry, partnering with New York City Jewelry Week on an event last year. Plans are also in the works to have a BIJC presence at the JCK show in June.
Tips for aspiring designers
For younger creatives hoping to follow in her footsteps, Malyia offers these words of wisdom: Trust your instincts. She credits her intuition with guiding her from the initial decision to make and market a body chain to her current thriving career. “I just trusted that what I was creating was worth sharing. Don’t wait to have it all figured out. Go for it. You never know where you can end up.”
Join JCK editor-in-chief Victoria Gomelsky and news director Rob Bates for a roundup of buzzworthy industry updates. Victoria reports on the recent VicenzaOro fair, where the halls were crowded, the mood upbeat, and the looks big and bold. She updates listeners on a rare timepiece collection from the archives of Jaeger-LeCoultre. It’s the first significant effort by a Swiss watchmaker to sell vintage pieces and may herald a burgeoning trend. Rob analyzes what Israeli equipment maker Sarine’s purchase of the family-owned lab GCAL means for the future of diamond grading—and artificial intelligence’s growing role in it. Finally, the two discuss the Federal Trade Commission’s proposed ban on noncompete clauses.
Sponsored by De Beers: institute.debeers.com
Show Notes
2:22 A lively January VicenzaOro fair
7:21 Jaeger-LeCoultre unveils first vintage watch collection
12:22 What Sarine’s purchase of GCAL means for the future of diamond grading
18:09 The FTC’s move to ban noncompete clauses
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: @jckmagazine; institute.debeers.com
Show Recap
Viva VicenzaOro
Just back from Italy’s January VicenzaOro goldsmith and jewelry fair, Victoria says she was delighted to find the show packed and the mood optimistic. She had expected inflation, the war in Ukraine, and fear of recession to trigger cautiousness and a comedown from the boom the industry has enjoyed since the pandemic started. However, this was the best-attended VicenzaOro ever in terms of both exhibitors and attendees. Victoria spent most of her time in the crowded hall where Roberto Coin, Damiani, Fope, and other luxury brands that export to the United States were exhibiting. Also bustling was the adjacent T.Gold show, featuring jewelry machinery and technology for everything from engraving to laser welding.
Victoria is still amassing information on the show’s top sellers, but one trend is certain: Big, bold pieces are replacing the small, delicate ones favored during quarantine. Understated jewelry suited people well when they were working from home, she says, but now subtle looks (such as stacking multiple delicate bracelets on the wrist) are making way for powerful statement pieces—especially cuffs and collar necklaces.
Jaeger-LeCoultre Unveils Vintage Collection
Victoria’s recent European trip included a visit to Geneva to learn about Jaeger-LeCoultre’s first-ever vintage watch collection. She explains that the Swiss company is known as the watchmaker’s watchmaker. The brand has made all of its timepieces in its own workshops in the Vallée de Joux since its foundation in 1833, and Jaeger-LeCoultre calibers and movements have powered many other brands’ watches over the years. Now Jaeger-LeCoultre has mined its own rich history to create The Collectibles, 17 models from its archives produced between 1925 and 1974. Each reflects a watchmaking innovation from the 20th century. Twelve of these models were sourced from auction houses and vintage dealers and are available for purchase. Included are the Reverso, the company’s best-known model, and several interesting watches from the 1950s and 1960s, according to Victoria. The Collectibles is an evolving collection, so the models will remain the same, but different editions may be introduced along with new capsules, she says.
This is the first time Victoria has seen a Swiss watchmaker invest such effort into selling vintage pieces rather than new models. She likens it to Rolex’s Certified Pre-Owned program and points out the advantage of having such treasures returned to the workshops where they were created to be fine-tuned with the very tools and components that were used to build them. How will other brands respond? Victoria is eager to find out. She predicts that we’re on the brink of a new era of modern-day Swiss watchmakers taking much more care with vintage pieces that have potential to be resold.
Sarine Acquires GCAL
In other news, Rob reports that Israeli equipment manufacturer Sarine has bought the family-owned diamond-grading lab Gem & Certification Assurance Lab (GCAL). Though GCAL is relatively small, it is widely respected for giving tough grades based on GIA standards and offering a certificate guaranteeing those grades.
Rob finds the acquisition intriguing, given that Sarine uses machines that rely on artificial intelligence (AI) to grade diamonds. This allows them to grade gemstones in the factory rather than sending them to a lab, as Rob reported last year. The fact that Sarine is using a well-established lab to roll out its AI approach and promising to honor GCAL’s grading guarantee shows how much confidence they have in the technology, he says. Clearly, Sarine believes its technology can match GCAL’s standards. Rob and Victoria say the acquisition will help the industry get used to the concept of AI grading, a method many labs are exploring. How will AI play out in the industry? That’s anyone’s guess, but Victoria predicts it will become increasingly important throughout the supply chain.
Rob also notes that International Gemological Institute (IGI), a well-known and profitable appraisal lab focused on lab-grown diamonds, has been put up for sale by its owner, the Fosun Group. He and Victoria are interested to see who purchases it.
The FTC Moves to End Noncompete Clauses
Victoria mentions a recently proposed rule by the Federal Trade Commission to ban employers from issuing noncompete clauses. Rob explains that many workers miss clauses hidden in the fine print of employment contracts and find themselves hamstrung when they lose or quit a job and want to find new employment in their chosen field. For CEOs at high-profile companies, noncompetes might make sense, he says, but for the average person, they’re problematic—and widespread: Data suggests that one in five American workers is subject to a noncompete clause.
Despite objections from business groups and possible court challenges, the FTC rule could be enacted before year’s end, phasing out existing noncompete clauses and prohibiting new ones. If so, Rob envisions sweeping changes in the economy.
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates sit down with Dave Bindra, vice president of B&B Fine Gems, to find out how he got started in the colored gemstone business and to hear how well he thinks the jewelry industry is addressing current challenges such as the need for more young talent, increased diversity, and better transparency. Gearing up for JCK Tucson 2023? Dave shares expert insights on what to expect at the show as well as which stones and colors are trending this year. (Hint: Think pink in many shades and expect to see stunning sapphires and spinels.)
Sponsored by De Beers: institute.debeers.com
Show Notes
02:08 An unexpected journey into a jewelry career
10:57 Encouraging youth and diversity in the industry
13:53 What’s ahead for colored gemstones
15:33 The traceability factor
17:13 What to see at JCK Tucson this year
21:10 Underappreciated gems and personal favorites (or garnets, spinels…and sneakers)
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com; @jckmagazine; @gemfluencer; institute.debeers.com
Show Recap
An Unexpected Career Path
Victoria introduces guest Dave Bindra, vice president of Los Angeles–based B&B Fine Gems and Instagram personality @gemfluencer, and invites him to share his back story. Dave recounts his unexpected journey into the world of colored gemstones. Though his parents started B&B after emigrating to the U.S. and he grew up on the fringes of the jewelry business, he set his sights on law school after graduating from USC. When he realized his heart wasn’t in studying law, he decided to accompany his father to Bangkok on a buying trip and saw the inner workings of the business for the first time. “I fell in love with it,” recalls Bindra, who was moved by the role trust played in transactions. “A handshake was more important than any piece of paper in this business. It takes a lifetime to build these relationships.”
When the pandemic hit in 2020, Dave found himself—and B&B—evolving in unanticipated ways. After being locked out of his office for a month, he started sneaking into the building ninja-style to retrieve stones and posting them on Instagram from his backyard. Soon he was taking Zoom meetings and selling stones virtually to his retail and private jewelry partners. By nimbly growing its digital presence, B&B finished the year strong, streamlined operations, pared down inventory, and gained market share in its overseas sourcing networks. All this positioned them for a fruitful 2021 and 2022.
Though Instagram served B&B well during Covid, Bindra now uses the platform for creative expression rather than ecommerce, showcasing whatever inspires him, from architecture to fashion to color schemes that echo certain stones. He also uses it to showcase his sneaker collection, matching vividly colored stones with colorful sneakers, and drawing on his years as a deejay during college to pair images with music.
Improving Inclusivity and Diversity
Rob observes that Dave is one of the jewelry world’s younger members and asks if he thinks there’s a problem attracting young talent to the industry. Dave says he was fortunate to have family ties that gave him an entrée, but the barrier to entering the jewelry business is high. Fortunately, the industry is taking steps to address the issue. Lack of diversity is another weakness the industry is working to correct, he adds. He believes female industry leaders and diversity initiatives by groups like the Black In Jewelry Coalition and the American Gem Society are paving the way to positive change.
Increasing the Focus on Colored Stones
Rob wonders whether the colored gemstone business could benefit from a powerhouse like De Beers to promote it. Dave says it’s a Catch 22: The romance of colored stones lies in the fact that they are off the beaten path; mass commercialization could dull that mystique. However, he says colored stones are already becoming more mainstream, as evidenced by coverage in upscale publications like Robb Report, Architectural Digest, and Vogue and jewelry advertised by heavy hitters like Louis Vuitton, Cartier, and Tiffany. Dave believes this heralds more organized promotion and education to come in the next five years.
Why Traceability Matters
Because colored gemstones’ value is more subjective than that of diamonds, gold, and other precious metals, they aren’t generally traded or sold for contraband or tied to illegal activity, Dave explains. This makes traceability less of a concern from a consumer protection standpoint than it is for diamonds and precious metals. Still, Dave sees value in tracing colored stones’ journey to market because it creates beautiful stories. He gives an example of a couple whose sapphire engagement ring came from Madagascar, making an exotic place on the other side of the world part of their love story.
Victoria wonders whether customers are demanding traceability or whether the industry is the driving force behind it. Dave thinks everyone is asking questions about transparency. The shift is being driven by younger consumers, who like to know where the things they buy came from and to make sure ethical practices were involved.
Talking Tucson
Victoria asks Dave his predictions for JCK Tucson. Inflation has hit the market, so people may feel a little sticker shock, he says. Still, he expects strong buyer turnout, given the scarcity of available hotel rooms. A tight supply chain is making replacing merchandise a challenge for Dave and his peers, especially for rare, exotic gemstones. An unprecedented amount of liquidity in the market in the past two years also makes it highly competitive.
Expect to see the strongest selection of sapphires from B&B in the company’s history at the show this year, along with stunning spinels, which are also in high demand. The most sought-after spinels are hot pink stones from Tanzania. The “it” colors are not Viva Magenta (Pantone’s color of the year), but orange-reddish pinks, peaches, and neon shades, which he predicts will stay strong for years to come. Another B&B option in today’s coveted color range is a selection of interesting tourmalines in shades from rose to peach.
Underappreciated Gems and Personal Favorites
Victoria asks Dave what he considers an undervalued gem. People dismiss garnets as dark red stones they would find in a grandmother’s pendant, but garnets are actually versatile, durable, and available in a dramatic range of colors. As examples, he mentions green tsavorite garnets, rose-peach Malaya garnets, purple Umbalite garnets, and bright orange Mandarin garnets. Thanks to designers like Lauren Harwell Godfrey, who use the stones in their designs, public perception is starting to change.
Rob asks if Dave has a favorite gemstone. He’s partial to spinels, which he collects.
Their value has appreciated tremendously since he started in the business in 2007. Back then, he saw boxes of multi-colored stones for $20 or $30 a carat. Now they top $1,000 a carat. He notes that B&B was the first company to buy a major parcel of cut Mahenge spinels from Tanzania. At the time, they assumed more would be readily available, not realizing a freak deposit had produced the large quantity. Since then, no major production has emerged. As a result, stones that once traded for $700–$800 a carat command $15,000–$20,000 a carat today.
Rob inquires about the sneaker collection Dave showcases in his Instagram feed. Dave says the idea of matching shoes to stones happened accidentally. He was complaining to his best friend from high school that the light in his office was perfect, but his feet were always in his photos. The friend pointed out that Dave, a longtime sneakerhead, had footwear in every color. Why not pair it with colorful gemstones? The rest is Instagram history.
Dave and Victoria discuss the fact that the sneaker market has cooled off, due partly to brands like Nike abandoning the limited runs of the past. Victoria says this underscores the value of scarcity, a theme that ties into JCK Tucson, where B&B and other companies will showcase rare gemstones.
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates look ahead into 2023. The hosts, noting that it's folly to predict more than one year ahead, make some educated predictions for the year including: the end of the pandemic, which might bring an end to some new customs while others continue to be new norms; a shakedown in the lab-grown sphere resulting in many leaving the space as prices fall below profitable levels; growing demands for transparency of sustainability claims, including both consumer demand and legislative standards; and an increased presence of AI in the different aspects of the jewelry business.
Sponsored by De Beers: institute.debeers.com
Show Notes
02:45 Looking ahead into 2023
07:30 Lab-grown diamond shakeout
10:20 New transparency laws
20:00 How AI is changing the industry
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com; @jckmagazine; institute.debeers.com
Show Recap
Looking Ahead (But Not Too Far)
The pace of change is so quick, and unexpected events—like the pandemic—make looking further than one year into the future a fool’s errand, so Rob and Victoria focus on the year at hand. Victoria found a list of predictions for 2023, one of which these is the end of the pandemic, which experts estimate will happen sometime in 2023.
Some trends brought on by the pandemic are likely to remain—such as how it pushed businesses to take a digital-first approach—but others—like masks and distancing—may fade away. Jewelry companies seem much healthier now. They have a reserve of cash and goodwill, better consumer data, etc. Despite global economic factors like inflation, there is optimism.
Lab-Grown Diamond Showdown
Rob predicts that there will be a shakeout in the lab-grown diamond sector this year. Prices are falling, and not everyone can make the business profitable that way. Days of large margins are petering out, though demand is still strong. Rob foresees that lot of people will leave this market. The natural diamond industry is also dealing with challenges, falling prices. Lab prices are falling because they too are priced based on Rapaport, so when natural diamond prices fall, lab-grown prices follow suit. It has become a race to the bottom, and the rapid growth in this category is about to experience some upheaval.
Demands for Transparency in Sustainability Claims
Greenwashing was put to the test in 2022. People want proof you’re doing what you say. This will continue in 2023. Victoria spoke to a few researchers in this field. One was a Harvard student with a focus on sustainability science. She spent time and research poking holes in those sustainability claims different companies make. JCK published a story on how to create a sustainability report last year. This kind of transparency of reporting will soon become law. It has passed in the EU already. This will apply for public as well as private companies. These laws apply to larger companies that do business in Europe too.
For a long time, the wide world of luxury brands got away with being very opaque. There was a mystique around how they did business. Gen Z will ensure that words and trust are not enough. We have more transparent pricing on the internet now, and consumers will demand the same transparency across marketplaces.
Victoria describes going to a high end retailer, Just One Eye. It has cache, and it is a real feather in a designer’s cap to be stocked there, as they are known for their expert curation. One thing that bothered her was that there were no details about any of the goods. No designer, price, materials, etc. If you don’t offer that information, consumers may simply move onto the next. She mentions Paul Schneider, co-owner of Twist (and former podcast guest) who has a QR code by each of his pieces with detailed info.
Rob adds that the Federal Trade Commission will start revising their green guides this year. There will be governmental and consumer pressure to report these things, and a greater standardization of this information.
Felicitas Morhart, professor of Marketing at University of Lausanne, says there is an academic initiative that assesses sourcing and environmental impacts in detail. For a positive example of transparency, Victoria points to the Breitling sustainability report which went above and beyond with detail. Rob talks about a corporate law that requires companies to report on who their owners are to banks. Now that this information will be available on request is a big change, which fits into this larger theme.
AI and the Future of the Industry
Victoria talks about the Lensa AI app on Instagram that takes your pictures and creates AI-generated images of you. She has read articles, book reviews, and more, all written by AI. We’re interacting with it in ways seen and unseen. Algorithms power our Netflix choices, chatbots talk to us on websites, for example.
Victoria predicts it will become a bigger conversation in the jewelry industry—what it means for how we design, source, and distribute. AI is already being used in larger companies to fine tune production, to refine their distribution. AI can generate prototypes so much faster than before. We may start to see companies hiring for these specialized skillsets. Victoria thinks that soon enough there will be less shame around using technology. The industry has prided itself on being a handcrafted old-school business, and we will start to see a shift where people take pride in using the latest technology.
Rob wrote a JCK Pro story on using AI in diamond grading. This is something big labs are experimenting with. Humans are very adaptable, but machines need to be programmed. It can spot an inconsistency but won’t necessarily know what to do with it. This could have huge implications on the traditional diamond pipeline. Diamond grading is a very specialized skill. Not all diamonds can be graded by machine—there aren’t necessarily always the reference diamonds available for this. But going forward, many diamonds may be graded by machines, which Rob finds both exciting and scary.
Resolutions
While Victoria wants to travel less, Rob resolves to travel more—both to the office and on family excursions. Overall, he hopes to see more people face-to-face. In conclusion: 2023, we are (kind of) ready for you!
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk holiday predictions, the theme of which is cautious optimism. They discuss inflation and its affect (or lack thereof) on spending on jewelry, depending on strata. (The wealth divide is also the dividing line for this consideration.) The hosts also talk about Rolex’s recent announcement that they are entering the preowned watch space, and the questions this brings up about the secondhand marketplace. They also note a slowing down in the colored diamond market.
Show Notes
01:30 Educated guesses about the holiday season
03:40 Inflation concerns
09:15 Rolex launches certified pre-owned program
19:30 Colored diamond category slows down
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: @jckmagazine, jckonline.com
Show Recap
Moderate Hopes for the Holidays
As they look ahead and talk about the holidays. When Victoria spoke to Abe Sherman at Buyers Intelligence Group (BIG) who said, “I’ll tell you in ten days.” For jewelers, things don’t come into focus until the very last moment. They suspect this holiday won’t be as strong as last year. Most of those who Rob has spoken to think that even if it is a few points lower than last year, they could still characterize this year’s holiday sales as a success.
When Signet announced their results, Gina Drosos gave the reasoning that last year, many did their shopping early because of supply chain worries. This year, that doesn’t seem to be the case. October had been down, but things are picking up closer to the holiday. The last two years are such a high base. People don’t necessarily expect those levels to continue, but still hope for a successful year.
Effects of Inflation
Though inflation has calmed, it is still higher than we are accustomed to. This affects how the middle class spends on jewelry. Whether it gives the wealthy pause about how they spend, Victoria is not sure. Increasingly, those markets are bifurcated: the upper class does not have to make adjustments to their spending the way the middle and lower-income shoppers do when economic concerns come up.
The pattern of the last several years has been gains on the higher end and not as much on the lower and middle. During the pandemic, there were gains across the board. Now, we’re going back to the pre-pandemic pattern. Signet has noted that the gains they are seeing are at the high end, or “accessible luxury.”
Something jewelers learned during the pandemic was to up their digital game. Rob has noticed a lot of jewelers putting out interesting content on TikTok. This is the way of the future when it comes to reaching buyers. Jewelers have also used YouTube to tell their store’s story in an appealing way. Rob comments on the organic nature of TikTok. It feels personal. There’s a strange charm to it being just one person with their phone.
Rolex Enters the Pre-Owned Space
On December 1st, Rolex announced they were formally entering the preowned space. It is launching a program in Europe through Bucherer. Time will tell when it will come to the US. Bucherer is a Swiss retailer that has a presence in the US already through Tourneau, and are established in the secondhand space.
A few big questions are, who is setting the pricing, and how will this be received by the market? People in the secondhand watch space think this legitimizes the space and makes it less like the wild west. This will give retailers something to sell, since new Rolexes go out of stock so quickly.
How would a trade-in be priced? If people bring their Rolexes to a local dealer, will the dealer verify? Will they give credit or money? People often want to trade their watch in for another piece. Another consideration is who will be repairing the trade-ins? Victoria wonders if Rolex’s service centers will be handling all of these. Bucherer has a lot of pre-owned watches listed on their website, so it’s clear much of this will take place online.
Victoria talks about the Audemars Piguet trial of a preowned market. They never rolled it out fully, and didn’t respond to her call to comment on it. Other big brands haven’t commented either. Big brands have been doing well selling new watches, so they may not prioritize the pre-owned market right now.
There’s a large community of watch collectors who are cynical about Rolex entering this market. They think you have to buy lower quality preowned pieces before being considered for the higher quality goods. Rob asks if people think Rolexes will be dominant in the secondhand category. Rolex dominates every market it is in. Authorized dealers have been reluctant to comment. Interesting to see how much power one brand can wield.
Colored Diamonds Left Behind
Results had been stellar for colored diamonds at auction, and now things are taking a downward turn. De Beers put out a collection of eight blue diamonds. A few failed to sell, a few were pulled from auction, and so far, none have sold. There’s a slowing down in the colored diamond market that is starting to look like a trend. Rob speculates that the market has been oversaturated. So many have come onto the market that it dilutes the rarity, and takes away from the specialness of them. “So many blue diamonds, so little time,” Victoria comments.
The hosts wish everyone a wonderful, happy, safe, and prosperous holiday.
Join JCK editor-in-chief Victoria Gomelsky and news director Rob Bates for a talk with jewelry historian and author Marion Fasel, founder and editorial director of the website The Adventurine. They cover her unlikely introduction into the industry; her writing partnership with Penny Proddow; her history with InStyle magazine, the story behind her newest book, B is for Bulgari; her exhibition at the American Museum of Natural History, and her path into curation.
Show Notes
02:17 Victoria and Rob welcome their guest, Marion Fasel
03:30 The trio recalls late jewelry designer Daniel Brush
07:47 Marion shares her unexpected start in the jewelry world
11:52 Marion talks about her longtime collaboration with Penny Proddow
15:17 Making a connection with InStyle
19:46 Working with Bulgari
22:15 Curating Beautiful Creatures
25:00 Telling a story through curation
25:32 The Adventurine
26:20 The most exciting new trend in jewelry
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: The Adventurine @jckmagazine, jckonline.com
Show Recap
Remembering Daniel Brush
Victoria and Rob ask Marion to share memories of jewelry designer Daniel Brush, who passed away in November 2022. Marion describes him as an extraordinary talent and intellect who became a cult hero in the jewelry world for reviving methods from the distant past such as granulation.
Marion’s Unlikely Start
After graduating from New York University, Marion took a summer job with jewelry collector Ralph Ismerian in 1989, entering data about his collection into a computer, a new approach to archiving at the time. Her “short-term” job lasted 25 years and led to her writing partnership with jewelry historian Penny Proddow. “At that time, Ralph’s collection was considered one of the greatest of the 20th century. There was a lot of artistry to the pieces, so I came at it like an art historian because I had studied art history.”
Partnering With Penny Proddow
Like Marion, Penny Proddow joined Ralph Ismerian as a new college grad, while also working for Christie’s. Marion calls Penny’s specialty “the detective work of jewelry history,” finding the sources of inspiration and cultural influences that led to specific pieces and trends. Penny and Marion collaborated on the book Hollywood Jewels, the first of many books they co-wrote.
The InStyle Era
In the early 1990s, jewelry coverage in consumer magazines was scant. So when InStyle featured Elizabeth Taylor’s jewels, Marion and Penny wrote a letter to the founding editor complimenting the article. This connection led to the pair becoming regular InStyle contributors. Their first article covered the 1996 Jacqueline Kennedy Onassis jewelry auction at Sotheby’s. Readers and advertisers responded, and soon InStyle was giving Marion and Penny up to 16 pages per issue to write about jewelry.
Flash forward to today: Consumer magazines have changed dramatically. Gone is the in-depth jewelry coverage Marion remembers from the heyday of print publishing. Rob mentions consumer magazines devoted to watches, but Marion considers this a different market; its largely male audience considers watches collectibles akin to cars.
Gone, too, are Marion’s collaborations with Penny, who died in 2009. “We wrote everything together,” she recalls. “We talked it through. We wrote it down. It was absolutely side by side.”
The Serpenti Story
Victoria asks Marion about her trilogy of books for Bulgari and her newest work, B is for Bulgari, celebrating the brand’s 50th year in America. Marion explains that then-CEO Michael Burke’s plan was for a solo volume on Serpenti, but the book was surprise sensation. “Now Serpenti is ingrained in people’s minds with Bulgari, but when the book was published, it was a fluke,” Marion says. “It happened to be Chinese New Year 2013, the year of the snake, and it was Fashion Week, so everyone went absolutely ballistic.”
Beautiful Creatures
Marion’s path led from books to curating exhibitions, most famously Beautiful Creatures for New York’s American Museum of Natural History. The opportunity arose when the museum was renovating its hall of gems and minerals and invited her to brainstorm ideas for a jewelry exhibit. Walking through the museum sparked an epiphany: “I realized my audience was about four feet tall because it’s a children’s museum.” She would have to curate an exhibition kids would understand and respond to.
Also, 2021 marked AMNH’s 150th anniversary, so Marion wanted to pay tribute to the museum itself. Her solution? Elegant, animal-themed jewelry made in the last 150 years. Victoria notes that the result inspired a lot of people, including designer Lauren Harwell Godfrey, who created a Menagerie collection.
Visual Storytelling
Rob asks about the connection between writing and curating. Marion says storytelling is at the center of both, though the storytelling aspect of curation takes tremendous effort. “It’s extremely time-consuming to make the story visual so people don’t have to read it if they don’t have the time or inclination. They can see it because that’s the experience with an exhibition.”
The Adventurine
Marion calls her website The Adventurine the fulfillment of a dream. “I launched The Adventurine because I wanted to tell all parts of stories that I enjoyed, and I thought there was an audience for it. I’ve been thrilled that there is.”
Trend Watch
Marion says the most exciting trend in jewelry now is designers producing annual and seasonal collections with organized themes and stories rather than simple extensions of their existing work. “I find it extraordinary how sophisticated independent design has become.”
Victoria Gomelsky and Rob Bates discuss Victoria’s recent trip to Sicily to see Jacob & Co.’s new Opera Godfather 50th Anniversary watch; they explore the growing power of brand names in high jewelry; Victoria breaks down how changing legislation may create more transparency on sourcing; Finally, Rob shares what recent research by WJA and Citizen Watch revealed about Gen Z.
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk to Paul Schneider, co-owner of Twist, an independent jewelry business known for being an incubator for cutting-edge design talent. Victoria heard Paul Schneider speak at the “Conversations in Park City” event and was struck by how authentic he was and interested in the information he delivered about how his business is growing, and so was inspired to have him on. Paul talks about his wife's and his origins in the crafts movement, how they made their way into the jewelry industry, how they showcase designers' voices, and overcome obstacles.
Show Notes
01:50 Guest intro, Paul Schneider
03:20 Paul talks about his background as a craftsman
04:20 When jewelry entered the conversation
08:40 Growing and shaping the business
14:10 Lab-grown diamonds
16:20 Paul talks video content
20:50 Advice for overcoming challenges
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Guest: Paul Schneider
Producer and engineer: Natalie Chomet
Plugs: @jckmagazine, jckonline.com, Twist
Show Recap
Paul’s Background
Paul and his wife Lauren Eulau met in college and were part of the crafts movement. He was a potter and she was a weaver. When did jewelry enter the conversation? Paul isn’t a big planner. His wife’s and his careers have grown by going with the flow. He tells an anecdote about an accountant who asks what their goals are. They decided they needed a different accountant! He doesn’t necessarily recommend this approach, but they’ve been industrious. New doors open up because they never had a commitment to any one path. It ended up working for them.
“Our commitment was to beautiful objects” made by themselves or friends. They met someone who made porcelain earrings. They put them in their store because they were ceramic. It sold amazingly well. This underlined that people bought jewelry because it had deeper meaning—it was more personal. They started out only selling ceramic jewelry. Then they researched and branched out to other materials. They redefined their limits into something more broad. They were still craftspeople. They just included jewelers who used other materials. Their evolution was very slow, but it allowed them to learn as they went.
Branching Out and Narrowing Down
They branched out from Eugene to Portland. There couldn’t be two businesses like theirs in Eugene. They needed to go to a bigger city. They decided something had to give after they had a baby. They decided to stop making things and just sell. Twist is known for being an incubator for cutting edge, coveted designers. How’d they get there? His wife’s and Paul’s tastes are very different, but they respect each other’s tastes. It is easy for them to find pieces. They have such good communication skills that it doesn’t take a lot of discussion for them to make those choices.
Pacific Northwest Identity
Is Paul’s business uniquely suited for Portland or could it work elsewhere? The type of business could work somewhere else, but the kind of products they sell are a result of the Pacific Northwest lifestyle. It’s not showy. You’d be ridiculed for wearing a large diamond. There’s an appreciation for craftsmanship and quality. Their particular pieces might not work in other places, but their approach does.
They are always looking for new designers and pieces. Though they don’t often sell items that come in unsolicited, but he does address every inquiry. He feels responsible to do that. Their origins are with people who make things for a living. They support people who are doing things that are beautiful and do not have access to the marketplace. They are looking for originators, not second generation.
Lab-Grown Diamonds
They offered lab-grown diamonds a few years ago when it was a new development. They have plans to do a collection based on that with specific lab-grown diamond producer. Paul thinks it’s a clear direction the industry is moving in. The line will be ready soon.
Bringing Designers to the Consumer
Victoria asks about the videos they do. The videos are all about the designers and the stories they are telling. Their daughter makes the videos. The videos are always in the designers’ words. Consumers can look at the video and through them, have a two-minute visit with the designer. It adds to the impact and experience. You can understand what’s going on in the pieces. Twist also has QR codes in the cases that bring up the video.
Through the videos, their daughter has gotten more involved in the jewelry world. Now she works at a jewelry consultant in NY. Is it hard to “turn it off” as a family business? There’s no separation. It’s just life. Paul finds that it clarifies and simplifies family relationships. They are all on the same team, whether it’s family or work.
Overcoming Obstacles
Twist is hiring and has been getting a higher quality of applicant recently. Paul thinks the hiring market is starting to calm down. They employ 25 people, including 5 people on the website, and retail staff. They consider online its own store. All three stores (including online) were very close in sales this year, which says a lot about their online business.
Any advice for other independent jewelers? Things are changing quickly in life and jewelry is no different. The values in the industry were based on rich family history and deep relationships with communities. That’s changing—competing with a global market. Embrace technology and communication, he advises. Keep an open mind about what’s going on. Twist was always quick to adapt, without being weighed down by tradition.
Paul loves hearing about small businesses. And he likes that we are giving a voice to independent creators on the podcast. Everyone is kind of alone when they have a small business. Platforms that give them a voice can help.
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about Conversations in Park City, a new De Beers CEO, and a new spin on a classic Patek Philippe watch. Victoria recaps her time in Park City, where she contemplated the present and future of retail with experts curated by PSFK. Rob reports on the change in leadership at De Beers, where Bruce Cleaver has stepped down and become co-chairman, and Al Cook will step into his shoes as CEO. Victoria covers the latest iteration of a popular Nautilus and what it means for the direction of the Patek Philippe brand.
Show Notes
01:00 Victoria interviewed the president of Bulgari who was in the Maldives.
04:30 A recap of Conversations in Park City
09:00 A change in leadership at De Beers
19:55 New Patek Philippe watch
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: @jckmagazine, jckonline.com
Show Recap
Hospitality Meets Jewelry
Victoria got up early to speak to the president of Bvlgari, Daniel Paltridge, who was in the Maldives at the time. They talk about the Bvlgari hotel and how expensive it is—€2,500 per night! Rob wonders what guests might get in addition to the room for that price. (Likely not jewelry.) There are other examples of brands that cross over from fashion to hospitality—Armani, Shinola, etc. The hope is that you can capture an audience in one and then target them in the other side of the business.
Conversations with Friends—in Park City
Victoria recently traveled to Park City, UT, to Conversations in Park City, the leadership summit hosted by Jewelers Mutual. The brainchild of Mark Smelzer, head of content for Jewelers Mutual (and JCK’s former publisher). He had a vision to pull together the crème de la crème of the industry and bringing them all to a leadership retreat. Everyone met at the St. Regis in Deer Valley, with their loved ones in tow. Victoria brought her family and enjoyed the wonderful weather.
But the main focus was the content. Mark pulled in one of the leading thinkers on retail strategy and futurism, PSFK. Jeff Weiner of PSFK brought in some experts that they’ve used for their presentations—on the omnichannel experience, “phigital” retail, and other things retailers need to be prepared for. It was both present- and future-focused, informing retailers about shifts in the consumer atmosphere. Though Victoria tends to tune out when people talk about NFTs, she found this coverage easier to digest. It was a beautiful setting for some great conversations. Overall, the event was brief and meaningful. She hopes there will be another one next year.
A Change in Leadership for De Beers
Rob reports that Bruce Cleaver is stepping down as CEO of De Beers and handing over the reins to Al Cook—an industry outsider who worked for an energy company. His predecessor, Philippe Mellier, was also an outsider. He got great results for the bottom line of the company, but injured some relationships with clients who felt he drove prices too high. Bruce repaired that relationship, and is well-respected. Though it’s not clear why he is leaving this position, he will still be involved as co-chairman. It’s a job where you’re never bored because there are so many aspects to it.
Victoria wonders about the selection process. She points out that the new CEO is another European white man. Was anyone from their stakeholder countries considered? Some people have pointed out that De Beers is an African company that caters to women, yet all of its CEOs have been white men. People have comment that Al Cook doesn’t have the background on marketing, branding, etc. An outsider will have to be tutored in the varied aspects of the business. It’s also of note that Bruce is leaving without a contract with Botswana. A rough agreement has been drafted, but not signed yet. De Beers’ portfolio has been diversified by lab-grown, which might give them some leverage.
The Lab-Grown Diamond Trajectory
It’s been four years since Lightbox came out. Lab-grown is such a complicated market. Many still don’t accept it as a viable category. Swarovski is rolling out lab-grown as well. Breitling has just announced they’re starting to use lab-grown diamonds and fully traceable gold. This is more transparent than Victoria has seen a Swiss brand be. It’s clear that lab-grown is going to be part of the conversation going forward.
New Patek Philippe Watch
Speaking of watches! Victoria wrote an NYT piece about a Patek Philippe watch using white gold that might “break the horological internet.” The long-awaited successor to the 5711—a hyped but discontinued watch model— is here. Called the 5811, its main difference is that it’s in white gold instead of steel. A Nautilus that has been around since 1976, Victoria is confident it will be popular. It’s close to people’s hearts, and has always been in steel until now. They’re breaking away from the steel sport models that fetch more than the gold models.
They went to the prestige category. What they are concerned about is the preservation of the brand. It’ll be hard to acquire by an average consumer. Their aim is to elevate the brand.
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview two guests—Vikki Tobak author of Ice Cold: A Hip-Hop Jewelry History, and Jules Kim, owner and designer of Bijules Jewelry. They discuss how both women came up in the New York City club culture scene, and how it influenced both of their careers. Vikki talks about the early days of hip-hop and how its connection to jewelry began and evolved. Jules notes some jewelry styles that have their origins in African and African American culture, and the beauty of their evolution through time.
Show Notes
02:30 The hosts introduce their guests, Vikki Tobak and Jules Kim
03:05 Vikki shares her background and interest in jewelry and hip-hop
07:40 Jules goes into her background
15:20 Vikki talks about why the hip-hop world got interested in jewelry
19:00 Jules describes grill culture and how it evolved from its humble origins
23:45 Vikki’s favorite quotes and moments from her book
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Guests: Jules Kim, Vikki Tobak
Producer and engineer: Natalie Chomet
Plugs: jckonline.com @jckmagazine, Bijules, Ice Cold: A Hip-Hop Jewelry History
Show Recap
The Intersection of Hip-Hop and Jewelry
Vikki is a longtime journalist and curator. Both of the books she has written so far have been focused on hip-hop. She was an immigrant kid in Detroit, rooted in a city that was founded on music culture. She fell in love with hip-hop as a kid in the 90s, and moved to New York, during an immersive time of music and club culture. She started out working for a record label at age 19, then started writing about this culture.
The book tells a different angle to the culture, following this through line that’s been a constant throughout Vikki’s whole life. When asked when she started researching this topic, she says, “Informally? Since my mom bought me a Nefertiti pendant when I was living in Detroit in the 1980s.” Formally, she started in the beginning of the pandemic. It was challenging at that time because she couldn’t visit the diamond district or Canal Street, as she would have wanted to do in person. Jewelry is part of the fabric of hip-hop and club culture. You see it reflected in what people are wearing when you walk down the streets of New York.
Musical Influences
Many musicians contributed to Vikki’s book: Slick Rick—known as the don of hip-hop jewelry—wrote the foreword, and LL Cool J contributed an essay about a trip he took to Cote D’Ivoire in 1988 and the African link to hip-hop jewelry; A$AP Ferg, the first hip-hop ambassador for Tiffany. The common thread across these stories is the shared value of success and what we wear on our bodies as being representative of so much more (status, “making it,” being royalty). It’s more than conspicuous consumption. Jewelry is a communication.
Jules’ Background
Jules grew up in Richmond, Virginia. As soon as she and her twin sister could, they moved to New York. They were both DJing and throwing parties. Jules came to the city as a fashion intern and was fascinated with nightlife and the fast-paced, shared communal experience. Jules thinks of jewelry as a “forever material,” and says, “in that time period, I was living a very ephemeral experience, so everything was fleeting.” She assisted other fashion designers by day, and carting vinyl records to parties across town by night. She recognized that this experience didn’t last forever, and she eventually decided she wanted to make something that lasts.
She started Bijules in 2002. She wore all her pieces out and sold them at clubs. She was influenced by street fashion and decided to implement the nameplate with graffiti. When asked if she had any training, Jules said no. She went to university on scholarship for flute. She realized formal training wasn’t for her. She studied fashion in France, then came back and took a jewelry 101 class. It inspired her to dedicate herself to learning.
Downtown Culture
Vikki talks about the jewelry scene on Canal Street vs. in the diamond district. It’s cheaper, more playful. The diamond district was this other world that she didn’t have a reason to go to. Hip-hop and club culture is a culture of hustle, which overlaps with jewelry industry. Both are made up of immigrants. Being part of downtown culture was also this way. Vikki describes a “motley crew” that had similar hustle, dreams, and aspirations.
Hip-Hop and Jewelry Then
Vikki talks about the origins of hip-hop’s interest in jewelry. The young people who were to become the future superstars of the genre looked to the street for their styles. The first instance of jewelry on a hip-hop album cover was Kurtis Blow’s debut album in 1980, and those chains were very tiny and layered with a few pendants. As hip-hop stepped into its power in the ‘90s and more money started coming into the culture, early styles started coming along. That moment quickly led to artists using platinum, diamonds, and other precious materials in their jewelry. Trends included label pendants—the Roc-A-Fella chain, Death Row pendant, etc. There were many milestones that inform how the jewelry looks and the influence it has on the larger jewelry world.
Grill Culture
Any other trends that we really owe to the hip-hop world and don’t recognize their true origins? Vikki underlines that the styles that have ties to African cultures, which can be seen in Fulani hoop earrings, Ashanti rings, Tuareg rings, etc.
Jules answers the question too. Hip-hop is born from African American culture. The grill originally came from a need for dental attention. Fast generations to what it is now: “There’s something beautiful about embellishing what you say and how it escapes your mouth,” comments Jules. Jules describes how she partnered with Erica Badu on a project called “Badrool.” Jules’ husband took photographs in Senegal. She describes a photo that shows a ritual and jewelry that is connected with it—a type of grill. The “badrool” looks like rose gold falling out of Erica Badu’s mouth.
Hip-Hop and Jewelry Now
When asked if she has any favorite parts of her book to note, Vikki references a Biggie quote, “You never thought that hip-hop would take it this far.” Now everyone is dying to work with hip-hop artists. She thinks of this quote and remembers the early days when that was not the case. Jules shares a positive connection someone made as a result of Vikki’s book—it speaks to the culture and how committed it is to communicating its style through jewelry. Jules’ anecdote shows how the book is actively inspiring new designers.
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss the Dubai Horology Forum in New York, the Facets 2022 conference in Antwerp, and Victoria’s tour of Cartier’s watchmaking facilities.
In This Episode
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Eric Ku, watch “super dealer,” cofounder of Loupe This, and founder of 10 Past Ten and Los Angeles Watchworks. Eric recounts the origin story of when he first started his collection of mechanical watches, the beginnings of watch-collecting on the internet, the evolving relationship between brands and the pre-owned market, and he names a few micro-brands that have yet to get their due.
Show Notes
02:20 – The hosts introduce Eric Ku
04:20 – How Eric came to own his first watches
08:10 – The early days of the internet and online watch collecting
10:15 – Eric’s main business focuses
15:00 – Brands’ relationships with the secondhand market
20:45 – How Loupe This got started
25:00 – Some great lesser-known watch brands
27:30 – Eric’s first watch, “the one that got away”
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: loupethis.com, 10pastten.com, lawatchworks.com, @jckmagazine, JCKonline
Show Recap
Eric’s Watch Origin Story
Eric talks about where his love of watches came from. He subscribed to National Geographic and always noticed the Rolex ad on the back cover. In particular, he has been interested in mechanical watches and the history behind them. While in college at the University of California, Berkeley, Eric didn’t find a lot of others who shared his interest, however.
When Eric came into some money playing the stock market in college, it allowed him to buy some of his first nice watches. Soon after, he lost that same fortune the same way he had made it and had to sell them all. In a way, this quickly introduced him to both sides of the watch-selling business.
Eric’s first watch? An Omega Speedmaster Automatic with a clear display back. Back when he had purchased it, it cost him $999. At the time, he thought that this price was the benchmark for a “nice” watch. His first vintage watch was a Rolex Red Submariner. He got it in Columbus, Ohio, at an NAWCC (National Association of Watch and Clock Collectors) show. From the beginning, Eric had been drawn to Rolex because of the brand’s tie to feats of human ingenuity dating back to the 1930s.
The Watch Market Now and Then
During the early days of the internet and internet watch collecting, his friends used to fax pictures of watches to him! It was an active scene. He talked to other collectors online. He looked at other sites to learn about watches. The commercial part of it was at trade shows, not online yet. NAWCC would have a show in Pasadena, Calif., twice a year. He would attend these regional shows, walk around, meet people, and all the trading would happen there.
Eric’s Collection of Watch Businesses
What are Eric’s main business focuses? He started 10 Past Ten in the early 2000s, which is a website that sells vintage Rolex sport watches. This is one of the segments that is most heavily collected. It started as a part-time job. After a “moment of clarity,” he gave notice at his day job, rented an office, and never looked back.
Six years ago, Eric partnered with his friend Beau Goorey and started Los Angeles Watchworks, a repair and restoration business for fine Swiss watches based in Pasadena. They are known for their cosmetic work on watches, preserving the original look and feel while catering to the whims of watch collectors.
How does he handle counterfeits? With these fine vintage watches, it’s all in the details. There are specific tiny details that are not always original. With vintage watches, you won’t see a counterfeit that is perfect. It’s harder to replicate watches that are handmade.
Brands Embracing the Secondhand Market
Though they used to thumb their noses at it, brands are increasingly embracing the pre-owned market. Eric gives the example of Richemont, which bought Watchfinder (a secondhand watch business on the internet), and they slowly integrated it into their dealer network. They’ll look at trade-in watches and accept a customer’s trade-in as credit toward a new purchase. With new watches, there is a keystone. The margins are thinner for secondhand watches. Eric notes that the lack of availability of some new watches is an interesting factor. It benefits these brands to offer pre-owned watches, so that there is still some inventory.
Primary and Secondary Market Interplay
Victoria asks about the relationship between the primary and secondary markets. When there’s nothing available in the primary channel, people flood the secondary market with demand, and prices rise to extreme heights. Now that the prices for these hyped watches are going back down in the secondary market, what is Eric seeing in the primary? Does he see a link between the two? Eric has not seen interest in the primary market cooling just yet. Most authorized dealers would likely agree, they continue to have a waiting list for certain models of new watch. He notices that the retail prices of these watches are much lower than their market value.
What accounts for this growth of the watch market? Eric thinks it’s a mixed bag. The company-owned boutique model with fewer third-party partners has affected the supply. Back in the day, it was expected that you would go into a jewelry store and negotiate the price. Now, people don’t go to a brand boutique expecting a deal on a designer watch. On the consumer side, watch collecting used to be niche, but over time, the fashion world has embraced vintage things. That has moved the needle. Fashion magazines have watch writers. It’s different from even just 10 years ago.
The Birth of Loupe This
Eric talks about his online auction company Loupe This, which he started with Justin Gruenberg. Both co-owners are deeply involved in the watch auction market. Because they’re so familiar with it, they have their likes and dislikes about auctions. They didn’t like how high fees were. Other examples: how long it takes to list and the predictable seasons, which have gaps of time when there aren’t a lot of auctions. They created this platform that addressed many of their issues with in-person auctions. However, they don’t intend to replace traditional auctions. There’s an excitement about being in an auction room and watching everything happen. They do try to cater to a wider audience and have watches for sale every day.
His Personal Collection and Favorites
Victoria asks Eric to share his hit list of brands that haven’t gotten their due yet. It’s hard to predict! He thinks that the market is good at predicting what is undervalued/overvalued and adjusts. He names a few micro brands and relatively affordable brands that are still under the radar: Kurono, Ming, and Baltic.
How many watches does Eric have? Though he doesn’t know the exact number, he says his collection is fairly focused. (He has more than his wife would like, he says!) He likes watches with a story. He tells the story of his first watch that he sold and tried to buy back. Though he did get it back, he paid a world-record price. When he got it, his original documents were all still with it! He now plans to save it for his son.
In This Episode
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss Signet's acquisition of Blue Nile, what it means for the brand and how they might evolve as a result. Victoria reports on her research into fall's biggest fashion trends, which include animal motifs and a resurgence of the power-dressing era of the 80s and 90s.
Show Notes
03:00 Signet is acquiring Blue Nile
12:00 Victoria reports on the latest in fall fashion
19:00 80s and 90s jewelry styles are on trend
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine
Show Recap
Signet to Acquire Blue Nile
Big news in the dog days of August: Signet is acquiring Blue Nile. This is part of Signet's pattern: they keep acquiring the competition. One of the things current management is focused on is growing market shares. And this is the easiest way to accomplish that. However, there are high customer acquisition costs that have to be paid to Google and Facebook. Google, Facebook and other companies like them have gotten so large, it places a burden on other competition because of the high expensive to advertise online. Rob sees this as a troubling sign on a higher level.
The deal will likely contribute to the long-term sustainability of Blue Nile's brand. But people worry how many businesses are all consolidated under one large umbrella. Victoria wonders how Blue Nile might evolve under Signet. It's not clear where the brand will fit among the other jewelry brands under Signet now.
Victoria recalls the interesting things that Blue Nile has done in recent years: Their 10 by 10 collaboration with De Beers and designers of color, for example. They want to be a brand that speaks to people, not "the Amazon of jewelry."
Themes in Fall Fashion
Victoria has been doing research into the latest fall fashion trends and reporting on them in the JCK Special Report newsletters. Here are a few themes she's been noticing, to help inform what jewelers may want to stock. A surprising but endearing trend gaining steam is animal-inspired jewelry. Though this has been going on for thousands of years, there are times when the motif gains steam. Victoria spoke to an expert on this category: Marion Fasel, jewelry historian and founder and editorial director of The Adventurine. She worked on the Beautiful Creatures exhibit at The American Museum of Natural History. The two animals that come up over and over again, according to Fasel? Snakes and butterflies.
Snakes have a beautiful shape that lend themselves to jewelry, which can symbolize wisdom and eternal love. The butterfly has emerged in many jewelry collections this year. Symbolizing rebirth and transformation, it's particularly resonant to people right now as we begin to emerge from the pandemic. Victoria describes some collections she's seen that feature interesting creatures as pendants. In the vintage space, sales of animal-inspired pieces are soaring, as well. The zodiac trend also contributes to the popularity of the animal theme, since many of the symbols of the zodiac are animals as well.
80s Jewelry Makes a Comeback
Though it might be surprising, jewelry from as recent as the 90s can now technically be considered vintage. And, according to many estate jewelers, the 80s and 90s aesthetic of jewelry is coming back. Part of the reason is because these pieces are coming into the market. But, it's more than that. Victoria explains "the golden 40-year rule." A wave of nostalgia comes over the creators of pop culture and fashion of their childhood as they age. As a result, certain eras of fashion make a comeback after a certain amount of time has passed.
Something about the 80s and 90s look is taking hold: Power-dressing, strong female characters, big glamorous bold jewels. That vibe is coming back. Though it might be out of step with the economy, the trend still exists within our current environment. How does it translate to jewelry? Big chains (think: Madonna's pile-on phase), large dramatic hoops, and other big, bold styles. The bold gold look. Even for generations who don't remember the 80s, they are part of our general pop culture, so Gen Z may be drawn to these looks as well. The thing about jewelry trends is they always come back.
Other motifs and trends that are coming into their own are turquoise, evil eye, and other protective symbols. A single "wow" piece may start to take the place of dainty layers. When the economy starts to make things go up in price, mixed metals tend to gain more popularity, too. There's a fascinating mix of cool jewelry out there right now, and Victoria hopes people will take advantage of it.
In This Episode
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Mark Smelzer, chief content executive of Jewelers Mutual and JCK’s former publisher.
Show Notes
01:33 The hosts welcome their guest, Mark Smelzer
03:30 Mark talks about his background in the jewelry business
07:00 Mark recalls his first impressions of the industry
10:10 The role of print today
13:15 The shift to content marketing
19:30 Mark’s prediction on jewelry sales
21:20 What can we do better?
23:50 How the industry has changed
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jewelersmutual.com, @jckmagazine, jckonline.com
Show Recap
Mark’s Beginnings
Mark started in magazine ad sales in Los Angeles. He became the publisher of a city magazine called Buzz. When it went under, he moved to Variety—the entertainment trade publication, which is what eventually drew Mark to New York City. After a corporate shake-up at Variety, he was informed that he was the publisher of JCK magazine. Hedda Schupak, JCK's editor-in-chief at the time, said, “Welcome to the jewelry business. It’s not unlike the Hotel California. You can check out any time, but you can never leave.” Eighteen years later, her words ring true.
His First Impressions
Mark knew very little about jewelry in the beginning, not having much personal connection to it. He reflects on how much the industry has changed in 18 years. It used to be more male-dominated and traditional, but it's always been warm and welcoming. It was the first time he had to sell advertising directly to business owners.
The Evolving Role Of Print
Mark compares his time in publishing to selling horse-and-buggies right before the advent of the Model T. There are areas where print still resonates: city magazines, niche books, and catalogs. “Print is not dead, but, boy, did it morph and change," he says.
The Shift To Content Marketing
There was a gradual shift from writing stories and articles to writing “content.” When the internet became usable by laypeople, the ability to publish content became more widely accessible to the masses. Victoria ties this shift to what Mark is doing at Jewelers Mutual with the Zing Report. His task was to raise awareness of the Zing marketplace—a hub for the variety of services that Jewelers Mutual offers. Content includes upbeat articles, interviews, and more.
Jewelry Sales Predictions
Mark hopes the pandemic sales spike will continue. He says that the pandemic reminded a lot of people of the emotional side of jewelry. Will the industry be in a better place than it was pre-pandemic? That remains to be seen.
What Can The Industry Do Better?
What do we need to overcome in the current economy? The jewelry industry could be more digitally savvy. Retailers should work toward making the in-store and digital experience more seamless. Mark remembers a “Got Milk”–style campaign he worked on with Jewelers of America. It raised awareness of jewelry using the slogan, “Another piece of your story." Then the pandemic came along, it was shelved, and jewelry had such a great two years that it was no longer needed.
How The Industry Has Changed
It has become a younger, broader industry with more diversity and inclusion. The jewelry business is richer when a greater variety of people is included. He ties how energizing that experience of connection can be to Jewelers Mutual’s upcoming retreat, Conversations in Park City, which will feature networking opportunities, meaningful conversations, big ideas, and fun activities.
In This Episode
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about secondhand watch prices, the cost of entering the jewelry business, and an early look at a diamond documentary.
Show Notes
00:30 Victoria talks about the secondhand watch industry and its fluctuating prices.
13:24 Victoria questions the economic barriers to getting into the diamond industry.
17:53 Rob reviews the new diamond documentary Nothing Lasts Forever.
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine
Show Recap
Secondhand Watches
Victoria comments that it’s a little bit slow in the jewelry industry in July, but it’s a nice break from the busy earlier months. She then dives into the secondhand watch market and the online auction market. The companies she spoke to have seen great success, and there’s been growth in both sales and new buyers. People are flocking to online auctions because of the pandemic, and prices are fluctuating at the moment, so market value isn’t exactly clear. Auctions help determine that market value. Rob asks how the most well-known brands have reacted to this. Victoria said they were definitely watching and hugely discouraged it.
The Cost of Entering the Jewelry Business
Victoria says it’s very expensive to enter the jewelry industry unless you already have family ties or come from a great deal of wealth. To amass the materials and create a jewelry line is an incredible task, and an expensive one at that. There are PR, trade shows, photography, and more that all cost money to get your brand out there. This isn’t to take away from the quality of jewelers’ design capabilities, but it's important to note that all aspects of this business take tremendous amounts of capital. Emili Vesilind wrote about how to get your business started in this JCK Pro article. She posits that it takes a bare minimum of $37,000 to start a jewelry business, which doesn’t encourage diversity in the jewelry industry.
Nothing Lasts Forever
Rob wrote a review about the new documentary about lab-grown diamonds, Nothing Lasts Forever, airing this fall on Showtime. Rob says it was a beautifully shot film and describes it as an odd experience and hard for him to be objective about, as he knows so many people in the movie. He believes most people will be unhappy with this film, and that it was slanted against the natural diamond industry. Nothing Lasts Forever is scheduled to stream on Showtime in September.
In This Episode
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Mithun Sacheti, CEO of CaratLane.
Show Notes
00:30 Victoria and Rob introduce their guest Mithun Sacheti, CEO of CaratLane.
07:17 Mithun compares CaratLane to Blue Nile.
10:15 Victoria asks about his early business.
14:42 Mithun describes his most recent experience at the JCK show.
16:09 Mithun talks about Tanishq purchasing majority share of CaratLane.
21:00 Rob asks about CaratLane’s brick-and-mortar stores.
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine, CaratLane.com
Show Recap
Introducing Mithun Sacheti
Mithun Sacheti is the CEO of CaratLane, which is often described as the Indian version of Blue Nile. He spoke to JCK from the southeastern coast of India. His mother and father were in the jewelry business, and Mithun describes it as a “generational business,” which is how he got into it himself. Mithun studied at GIA and worked briefly in San Diego. When he returned to India, he opened his own jewelry store.
Blue Nile Inspiration
Mithun compares the Indian jewelry business model to the business in the United States. Mithun says he learned from Blue Nile that you have to find the easiest place to enter the industry. In India, while diamonds are fine to sell, its real strong point is selling jewelry as opposed to loose diamonds and engagement rings. In the early days, Mithun describes a hostility similar to what Blue Nile faced in its early days.
Building the Business
Victoria asks how Mithun coaxed people to buy originally, and he said initially consumers were resistant. CaratLane built a try-at-home model in an attempt to get people to buy their diamonds, which ended up being successful. Mithun doesn’t think this model would necessarily work in America.
The JCK Show
Mithun was just at the most recent JCK show—the first one he attended was back in 1998. Victoria asks for his take on this year’s JCK show, and Mithun said it was all about making connections.
Tanishq
In 2016, Tanishq purchased a majority share in CaratLane. Tanishq is the largest jewelry company in India and has been around for 25 years now, with a market capitalization close to $1 billion. Mithun says Tanishq has been a great partner, and CaratLane has been able to grow on a much faster scale thanks to its involvement. Victoria asked what other kinds of things CaratLane has tried as a company, and Mithun describes a virtual try-on, different from augmented reality, that didn’t pan out. One thing that worked very well was building an omnichannel network.
Brick-and-Mortar
Rob asks why CaratLane believed it needed a brick-and-mortar store when it was successful online. Mithun believes there is a need for tactile jewelry shopping, even though consumers find jewelry online.
(Photo courtesy of Mithun Sacheti)
In This Episode
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss former JCK editor-in-chief George Holmes’ legacy, LVMH's investment in Lusix, and Russian diamonds and Ukrainian jewelers.
Show Notes
00:30 Victoria and Rob remember former JCK editor-in-chief George Holmes
13:51 Victoria reports on the state of the industry
17:15 Rob reports on LVMH’s investment in Lusix
20:03 Victoria and Rob talk about Russian diamonds and Ukrainian jewelers
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine
Show Recap
Remembering George Holmes
George Holmes, JCK’s former editor-in-chief of 22 years, died last month. Victoria describes his as a legendary editor. Rob talks about his time working with him and says he was gracious and intelligent with unyielding editorial integrity. Victoria and Rob share an audio clip from an earlier podcast of Joe Thompson speaking about George Holmes.
State of the Industry
Victoria discusses a Jewelers Board of Trade webinar with its president, Erich Jacobs. He showed graphs on consumer sentiment, confidence, unemployment rates, and more. Erich says unemployment is linked to consumer satisfaction—if unemployment is low, generally consumer confidence is high. Now, we’re seeing a break from this. We have record low unemployment and low consumer confidence. Victoria says retailers may feel a little pinch in their bottom line, as consumers aren’t using credit cards as much.
LVMH and Lab-Grown Diamonds
Rob comments on the lab-grown space and LVMH Luxury Holdings' investment in Lusix, an Israeli lab-grown diamond company. LVMH is not being shy about its investment—but this investment raises questions. Rob believes LVMH wants Lusix to scale with more persistent production. Victoria asks if the luxury sector is finally ready to accept lab-grown diamonds, and Rob isn’t sure.
Russian Diamonds
Victoria asks what’s happening in the world of Russian diamonds, and Rob says there are rumors in the industry about banks in Europe not wanting to fund Russian diamond shipments. Rob says the big companies have figured out a way to get diamonds back on the market after a slow run for Russian diamonds. On the flip side, Victoria has spoken to many Ukrainian jewelers, and her takeaway was their commitment to improving the industry and getting attention for Ukrainian jewelers in the market.
In This Episode
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates share their post–JCK show takeaways and the interviews they conducted live on the JCK show floor.
Show Notes
00:30 Rob and Victoria share their takeaways from the JCK show
09:30 Victoria interviews Jewelers Mutual Group’s chief content executive, Mark Smelzer
11:00 Victoria interviews Stuller CEO Matt Stuller
13:40 Rob interviews Craig Underwood of Underwoods Fine Jewelers
17:00 Rob interviews Feriel Zerouki of De Beers
20:18 Rob interviews Steve Coe, CEO of Lightbox Jewelry
25:40 Victoria interviews Yuliya Kusher, CEO of Meylor Global
29:26 Victoria interviews Manos Phoundoulakis of EZEC
31:23 Rob interviews Jeff Corey, former owner of Day’s Jewelers, now currently the vice president of marketing
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine
Show Recap
JCK Show Takeaways
Victoria and Rob comment on how amazing the JCK show was this year. Rob says the mood and attendance were really strong and how the jewelry industry has been on a high the past two years. Some people even told Rob it was their best show ever. Others came to the show for the first time—a great reminder of why we have in-person shows. There was some awareness of inflation at the show. Victoria also mentions orange emerging as a hot color in jewelry.
Mark Smelzer
Victoria interviews Jewelers Mutual Group’s chief content executive, Mark Smelzer. Mark used to be the publisher of JCK, and Victoria asks what it's like to be on the other side of the JCK show experience. Mark comments on the overall energy at the show, and that it’s great to see sales happening at every booth.
Matt Stuller
Matt Stuller, CEO of Stuller, is excited to be at the show. Victoria comments on how busy the Stuller booth is. Victoria asks about its innovations this year. Victoria loves its permanent bracelet stand. Victoria asks how business has been so far this year, and Matt says business has been very strong. Everyone is cautiously optimistic.
Craig Underwood
Rob mentions how Craig Underwood of Underwoods Fine Jewelers has just won the Robert M. Shipley Award, and Craig says they’re still on the high from receiving that award. Rob asks what they’re seeing at the show so far, and Craig says he’s loving the energy. Rob asks if Craig thinks this is going to be a great holiday, and Craig says yes—he’s cautiously optimistic.
Feriel Zerouki
Feriel Zerouki, who won the Diamonds Do Good Next Gen Award at the show, is the senior vice president of corporate affairs for De Beers. Rob asks about Feriel’s involvement with the Responsible Jewellery Council, and Feriel says despite some problems recently, there’s also been great progress. Rob asks about the JCK show, and Feriel says it’s going well.
Steve Coe
Rob asks Steve Coe, the CEO of Lightbox Jewelry, how things have progressed with Lightbox, which created shock waves in the industry when it first released its lab-grown jewelry line. Steve says 25% of their buyers are repeat customers. Rob notes how Lightbox expects to be using 100% renewable energy by the end of 2022, and Steve says it is making great progress on that. Steve says Lightbox is looking to other carat sizes and other colored diamonds besides pink and blue.
Yuliya Kusher
Victoria interviews Yuliya Kusher, CEO of Meylor Global, the Ukrainian diamond company making lab-grown diamonds. She shows Victoria the largest uncut lab-grown diamond in the world, 150 carats. Victoria asks how the war is impacting their business, but Yuliya says they can’t really predict what will happen day to day.
Manos Phoundoulakis
Victoria interviews her good friend Manos Phoundoulakis about his new company EZEC, which he started with Andrew DeMarco. EZEC stands for Easy Emergency Contact. They claim to be saving lives and streamlining health care through jewelry. Its technological advancements help first responders with an easier way for people to wear medical ID bracelets.
Jeff Corey
Jeff Corey, vice president of marketing at Day's Jewelers, has been to 30 JCK shows. He was at the original and has been to every show since. He says it’s exciting to be here and doing business. He’s shopping around, looking at technology, and trying to see what’s new and exciting in jewelry. Last year, Day's Jewelers became employee-owned, so they share the profits of the company. Rob ask how business has been this year, and Jeff says it’s been excellent.
In This Episode
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss Steven Kaiser’s passing, the Oak collection watch event at London’s Design Museum, De Beers' blockchain platform, recycled gold, and the JCK Las Vegas show.
Show Notes
00:30 Victoria and Rob give their condolences to the family of Steven Kaiser.
05:25 Victoria recounts her visit to London’s Design Museum to see the Oak collection.
13:40 Rob explains De Beers' blockchain technology.
16:22 Rob is concerned with recycled gold and what the term actually means.
21:09 Victoria and Rob are excited for JCK Las Vegas!
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine
Show Recap
Steven Kaiser
Victoria and Rob give their condolences to the family of Steven Kaiser. The industry titan passed away a week before recording this podcast. He was feted at 24 Karat Weekend in March. He was a "connecter" and, as Rob reports, very good at smoothing things over. The jewelry industry mourns his passing, and he will be deeply missed at JCK Las Vegas this week.
The Oak Collection
Victoria was one of 65 journalists invited to London in late May to attend an event at the Design Museum. There, she saw the Oak (one-of-a-kind) collection. The Oak's owner, Patrick Getreide, has been collecting watches for 40 years. He has more than 600 of them (heavy on Patek Phillipe and Rolex), and 130 of them were on display for just one week. Victoria said the event felt like the gilded age of watches. Rob briefly mentions the Apple Watch and its effect on the watch industry.
De Beers' Blockchain
Rob talks about De Beers and its blockchain technology. Basically, Rob says, it’s a way to track diamonds through the chain in a trade-facing, rather than consumer-facing, manner. De Beers says it can trace all of its diamonds of 1 carat and above and believes it can scale this technology. Rob says this technology has been a long time coming, and De Beers has the most ambitious technology out of everyone trying their hand at it.
What Is Recycled Gold?
Rob recently wrote a story on recycled gold, and Victoria asks what prompted him to write it. Rob says he was recently part of a webinar about recycled gold, and it made him consider what recycled gold really is. As it turns out, there are many definitions if recycled gold—including the one the Federal Trade Commission uses: something that would otherwise go in the trash. The problem is, gold isn’t thrown out. Rob talks about why labeling anything as recycled gold is a problem and why the industry should start being clearer on what recycled gold really is.
JCK Las Vegas
Victoria and Rob’s schedules are packed for JCK Las Vegas. All of the events are back on, there’s tons of excitement, and Victoria is hoping for some good weather (not too hot!). From what Victoria understands, there is a great need to restock, which will make for a great show. JCK will be giving talks from the JCK stage and various educational classrooms. Victoria and Rob both look forward to meeting everyone there and give a little review of what to expect. Rob will also be signing copies of his novels!
In This Episode
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Sarin Bachmann, group vice president of RX Jewelry Group at Reed Exhibitions. They'll be discussing JCK Las Vegas 2022 and all that you can expect at the 30th anniversary of the show, which runs June 10–13.
Show Notes
00:30 Victoria and Rob welcome their guest Sarin Bachmann, group vice president of RX Group at Reed Exhibitions.
5:33 Sarin explains the layout of this year's show.
10:35 Rob asks about the education and entertainment lineup at the show.
16:32 Rob asks Sarin what she does to get ready for the show.
23:55 Sarin gives hot tips for your time at the show.
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine
Show Recap
Introducing Sarin Bachmann
Victoria and Rob welcome their guest Sarin Bachmann, group vice president of Reed Jewelry Group. She’s here to talk about the JCK show. The Luxury show opens June 8, and JCK Las Vegas kicks off on June 10. Sarin then tells how she got into the jewelry industry. She started off by working as a consultant, and one of her clients was Reed Exhibitions. She ended up leaving to work for Reed. She loves the jewelry industry, and knew she eventually wanted to run the jewelry shows. She particularly loves the passion in this industry.
The JCK Show Layout
Victoria briefly asks about Yancy Weinrich, Sarin's predecessor as head of the Reed Jewelry Group. Yancy recently left RX, and now is a president of another trade show company. Sarin then pivots to talking about this year’s show. She says the layout is going to be similar to how things were in 2019 (i.e., having Luxury back on level 2). Sarin is excited for international visitors to be back at the show. New this year will be a pavilion called The Shops for gifts for retailers to fill out their stores. JCK swag will be available there as well.
Education and Entertainment
Rob asks about the education and entertainment lineup, and Sarin gives the full rundown, including sessions on sustainability, trends, digital marketing, NFTs, and much more. All programs will be back, including a visit from the cast of the musical Hamilton in a private performance with an after-party to follow. Victoria asks what Sarin is looking most forward to, and she says she’s looking forward to all the photo and video opportunities on the floor. She’s also looking forward to the show’s 30th-anniversary celebration happening on Saturday.
Getting Ready for the Show
Rob asks what Sarin does to get ready for the show—Sarin says packing! She’s out there for 10 or 11 nights, and the act of packing gets her excited for the show. Sarin says she’s not nervous, but there’s always some anxiety leading up to the show, especially for her own speech. She also says she never gets tired in Vegas, she’s always excited and ready to go to the show. Victoria plugs the newest issue of JCK, which includes a guide to new Vegas attractions. Victoria and Sarin both mention where they think you can get the best lunch in town.
Hot Tips
Rob asks Sarin what her average JCK show day is like. Sarin says she saves checking out jewelry for the last day. Rob asks what she'd advise to those on the fence about coming to the JCK show, and Sarin says if you’re on the fence, you’re going to miss out. She also recommends preregistering for events. This year's show will be a celebration of JCK and of the industry coming together for 30 years.
(Photo courtesy of Sarin Bachmann)
In This Episode
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about Watches and Wonders Geneva, the AGS Conclave, and Russian diamonds.
Show Notes
00:30 Victoria recaps her experience as a guest of Breitling ahead of Watches and Wonders.
11:00 Victoria fills us in on her experience at Watches and Wonders.
17:09 Rob was at the AGS Conclave and tells us how that went.
21:49 Victoria and Rob express excitement for JCK Las Vegas; Rob talks about Russian diamonds.
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine
Show Recap
Breitling Marketing
Victoria went to Watches and Wonders Geneva, where she was a guest of Breitling. Known for its aviation watches, the company invited journalists and watch experts to Zurich ahead of Watches and Wonders to celebrate the 70th anniversary of its Navitimer, introduced in 1952. George Kern, CEO of Breitling, came down to give a speech and boarded the same plane as Victoria, and everyone flew to Geneva. On the plane, all of the new watches were passed around.
Watches and Wonders
Victoria says Watches and Wonders was a good show with a lot of excitement and optimism. She also noticed a lot of travel-themed watches. Rob asks if there was a lot of talk about smartwatches, and Victoria says no. She believes that smartwatches may have ignited a larger interest in watches in general even when they’re not present themselves. She also mentions a new mechanical watch she picked up at the show, and one brand, TAG Heuer, that’s using lab-grown diamonds in its watches.
AGS Conclave
Rob was just at the AGS Conclave in Oklahoma City. Victoria asks if lab-grown was a big theme there, and Rob says it was a theme, but not a major one. A lot of the discussion around lab-grown diamonds was about making sure you’re not accidentally buying a lab-grown when you believe you’re buying natural. A big topic at AGS was Russian diamonds and the reputational issues around buying and selling them. Rob says the mood at AGS was a good, and this event was one of its most highly attended Conclaves. There were sessions on sustainability and the verbiage around sustainability as well as origin and tracing.
Russian Diamonds
Victoria mentions anticipation for JCK Las Vegas. Rob and Victoria are both looking forward to the event and want to meet with people in person rather than virtually. To end the podcast, Victoria asks Rob about Russian diamonds. The U.S. sanctions have been a big hit to Alrosa, which is one- third owned by the Russian government. There aren’t many newly mined diamonds on the market. A lot of people are paying attention to traceability and sourcing.
In This Episode
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Ziad Ahmed, CEO of JUV Consulting, a New York City–based firm that advises companies on how to market to Gen Z.
Show Notes
00:30 Victoria and Rob introduce their guest Ziad Ahmed, CEO of JUV Consulting
06:02 Rob asks what characteristics define Gen Z
14:30 Victoria asks about non-digital experiences and purpose-led brands, while Rob asks about how Gen Zers feel about marketing
18:45 Rob asks how Gen Z views the luxury category
21:27 Victoria asks how Gen Zers are now buying jewelry
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine, JUV Consulting
Show Recap
Introducing Ziad Ahmed
Victoria and Rob introduce their guest Ziad Ahmed, CEO of JUV Consulting, a New York City–based firm that advises companies on how to market to Gen Z. Gen Z is defined as people who were born between 1997 and 2012. Ziad was born and raised in Princeton, N.J., in an American-Muslim household. In eighth grade, he started a nonprofit, a by-teens, for-teens organization that make community and schools more operative and inclusive. In high school, he started JUV Consulting, as he believed diverse young people should have a seat at the table.
What Makes Gen-Z
Rob asks what Ziad relies on for the information he’s tapped into on Gen Z, and Ziad reports that it’s a mix of survey data, in-depth research, and more. Victoria asks what kind of clients JUV works with, and Ziad says it ranges from Fortune 500s to startups to local campaigns to nonprofits. Ziad shares some of the clients that he’s been proud to work with. Rob asks the key characteristics that define Gen Z, and Ziad says Gen Z has grown up in the digital age, with social media as a language that they’re fluent in that allows them to find community. Victoria asks which platforms are essential, and Ziad thinks TikTok is the platform of the moment where celebrities are made overnight.
Gen Z and Digital Experiences, Sustainability, and Marketing
Victoria is interested in Ziad’s non-digital experiences, and Ziad explains how non-digital and digital experiences are blended. She then asks how Gen Z views the marketplace and how they want to shop, and if purpose-led brands are important to Gen Zers. Ziad says the American market has the capital to spend a little extra on purpose-led brands. Ziad believes we will continue to raise the bar on what sustainability looks like. Rob asks what turns Gen Zers off or what comes across as tone-deaf, and Ziad says that most marketing is cringe-inducing, and that’s why JUV consulting exists.
How Gen Z Views Luxury
Rob asks about luxury and how Ziad’s generation tends to look at luxury, and Ziad says luxury is in for a rude awakening as a lot of it is antithetical to Gen Z’s values. There are issues around inclusivity, income inequality, and gluttony and excess that are being scrutinized by this generation. Gen Z is concerned with what companies are paying their employees, how stable the supply chain is, and what kind of craftsmanship went into the making of the piece. Gen Z, Ziad says, is concerned with its image, and, like a brand, is trying to create who they are and show what they represent through their purchasing habits.
How Gen Z Buys Jewelry
Victoria asks where Gen Z’s very deliberate purchasing habits leave them in terms of buying jewelry, and Ziad says Gen Z is very much interested in jewelry as a means of gender expression, but many are buying their jewelry secondhand from thrift stores. However, Ziad says there is still interest in new jewelry. Rob asks about traditional ceremonies that call for jewelry, such as weddings, and if Gen Z will still be buying jewelry for that purpose. Ziad says yes, but he explains how it might look different from generations past.
(Photo courtesy of Ziad Ahmed)
In This Episode
We’ve collected the origin stories of some past guests—including that of host and news director Rob Bates—so you can hear the different ways in which people got their start in the industry. You'll hear from Alexander Lacik, Sean Kell, Alexis Padis, Gina Drosos, and Alan Revere.
Show Notes
00:30 Introducing this week’s podcast
02:57 Alexander Lacik, CEO of Pandora
06:14 Sean Kell, CEO of Blue Nile
09:48 Alexis Padis, president of Padis Jewelry
13:50 Gina Drosos, CEO of Signet Jewelers
17:44 Alan Revere, founder of the Revere Academy of Jewelry Arts
22:40 Rob Bates, news director of JCK
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine, Pandora Group, Blue Nile, Padis Jewelers, Signet Jewelers, Alan Revere, Rob Bates Author
Show Recap
Alexander Lacik
Before becoming CEO of Pandora, Alexander worked with a range of brands including Pringles, Vicks, Always, Olay, Pantene, Lysol, Woolite, Head & Shoulders, and more. After moving back to Sweden with his kids, he ended up working with Britax for a while before Pandora knocked on his door. He was excited to work with Pandora because it was a big Scandinavian international brand. Rob asks what the commonalities are between these successful brands.
Sean Kell
Sean Kell, CEO of Blue Nile, came from a family who loved jewelry. He started as an engineer, then went into sales before going to business school to study marketing. He also worked at Starbucks, Expedia, and A Place for Mom before finally ending up in the jewelry industry. What attracted him to the industry in the first place: its size, and how it’s difficult for consumers to figure it out—he wants to change the industry to be a little more convenient for shoppers. Blue Nile originally operated solely on the web, but it has since opened brick-and-mortar stores to meet customers where they want to be met.
Alexis Padis
Alexis Padis is president of Padis Jewelry in San Francisco. She’s one of four kids, and she’s the only one who ended up joining the family business after spending time in an entirely different industry. She tells the story of how after selling an engagement ring to one couple she decided to make the industry here career. She also explains how her parents got into the industry. Her dad dropped out of medical school to become a jeweler, and met his Alexis’ mom in the industry.
Gina Drosos
Gina Drosos, CEO of Signet Jewelers, says she’s always wanted to work in an industry where she feels as though the product makes a difference in people’s lives. She also explains how she likes “transformation opportunities,” and what she means by that phrase. She then talks about her experiences working at other companies before she landed at Signet. One of those experiences she's particularly proud of is her time at Olay. Rob asks if Gina had an affinity for jewelry growing up, and she says she would always play in her mother’s jewelry box. While her mother didn’t have a large collection, all of her pieces were meaningful. On Gina’s 18th birthday, her parents bought her her very first piece of fine jewelry, a diamond cocktail ring from Friedman’s.
Alan Revere
Alan Revere—the past president of the American Jewelry Design Council, founder of the Contemporary Design Group, and founder of the Revere Academy of Jewelry Arts in San Francisco—tells us he dropped a potential career in law for the arts in the 1970s. He got a job as a bench jeweler in Oakland, Calif. It was there that he learned how to do repairs, resize rings, fulfill custom orders, and the like. At the California College of the Arts, Alan taught a small class—which eventually led to him teaching from his studio, and then his home. In 1979, he established the Revere Academy of Jewelry Arts.
Rob Bates
Rob’s grandfather was a diamond dealer. When Rob got out of college and started looking for a writing job, he saw an ad for Martin Rapaport's diamond industry newsletter, which he originally wasn’t sure about taking—but did. He ended up working for National Jeweler. It’s now been 24 years that he's been working for JCK. He even met his wife in the jewelry industry. One thing Rob says he likes about the industry is that you’re always learning.
(Photos courtesy of Alexander Lacik, Sean Kell, Alexis Padis, Gina Drosos, Alan Revere, and Rob Bates)
In This Episode
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Beth Gerstein, cofounder and CEO of Brilliant Earth.
Show Notes
00:30 Victoria and Rob introduce their guest Beth Gerstein, cofounder and CEO of Brilliant Earth
08:30 Beth explains the importance of sustainability to the consumer
14:11 Brilliant Earth offers both lab-grown and natural diamonds—Beth explains the difference
19:10 Beth talks about Brilliant Earth’s Fairmined collection
23:16 Rob and Victoria wrap up the podcast with discussion of international plans, marketing to Gen Z versus millennials, Russian diamonds, and brick-and-mortar stores and online sales
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: brilliantearth.com, jckonline.com, @jckmagazine
Show Recap
Introducing Beth Gerstein
Victoria and Rob introduce their guest Beth Gerstein, cofounder and CEO of Brilliant Earth in San Francisco. Victoria mentions that Brilliant Earth is really leading the charge on sustainability and ethical sourcing. As always, the JCK editors dive into Beth’s background and how she got into the jewelry industry. Beth grew up in Maryland, and both of her parents worked in government. She studied biomedical engineering and did work launching satellites, but Beth eventually realized her heart was in business and switched industries entirely.
The Importance of Sustainability
Beth explains how she developed Brilliant Earth on a set of values revolving around sustainability and ethical sourcing. With diamonds being such an emotional purchase, she believed people would want to know about the sourcing of their stones. She says Brilliant Earth's customers don’t want to compromise on quality, design, or experience—but transparency is extremely important. The company recently released its sustainability report, and she wants the industry to continue to do this difficult work. Beth also confirms that it’s been six months since Brilliant Earth went public. She says it helps them to set clear objectives and have financial discipline.
Lab-Grown Diamonds
Victoria and Rob have questions for Beth about lab-grown versus mined diamonds, and Beth says that there’s space for both—it opens the market more. Brilliant Earth started offering lab-grown 10 years ago and sees continued success with their sale. As a retailer, she says it's Brilliant Earth's responsibility to be open about its sources for both conflict-free and lab-grown diamonds. Beth says typically the younger shopper tends to gravitate more toward lab-grown diamonds. Victoria asks about a lack of transparency when it comes to lab-grown diamond sourcing.
Brilliant Earth’s Fairmined Collection
Victoria asks Beth about Brilliant Earth's new Fairmined gold collection, and Beth says she developed the collection with its customers in mind. She’s happy to be able to support artisanal and small-scale miners who are getting a fair price for their gold. She believes Fairmined gold will only grow in popularity. Victoria also asks if Beth goes to shows like JCK—and Beth has met many great suppliers since the first show. Rob asks what the most important thing about building a brand is, and Beth says it’s building a connection to the customers.
International Plans, Gen Z Versus Millennials, and Russian Diamonds
Rob asks Beth if Brilliant Earth plans to make a push internationally at some point, and she says yes. It's already shipping to more than 50 countries. Victoria asks about Gen Z and how they differ from millennials. Gen Z is social first, and Beth says it’s important to talk to customers where they are. She also says she values authenticity, inclusivity, and expects sustainability. Brilliant Earth has also recently removed Russian diamonds from their site.
(Photo courtesy of Beth Gerstein)
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about the industry-related effects of the Russian invasion of Ukraine and some news from the American Gem Trade Association.
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about the Tucson gem shows, Kering's sale of two watch brands, small diamonds, and Rob’s new book.
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Emily Stoehrer, the Rita J. Kaplan and Susan B. Kaplan Curator of Jewelry at the Museum of Fine Arts in Boston.
In This Episode
Youâll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Emily Stoehrer, the Rita J. Kaplan and Susan B. Kaplan Curator of Jewelry at the Museum of Fine Arts in Boston.
Show Notes
00:30 The JCK editors introduce Emily Stoehrer, the Rita J. Kaplan and Susan B. Kaplan Curator of Jewelry at the Museum of Fine Arts in Boston.
10:18 Emily explains how she brings the jewelry collections together.
17:11 Victoria asks if there are any gaps in the collections at the Museum of Fine Arts.
19:30 Emily discusses founder Susan Kaplan, designer Wallace Chan, and the intersection of jewelry and technology.
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine
Show Recap
Introducing Emily Stohrer
Rob and Victoria introduce their guest, Emily Stoehrer, the Rita J. Kaplan and Susan B. Kaplan Curator of Jewelry at the Museum of Fine Arts in Boston. Sheâs the countryâs only dedicated jewelry curator. Emily has an undergraduate degree in psychology and originally planned to go into law but ended up going to FIT to study textiles and fashion. She then went back to Boston to work at the Museum of Fine Arts as an intern. She also began work on a Ph.D., which enabled her to study jewelry theory and material culture. She now serves as a curator in the museum to a global jewelry collection that spans 6,000 years and has 22,000 objects. As a fashion historian, sheâs interested in the ways jewelry and fashion intersect.
How The Collections Are Created
Victoria asks Emily where the pieces in the collection come from, how they vet them, and how they put it all together. Emily says the majority of pieces in the museum come in as gifts, but they also purchase works of art. As far as the jewelry collection goes, those pieces are mostly from excavation in the Nile Valley in Egypt and Sudan. Only 1%â3% of the collection goes on view. With new technology, they can update the descriptions of the jewelry, as their stories are always evolving. Victoria asks what a few of Emilyâs favorite pieces are.
Gaps in the Collection
Victoria wonders if there are any gaps in the collection, and Emily says over the past few years sheâs been looking to add pieces created by women jewelers, and going forward sheâs looking to add pieces by artists of color. Sheâs recently added a piece by Winifred Mason, a teacher of Art Smith and one of the most well-known artists in the studio jewelry movement. Her work will be shown in an upcoming jazz exhibition at the museum. Rob asks how hard it is to get people to come into the jewelry wing, and Emily says combining different displays and grouping pieces together from fashion and jewelry brings more attention to the jewelry.
Susan Kaplan, Wallace Chan, and Tech in Jewelry
Susan Kaplan endowed the jewelry gallery but recognized that someone would need to be on staff to know all about that jewelry. Rob asks if Emily thinks jewelry is underappreciated as a historical categoryâEmily says yes. Emily speaks of her contribution to Wallace Chanâs new book on his butterfly collection. She hopes to add a piece of his to the museum's collection. Victoria asks if AI will make its way into the collections at some point, and Emily believes eventually it will, but sheâs not especially interested in the intersection of jewelry and technology yet, as itâs just getting started.
In This Episode
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about Ben Bridge and Pandora, the Tucson shows, and predictions for 2022.
Show Notes
00:30 Victoria and Rob talk about how 2021 was a good year for the jewelry industry.
09:15 Seattle-based Ben Bridge is divesting from Pandora, and Rob explains what that means for the franchise.
13:16 Rob and Victoria discuss where the ownership of Robbins Brothers, another West Coast company, lies.
17:16 Victoria is excited to go to the Tucson gem shows.
21:35 Victoria recounts her article interviewing 22 people’s predictions on the jewelry and watch industry in 2022.
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine
Show Recap
Sparkling Sales
After talking about how the pandemic is going, Victoria mentions a 2021 “December to Remember” email she got from Abe Sherman, CEO of the Buyers Intelligence Group, reviewing just how good jewelry sales were across the industry. Rob and Victoria marvel over how successful the jewelry industry has been and how the jewelry market is potentially bigger than anyone expected. The question remains: How do we make this last?
Ben Bridge and Pandora
Rob talks about Ben Bridge’s decision to sell its 37 Pandora franchise stores back to Pandora. These 37 stores comprise most of the Pandora stores on the West Coast. Pandora has gone back and forth between wanting to control its own stores and letting other brands control its sales. Rob then explores how he thinks Ben Bridge might grow in the future.
Robbins Brothers
Rob briefly talks about another West Coast jeweler, Robbins Brothers, a 15-store chain owned by private equity, which has put together a new management-led buyout.
The Tucson Gem Shows
Victoria is going to Tucson for the gem shows! Centurion is opening at a new location this month. She spoke to Howard Hauben, the organizer of Centurion, and he says they’re moving full steam ahead. The Tucson shows are as well. Victoria notes there will be supply constraints and prices rising on quality goods. The pearl market is also constrained due to the lack of harvest. A piece of advice? If you like something, buy it. Prices are expected to rise, so you’re going to want to grab what you can while you can.
2022 Predictions
Rob is hopeful that in March we’ll be able to have a nice 24 Karat Weekend. Victoria notes the Gem Awards have a really great roster as well. Thinking about this year and what to expect, Victoria recalls her article interviewing 22 people across the jewelry industry answering the question: “What is your boldest prediction for the jewelry and watch industry in 2022?” She says their answers were mostly positive, but there was a belief that people would be judged by their actions, meaning that you can no longer just boast about your values. You now must show how your business is aligning with them.
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Alexis Padis, president of San Francisco–based Padis Jewelry.
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates make predictions for 2022 and some New Year's resolutions.
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates look back and reflect on the past year.
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Scott Lachut, partner and president of research and strategy at PSFK.
Victoria Gomelsky and Rob Bates talk about sustainability in the industry, holiday predictions, and a new De Beers ad campaign.
JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Gina Drosos, CEO of Signet Jewelers.
JCK's Victoria Gomelsky and Rob Bates talk about sustainability in watches, the HardRock Summit, and the Pandora Papers.
In This Episode
You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk to guest Sean Kell, CEO of Blue Nile. They'll discuss how Sean got into the jewelry industry, how Blue Nile has done during the pandemic, the De Beers Ten/Ten campaign, and expectations for the upcoming holiday season.
Show Notes
00:30 Rob and Victoria introduce their guest, Sean Kell, CEO of Blue Nile.
7:40 Sean explains how he got into the jewelry industry after jumping around and working in several different industries.
13:36 Blue Nile did well during the pandemic. Hear how.
17:38 Victoria asks Sean about Blue Nile’s social presence.
19:20 Sean explains the success of the De Beers Ten/Ten Campaign that Blue Nile took part in.
20:56 Sean talks about Lightbox, Brilliant Earth going public, and his holiday expectations.
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine
Show Recap
Introducing Sean Kell
At the time of this recording, Victoria had just gotten back from Denver, where she'd been attending the Hard Rock Summit; she said the show was fantastic and that she promises to chat about it at a later date. Rob and Victoria then introduce their guest: Sean Kell, CEO of Blue Nile, who is calling in from just outside of Seattle. Sean says it feels like things in the jewelry industry are finally returning to normal. He also expresses his love for Blue Nile and how much he enjoys working there.
How Sean Got Into the Industry
Blue Nile has 13 showrooms, with 5 more opening later this year. Ultimately, the company plans to have 40 more showrooms across the country. Sean says Blue Nile is looking at expanding into colored stones and men’s jewelry. He then explains what attracted him to the jewelry industry in the first place: its size, and its difficulty for consumers to figure it out and how it's difficult for consumers to figure it out—he wants to change the industry to be a little more convenient or shoppers. Blue Nile originally operated solely on the web, but it has since opened brick-and-mortar stores to meet customers where they want to be met.
Blue Nile During the Pandemic
Back in 2020, Blue Nile’s showrooms were closed for a time. But since the brand was already established as an online company, it didn’t have much trouble during that transition period. Sean says Blue Nile has seen terrific growth, and it continues to enjoy that growth as the country opens back up and it opens new showrooms. Earlier in the pandemic, Blue Nile also offered virtual appointments, which it continues to do. It uses actual studios for its one-on-one sessions, and the personal jewelers have multiple cameras to provide an immersive experience, similar to one in a brick-and-mortar store.
Blue Nile’s Social Presence
Victoria asks about social media. Sean says Blue Nile has fully embraced Instagram in the United States. He also talks about social media platforms in China, which are even more important to the Chinese consumer than Instagram and Facebook are to the American shopper. While Blue Nile hasn't started doing virtual appointments on Instagram, it's working hard on its video and phone business.
De Beers and the Ten/Ten Campaign
Victoria asks about Blue Nile's teaming with De Beers and 10 independent designers in 2020 for a design collaboration called Ten/Ten. The designers created limited-edition engagement rings featuring center stones all sourced from De Beers' mines in Botswana. Sean discusses the success of that partnership. A hundred rings were created in total, and the program highlighted 10 wonderful designers—all women—and the beauty of natural diamonds in center stone engagement rings.
Lightbox and Natural Diamonds, Brilliant Earth, and the Holidays
Rob asks about Lightbox, and Sean says Blue Nile’s partnership with De Beers and Lightbox has been a good way for the company to test the waters of lab-grown diamonds. Blue Nile continues to sell only natural diamonds in its center stone engagement rings, and its customers are mainly looking for natural diamonds. Rob also mentions that one of Blue Nile’s competitors, Brilliant Earth, is going public, and Sean answers the question of whether he sees that happening for Blue Nile any time soon. Victoria asks if Blue Nile is seeing any bottlenecks in the shipping capacity for holiday sales. Sean says Blue Nile is expecting its largest holiday season.
(Photo courtesy of Sean Kell)
In This EpisodeYou’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Kate Youngstrom, vice president of brand and content marketing for RX Global. They talk about all things JCK Show—from its safety measures to its social and education events.
Show Notes
00:53 Victoria and Rob introduce today’s guest, Kate Youngstrom, vice president of brand and content marketing for RX Global.05:54 Kate goes over all the safety measures taken this year and shares where you can find more information.08:30 There are plenty of social and networking events at this year’s show. Kate tells the JCK editors about just a few of them.12:12 What’s new this year in the education programs.15:39 Kate talks all about Jewelers Source and the perks of having JCK Pro.
Episode CreditsHosts: Rob Bates and Victoria GomelskyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing Kate YoungstromVictoria is getting ready to head off to the JCK Show, flying from Burbank, Calif., to Las Vegas, and she’s so excited to see all her friends there. Rob is also excited. Their guest on today’s podcast, Kate Youngstrom, vice president of brand and content marketing for RX Global, will also be in attendance. She’s joining them today to give listeners some details about the show—which she says is unequivocally happening this year. Luxury opens by invitation only on Tues., Aug. 24 for two and a half days, then will remain open for everyone else Friday through Monday. And attendance looks strong!
Safety MeasuresRob asks if people will be able to come from outside of the country to the show, and Kate says interested attendees must follow the rules of their particular country. Safety policies mandate that masks are required, and masks will be offered at the center. But Kate recommends checking out the JCK Show’s website for all of the most up-to-date safety information. Presenters will have the option to wear masks onstage if they want.
Social Events and DiningThere are some evening social events planned. For the all-access badge holders in the Luxury community, on Wednesday night there is the fan-favorite Dine Out program featuring 17 restaurants. On Thursday, for those same badge holders there’s an Around the World happy hour taking place between three restaurant bars, with drink tickets available. On Friday evening, the Women's Jewelry Association (WJA) and the American Gem Society Young Titleholders, in partnership with JCK, are holding a happy hour at Sushi Samba. And on Sunday night, the Jewelers for Children (JFC) dinner is taking place in the Venetian Bar. Victoria mentions that on page 130 of the latest issue of JCKmagazine, Matt Villano wrote a piece about all the new places to eat, drink, and see in Vegas.
Education ProgramsRob asks about the education programs, which Kate says take place across three days of the show, starting on Friday morning and running through Sunday. They’ll be held on the show floor on the showcase stage. For the first time this year, there will be a few viewing pods on the show floor, where those who don't enough time to go from one place to another can watch livestreams of the education programs. Additionally, there will be two new education activation stations. One, the “Podcast Zone,” will allow attendees to watch podcasters record their podcasts live; the other, the "Content Creation Zone," will show visitors how to really bring a piece of jewelry to life through photography, social media, and emails.
Jewelers Source and JCK Pro PerksThis year’s keynote speech will be given on Saturday by the National Retail Federation and will take a look at the past 18 months—where we’ve been, where we’re going, and what we’ve learned. Victoria asks Kate about Jewelers Source, the JCK Marketplace where you can create meetings, source product, and see what the trends are. Kate says that all the content from the JCK Show will be available afterward on the site for JCK Pro users, and that those users will enjoy in-person perks at the show too, such as a dedicated lounge with amenities, and education and networking opportunities.
In This EpisodeYou’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about the new Tiffany campaign, Rolex, and diamond tracking systems.
Show Notes00:51 The JCK Show is coming up, and Rob and Victoria excitedly wonder how it will go.05:36 Rob talks about how Tiffany & Co.’s new campaign is ruffling some feathers.11:50 Rolex has increased market share over the course of the pandemic, and the JCK editors talk about the brand.17:46 Alrosa came out with nanotechnology to track its diamonds. Rob explores the technology's applications.
Episode CreditsHosts: Rob Bates and Victoria GomelskyProducer and engineer: Natalie ChometPlugs: JCK Show, jckonline.com, @jckmagazine
Show Recap
The JCK Show
Victoria and Rob talk a little bit about the JCK Show coming up later this month. They both have been making appointments, and Rob will be on a panel. Victoria thinks this will be a very different Vegas than what we’re used to, but she says it’ll be a very special one as we all come back together for the first time.
Not Your Mother's Tiffany
Rob recently wrote about Tiffany & Co.’s new campaign, which has been a bit controversial. Some are attributing the company’s new campaign slogan, “Not Your Mother’s Tiffany," to 29-year-old Alexandre Arnault, who oversees the brand’s communications. He’s the son of Bernard Arnault, LMVH chairman. Rob says Alexandre is trying to “hip up” the brand—but wonders if the new campaign is too cheeky. Some mothers are offended by the campaign, as it dates the Tiffany they know. Victoria brings up the Mercedes Benz campaign featuring Janis Joplin that isolated its core consumer but ended up working well for the brand.
Rolex, Unsurprisingly, Stays on the Rise
Victoria pivots to talking about the watch industry, specifically Rolex. The brand has gained market share over the course of the pandemic. Victoria spoke to a fellow editor in the watch space, who said that other watch companies looking to gain market share shouldn’t compare themselves to Rolex: “We all live on planet watchmaking, but they’re on planet Rolex.” Victoria brings up the brand since Tourneau has recently opened up an adjoining Tudor–Rolex boutique in New York City's Meatpacking District.
New Diamond Tracking Technology
Rob talks about tracking diamonds through the supply chain. Alrosa just came out with a system that uses nanotechnology, a part of the gems' molecular structure, to track its diamonds. Rob mentions that some people are concerned about hacking and security. However, this technology should be able to bring more transparency to the industry when it comes to origin, traceability, and trackability. But Alrosa’s tracking technology doesn’t just have to be about tracking where diamonds came from. It may also be useful for those wanting to track their diamonds if they happen to be stolen, so there are plenty of uses for this tech.
In This Episode You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Alan Revere, award-winning jewelry designer, author, and founder of the now-closed Revere Academy of Jewelry Arts.
Show Notes00:50 Victoria and Rob introduce their guest, Alan Revere.07:16 Alan got his start with jewelry in Germany, and he explains what he did once he got back to the United States.11:00 Alan tells the JCK editors what the jewelry industry was like back in the ’60s and ’70s.13:04 Alan discloses which jewelers have stuck out to him.15:47 The Revere Academy closed in 2017, and Alan explains his feelings on that time.18:58 Now retired, Alan lets listeners know what he's up to these days.
Episode CreditsHosts: Rob Bates and Victoria GomelskyProducer and engineer: Natalie ChometPlugs: jcklasvegas.com, jckonline.com, @jckmagazine
Show Recap
Introducing Alan RevereVictoria and Rob briefly mention this year’s new issue of JCK magazine, which is all about JCK Las Vegas, now taking place in late August. They then introduce their guest, Alan Revere. He is the past president of the American Jewelry Design Council, founder of the Contemporary Design Group, and founder of the Revere Academy of Jewelry Arts in San Francisco. He’s now retired in Lucas Valley, in Marin, Calif., living in a midcentury modern home. He grew up in Great Neck, N.Y., but trained in Germany. Here he tells the story of how he got involved in the jewelry industry.
How Alan Got His StartAlan tells us he dropped a potential career in law for the arts in the ’70s. Victoria asks about what happened when he came back from Germany in 1974 and landed on the West Coast. Alan says he got a job as a bench jeweler in Oakland, Calif.. It was there that he learned how to do repairs, resize rings, fulfill custom orders, and the like. At the California College of the Arts, Alan taught a small class—which eventually led to him teaching from his studio, and then his home. In 1979, he established the Revere Academy of Jewelry Arts.
Industry Changes in the ’60s and ’70s Rob says we think a lot about how the ’60s and ’70s were a big time for change in arts and design, and asks Alan what school of design he belonged to. Alan says in the ’60s, contemporary jewelry started to come of age, but no one was selling under their own name. By the ’70s, that had all begun to change, when a range of trends began to bloom and jewelers started their own name brands. At that time, Alan says people had more money than they knew what to do with, so it was a better time for buying jewelry.
Who Stands OutVictoria asks Alan if he taught CAD at the Revere Academy, and he explains that he did, but seldom. For him, creating jewelry is best when done with your hands. He’s a craftsman who wants to touch the materials—but he recognizes how useful today's technology is. Changing subjects, Victoria asks which of Alan's students have really stood out. Alan says James Binnion, a metaler; Mary-Lee Rae an enamelist; and Dana Bronfman, a newcomer to the space. He also mentions Kirk Bloodsworth, the first convicted inmate to be released because of DNA evidence, who then released a line of jewelry for others who have been exonerated. Though Alan says there is no other academy like his as none are all-encompassing as his was, there are a few he likes.
The Closing of the Academy Rob asks Alan how he feels about having closed the Revere Academy in 2017. Alan says he believes that everything happens on time when it’s supposed to. The price of rent for his building exploded. Someone suggested that he sell the academy, but he didn’t want anyone to tarnish something founded in his name, so he decided to finally close its doors four years ago.
What Alan Is Up to NowAlan tells us he has a bench in his home, so he’s still making jewelry. He belongs to the American Jewelry Design Council, a group of 30 talented jewelry designers across the country. They make jewelry every year according to a theme. Rob asks Alan about the future of jewelry design—but Alan says that he’s an expert of the past, not the future. Alan then gives fun facts about the history of jewelry.
(Photo courtesy of Alan Revere)
In This EpisodeYou’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about Watches of Switzerland, Alex and Ani, and marketing innovations.
Show Notes00:55 Victoria talks about her trip to New York to see Watches of Switzerland's new campaign.07:02 The jewelry industry is doing well.09:25 Rob explains how Alex and Ani declined into bankruptcy.16:49 Victoria discusses her article for The New York Times in which she talks with top minds in marketing.20:14 The president of research and strategy at the New York–based company PSFK told Victoria about developing technology called "digital twins."
Episode CreditsHosts: Rob Bates and Victoria GomelskyProducer and engineer: Natalie ChometPlugs: Zing by Jewelers Mutual, jckonline.com, @jckmagazine
Show Recap
New York Is Back! Plus Watches of Switzerland Shows Off
Victoria and Rob kick off the podcast by talking about Victoria’s recent trip to New York, her first visit to the city since the pandemic started. She was in New York for a press trip, sponsored by Watches of Switzerland to celebrate its newest campaign: Anytime, Anywhere. The brand showed off its watches in a spectacular video created by a creative director hired specifically for the job. Watches of Switzerland will have an Airstream parked in the Hamptons in New York through August to show off its watches. Victoria and Rob also briefly talk about how New York has changed since the beginning of the pandemic and where peoples’ dispensable income is going.
A Thriving Industry
Rob says lab-grown and natural diamonds are doing well. The fear was that these two industries would cannibalize each other, but so far that hasn’t happened. Retail sales are up, and people are ready for the pandemic to be over. Victoria pivots to mention a company called Threads Styling, a chat-based platform with an Instagram account. If consumers like what they see, they can start a chat via WhatsApp with a personal shopper and talk about the pieces they're interested in. Now, the company has its own shop on Instagram. Rob mentions Signet is also doing well.
Alex and Ani and Bankruptcy
Victoria gives a quick counter to all the optimism we’ve heard so far of booming retail sales: Alex and Ani has gone bankrupt. Rob explains the brand was once one of the biggest in the industry, valued at over a billion dollars. However, last month it filed for Chapter 11. Alex and Ani's interim CEO has said the company faced three main problems: macro trends driving customers away from brick-and-mortar retail, explosive growth in the early 2010s that resulted in operational challenges, and significant turnover in management. Rob also explains the company’s link to a spiritual healer and the ways in which its mobile app used customer data.
What's Next for Watches
Victoria held a trio of interviews for an article called “What’s Next for Watches” which ran in The New York Times on June 19—asking her interviewees what's coming in the watch industry and retail at large. The first person she spoke to is an expert on consumer psyche, who held conversations with consumers on what they need to feel good about purchasing something. He says brands need to be able to convey a sense of stability, truth, timelessness, and authenticity—all things that the luxury watch industry has expressed well.
Digital Twins
Victoria also spoke to the president of research and strategy, at the New York–based company PSFK, who discussed an omnichannel approach of meeting customers where they are. He also spoke about a concept called “digital twins,” where every manufactured product will have a digital version online. This would ensure that data on all its products could be stored up in the cloud, and allow information on anomalies in its watches or problems in a specific customer’s watch to be sent to the brand—giving it the capability to inform its customers that they should bring their watch in for service. This technology could be especially valuable in the automobile space.
In This EpisodeYou’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with guest Casey Melvin, cofounder and co-CEO of the Future of Jewelry. She'll be describing what the company she and her sister started offers and how it's different from traditional jewelers.
Show Notes00:30 Victoria and Rob introduce their guest, Casey Melvin.07:08 Casey describes the Future of Jewelry platform.10:20 Casey talks about how she differentiates her company from those of traditional jewelers and describes her consumer.13:05 Victoria asks if the Future of Jewelry has had any investors, and Casey describes the types of rings consumers can create on the company's website in greater detail.20:30 Rob asks Casey what the future of her company looks like.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Riley McKascleProducer and engineer: Natalie ChometPlugs: thefutureofjewelry.com, jckonline.com, @jckmagazine
Show Recap
Introducing Casey Melvin
Victoria and Rob introduce their guest, Casey Melvin, cofounder and co-CEO of the Future of Jewelry. Casey entered the jewelry industry in 2016. Before that, she was in law school. It was during law school that she studied abroad in the United Kingdom with her sister. One weekend in Spain, they were looking for a piece of jewelry to mark their trip to the country. She found a signet ring that she loved and wanted to surprise her sister with one—but the rings were either extremely expensive, or extremely cheap. From there, they both got into 3D printing for their own brand of customizable signet rings.
The Future of Jewelry Platform
Casey tells the JCK editors a little bit about the platform the Future of Jewelry uses that allows buyers to design their own ring on its website. You don’t have to be a designer in order to create your signet ring. You can choose the band, engraving, and kind of metal, all of which helps you make a ring that's completely unique and personalized. If you have access to a 3D printer, you can also buy a design file of the ring you design and 3D-print the piece yourself.
How the Company Stands Out
Victoria asks how Casey’s platform fits in to the world of more traditional jewelry. She believes that her company stands out as it democratizes jewelry at a lower price point. She wants her consumer to be a part of the design process. She says she imagines the Future of Jewelry buyer to be in their 20s or 30s, someone with a bit of disposable income, who wants a piece that stands the test of time. Casey says the company has attracted a lot of customers by word of mouth, and she wants to create direct relationships with her customers.
The Ring and Company Inventory
Victoria asks Casey if the company had any investors, and Casey answers that it's just been her and her two sisters (though she's received some advice from Mark Cuban; he told her to keep the company in the family, advice that she took to heart). As for the ring itself, you can engrave it with a monogram, roman numerals, icons, dates, geographical locations, and more. Victoria asks if this kind of personalization is coming soon to other companies—Casey doesn’t think so. She also believes more companies should digitize their inventory. When the Future of Jewelry started, it had a digital inventory, so she and her sisters didn’t have to put up a huge amount of money upfront.
The Future of the Future of Jewelry
In 2018, the Future of Jewelry became a web-based product. It would have had to pay out 30% of all in-app sales to Apple to be in its App Store, which just didn’t make sense for the company's business model, so it's web-only. Rob asks Casey what the future of her company is—and she wants to focus on consumer education and expanding her company while condensing her supply chain. She would also like to shorten the time it takes for consumers to receive their rings, which is currently three weeks from the time an order is placed. Rings start at around $90, but can go up to $250 and beyond depending on the type of metal and design choices.
(Photo courtesy of Casey Melvin)
In This EpisodeYou’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about how COVID-19 is affecting India, the Kay + Zales combo stores, and the De Beers Forevermark rebranding.
Show Notes
00:30 While New York City and Los Angeles are doing okay in terms of COVID-19, the situation in India is looking bleak.06:27 Rob discusses what stock prices are looking like in India despite the pandemic.12:36 Kay and Zales have come together to form Kay + Zales. Rob and Victoria offer their thoughts.18:32 Forevermark rebranded recently. Why? And what does Gen Z think?
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Riley McCaskillProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Stuggles In India
Victoria and Rob talk about how things seem to be going back to normal in Los Angeles and New York City, as people start leaving their homes more after being inside for so much of 2020. Unfortunately, the same can’t be said for India, where 132,788 new cases of COVID-19 were reported on June 1. Victoria recently reached out to Tarang Arora, who is part of the family that owns Amrapali. He’s involved in an initiative called Find a Bed, which helps place people in hospitals in India.
Where Are India's Stock Numbers?
Rob looks at India from an industry perspective and reports that its stock levels in jewelry were very high before the country was hit so hard by COVID-19. In fact, its stock numbers were higher in March 2021 than they were in March 2020, before the country experienced a spike in COVID-19 cases. Victoria wonders whether India is now experiencing the same things the United States did in 2020 as far as buying and selling—such as people being home more often and buying jewelry to pass the time. Rob also relays an interesting news story about fraudulent letters and bank loans from one Indian company.
Combining Forces: Kay + Zales
Victoria asks Rob to explain a story he wrote recently about a Kay and Zales combo-store concept, Kay + Zales. Since malls haven’t been getting the same traction they once did, the two competitors (both owned by Signet) decided to combine forces and share the same store space. Will this idea be successful? Time will tell. You’ll also hear from who Rob calls his “JCK spy." They visited the store to see what the commotion was about, and he relays his informant's thoughts. Victoria applauds the stores' innovation and willingness to try something different.
What's in a Name?
Recently, Forevermark rebranded itself as De Beers Forevermark. The reasoning behind this move, Rob explains, is that LVMH once had rights to use the De Beers name commercially, but once De Beers bought the company out, De Beers wanted to consolidate its brands under the same name. We have yet to see if the De Beers name will make any difference to the Forevermark brand. Victoria wonders what members of Gen Z know of the brand name De Beers, if they know it at all.
In This EpisodeYou’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Shelia Bayes, CEO and founder of Gem + Jewel and owner of Shelia Bayes Jewelers. They discuss sexism in the jewelry industry, what kind of company Gem + Jewel is, and Shelia's move into the world of e-commerce.
Show Notes
00:30 Victoria and Rob introduce their guest, Shelia Bayes.08:45 Shelia recounts sexism she has faced in the jewelry industry, and then tells us about her company's move.12:38 Victoria and Rob ask how Shelia has been holding up throughout the pandemic.17:36 Shelia explains who Gem + Jewel is designed to service.24:23 E-commerce can be a personalized experience, Shelia says.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: gemandjewel.com, jckonline.com, @jckmagazine
Show Recap
Introducing Shelia BayesVictoria and Rob start off by talking a little bit about the upcoming JCK Las Vegas show, and then introduce their guest, Shelia Bayes, CEO and founder of Gem + Jewel and owner of Shelia Bayes Jewelers. Shelia started Gem + Jewel 28 years ago but has been involved in the jewelry business since she was 17. She tells the JCK editors about how she got her start in the jewelry business and later survived the 2008 economic crisis.
Facing Industry Sexism, and a MoveShelia has been working in jewelry since the 1980s; as a woman with her own business, she wasn’t always as accepted or respected as her male colleagues were. She tells a story of a man at a Las Vegas show who asked her where her husband or father was, and shares her feelings about experiencing that act of sexism. Victoria also asks Shelia about her store moving from downtown Lexington, Ky., to a lifestyle center outside of town, and then to an upscale strip mall.
How She’s ManagingVictoria asks Shelia how she’s been managing during the COVID-19 pandemic. Shelia reports that she’s been faring well and has seen a particular rise in the bridal category, from engagement rings to upgrades of stones. She’s had a very diamond-focused year, selling both natural and lab-grown diamonds. And lab-growns have had a particular increase in sales this past year. Shelia also tells us which of the business practices she implemented during the pandemic she'll continue post-COVID-19, such as emphasizing e-commerce.
Gem + JewelShelia’s company Gem + Jewel was founded to level the playing field for independent retailers. So many independent retailers don’t have the bandwidth or skills to effectively start and run an e-commerce website. Gem + Jewel streamlines the e-commerce process by creating the retailer's website and having the retailer list its inventory online. Shelia says that Gem + Jewel has just started working with Jewelers Mutual and its Zing platform. Rob then pivots to ask a question about customer acquisition cost, especially on Facebook, and how it affects local jewelers.
E-commerce, PersonalizedRob asks Shelia how independent retailers can still offer customers a personalized experience when they're buying jewelry online. Shelia says that e-commerce is already tailored to the individual, as everyone wants to shop how they want and when they want. She also mentions that independent retailers can be more versatile than a bigger retailer like Amazon because they can add personal touches. For example, some customers have ordered online but then opted to pick up their jewelry at a physical store in order to have it gift wrapped first.
Photo courtesy of Sheila Bayes
In This Episode You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about new technology in jewelry, Tiffany & Co.’s new engagement rings for men, and the United States' sanctions on Burma.
Show Notes
00:30 Victoria questioned luxury brands about their opinion on technology in the industry.6:55 Victoria wonders whether jewelry will eventually become all digital.13:30 Rob and Victoria discuss Tiffany's new engagement rings for men and why these are different from previous men's engagement pieces.19:36 Rob explains what's going on with the sanctions on Burma and what they mean for you.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Resistance to Technology in the Luxury Space
We’re living our lives in the digital sphere more than ever, but the question remains, will our future be digital? Victoria explores the intersection of jewelry and the digital world, especially in the luxury industry. When Victoria reached out to leaders in the jewelry industry for comment, very few responded. A woman from Boucheron was one of the few who did respond, and she and Victoria spoke about AI, 3D printing, and more. Victoria will explain the collision between high jewelry and mass jewelry and what she sees as the democratization of jewelry, largely due to the development of our online world.
What A Digital Future Could Look Like
While she was researching this topic, Victoria spent time thinking about a world in which jewelry is primarily digital. A digital world of jewelry could mean we all have avatars and digital skins, but it could also mean owning digital-only jewelry. Victoria and Rob briefly discuss NFTs (non-fungible tokens). NFTs are driven by cryptocurrency, and you can buy jewelry, real estate, art, and other big-ticket items that only exist as a unique entity whose sale is minted on a digital ledger. Victoria deep dives into what NFTs are and how they work, and why high luxury brands are wary of them.
Tiffany Announces Engagement Rings For Men
Tiffany & Co. has announced its offering diamond engagement rings for men. While the company is not the first to offer men these rings, it joins a trend in the jewelry industry toward gender neutrality. Rob explains how prior to World War II, men did not receive wedding rings at all, so America has come a long way in its jewelry offerings. He also mentions the bittersweet removal of Tiffany’s A3 ad in the New York Times. Victoria and Rob also explore the difference between the diamonds on Tiffany's men’s and women’s diamond rings.
The Sanctions On Burma
Rob and Victoria wrap up the podcast with a more serious topic: the U.S. sanction on Burmese products. For a long time, Burmese rubies were banned in the United States. Earlier this year, the country underwent a military coup, and now the United States has instituted sanctions against Burmese jade, ruby, and pearls. Some say the original ban wasn't as effective at hurting the military as the U.S government planned, but it did largely affect those small artisanal diggers who depend on mining for their livelihood. Rob says not only will all of these sanctions affect the colored stone industry, but they will also bring into question jewelers' sourcing.
In This EpisodeYou’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview Christina Miller, owner and founder of Christina T. Miller Sustainable Jewelry Consulting.
Show Notes
00:30 Victoria and Rob introduce their guest, Christina Miller, founder of Christina T. Miller Sustainable Jewelry Consulting.06:09 Christina discusses her first company, Ethical Metalsmiths.15:27 You'll hear the very first step you can take to become sustainable.19:26 Christina argues that claiming you use recycled gold is not enough to be considered sustainable.23:33 Victoria asks if Christina is hopeful about sustainability, and Christina says we have a long way to go.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: christinatmiller.com, jckonline.com, @jckmagazine
Show Recap
Introducing Christina MillerAn expert on sustainability and sustainable sourcing, Christina Miller is the owner and founder of Christina T. Miller Sustainable Jewelry Consulting. From 2004 to 2015, she led the nonprofit organization Ethical Metalsmiths, which she cofounded. Today, she’s calling in from the village of College Corner, Ohio. Perhaps not a hub for jewelry, College Corner does happen to be a place where international activities on responsible sourcing and sustainability occur (right from her home office!). Christina comes from an academic art background and always wanted to be an art teacher; she earned bachelor's and master’s degrees in jewelry and metalsmithing.
Ethical Metalsmiths
Around 2005, Christina and her Ethical Metalsmith cofounder, Susan Kingsley, gave a talk on sustainability at a conference put on by the Society of North American Goldsmiths. Though this concept is commonplace in our jewelry industry now, their ideas were not well-received 16 years ago. Early on in her career, large-scale mining really made an impression on Christina. She's been concerned with the way we pushed aside Native Americans and eradicated groups of people to obtain our raw materials. Christina explains who Ethical Metalsmiths originally aimed to inform, and how the industry changed over the next 11 years after she formed the organization.
How to Become Sustainable
Since her days in Ethical Metalsmiths, Christina has been working with retailers, designers, and civil society organizations on sustainable practices. She encourages people to look inward and to work within their own belief system. First, you should think about the impact you would like to have, and then work to pursue sourcing that matches those values. Christina says ethical jewelry sourcing lies in the relationships we have with people all along the supply chain. Sustainability is a journey, and while we may be shortsighted when we start out, we learn to to be more ethical as we become more educated.
Why Recycled Gold Isn't Enough
Christina encourages people to reconsider how highly they tout their use of recyclable gold; companies shouldn’t be making claims that they can’t substantiate. We need to be doing more than just using recycled gold. Christina argues that all gold is really recycled, as all the gold that has ever existed lies somewhere on or within our planet. Using recycled gold is a start, but there’s so much more that has to be done in order to be considered sustainable.
We Have a Long Way to Go
Victoria asks Christina if she’s hopeful about things like blockchain, and if it is critical in understanding where our gold is from and how it got to us. Christina says that blockchain and the like help create a more transparent cycle of information between miner, purchaser, refiner, and end purchaser. But benefits should be felt throughout the supply chain in order to have sustainability in the industry. Christina says we owe it to the people whose countries we’ve been removing materials from for centuries to do better. There is a lot of work to be done.
Photo courtesy of Christina Miller
In This EpisodeYou’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about industry departures, Rocksbox, and Watches and Wonders Geneva.
Show Notes
00:30 Victoria and Rob are excited for JCK Las Vegas. They also mourn the loss of two extraordinary women in the jewelry industry.08:04 Mark Smelzer, longtime publisher of JCK, departs the company.11:11 Rob talks about Signet's acquisition of Rocksbox, and his concerns about company consolidation.18:27 Victoria talks about Watches and Wonders Geneva.20:26 There's a new sustainable watch coming to the market in 2022.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
JCK Las VegasVictoria and Rob talk about getting their COVID-19 vaccines, followed by Victoria excitedly sharing that she just booked her hotel room for JCK Las Vegas, which runs Aug. 24–Aug. 30. She’ll be at the Palazzo and can’t wait to see everyone there. On a sadder note, Victoria and Rob take a moment to honor the extraordinary women in the jewelry industry who have passed away over the last few weeks: Elsa Peretti and Alex Woo.
Mark Smelzer Leaves JCKIn other news, Mark Smelzer, who was JCK’s publisher for 17 years, has taken another job, with Jewelers Mutual Group as chief content executive. Victoria and Rob both share memories they have of Mark, and congratulate him on his new job.
Signet’s Acquisition of RocksboxSignet has taken over Rocksbox, a subscription service that caters to the serious jewelry fan. Subscribers get three pieces of jewelry for $21 a month. The average three pieces cost about $150 in total, and the company sends subscribers two items they selected and one surprise. The surprise element makes this business model one of discovery. Rob spends a bit of time talking about the negatives of businesses consolidating.
Watches and Wonders GenevaThis podcast was recorded on April 7, which was the opening day of Watches and Wonders Geneva. Just like last year, the event was all virtual. Thirty-eight brands participated this year. Victoria discusses some of the new models that were expected this year based on all the press releases she received.
A Sustainable WatchVictoria also mentions the Panerai Submersible eLAB-ID, which she wrote about for the New York Times. The timepiece is a concept watch that’s due to come out in 2022 with a limited release of just 30. A big selling point of this watch? It’s made from 98.6% recycled material—a record in the industry. Panerai also used nine external suppliers, a fact that it publicized in its press release. It's not typical for Swiss companies to share who their materials come from, so Panerai doing so signals a new effort toward sustainability.
In This EpisodeYou’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Madeline Fraser, founder and CEO of Gemist. They'll be discussing her entrepreneurial spirit, how she started her company, and how she views the jewelry industry as a former outsider.
Show Notes
00:30 Victoria and Rob introduce their guest, Madeline Fraser, founder and CEO of Gemist.04:04 Madeline explains how she started Gemist.09:46 Gemist has evolved over the years to include fashion jewelry.15:43 Rob asks Madeline about her marketing strategy; Victoria asks about AR technology.19:24 Madeline gives her take on the jewelry industry, and recounts a meeting she had with De Beers.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing Madeline FraserVictoria and Rob introduce their guest, Madeline Fraser, founder and CEO of a direct-to-consumer company called Gemist. Last year, JCK senior editor Emili Vesilind wrote that Gemist was like the Warby Parker of jewelry. Madeline tells her story of becoming an entrepreneur, which begins with her starting her first business in college. She created the very first online interior design company. Her idea got her a spot on Shark Tank and ended up being developed into a platform called Hutch. She then explains how her engagement to her then-fiancé sparked her to start Gemist.
What Is Gemist?Madeline explains how she started Gemist. First, she noticed a hole in the jewelry industry: There weren't any companies that allowed you to design your own piece of jewelry online. She figured out the market, who Gemist's competitors were, how big the industry was, and what problem it was looking to solve. What makes her company stand out? Customers can not only create their own jewelry pieces online or in the app, but also try the pieces out at home before they buy them.
How Gemist Has EvolvedWhile Gemist originally started out as a brand revolving around creating your own custom engagement ring, the company has evolved into selling fashion jewelry as well, including rings and earrings. This expansion of the inventory was at the request of customers who loved being able to create engagement rings but wanted more diversity. Rob asks Madeline about security risks with potential customers trying out the jewelry at home, and she explains how her customers get a replica product. Victoria asks about what the reaction was to her company from investors and Silicon Valley, and Madeline explains the challenges of getting investors interested in the jewelry industry.
Marketing and AR TechnologyVictoria asks if Madeline has seen any men shopping for themselves despite Gemist being a female-centered company, and she says yes. Rob then asks about marketing, and Madeline explains how affiliate marketing has especially worked well for them. Victoria asks Madeline about AR technology, but Madeline doesn’t think the tech is fully developed yet, and believes AR still needs to catch up with itself before she incorporates it into Gemist.
The Jewelry Industry Through Entrepreneurial EyesVictoria asks Madeline what she believes entices people into a store, keeps them there, engages them, and drives them to make a purchase. You'll hear her answer that question, and then explain how the jewelry industry and the furniture industry, where she started, are pretty similar in that they’re pretty fragmented. Madeline says the thing she was most surprised about was the supply chain, and how intricate the manufacturing of jewelry was. Madeline also describes a call she had with De Beers where she pitched to all of the company's C-suite executives and top stakeholders.
In This Episode In this edition of The Jewelry District, you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Batestalk about gender in the watch industry, secondhand jewelry and watches, and a new sustainability certification for diamonds.
Show Notes00:30 Victoria and Rob take a second to review this busy month.02:15 Victoria notices the watch industry’s disapproving reaction to the category of women’s watches.09:00 Gendered products are outdated. Rob and Victoria explore how marketing such products has failed.12:13 Secondhand jewelry and watch sites are plentiful. Rob talks about authentication and sustainability.14:35 Rob recently wrote about the language surrounding lab-grown diamonds, and discusses the new criteria a producer must meet to be considered eco-friendly.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
A Busy March It’s mid-March! That means it's daylight saving time. We’ve set our clocks forward in preparation for more hours of sunshine. But that’s not the only marker of time. This time last year, the first COVID-19 lockdowns were just starting across America. We’ve come a long way since then. Another March event? Women’s History Month. And that takes Victoria’s mind to watches.
Women Aren’t MonolithicVictoria wrote an article for the New York Times for International Women’s Day both this year and last. When she wrote last year’s article, she spoke to Kathleen McGivney, CEO of RedBar Group, who told her there are so many categories for men’s watches, but when it comes to women’s watches, there is just one category. She made the point that women are not monolithic, and the industry has been missing that fact. This year, Hodinkee published a piece making the argument that all watches should be unisex.
The Failure of Watch AdvertisementsRob says when you go online, watches are advertised as these macho, masculine pieces. Victoria agrees: In advertising aimed toward women, models are scantily dressed and posing in their watches. In advertising aimed toward men, men are skiing, climbing mountains, and using their watches as tools, not just as accessories. Advertising for women just shows how they can be sexier, which doesn’t necessarily reflect what women actually want. The industry's marketing toward women is outdated. In other watch-related news, Rob reports that Hodinkee bought Crown & Caliber, the secondhand watch site. He’s interested in Hodinkee's move from a watch site into the e-commerce realm.
Secondhand Sites Rob wonders about secondhand watch sites: Are there too many of them? Can the market handle them all? Victoria counters by asking when the jewelry industry will follow suit. Rob points out that the real problem with secondhand jewelry sites is getting the pieces authenticated. eBay is one place trying to grown its certification processes. Rob says people's desire for secondhand jewelry and watches comes from their interest in sustainability.
Lab-Grown Language On the topic of sustainability and eco-friendliness, Victoria mentions an article Rob recently wrote about lab-grown diamonds and sustainability. Rob explains his article. About two years ago, the FTC started cracking down on language in the lab-grown diamond sphere. The Lab Grown Diamond Council enlisted SCS Global Services to find out what it would actually take to be eco-friendly. This started a movement to develop criteria for companies to meet to be considered eco-friendly. Rob says we still don’t know how much electricity it takes to make lab-grown diamonds, and that data needs to be solidified in order to determine if lab-growns can be carbon neutral. When this is done, certain brands can be set apart from the rest as truly sustainable.
In This EpisodeIn this edition of The Jewelry District, you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Batestalk with Alexander Lacik, CEO of Pandora. They discuss how Alexander got into the jewelry industry, the trouble Pandora was having back in 2017 and how the company has been working to recover, and the effect of COVID-19 on its e-commerce business.
Show Notes00:52 Victoria and Rob introduce guest Alexander Lacik, CEO of Pandora.04:35 Alexander details the trouble Pandora was in before he came aboard.10:03 Rob asks Alexander why he thinks Pandora charms took off in the first place.11:47 Alexander is asked about the company's efforts to market to Gen Z.13:54 Victoria asks about Pandora’s e-commerce initiatives, and then they talk sustainability.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing Alexander LacikAlexander is the CEO of Pandora. Before moving to Pandora, Alexander worked with a range of brands including Pringles, Vicks, Always, Olay, Pantene, Lysol, Woolite, Head & Shoulders, and more. After moving back to Sweden with his kids, he ended up working with Britex for a while before Pandora knocked on his door. He was excited to work with Pandora because it was an international brand, and he liked working with a company based in a different locale.
In Hot WaterRob asks Alexander if, since he has worked on so many brands, Pandora is his first that is a discretionary category. Alexander says jewelry is more of a luxury item than other brands he’s served, but marketing any product is similar in some ways. Pandora was having some trouble in 2017, and that’s when it approached Alexander. Pandora's cardinal issue? Fixing its brand relevance as it had lost touch with its core audience. After a study with 30,000 people, Pandora realized product design wasn’t an obstacle. The problem was that the brand had lost a bit of its clarity and needed to redefine what it stood for.
Standing the Test of TimeRob asks why Pandora took off in the first place, and why its charms continue to strike a chord with people. Alexander clarifies that Pandora did not create the idea of charm bracelets; they’ve been around for thousands of years. He says that it's hard to determine why things become relevant in pop culture, but that marking milestones and celebrations in one’s life with a charm is what really drew people to the company. Now, Alexander says, Pandora is in a much better position than it was two years ago.
Who’s the Audience?Rob asks if it’s important for Pandora to pull in younger consumers. Alexander says women are the biggest buyers, particularly those between 25 and 40 who have a large disposable income. But he believes that by 2030, 30% of jewelry will be bought by Gen Zers. Pandora is currently working to figure out what the difference is, if any, between marketing to millennials and Gen Zers, while still staying relevant to the market at large.
E-commerce Solidification and SustainabilityVictoria asks about the impact of COVID-19 on Pandora’s e-commence business. Alexander says the company used to have 16 different e-commerce platforms globally, so the problem that it encountered was that if it wanted to upgrade something, it would have to do it 16 times over. Now, Pandora is working on shrinking the number of e-commerce platforms it has until it gets to one global platform. Victoria asks what issues Alexander is laser-focused on for the future. He says that Pandora wants to be more successful in China. He also thinks the digital transformation we've been seeing will continue. They all finish up the conversation by talking about sustainability: By 2025, Pandora plans to be carbon neutral and working with recycled precious metals.
(Photo courtesy of Pandora)
In This EpisodeIn this edition of The Jewelry District, you'll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with John Ferry, the founder and chief executive officer of Prosperity Earth. He'll tell us all about his mining efforts in Madagascar and the beautiful demantoid garnets found there.
Show Notes00:30 Introducing John Ferry, founder and chief executive officer of Prosperity Earth.06:51 John explains how Prosperity Earth tries to give back to the local community08:17 Victoria asks John to explain the significance of demantoids.12:31 John tells us all about the mine.15:39 Rob questions if mining can have a positive impact on the community in which it occurs.19:03 A few more fun facts about Madagascar.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing John FerryWith most of the Tucson gem shows cancelled, Victoria and Rob will be bringing a little bit of the gem world to you as they introduce their guest, John Ferry, the founder and chief executive officer of Prosperity Earth. John is based in Greenwich, Conn., while his mining company is based in Madagascar. Originally working on Wall Street, John later turned his entrepreneurial spirit to Madagascar, the fourth largest island in the world, which he's now visited around 65 times. Starting out with a chocolate and vanilla business, he soon turned his endeavors in Madagascar to mining.
All About Giving BackJohn says creating prosperity is his No. 1 goal, hence the name of the company. And with that comes a component of giving back to the community. That's done by reinvesting in the people who work for his company and the community in which they work. But giving back also includes an environmental factor. There's a high level of interdependency between the people of Madagascar, the planet, community relations, and environmental development.
What Are Demantoids?Victoria tells us that she's holding a demantoid garnet of John's and asks him to explain why it's so special. He tells us a demantoid garnet is 10,000 times rarer than a diamond. Its signature features are its fire and brilliance, which John believes make it the most beautiful of all the colored gems. Comparing Madagascan demantoids to ones from Russia, John believes his are better because of their sharp and clean crystallization. Victoria asks John about his deposit supplies in the mine, and Rob asks him about how he plans to get the word out about demantoids.
Origins Of Madagascan DemantoidsRob asks John how he found out about the mine, how long it took him to get set up, and how deep it is. The mine has been around for about 10 years. John explains how he knew an Italian geologist, Dr. Federico Pezzotta, who stuck with the deposit to study it and establish the potential of the location. Right now, Prosperity Earth is only mining down about 15 to 18 meters-but it should eventually go down to around 200 to 300 meters. Madagascan demantoid is anywhere from 30 to 50% the cost of Russian demantoid. John says he wants to democratize demantoid, making it accessible to designers.
The Impact Of MiningBeyond the mining level, Prosperity Earth has a 10-plus person gem-cutting team that does precision faceting. The gem-cutting process is responsible for job creation, making Madagascar not just the origin of the rough gem crystal, but also where the value addition takes place. Rob plays devil's advocate and asks if mining can really have a positive impact on local economies. John says yes. But he also differentiates between various types of mining operations. Colored stone mining is a small-scale business, which he says works to give back to the community.
A Little More About MadagascarRob asks about Madagascar as a developing country, and John explains how per capita GDP works. Victoria then asks where the mine actually is, and we learn that it's in northern Madagascar, across from the famous tourist island of Nosy Be. While John doesn't speak the local language, because it has over 10 dialects, he's been able to pick up some phrases and sentiments. John says it takes him 24 hours door-to-door to travel there. In the U.S., Prosperity Earth is focused on wholesale sales and marketing of demantoids-and he says the company will be present at upcoming trade shows.
In This EpisodeIn this edition of The Jewelry District, you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about the JCK Las Vegas and Luxury by JCK shows in August, Inauguration Day jewelry, and the De Beers Ten/Ten collection.
Show Notes
00:30 JCK’s shows have been moved to August: What can we expect?03:20 Pearls are having a moment and really took the spotlight in January.06:58 Rob recaps the holiday reports.09:44 Victoria talks about e-commerce and fun ways to shop digitally in the future.13:56 De Beers recently released its Ten/Ten project, and Victoria dishes about her favorite rings in the collection.17:56 Something unexpected happened in the art deco world at the Paris haute couture showings.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
New Dates for the JCK ShowVictoria and Rob recorded this podcast during the last week of January, and they talk about how long the month felt. They also discuss the overload of webinars and online events they’ve been seeing. Because of so many things being online, Victoria and Rob are viewing the JCK Las Vegas and Luxury by JCK shows now scheduled for August as a welcome break. Victoria predicts pearls will be the strongest category at the shows.
Why Pearls?Pearls have taken the spotlight so far in 2021. They made a big splash at the inauguration, where Vice President Kamala Harris and many others were seen sporting the opulent beauties. Harris wore a pearl necklace by W.Rosado, but she’s also known to wear black pearls. There was even a Facebook group devoted to wearing pearls in the days before the inauguration. Rob reflects on what Barbara Bush and Nancy Pelosi did for pearls. Rob and Victoria also discuss the jewelry that Amanda Gorman was wearing, and the Rolex that Biden was wearing.
Holiday ReportsVictoria asks Rob about what he makes of the holiday reports he's seen and what they mean for the state of the industry. There were mixed expectations, and mixed results, but overall Rob thinks the holiday season went pretty well. The season may not have been what retailers hoped for, but it was definitely promising, all things considered. They also reflect on which business practices are probably here to stay in 2021.
E-commerce in 2021Victoria attended a virtual retail innovation conference by PSFK, a New York–based trend casting agency, and she fills us in on what she learned. One of the things Victoria took away from the conference was that retailers need to make things easier and more accessible for customers, especially at checkout. The conference hosts also spoke about how to get people just as excited to shop in stores as they are to shop online, and there are some interesting ways people have tried to replicate that experience. Rob and Victoria make the case for consumers having fewer choices when shopping versus having unlimited choice.
De Beers and Ten/TenDe Beers worked with Blue Nile and a collection of 10 designers to create its newest project, Ten/Ten. The designers were chosen to create wedding jewelry that is now being sold on Blue Nile, in a limited collection of 10 rings per designer. All the rings are priced around $4,000, and all the diamonds used were from Botswana. Victoria discusses how engagement rings are changing from something sacred to something that can be switched and upgraded (read: more money over time). Victoria also points out her favorite rings from the collection.
Paris Couture ShowingsEnding the podcast, Victoria talks about the high jewelry collections from Boucheron and Chanel that were seen at Paris Haute Couture Week. She specifically emphasizes a collection from Boucheron, which put an incredible spin on art deco with geometric shapes. The most interesting thing about it? Boucheron modeled the pieces on men.
In This Episode In this edition of The Jewelry District, you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Jeffrey Cohen, president of Citizen Watch America. He’ll tell us how he got into the watch industry; highlight the importance of innovation and a digital-first, data-driven movement; and give his thoughts on the watch industry going into 2021.
Show Notes00:25 Victoria and Rob introduce their guest, Jeffrey Cohen, president of Citizen Watch America.03:34 Jeffrey drives home the importance of the brand itself over country of origin.05:50 2020 forced Jeffrey to become even more digital-first with his brands than ever before.11:17 Disney, Marvel, Frank Sinatra, and the Grammy Awards: Jeffrey shares watch news on all.14:53 Jeffrey reveals what Citizen Watch America's data is saying about its watch brands.19:16 Victoria wonders if trade shows will be returning in the future.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing Jeffrey CohenVictoria and Rob introduce their guest, Jeffrey Cohen, president of Citizen Watch America. He’s been in that role for over a decade now, and he oversees not just Citizen Watch America but a total of five brands, including Bulova, Accutron, Alpina, and Frederique Constant. His father owned a high-end luxury retail store, which first got him interested in watches, and in 1982, he became a regional sales rep at Movado. In 2010, he joined Citizen.
What’s In A Name? Rob asks about the name Citizen, and Jeffrey explains its importance: having a watch for all people to enjoy. Rob asks if working for a Japanese company is any different from working for an American one. Jeffery says no and emphasizes the importance of the brand over country of origin. He most greatly values innovation, and tells the JCK editors about a watch’s movement that was just 1 mm thick and the innovation that went into creating it.
Digital-First OperationsJeffrey says that his consumers easily transitioned to online purchasing, but also explains what his company needed more of to make its website work. Victoria also asks about Jeffrey’s direct-to-consumer ambitions, and Jeffrey explains how Citizen has become a digital-first brand. The terminology it uses is "Citizen First," where its consumers get the best experience possible. Jeffrey then explains how he keeps his brands separate.
Collaboration With Disney and MarvelVictoria asked how the Swiss brands Alpena and Frederique Constant are doing, and Jeffery explains how Alpena and Frederique Constant's independent retailers did very well during the holiday season. Victoria also asks what we can expect to see from Citizen this year. Jeffrey talks about its collaborations with Disney and Marvel, as well as innovation coming out of the Bulova brand and its Frank Sinatra collection. He also discusses the upcoming 2021 Grammy Awards and Citizen's involvement.
Data, Data, DataJeffrey says Citizen has been using data for years now, but that the pandemic really pushed it to become a digital-first company. CRM is what it primarily uses to create additional sales for the company. Jeffrey says the watch industry's consumer is getting younger, and for Bulova, its Latino community of consumers is growing. Rob then asks about the gray market and how that affects the business.
Will Trade Shows Return? Victoria asks about what used to be Baselworld and the show model that 2020 disrupted, and if Jeffrey thinks we’ll be returning to that model in the future. Jeffrey says it’s hard to predict when trade shows will be back up and running—but he thinks it’s a question of expense. Rob asks about smartwatches, and Jeffery says that his watches provide style, design, and quality that people are still looking for. They talk a tad about the appearance of a Bulova watch on the popular Netflix show The Queen’s Gambit. And Jeffrey tells us what sold-out watch he’s wearing right now.
In This Episode In this edition of The Jewelry District, you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Batestalk about the trends in 2020 that will continue into 2021. E-commerce? Probably here to stay. They’ll also be covering a Weird Story of the Week.
Show Notes
00:30 Rob and Victoria wish listeners a Happy New Year and pick out what business strategies worked last year that might be here to stay in 2021.03:33 E-commerce looks like it’s here to stay.07:14 Victoria believes jewelry will join watches in the circular economy.13:07 Rob gives us a little insight to the new defense appropriations bill and what it means for the jewelry industry.16:10 Victoria touches on Pantone's Colors of the Year.20:05 This episode’s Weird Story of the Week will make you happy as a clam.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
What We Accomplished in 2020
Happy New Year! While we're facing plenty of uncertainties going into the new year, Victoria and Rob are hopeful. They acknowledge that we have all learned to embrace e-commerce and digital initiatives, and learned to work on the fly.
Our Digital Future
People think the adoption of e-commerce is here to stay. While we likely won't continue to do everything on Zoom, we will certainly keep some operations online, as we’ve learned to adapt to this new technology. Victoria says the circular economy is on her mind as we go into this new year—especially for gold and watches. She anticipates the circular economy will become more looped into e-commerce initiatives.
The Circular Economy
While watches have already been a part of the circular economy for some time now, Victoria believes jewelry will be added into the mix soon. Victoria tells us about Omnique, a jewelry site specializing in antique and vintage jewels that's already connecting old jewels to new owners. Rob mentions De Beers experimented with a trade-in service, but ultimately decided that the way to get best value for diamonds was to let consumers auction them online.
A Move Toward Greater Transparency
According to the new defense appropriations bill, financial institutions will be required to make their ultimate beneficial owner public. Rob has been listening to podcasts that differentiate the underground or shadow economy from our economy, but he points out that the underground economy is really just a part of our overall economy. Hopefully with this new legislation, there will be more transparency in the jewelry industry.
Pantone Colors of the Year
Victoria talks about the Pantone Colors of the Year: Ultimate Grey and Illuminating. While perhaps not the most obvious colors for the jewelry industry, they are bright and optimistic. Victoria ponders how these colors will be incorporated this year, and she suggests a few stones that may hit the mark. On that note, the JCK editors mourn Tucson not being held in 2021.
Weird Story of the Week
2020 has come to a close. But don't worry, there's still plenty of weird to go around, and Rob supplies it with a new Weird Story of the Week. Gosman's Fish Market in Montauk, N.Y., offers a great cup of chowder, but you won’t believe what came out of a batch of clams. The cooks over in the market found a massive pearl, at 20 millimeters in diameter.
In This Episode In this edition of The Jewelry District, you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Batestalk with Matt Stuller, founder and CEO of Stuller. They'll be discussing how Matt got his start in the jewelry industry back in high school, his 50-year-old business, and the history of the jewelry industry.
Show Notes
00:25 Rob and Victoria introduce Matt Stuller, founder and CEO of Stuller.04:25 Matt explains how his company became one of the first to offer overnight delivery.08:40 Victoria asks Matt what has changed in the industry over the years.12:55 2020 has been quite challenging for the jewelry industry; Matt explains how his business came out OK.18:18 Rob asks about Stuller’s business model; Victoria asks what advice Matt would give to his 19-year-old self.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing Matt StullerVictoria and Rob introduce their guest this week: Matt Stuller, the founder, CEO, and chairman of Stuller, who is calling in from Lafayette, La. Matt chats about how he started his company. Back in high school, he started working for a local retail jeweler. Matt then tells the story of the years that followed, from selling out of the trunk of his car, to becoming a traveling salesman all over the Southeast, to starting his own manufacturing company.
Overnight Delivery Rob asks Matt about his company's name change, from Stuller Settings to Stuller, in the early 1980s. Matt then explains how he worked with FedEx to become one of the first companies to provide overnight delivery. Stuller really worked to speed up the supply chain in the jewelry industry at a time that it was slow, and Matt worked to make his company one that jewelers saw as reliable.
Changes in the IndustryVictoria mentions that the Stuller facility is 600,000 square feet—but Matt emphasizes what matters is the service the company provides, and not the size of its building. Victoria then asks what in the industry has changed over the years. Matt says the industry's core value of celebrating life events has remained the same, but he thinks pretty much everything else has changed. He also recalls how jewelry stores used to sell luxury items other than jewelry, such as when Zales sold TVs.
How 2020 Is Shaping Up Despite A CyberattackVictoria asks who Matt’s most successful customers have been this year. Matt believes the industry did very well as a whole, and that it had many great months in 2020. He also says people have to live with faster changes in our world or their businesses will risk suffering consequences. Matt says Stuller is doing better than it did the previous year, but it’s been the hardest year to date in its 50-year history, and that the worldwide supply change is badly damaged. They also briefly discuss the recent cyberattack on Stuller, but Matt is proud to say that the company was back up and selling in just four days, more quickly than it had anticipated.
Business Model and Advice Rob asks about Stuller’s business model. Matt says its model of catering wholesale to independent retailers rather than to big accounts has been the same since the company's start in 1970. He emphasizes that he never wanted jewelers to feel like Stuller was their competition. Victoria asks what Matt would tell his 19-year-old self. Rob asks Matt what he sees as being the future of his business.
In This EpisodeIn this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Batesdiscuss Black Friday, Cyber Monday, and the upcoming holidays; Amazon battling it out for space in the luxury industry; and responsible gold sourcing in the watch industry.
Show Notes00:30 Speaking on Cyber Monday, Rob and Victoria begin their discussion of holiday sales.05:15 Victoria dives into how retailers can improve their holiday season.09:58 Amazon has been vying for a spot in the luxury market. What does that mean for other jewelers in the category?15:05 Responsible gold sourcing in the gold watch industry takes the spotlight.22:44 Some companies prefer to keep their gold sourcing hushed, but Rob and Victoria give sources for those that want to do better.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Black Friday, Cyber Monday, and "Zoom-worthy" JewelryVictoria starts out by reporting on the passing of a beloved member of the jewelry industry, William "Lecil" Henderson of the Henderson Collection, and passes on her deepest condolences to his family and friends. Victoria and Rob then switch topics to talk about Black Friday and Cyber Monday sales, and more holiday sales to come. Rob thinks the forecasts for retailers are pretty good this season, and he tells us why consumers looking for “Zoom-worthy” jewelry could help drive sales—if retailers put in the work.
A Labor of LoveVictoria picks up the question of how retailers can improve their holiday season sales and says that this is certainly a labor-intensive season for store owners. Some states are still allowing backyard or garden showings, which are intimate jewelry showings that have the potential to be very successful. While wholesale may be down for people like Mark Patterson, a designer in SoCal who Victoria spoke to, his retail has more than doubled for 2020. Rob and Victoria both encourage people to shop local to keep small businesses afloat.
Amazon, Luxury Jewelry, and e-CommerceVictoria brings up e-commerce in the luxury space, and how it has been really heating up lately. Amazon has been trying to ramp up its luxury offerings, especially luxury fashion. Amazon Fashion is going up against Farfetch—the online luxury platform in which Richemont and Alibaba have invested—and LVMH". In 2020, the online luxury market has gone from taking up just 12% of the luxury market to 23%. Jewelers must have digital operations up to snuff.
Gold in the Watch IndustryConversations around responsible gold sourcing have amped up because of the COVID-19 pandemic. Victoria recently wrote an article for the New York Times on responsible gold sourcing in the watch industry —which isn’t discussed as often as responsible sourcing in the rest of the jewelry industry. Despite growing consumer demand, Swiss watchmakers haven’t been more transparent about their gold sourcing, nor do they talk about where they get their raw materials from.
Hushed PracticesRolex is a huge brand in the industry but won’t communicate about its sourcing practices. Rob discusses how recycled gold, while sounding good, may not be the best option either. Victoria and Rob end by giving resources for companies that want to start assessing their supply chain and sourcing their gold responsibly.
In This Episode In this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview Caryl Capeci, CEO of Chow Tai Fook North America. She'll be discussing the merger of her company with Hearts on Fire. You'll also hear her talk about what jewelry categories are especially hot right now for independent retailers, and what she fears about the lab-grown diamond industry.
Show Notes
00:30 Rob and Victoria introduce their guest Caryl Capeci, CEO of Chow Tai Fook North America06:22 Caryl tells us how she has worked to help the Hearts on Fire brand grow11:35 Chow Tai Fook and Hearts on Fire have joined forces despite their differences, and Caryl explains how16:33 Three categories are doing especially well at independent retailers, and Caryl tells all19:47 Caryl expresses worry over the lab-grown diamond industry
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing Caryl CapeciVictoria and Rob have Caryl Capeci on as their guest this episode. She’s the CEO of Chow Tai Fook North America, and also does work for Diamonds Do Good. She talks about how she fell into the jewelry industry, starting out at an advertising agency and landing herself on the De Beers account back when they were doing integrated marketing before anyone else was. She also explains why De Beers’ campaigns were so successful.
Hearts on Fire LegacyCaryl left the De Beers’ account in 1999, and left the industry altogether when she married her husband and they moved to Massachusetts. Hearts on Fire was created in 1996, but Caryl didn't join them until 2007. She describes how she helped to build brand loyalty as they grew Hearts on Fire through connections with sales associates and independent jewelers. Rob asks why Hearts on Fire had more staying power than other brands.
Marriage of Hearts on Fire and Chow Tai FookHearts on Fire acquired the wholesaler brand Chow Tai Fook in 2014. Victoria asks what kinds of changes Hearts on Fire has implemented during the past six years. Caryl explains that while the two companies are very different, they had a perfect marriage right from the beginning. Hearts on Fire is also selling in China, in 250 stores in the Chow Tai Fook network. Caryl also talks about her stay in Hong Kong at the peak of the country's first wave of the COVID-19 pandemic.
Categories That WorkRob asks Caryl if she sees any difference in consumer buying habits post—COVID-19. She highlights the fact that people want to give gifts with meaning and of lasting value, as they're especially appreciative of their loved ones and close friends that they haven’t been able to see. She says that watches, classic diamond jewelry, and bridal are three categories that are doing especially well at independent retailers.
What About Lab-Grown?Victoria asks if the pandemic has reminded people of their community jeweler, and if the support of local retailers will carry through in future years. Caryl says yes. Consumers love the convenience of being able to purchase jewelry locally—if they are able to do research on the purchase beforehand. Victoria also asks about lab-grown diamonds and how she thinks they fit into this space, but Caryl expresses nervousness over the younger consumer target and the effect lab-grown diamonds will have on these younger purchasers 10 to 15 years from now.
In This EpisodeIn this edition of The Jewelry District, you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about the recent announcement that Lightbox will be selling on Blue Nile. They'll also be discussing the closure of the Argyle mine, and New York City’s upcoming Jewelry Week.
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Show Notes00:00 Rob and Victoria discuss Lightbox and Blue Nile teaming up.04:55 Are lab-grown diamonds just for fashion, or are they fit for bridal wear, too?07:50 The Argyle mines are closing: What that means for the industry.10:00 Colored diamonds were a staple of the Argyle mines. Victoria and Rob talk color variety and nomenclature.16:32 Victoria discusses all the fun to come at the upcoming NYC Jewelry Week.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine, ebay.com
Show Recap
Blue Nile x LightboxLightbox made a big announcement right at the end of October: It will be selling its product on Blue Nile. When Rob spoke to the CEO of Blue Nile earlier in the year, it seemed like the company was leaning toward partnering with the fashion brand, and now it’s official. This partnership is Blue Nile’s first lab-grown diamond brand. Rob argues that Lightbox, despite all the criticism, is offering a genuine attempt to differentiate themselves in the market of lab-grown diamonds.
Are Lab-Grown Diamonds for Bridal or Fashion?Even though Lightbox debuted in 2018, Victoria argues that the market for lab-grown diamonds still has such mixed messaging on whether or not the diamonds are up to par with their non-lab-grown counterparts. She recently went to see Mark Patterson, a luxury jeweler, and he told her that his retail business this year is through the roof, and that he had his first bridal lab-grown diamond sales. Despite people starting to buy lab-grown diamonds for bridal wear, Blue Nile and LightBox are still advertising them as just fashion pieces.
The Closing of the Argyle MinesOn Nov. 3, the Argyle mine in Western Australia closed after 37 years in the business. Victoria asks Rob what he thinks of the closure and what it means for the industry. Rob says that the industry originally viewed what came out of the Argyle mine as inferior, but the mine managed to create a market for middle-class Americans wanting to buy diamonds at a lower price, thereby “democratizing” the market.
Colored DiamondsThe Argyle mine produced 90% of the world’s pink diamonds, and it also produced champagne and chocolate diamonds. Victoria talks about how the gems get their color. She also mentions the 2.83 ct. violet diamond that graced the cover of the July/August issue of JCK. Rob and Victoria discuss the interesting nomenclature of diamonds out of the Argyle mine and how Argyle worked to differentiate themselves.
New York City’s Third Annual Jewelry WeekNew York City is holding its third annual jewelry week from Nov. 16 through Nov. 22, and for the first time ever you don’t have to be in New York to attend: This year’s jewelry week is all virtual, with 127 events happening online throughout the week. Victoria talks about “Here We Are,” a category intended to shed light on underrepresented communities in the jewelry industry, specifically people of color, women, and LGBTQIA+ members. Victoria also spoke with De Beers' Sally Morrison, who will be appearing on a sustainability-themed panel discussion, talking about the resilience of the jewelry industry this year.
In This Episode In this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview Satta Matturi, owner of the eponymous brand. She’ll be discussing her interest in the diamond business, which started from an early age, and how she made her way to create and design for her own brand.
Show Notes00:30 Rob and Victoria introduce Satta Matturi, owner of the eponymous brand.04:45 Satta talks about beneficiation in Botswana.07:20 With a father who worked for De Beers, Satta has always had an eye for diamonds, and she explains how she got her start.11:05 Satta is passionate about jewelry and draws inspiration from Africa for her designs.16:48 Rob asks Satta about her social media presence, and she enthuses about her new jewelry collection out this week.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing Satta MatturiVictoria introduces today’s guest, Satta Matturi, designer and founder of the eponymous jewelry brand. She splits her time between London and Gaborone, the capital of Botswana; for this episode, she’s calling in from London. Satta was born in Sierra Leone, and her father worked for De Beers, so she says her family is synonymous with the diamond industry. Satta says that Sierra Leone used to be referred to as the "Athens of Africa," and she explains how she got her start as a jeweler.
Botswana and the Diamond IndustryRob brings up that Satta now lives in Botswana, which, compared to Sierra Leone, is the poster child for beneficiation. But Satta says the two countries are so different it would be hard to even compare them. Satta tells us a little bit about beneficiation in Botswana and the headway they’ve made.
Where She Got Her StartVictoria asks Satta if it was a foregone conclusion she would end up where she is now; she says it wasn’t and details how she went to school in London before ending up at De Beers. She started at that company as a trainee diamond valuer, beginning her training out on the production floors before moving to sales. She became a key account manager in London, quickly transferring to South Africa before going back to London and, eventually, on to India.
African Ethos Turned Contemporary CreationSatta tells Victoria and Rob of her passion for jewelry, which led her to start her own jewelry brand. She wanted to identify the market for distinct fine jewelry that was different from the norm, and she drew inspiration from the African continent, where these precious materials come from, to make contemporary pieces with an African ethos. Rob also asks Satta for any advice she would give to someone starting out in the industry, and she describes three things she would have done differently.
Social Media and a New CollectionRob asks Satta about her presence on Instagram and how she works to stand out. Since she didn't much capital when she started her business, she had to figure out how to promote herself on social media. Victoria also asks about her plans to debut her jewelry in the United States, and her work on a new African art deco collection that’s dropping this week.
In This Episode In this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about their recent publications, LVMH and Tiffany, and social commerce. You’ll also hear another installment of Weird Story of the Week, and this one involves a Real Housewives star.Show Notes
Show Notes
00:30 Rob gives a sneak peek of his new novel A Murder Is Forever.03:15 Victoria’s new piece for the New York Times details the history of wristwatches.09:35 The LVMH/Tiffany schism comes as no surprise to Rob.14:23 Victoria will host a webinar on Wednesday that covers holiday 2020, and she discusses the importance of social commerce.17:55 Kyle Richards of The Real Housewives of Beverly Hills gets wrapped up in the Weird Story of the Week.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
'A Murder Is Forever'A Murder Is Forever is Rob's first novel. It’s a mystery that's set in New York City's Diamond District. You’ll hear a little about the plot of the first book, which is available in paperback and e-book format on Tuesday.
The Wristwatch At 100Victoria has a piece in Tuesday's in the New York Times, “The Wristwatch at 100.” It’s a cover story for an international watch section, and she reflects on the past 100 years of wristwatches going back to World War I veterans popularizing the style. Rob and Victoria also spend some time talking about watches of the '80s.
LVMH-Tiffany BreakupLast year, Tiffany finally succumbed to the advances of LVMH, the biggest luxury conglomerate in the world, after it received an offer of $16 billion. In the past two months, LVMH has called off the deal after receiving a letter from the French government advising the company to back out. Rob explains why he didn’t think the deal was a very good one in the first place. Both companies have filed lawsuits, so we’ll just have to wait and see what happens come January.
2020 Holiday Season RetailVictoria will be hosting a webinar on Wednesday at 3 p.m. ET for JCK: “7 Ways the 2020 Holiday Season Will Be Different and What Jewelry Retailers Should Do About It,” in which she’ll explain the importance of Zoom consultations. In preparation for JCK’s webinar, she sat in on a webinar about social commerce, in which the presenters described how commerce isn’t developed for shopping; it’s developed for transactions. The shopping experience is hard to re-create, and Victoria explains how social commerce can help.
Weird Story of the WeekRob tells a story about Kyle Richards, The Real Housewives of Beverly Hills star. On the “Secret Revealed” episode of Real Housewives, Richards leaked a new twist in her investigation of a 2017 robbery, in which she lost more than a million dollars of personal items. You’ll have to listen in to hear the incredibly strange way she ended up finding one of her lost pieces of jewelry.
In This Episode In this edition of The Jewelry District, you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Andrea Hill, CEO of Hill Management Group. Andrea says that in order to stand out in this ever-evolving jewelry world, your company needs a story. The trio also covers climate change and technology.
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Show Notes00:26 Rob and Victoria introduce Andrea Hill, CEO of Hill Management Group.05:57 Andrea describes what the jewelry industry is missing, based on past retail management experience.10:15 Building a successful jewelry business is all about telling a story, and Andrea explains what jewelers need to do just that.14:20 Climate change is real, and Andrea tells us about the “Kindness Economy.”15:13 Andrea serves in a mentorship role and leaves us the pillars to success.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing Andrea HillBased in eastern central Wisconsin, Andrea started her tenure in the jewelry industry at Rio Grande. Before she made it there, she worked in a billiards store that started selling video equipment, making her store one of the first video rental stores in the country, pre-Blockbuster. She also worked at Playboy Enterprises, building up their licensing for videos and creating a video catalog. She then bounced around companies as a CEO before landing in the jewelry industry.
What The Industry Is MissingAndrea describes her company, Hill Management Group, where she helps people get ready for entering the digital age. You’ll hear her discuss what she has learned from other industries and what the jewelry industry should be taking away from them. She emphasizes that your jewelry company can’t just be the oldest around anymore, as people no longer have to settle for their neighborhood store for jewelry expertise.
Jewelry Retail As Storytelling Andrea talks about need to have a rich content strategy. In order to develop your brand in the most efficient way possible, Andrea says you need to know who you are, what you do that makes you different, and why you matter in order to succeed—and that’s just the start. You then need to merchandise your store with products that fit that theme, and someone should always be creating new copy for your website.
Kindness EconomyPost-recession, the vast majority of us have accepted that climate change is real and happening, and that something needs to be done about it. We need to be aware of the fact that we are not the center of the world, and other spaces and living things matter too. Andrea describes what she calls the “Kindness Economy” and what customers expect from the retailers they buy from.
The Jewelry Industry Should Be Fun Switching topics to the mentor work Andrea does—she argues that mainstream jewelry has become far too generic for its own good. She once again emphasized the importance of your store’s story, giving an example of this in practice. Andrea concludes by telling us all to learn, try new things, experiment, and be willing to fail.
In This Episode In this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about the enduring influence of art deco, the decline of department stores, and the rise of virtual styling. They’ll also cover a Weird Story of the Week that involves an antique ring and an unhappy fiancée.
Show Notes00:30 Victoria discusses her New York Times article on art deco.07:19 Department stores are seeing a decline, and Rob explains why.12:54 Victoria believes that jewelers should also work as stylists and discusses how this process is going virtual.17:59 Rob brings back the Weird Story of the Week segment with the tale of an unhappy fiancée.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Art Deco Is Here To StayRob introduces an article from the New York Times that Victoria wrote, “Art Deco at 100: Jewelry Can’t Get Enough.” She covers the enduring influence of art deco and explains that the century-old style isn’t really making a comeback. Art deco has never really gone away. Many jewelers have defined their whole aesthetic by revisiting or reinterpreting the style. Victoria talks about some of the deco looks she’s most interested in.
Brick-And-Mortar DeclineDepartment stores are on Rob’s radar right now, and he discusses how they are having huge problems. The big icons of American retail are suffering due to online shopping. Victoria asks Rob if there are any department stores that he sees plateauing or declining, and Rob emphasizes how those serving the middle class are suffering the most. Victoria delves into the omnichannel approach, and Rob raises what the decline of department stores means for jewelers.
The Jeweler As Stylist Victoria brings up how jewelers can work as stylists, and how they should consider themselves to be stylists in the way that they help customers figure out how to incorporate jewelry into their existing wardrobe. Victoria has previously spoken to the founder of The Jewelry Edit, who wanted to “move the jewelry box from the back of the closet to the center of the wardrobe.” You’ll hear about how this process is going virtual as people with expertise show clients how to best accessorize their look.
Weird Story of the WeekRob brings back one of our favorite segments, Weird Story of the Week, with a story from a publication called In The Know. He recounts the proposal by a woman to her girlfriend, who said yes. All was fine until the proposed confronted her girlfriend and said she didn’t want the ring that her girlfriend had spent months picking out, but instead wanted her grandmother’s antique ring. Rob and Victoria talk about whether it's ever okay to request (or demand) jewelry from a loved one.
In This EpisodeIn this edition of The Jewelry District, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview Marla Aaron, jewelry designer and founder of her eponymous brand. They’ll be discussing Marla’s rise as a self-taught newcomer in the jewelry industry and how she built her online presence and jewelry business from the ground up.
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Show Notes00:30 Rob and Victoria introduce New York City–based jewelry designer Marla Aaron.06:27 Victoria asks Marla how her background has affected her launch into the world of jewelry.11:43 Marla describes some of the more unconventional things her business has done.15:06 They discuss Instagram and Zoom as tools Marla uses in her business.17:23 Marla discusses her Lock Your Mom project.19:16 Victoria asks about Marla Aaron’s new jewelry collection.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing Marla AaronVictoria and Rob kick off by introducing their guest Marla Aaron. She’s a jewelry designer based in NYC and known for her for her “emotional hardware”—her lock jewelry, which has been around since 2012. She had a 20-plus year career in marketing and advertising, but she’s always been obsessed with jewelry and hardware. She worked on creating jewelry for several years while holding onto her full-time job before leaping headfirst into the jewelry industry. She also recounts her fascination with hardware, which started in her youth, and historically traces back to the Victorian and Georgian eras.
Marketing and AdvertisingVictoria asks if Marla’s background in marketing has at all affected her line of work, but Marla explains how much she is driven by her own passion, so much so that she says she has thrown out many things she believed to be an absolute truth in order to pursue her dream of designing jewelry. Marla explains how as a relatively new designer she put herself on the map. There were certainly some bumps in the road, but, luckily, Instagram was starting to take root at the same time, which helped her boost her company.
Unconventional Business PracticeMarla Aaron is in about 40 stores around the world and has its own showroom in NYC. It's also opening a new showroom on 47th street in the next few months. The company doesn’t do consignment as it would limit Marla in what she could do. Marla describes some of the more unconventional things that her business does that makes it stand out. One of the most unconventional is its fine jewelry vending machine, and you’ll hear her describe this installation at the Brooklyn Museum.
Self-Taught, Self-Built Online PresenceYou’ll hear Marla explain her company's online presence and talk about the second Instagram account that her customer experience staff runs. She also explains how she Zooms with her customers using two employees—one at the ready to show off the jewelry and one to answer questions. Her Instagram has 95,000 followers, so Rob asks what she thinks of influencers and if she believes jewelry owners are becoming their own sort of influencer.
Lock Your Mom ProjectVictoria asks how the pandemic has been for her, and Marla explains how on March 11 she sent all of her staff home, and since then has implemented daily 9 a.m. and 5 p.m. Zoom calls to keep up. You’ll also hear Marla explain her Lock Your Mom project, where every year her company gives jewelry to single moms who might be feeling bittersweet on Mother’s Day. The sterling silver heart lock has an explanation point for the exclamation of motherhood.
New Jewelry To Look Out ForRob asks what has been driving Marla Aaron jewelry to flourish during this time, and Victoria asks Marla about her new fall collection. Marla explains how excited she is for the September 15 release of the collection. An enormous departure from what it normally does, the pieces have a new lock function that she has been working on for three years and other pieces that are outside her wheelhouse. Rob asks Marla as a newcomer what she thinks needs to be changed in the business, and Marla explains how she thinks accessibility is a problem.
In This EpisodeIn this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discussing last week’s JCK Virtual Show. There’s much to go over for this first-of-its-kind event for JCK, and Rob and Victoria, who were in on the action, have all of the insider commentary.
Show Notes
00:31 Victoria and Rob discuss JCK’s Virtual Show04:10 Victoria chats about the trend talks she was involved in08:58 The entrepreneurial spirit is still at work in the jewelry industry, and Rob is impressed10:40 Living in a pre-COVID and post-COVID world14:04 A future of augmented reality may be approaching us. Victoria tells us about an experience she had with some new technology17:07 Rob and Victoria discuss the importance of your virtual presence
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
General Overview of the Virtual ShowVictoria and Rob discuss their experience with their first weeklong virtual show. One of the most convenient parts of it was that they were live—but could also be watched on demand. The Virtual Show also had talks from faces new and old. Rob mentions how he misses face-to-face interactions, and Victoria counters with how she appreciated using the chat function to talk to people she hasn’t been able to recently.
Trend Talks and MoreVictoria led a lot of the trend talks with experts from across the board—from gemstone to bridal, from fashion to luxury. Rob also played his part in the Virtual Show by discussing The Industry Report with Yancy Weinrich. Victoria also explains her talk with Chris Walton, a retail strategist from Minneapolis, on his “Ways Retail Will Change Regardless of COVID.” Chris emphasized to her the value of experimentation and social commerce.
The Entrepreneurial Spirit Is Alive and WellRob is impressed with innovation in the jewelry industry as it shows off its entrepreneurial spirit virtually. The Industry Trend results show that people who are committed to their company will embrace the coming changes and take the necessary steps to go virtual. Victoria notes that the Virtual Show was pretty optimistic, energetic, and enthusiastic overall.
Sustainability and Overcoming CrisisThe Virtual Show focused on larger topics that still needed to be discussed, like sustainability. Victoria explains that she believes there will always be a “pre-COVID” and a “post-COVID” in our minds—but “post-COVID” encompasses so many necessary things in a slowly changing industry. Rob mentions that we’ve been able to come out of so many crises before in his lifetime, and Victoria wonders what this crisis means for the holiday season.
The Future of Augmented RealityVictoria discusses a conversation she had with Max Moses, a Ukrainian “tech guy” from the company Atelar, on augmented reality. The technology was impressive—and Moses believes there is a future where we no longer have smartphones, but rather lenses with augmented reality capabilities. You’ll hear about Victoria’s experience using his technology.
Keeping Up Your Virtual PresenceRob mentions the importance of new technologies like Zoom backgrounds in bringing up a larger conversation about appropriate dress and creating your virtual presence. Victoria discusses her camera readiness for the Virtual Show. Pivoting, Rob discusses how people will likely want to celebrate coming out of this crisis with new jewelry.
In This EpisodeIn this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview two guests from Reed Exhibitions, group vice president Sarin Bachmann and special events and education director Kate Youngstrom. They’ll be discussing the upcoming JCK Virtual 2020 show. Listen in to find out how the show was planned, how it will work, and what you should wear (spoiler: Pajama bottoms are okay).
Show Notes
00:33 Victoria introduces today’s guests, Sarin Bachmann and Kate Youngstrom04:09 Sarin and Kate explain the decision to move the JCK Las Vegas show to a virtual space08:23 Everyone discusses what you can expect at the JCK Virtual show12:19 Rob asks how to still stay social and network at this virtual event14:47 Sarin and Kate discuss the development of the show19:22 What to wear to the show—and a look ahead toward 2021
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Katey Clifford and Kathy PasseroPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing Sarin Bachman and Kate YoungstromVictoria begins by introducing today’s guests from Reed Exhibitions, Sarin Bachmann, group vice president, and Kate Youngstrom, special events and education director. Sarin started out running the Luxury show for many years and had a start-up retail business before hopping back into Luxury. Sarin is head honcho at the JCK Las Vegas show, and Victoria and Rob will be discussing the upcoming JCK Virtual, the first event of its kind for JCK.
Canceling the Show and Going VirtualThe decision to cancel JCK Las Vegas wasn’t one that came easy. The show has never been canceled in its history—but it was the right decision to make. There was a need to pivot to an online version, and the Las Vegas team immediately got to work on it. They’ll explain how they’ve worked hard to stay true to their live Vegas event as much as possible, providing the same top-notch education from the industry experts they always have.
What to ExpectTo get the most out of the week, you should start looking at the schedule of events in advance and begin creating appointments with others just as you would in person. Trends will be grouped together, too, so you can easily find what you’re looking for. There will be four keynotes during the weeklong event, one on each day, Monday through Thursday. Exhibitors will also be loading up photos and videos of their products, so you’ll be able to see them virtually.
Staying Social and Networking VirtuallyRob asks how social events will operate in this virtual world without everyone being in the same room, and Sarin explains how people are getting creative. There will be two networking events: Drunk Yoga sponsored by Luvente, and a special guest chef from someone in the industry offering a cooking class. Wednesday afternoon will offer a fashion show. Thursday’s event will be a secret—but stay tuned to find out!
Why Now?JCK’s goal is to educate exhibitors and retailers and keep them up-to-date on what’s new and what’s next—and they’ve been getting positive feedback on the show planning so far. Rob asks if people will be in the buying mood, and according to JCK's 2020 State of the Jewelry Industry Report, July/August was the time that people preferred. Sarin also discusses their matchmaking program for retailers and exhibitors.
Wardrobes, Backgrounds, and Looking Ahead to 2021Rob asks the all-important question of what people should wear to JCK Virtual. You can dress how you would for any other working-from-home event. Rob then asks what should your background look like. Sarin and Kate note to make sure there’s light in front of you, not behind you, and to make sure you’re in a place where you can have the volume up and speak as you normally would. They then discuss what the JCK Industry Fund has contributed this year. Finally, Victoria talks about JCK Las Vegas 2021 since we’re all missing being in person. It's scheduled to take place June 4–7, 2021, with Luxury running on June 2–3.
In This EpisodeIn this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview Oliver Smith, owner of Oliver Smith Jeweler in Scottsdale, Ariz. He discusses the changes he’s made to his online presence that have helped his business during COVID-19. You'll also hear that how he recently opened up a new store in Aspen, Colo.
Show Notes00:30 Introducing Oliver Smith, owner of Oliver Smith Jeweler06:58 Victoria asks about watches; Rob asks about jewelry11:30 Victoria asks about the Zoom auctions that Oliver has been running15:35 Oliver discusses the chat function he’s implemented on his website17:47 Oliver talks about opening up a new store during COVID-19
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Katey Clifford and Kathy PasseroPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing Oliver SmithOliver Smith is the owner of Oliver Smith Jeweler based in Scottsdale, Ariz. He’s been in the jewelry business since 1981 and talks about his experience, from his start outside of Philadelphia to California, to opening his store in Arizona. Oliver opened up a second location in Aspen, Colo., over the July 4th weekend. He covers what’s going on in Arizona due to COVID and how they’ve been running their store despite the back and forth on reopenings in the state.
Watches, Jewelry and "Cars and Cigars"Victoria asks Oliver about his start in watches, the survival of the Swiss watch, and its impact on his business. Oliver expresses his love for the aesthetics of the jewelry industry and how it keeps him going. He recounts a heartwarming story about the origins of “Cars and Cigars,” which originally started as one client coming to pick up jewelry one Sunday before Christmas, and has evolved into a shopping event where his clients come around on the last Sunday before every Christmas to shop, talk cars, and of course, have a cigar.
Making the Most of Zoom AuctionsOliver explains how he uses Zoom to interact with his clients and sell jewelry. In order to keep his business booming during this time, he sends out an auction invite to all of his clients, and they join him for a live auction over Zoom. He’s been using this platform to sell jewelry that he wasn’t selling otherwise, and now this has become a regular way for him to sell jewelry. You’ll also hear him give advice about how he does it and what he’d do differently in doing it again.
Keeping Your Clients EngagedPodium offers a chat function that retailers can add to their website so clients can ask questions and get fast answers even when you aren’t in-store. Oliver explains how he has implemented this function on his site and uses one of his employees, Ryan, to man the chat. This allows him to complete transactions with people he never would have been able to otherwise.
Opening a New StoreDespite the difficult times most everyone has been facing during the pandemic, Oliver continued on with his plans to open up a second location. He took over the building two years ago, which has 1,400 square feet over two floors. Rob asks Oliver if he has learned anything, and Oliver explains how you have to be able to quickly adapt with the changing times to stay afloat.
In This EpisodeIn this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discussing this summer’s retail landscape as some states ease their COVID-19 restrictions.
Show Notes00:50 Rob discusses statistics on the retail landscape.05:47 With an increase of COVID cases in some states, Rob wonders how long places can stay open.08:38 Victoria discusses some recent digital innovations in the watch industry.13:33 Rob and Victoria hope businesses maintain online aspects post–COVID-1917:05 Rob and Victoria wrap up by discussing some business's resistance to moving online.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Katey Clifford and Kathy PasseroPlugs: jckonline.com, @jckmagazine
Show Recap
Retail Sales on the RiseRob talks about retail sales going up—the biggest one-month rebound in history. Forty million people lost their jobs—but personal income is up because of things like the stimulus check, unemployment, etc. What will happen when government-finance purchasing power ends? Wealthy consumer spending has gone down. More than 20% of luxury jewelry revenue comes from travel.
Opening Up AmericaRob talks about how differently openings across America are happening. With an increase in COVID-19 cases, how long will reopenings last? Victoria emphasizes the importance of having an online presence and working e-commerce. Rob and Victoria discuss the importance of customers wearing masks.
Digital InnovationVictoria talks about growing digital innovations. While some watch sites have launched e-commerce lately, there has been resistance to do so in the luxury market. Buyers still want to hold onto that touch-and-feel experience that you simply cannot get online. Victoria also mentions one of the recent innovations in the watch world—an augmented reality filter allowing for holographic viewing of a watch on your wrist. Victoria tells a story about a Zoom happy hour with clients.
A New NormalVictoria hopes to maintain some of these online aspects once we all go back to normal. Nonetheless, people still love hearing from another person when they’re making large purchases, so a combination of an online and in-person presence works best.
Resistance to ChangeThere is still resistance from businesses with regard to moving online. Victoria and Rob talk about Patek Philippe selling online for the first time ever—which they soon stopped in April, just a month after starting. While wrapping up, Rob expresses that he is hopeful for the future—as independent retailers are the backbone of communities across America and JCK.
In This EpisodeIn this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview guest David Kellie, chief executive officer of the Natural Diamond Council (previously the Diamond Producers Association). David discusses the company's rebranding, his thoughts on the lab-grown diamond industry, and diversity in the industry.
Show Notes00:52 Rob and Victoria introduce David Kellie, CEO of the Natural Diamond Council05:54 David discusses the rebranding of Diamond Producers Association to the Natural Diamond Council10:27 Victoria asks about stores reopening, and Rob asks about weddings, engagements, and lab-grown diamonds14:43 Rob asks about opportunities in the diamond industry, and Victoria asks about the Jeweler Support Network18:08 Rob asks about the logistics of Natural Diamond Council’s upcoming campaigns20:58 Victoria asks about the Natural Diamond Council's new website, and Rob asks about diversity in the industry
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Katey Clifford and Kathy PasseroPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing David KellieRob and Victoria introduce their guest David Kellie, CEO of the Natural Diamond Council. David was previously with Watches of Switzerland Group and helped with its marketing and communications. Before that he was with the Ralph Lauren Corp. for 15 years, which helped him transition to his career in the luxury sector. Rob asks David about the difference in how outsiders see the diamond industry versus how it is on the inside. David says he wants to downgrade the challenges in the diamond industry—and that there are great opportunities ahead.
Rebranding to Natural Diamond CouncilDavid tells Rob that the Natural Diamond Council will do its best to fill the void in marketing and advertising that has existed for the past 10 years. Victoria asks about the company name change, and David says with an audience that consists mostly of millennials who get all of their information online, more time and money needs to be invested there. David says he wants to build strong digital platforms around the world.
Engagements, Weddings, and Lab-Grown DiamondsDespite all of the store closings in the last few months due to COVID-19, David feels consumers will return to stores once they feel safe to do so. Rob asks about engagements and weddings, and David explains how he feels about the rest of this year. When Rob asks about lab-grown diamonds, David says lab-growns will have a place in the market in the future, but it will remain small compared to natural diamonds. He’s ready to promote anything that is exciting in the industry.
Millennial AudiencesRob asks David where big opportunities are, and what we are underserving as an industry. David says everyone has not been the best at digital—which effects the millennial audience. David believes that it will be all about connections, relationships, friendships, and celebration coming out of this pandemic, as well as reminding consumers about diamonds in the context of all of those occasions. Victoria asks about the Support Your Local Jeweler Campaign and the Jeweler Support Network—and David emphasizes the value of local businesses.
Natural Diamond Producers CampaignRob asks about advertising and the logistics of campaigns and ads to come. David says they hope to shoot the next campaign in early July, with plans to launch the new campaign in September. Rob then asks about the history of diamond advertising and whether David has any advertising role models. David looked at old De Beers ads and at luxury jewelry ads, and he explains how it’s important to look outside of the industry too.
Diversity in the IndustryFirst, Victoria asks about the section on the Natural Diamond Council’s website for diamond industry professionals. David says it’s a destination where retailers can go for support in everything that they’re doing in stores. Rob turns the conversation to ask whether the industry needs to be more diverse. David believes the diamond industry has done a great job in marketing and communication but says that’s not enough. The industry has the right intent—but we must ask if everyone has equal opportunity.
In this EpisodeIn this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview guest Kate Peterson, president and CEO of Performance Concepts. They'll discuss stores reopening around the country, changes in consumer behavior, and educational resources to help your business come out of this crisis prepared.
Show Notes00:25 Introduction of Kate Peterson, president and CEO of Performance Concepts.03:08 Rob asks Kate what she’s hearing about reopenings around the country.09:10 Kate explains what companies have to do when reopening.14:20 Kate discusses employee-employer relations.17:40 Kate explains the best way for people to educate themselves during this time.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Katey Clifford and Kathy PasseroPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing Kate PetersonKate Peterson is president and CEO of Performance Concepts and is based in an old stomping ground of Victoria’s—Montgomery Village, Md. The state of Maryland has begun to reopen, but the area immediately surrounding Washington, D.C., is still closed. Kate started out in the jewelry industry working in a store at just 16. She was director of training at the original Kay Jewelers in Alexandria, Va., and training director of Sterling, as well as vice president of training for Littman Jewelers. This was all before she decided to branch off on her own with a business partner in the late 1990s to create Performance Concepts. Now they work with trade organizations; design training programs for retailers; and work with retailers directly to provide training services, organizational design, management development, and general consulting.
Changing Consumer BehaviorRob asks Kate what they’re hearing as far as reopening and sales, and Kate says she sees no real consistency across the country. She is, however, seeing some pent-up demand as stores reopen—but that seems to fizzle out after a week. Those who are most successful are those who have put time in over the last two months figuring out what they had to do differently. You’ll hear Kate talk about the biggest changes in consumer behavior and how to prepare for dealing with those changes.
Handling the ReopeningRob asks Kate how most people are handling the reopenings, and Kate emphasizes that no matter what companies do they must be consistent. Companies must take a stand on their procedures and stick to them—for instance, if they're requiring people wear a mask. Another helpful hint is to tell people what you can do, not what you can’t—and to think of ways you can present yourself positively to your customers.
Employee-Employer RelationsThere are restrictions across the country about how many people are allowed to be in a store at one time—and that includes yourself, your employees, and customers. With such limitations, it’s possible not all of your employees can return to business as usual. Kate suggests if you’re paying your employee to stay at home, you can tell them to volunteer their time toward their community, and also to your customers, to keep them engaged. Kate says the most important interview questions going forward will be about how they spent their time during COVID-19—and it’s important to make the most of it.
Resources and a Return to WorkVictoria asks Kate about some of the best pieces of education she’s come across during the crisis for further research, and Kate gives some great suggestions of webinars and conferences. Rob asks Kate how employers should handle those who are nervous to come back. Kate reminds us to be sensitive to others and to recognize there might be unknown issues at play. Don’t challenge the behavior of your employees and know when you need to bring someone else in for the time being to avoid having to pay the government back. Kate concludes that it is time for us to rise up to the standards the consumers are demanding.
In This EpisodeIn this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates conduct their first intercontinental podcast as they interview Bruce Cleaver, chief executive officer of the De Beers Group. You’ll hear them discuss what's going on in the diamond industry, including production, supply and demand, and sustainability.
Show Notes00:30 Introduction of Bruce Cleaver, CEO of the De Beers Group03:55 Rob asks how the diamond industry is doing in the face of COVID-1909:54 Rob asks what we can expect regarding production this year, and Bruce recaps the enormous relief efforts De Beers has provided to countries of mining communities15:41 Rob asks about supply and demand19:17 Vic asks about Lightbox and how stores in the United States can begin to reopen22:51 Rob asks about new sustainability projects such as Tracr and reducing carbon footprint
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Katey Clifford and Kathy PasseroPlugs: jckonline.com, @jckmagazine
Show Recap
Bruce Cleaver, CEO of the De Beers GroupBruce Cleaver has been with De Beers since 2005. He has been a board director since 2008 and CEO since 2016. He was born in South Africa, but now lives just outside of London, making him the first intercontinental guest The Jewelry District has seen, as Rob and Victoria chat from the United States. Bruce explains his background and how he came into the diamond mining industry.
Diamond Sales During COVID-19Rob asks if diamonds are being sold despite the global affects COVID-19 has had on all industries—and Bruce says yes. China has bounced back well, and sales are improving. The rest of the world hasn’t seen as high of a demand, however. You’ll also hear Rob ask about how business is doing on a wholesale level rather than just retail. The diamond industry is a global, interconnected one, and where there is demand, De Beers is determined to service it.
Diamond Production and COVID-19 ReliefYou’ll hear Rob ask what we can expect regarding production this year. Bruce says that all of the mines are in slightly different places, and the company wants to start things back up when the time comes in the safest way possible. In better news—De Beers has made significant contribution to COVID-19 relief across South Africa and Canada. It's working to keep mines open and working with governments to step up health care, set countries up with top of the line testing, and other health supplies such as thermometers and food donations. It has also donated $200,000 through UN Women for gender-based violence relief.
Supply and DemandYou’ll hear Bruce talk about supply and demand in the diamond industry, including how last year we saw production peak, so we’re likely to see less production toward the end of the crisis than there was before it began. De Beers spent $170 million in advertising last year, and it's committed to driving demand.
Coming Out of the Crisis and Lab-Grown DiamondsVictoria asks Bruce about Lightbox and the demand for lab-grown diamonds, and Bruce explains that they have been largely unaffected by COVID-19. You’ll also hear Bruce talk about what companies are in the best position to get back into their stores quicker while still maintaining their customer base. Bruce also discusses the importance of keeping your store unintimidating to consumers while still maintaining proper safety precautions.
Sustainability and TraceabilityDe Beers is working on projects such as Tracr—the interface it uses to trace diamonds through the pipeline and show consumers where their diamonds came from. Consumers are now expecting their products to be as carbon-neutral as possible, and it’s important to show that.
(Photo courtesy of De Beers Group)
In this EpisodeIn this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview Rhett Outten, co-owner of Croghan’s Jewel Box. Rhett talks about her store closing over six weeks ago, the logistics of running a store during the covid-19 crisis, and how her store’s online social presence has helped business.
Listen Now[EMBED]
Show Notes00:50 Introducing Rhett Outten, co-owner of Croghan’s Jewel Box.05:16 Victoria asks about Rhett’s store closing, and how they’ve managed despite the crisis.07:50 Rob asks about logistics of running a store.12:08 Rhett tells a story about a bridal customer.13:28 Rob asks about emergency small business loans; Victoria asks about social and online presence.16:58 Rob asks about store protocol; Victoria asks what Rhett is going to take with her after the crisis from this time.
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Katey Clifford and Kathy PasseroPlugs: jckonline.com, @jckmagazine
Show Recap
Rhett Outten, Co-Owner of Chrogan’s Jewel BoxVictoria and Rob introduce their guest Rhett Outten, co-owner of Croghan’s Jewel Box in Charleston, South Carolina. Their family jewelry business has been around since 1903. The building was bought in the 1970s and is well over 100 years old. Rhett tells the story of her company spanning three generations of her family—starting with her grandfather, who has a hand engraver and bench jeweler, followed by her mother who brought out the retail aspects. Rhett manages the social media and online presence while her sister manages the more corporate side of things.
The Impact of Store Closings While Rhett expected her store to be closed at least two weeks, she’s now going on over six. Rhett describes the ominous feeling she had at the beginning of the crisis when everything was beginning to shut down. What has helped keep the payroll going of their 27 employees was Rhett’s spearheading the social media side of things with a great online presence. You’ll hear Rhett talk about her sister’s idea for a “social distancing deal of the day.”
Running a Store During COVIDRob asks Rhett about the difficulties she’s faced in running her store during this time. Rhett explains how she has created “zones” in her store—where only one person works in a zone at a time in order to practice social distancing in accordance with the recommendations in her city. They have a very small staff at any point in-store, have drive-by pickups for purchased jewelry, and have one-on-one private appointments to keep their store as clear of people as possible.
A Happily Ever AfterYou’ll hear Rhett tell a touching story of a groom who came in looking for a custom ring to be made with family stones, on a timeline of six weeks. It wasn’t long before this groom just couldn’t wait to marry the love of his life anymore—so he asked Rhett if he could just get a diamond wedding band instead to marry his sweetheart as soon as possible—with a special engraving on the band.
The Business Side of ThingsRob asks about PPP, loans, and small business emergency loans. Rhett has never had to apply for one before—but she was thankfully approved when she did during this time. Victoria asks about the chat function that Rhett has recently implemented on their website to keep in track with customers. It’s done through Podium’s platform and helps Rhett and her team to keep in touch with customers while everything is shut down. Sometimes human contact really is everything.
Protocol While in the StoreThere are certain measures you can take to make sure your employees are staying safe during COVID-19. They vary by location, but some things Rhett is doing are making sure everyone uses face masks, wiping down everything with antiseptic wipes, and diligent hand sanitizer usage combined with frequent and hand washing. They also have one door to enter, and another to exit, as well as tape markers on the floor to maintain distance. Victoria asks if Rhett will be doing anything differently after this crisis is over—and Rhett says she’ll keep up her online presence.
In this EpisodeIn this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview Abe Sherman, founder and CEO of the Buyers Intelligence Group. You’ll hear Abe talk about why it is so important for jewelry retailers to carefully manage their inventory and balance sheets during the COVID-19 crisis.
Show Notes
00:30 Introduction of Abe Sherman3:24 Rob asks Abe if there is anything he knows now that he wishes he knew earlier7:44 Victoria asks how our current situation is impacted by the COVID-19 crisis12:28 Rob asks about operational cost cuts, Victoria asks about what Abe says to suppliers, Rob asks about reserve funds21:03 They discuss what will happen post-COVID-19, what jewelry will be popular, how to best advertise, and getting your online presence in order
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Katey Clifford and Kathy PasseroPlugs: jckonline.com, @jckmagazine
Show Recap
Abe Sherman, Founder and CEO of Buyers Intelligence GroupAbe started working for his father at their family jewelry store in 1968, when he was just 10 years old. Over his years in the jewelry industry, he has become quite the expert. His company, Buyers Intelligence Group, started as a buying group, and now they do financial and inventory benchmarking. Abe explains that his company helps jewelers take the numbers from the income statement of their balance sheet and explains how to use those numbers to help their businesses.
The Jewelry Business Is Tough. The Family Jewelry Business Is TougherRob asks Abe if there’s anything that he knows now that he wishes he knew when he was first starting out. Abe gives a bit of background on his family business. Inventory planning, inventory management, marketing, and positioning were all things they didn’t completely understand back in the '60s and '70s, but are more important now than ever—especially with the internet connecting us all globally. Additionally, Abe argues the jewelry industry operates different than any other—and this added complication is something he helps companies to work through.
Looking Ahead to a Post-COVID-19 WorldVictoria asks Abe how our current situation is impacted by the pandemic. Abe says that going forward, cash flow is going to be a challenge. Jewelry doesn’t have an expiration date like other industries, like food or car industries—so jewelers tend to hold on to their inventory. Abe stresses and explains how re-merchandising can be the answer to some problems people are having with getting older and nonperforming inventory out the door—and how this could help get cash back into the pockets of jewelers.
What to Do on the Operational Side?Everyone is trying to figure out how to get out on the other side of this crisis in the best position they can. Abe suggests starting by visiting your CPA to study your reports line by line for every expense that comes into the company. Jewelers should prioritize cash-flow planning for the next six months. As for a reserve fund, jewelers should try to put away a small percentage of their monthly sales to build up the money they have for emergencies. Abe also gives helpful tips for jewelry pricing and price points.
Online Presence, Advertising, and Popular Jewelry Post-COVID-19Abe recaps the most important things for getting retailers back on track in the coming months. Victoria wonders what categories and types of jewelry might sell later in the year and asks about the bridal category in particular. Rob asks if Abe believes retail will continue its shrinking trend while emphasizing how important small business are. Victoria asks Abe about navigating jewelers' online presence, and Rob asks about best advertising practices during this time.
In this EpisodeIn this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview Sherry Smith, director of business development at The Edge Retail Academy, sister company to The Edge. Sherry gives tips and guidance for jewelry retailers on how to navigate owning a retail business during COVID-19.
Episode Credits
Hosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap00:30 Rob and Victoria introduce guest Sherry Smith03:18 Rob asks what her clients have been asking most these past few weeks10:30 Victoria asks what is the best course of action regarding employees13:21 Rob asks about what retailer’s online and social media presence should look like15:05 Rob and Sherry discuss the dangers of operating a business during this time23:18 Victoria asks what our retail world will look like on the other side of this crisis
Show Recap
Sherry Smith, Director of Business DevelopmentRob and Victoria introduce their guest Sherry Smith, director of business development for The Edge Retail Academy. She mentors around 200 companies about best retail practices, and she has received an increased volume of retailers who need help navigating their businesses during the COVID-19 crisis. Before joining The Edge Retail Academy, Sherry owned and operated a jewelry retail store and has hands-on experience running a store during both steady economic times and periods of recession.
What Should Companies Do Right Now?Rob asks Sherry what the most common questions she has received from the companies she mentors are—and Sherry tells us she gets a lot of questions about what retailers should do with their employees and their bills. There is a little bit of nervousness during this time, and people are unsure of how to proceed. Victoria then asks what the most important things retailers should do right now, and Sherry weighs in about the best ways companies can be proactive.
What to Do About Your Employees?Sherry reports that a minority of retailers have their employees on paid leave. That means many are either being laid off or furloughed—but being laid off means that employees can apply for unemployment benefits. Sherry reminds us that retailers must look at where they want to be on the other side of this crisis and at what actions can be taken to get them there.
Your Online and Social Presence MattersOnline presence always matters, whether it be on social media or a retailer’s website—but it matters now more than ever since face-to-face communications have slowed across the country. Sherry gives recommendations about how to keep up with your customer base during this time in a way that is authentic and helpful to your customers.
Security RisksMany jewelers are conducting business out of their homes, and some are even going into their stores to keep up with business as best they can. There are security concerns with bringing jewelry home, as that could make jewelers' homes a target for crime. The same applies for jewelers being alone in their store with jewelry when so few stores are open now. Sherry recommends checking with your insurance company to see how you’re covered during this time.
What Does the Future Hold?Many of us are wondering what our world will look like when we come out of this. There is a lot of uncertainty. The question remains--will we come out of this running businesses as usual, or will business practices change post-COVID-19? Smith discusses the positives that could come out of all of this for retailers, while also giving a few resources for dealing with this difficult time.
(Image courtesy of The Edge Retail Academy)
Note: This episode was taped on March 2, and does not reflect the latest news regarding the coronavirus (COVID-19).
In this EpisodeIn this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview Ruediger Albers, watch expert and president of Wempe Jewelers. You’ll hear Victoria and Rob chat with Rudy about watches, retail, and what’s going on with the spring watch shows.
Show Notes
00:50 Introduction of Rudy Albers05:59 Rob asks about the viability of multibrand stores. Victoria asks about trends10:53 Rob asks what the fascination with watches is16:24 Cancellation of spring watch shows, including Baselworld19:32 Wempe’s jewelry and celebrity clientele
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Ruediger Albers, President of Wempe WatchesRudy is the president of Wempe Jewelers and has been a member of the Wempe staff for 32 years. The son of a German watchmaker, Rudy followed in his father’s footsteps, working at his father's shop before becoming a master watchmaker for Wempe.
Are Multibrand Stores Viable?Rob talks to Rudy about the viability of multibrand stores. Wempe Jewelers expanded their Fifth Aveune location in 2016, and they hold 20 of the finest brands. Rob wonders if watches appeal to millennial buyers, and, apparently, they’re an acquired taste. Many people have smartwatches now, which aren’t as big a seller at Wempe as some of its others, but Rudy believes both traditional and smartwatches can coexist peacefully in the same market.
Trendy Watches and High DemandThere are certain watch brands that are in incredibly high demand. Two of which are Rolex and Patek Philippe. Rudy jokes that a reason his hair is going gray is because people come in and ask to purchase a watch and don't realize there are incredibly long wait lists for some of the popular styles. The demand for watches is huge—but that also means some people are going to have competing prices, and others are going to attempt to create counterfeits.
Show CancellationsBaselworld is one of the biggest shows to have been canceled this year. (It's been rescheduled for January 2021.) Rudy has been going for 32 years, and this will be the first one he’s missed. Watches & Wonders Geneva has also been canceled for this year. For Rudy, there’s nothing quite like going to the shows in person and getting to see and feel watches up close—so these events will surely be missed.
Wempe Jewelers, Beyond the WatchesWempe Jewelers is, of course, known for selling watches, but it's more than just that. Wempe also sells jewelry. Recently, Mariah Carey performed“ All I Want For Christmas Is You” for her 25th-anniversary event and wore a $500,000 necklace from Wempe. You’ll also hear Rudy tell a few stories of other celebrity clientele, including Sylvester Stallone and Robert De Niro.
(Image courtesy of Wempe Jewelers)
Note: This episode was taped on March 2, and does not reflect the latest news regarding the coronavirus (COVID-19).
In This Episode
In this episode of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about the visible effects of the coronavirus (COVID-19) on their hometowns in New York and California and what effects it continues to have on the jewelry industry at large. You’ll also hear them talk about how the international scene has affected gold prices and what’s trendy at fashion week. Rob and Victoria wrap up with a Weird Story of the Week.
Show Notes
00:30 Rob and Victoria discuss the effects of COVID-19
08:55 Rob brings up how we’re seeing a spike in gold prices
10:33 Victoria discusses the trends we’ve been seeing throughout fashion week
12:03 Weird Story of the Week
Episode Credits Hosts: Rob Bates and Victoria Gomelsky
Editor: Olivia Briley
Producer and engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine
Show Recap
Keep Calm and Wash Your Hands
In early March, everyone was beginning to grow a little fearful of COVID-19, colloquially known as coronavirus. Rob has noticed an increase of people with face masks walking around and an abundance of Purell in the office. COVID-19 has caused the cancellations of both Baselworld and SIHH—and you'll hear what that could mean for those shows in the future.
Gold Prices Spike
COVID-19 isn’t the only international event that’s having an effect on the jewelry industry. New hostilities in the Middle East are causing the price of gold to spike at $1,600. In 2018, the average price for the year was just below $1,300—and this year people are predicting the average will be at $1,500. Hear what that means for people who own a bit of gold!
Trends of Fashion Week
Fashion week pushed on regardless of coronavirus-induced panic. Victoria notes the trendiest things to hit the runway were pearls, fringe, feathers, and solid gold links. If you’re not at fashion week—what can you do? Stay home and support your local businesses!
Weird Story of the Week: Toilet Edition
Rob tells another Weird Story of the Week—and this one’s a trip. A Dubai, United Arab Emirates, museum and art gallery has revealed a diamond-encrusted toilet, introduced by Coronet, an Aaron Shum jewelry brand. With 4,815 diamonds (334 cts. t.w.) valued at $1.28 million, it could make anyone’s trip to the restroom sparkle. The jeweled throne even set a Guinness World Record for the greatest number of diamonds set on a toilet bowl.
In This EpisodeIn this episode of The Jewelry District, you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview John J. Kennedy, president of the Jewelers’ Security Alliance, otherwise known as JSA. Kennedy, with his background in criminal law, crime prevention, and law enforcement, talks about how JSA works to prevent jewelry crime. You’ll hear about what goes on in the minds of criminals, whether guns are a good preventative measure, and what mistakes jewelers often make that could jeopardize the safety of their company.
Show Notes
00:30 Victoria and Rob introduce their guest John J. Kennedy04:47 Rob asks about the founding and mission of JSA09:50 How jewelry crime happens12:37 Discussion of different types of crime, including cybercrime15:18 Rob asks Kennedy his opinion of jewelers having guns in their stores18:01 Rob asks about security mistakes jewelers make and preventative measures they can take
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
John Kennedy, The Man Behind JSARob and Victoria introduce their guest, John Kennedy. He is the president of JSA, and he’s been in that role for the past 28 years. Kennedy has an extensive legal background, serving at different points of his career as an attorney, the assistant commissioner of the New York City Department of Investigation, and the chairman of the New York City Department of Criminal Justice. All of these skills have prepared him for working alongside his team at JSA to prevent jewelry crime, and you’ll hear about his daily workflow that helps to make the industry safer.
The Jewelers' Security Alliance Founding and FunctionThe JSA is nearly as old as JCK. Since it was founded in 1883, it has only had four full-time presidents, including Kennedy. That’s some serious dedication. During nearly a century and a half, Kennedy says the mission has not changed—it's focused on preventing crime in the jewelry industry. You’ll hear Kennedy talk about why he’s so dedicated to the position, and why the association is so valuable—especially when zero jewelers were killed during the commission of a crime last year, which is a first since record keeping began in the early '80s.
How Does Crime Happen?Kennedy has accumulated much knowledge on jewelry-related crime. You’ll hear how crime is organized by gangs, who is helping these people, and the ways in which criminals follow jewelry trends to make themselves aware of what’s hot—for the taking.
All Kinds of CrimeCybercrime isn’t something that JSA focuses on in the way one might think. The cybercrime that JSA is involved with is performed with some human contact, through phone and emails. You’ll hear how criminals build up relationships and establish social connections with jewelers before committing fraud. And those outside of the industry aren’t the only ones committing crimes. Some jewelers get themselves wrapped up in fraudulent ways as well.
Insurance—More Valuable Than Guns?While jewelers have the right to own a gun, and plenty exercise that right by having one in their store for theft-prevention purposes, Kennedy doesn’t recommend it. He claims there are several reasons why jewelers shouldn’t have a gun in their store. You might not be able to reach your gun in time, and even if you do, you might kill an innocent bystander in the process. Kennedy argues for the importance of having insurance rather than wielding a weapon.
Mistakes Jewelers Make and Some Solutions Jewelers are human and are bound to make a few errors in their stores. You’ll hear Kennedy talk about some of the most common mistakes jewelers make, such as having too many pieces of jewelry out of the case at one time for display or even forgetting to keep showcases locked at all. To combat criminals, there are measures that can be taken, such as DNA sprays for jewelry or facial recognition. Kennedy argues that retailers must be careful when choosing the latter.
In this EpisodeIn this edition of The Jewelry District, you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss all the noteworthy jewelry seen at this year's Oscars. You’ll also hear them talk about Victoria’s trip to the Tucson gem shows and the focus on sustainability practices there. Rob gives us the rundown on all things involving the bankruptcy of de Grisogono USA and then lightens the mood with a Domino’s-themed Weird Story of the Week.
Show Notes00:30 Victoria gives the scoop on the Oscars and jewelry07:53 Victoria talks about her trip to the Tucson gem shows and sustainability practices15:13 Rob discusses the bankruptcy of fine jeweler de Grisogono19:00 Weird Story of the Week
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
White Diamonds at the OscarsVictoria arrived home from the Tucson gem shows just in time for the Oscars. This year, as in recent years past, colored gemstones took a backseat while white diamonds stole the spotlight. There were big stars in big diamonds, as large statement pieces were a common theme. Hear Rob talk about how important product placement is in shows like these.
Tucson Gem Shows and Sustainability Victoria talks about her stay in Arizona for February's Tucson gem shows. You’ll hear what the mood of the shows were and whether the recent outbreak of the coronavirus had any effect on attendance. You’ll also hear Rob and Victoria talk about the continued importance of sustainability in the jewelry industry.
De Grisogono: Leaked Files and BankruptcyFine jeweler de Grisogono was recently in hot water over the case of some leaked files connected to stakeholder Isabel dos Santos. De Grisogono USA has now declared bankruptcy following the bankruptcy of their Swiss division—and dos Santos, along with husband Sindika Dokolo, now face criminal charges. Hear what Rob and Victoria think of the details leading up to the downfall of de Grisogono USA and what consumers should consider when choosing the companies they engage with.
Weird Story of the Week: A Conversation “Pizza”Rob tells us a new Weird Story of the Week, and this time it’s all about pizza! Domino’s Australia is holding a contest—just submit a video of how you’d use Domino’s in your engagement to your beloved. Rob reveals the prize: Not only will Domino’s bring your engagement plan to life, and cater your wedding with pizza, but you’ll also win an 18k pizza-shape ring worth more than $9,000, featuring ruby pepperoni and diamond cheese.
In this Episode
In this edition of “The Jewelry District,” you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview a couple for the first time. Hayley Henning, who is an expert in colored gems and is also vice president of sales and marketing at Greenland Ruby, and husband Erik Jens, an expert in diamond industry financing and a strategic partner for companies in the luxury industry, talk about their respective companies, climate change, and JCK Tucson.
Show Notes00:31 Rob and Victoria introduce Hayley Henning and Erik Jens11:20 Henning discusses Greenland Ruby15:04 Jens compares the colored gem industry to the diamond industry17:38 Rob and Victoria ask Henning about Greenland and climate change24:56 All things JCK Tucson26:23 Rob asks Jens about his background at ABN AMRO31:13 Rob asks Jens what he sees as the biggest problems in the industry
Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Levi SharpeProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
Introducing the Power DuoRob and Victoria introduce their guests Hayley Henning and Erik Jens, a couple in the jewelry industry who have been married for three years. You’ll hear the story of how they met at a conference in Moscow and became industry friends, which soon turned to more. Since they met at a conference, they also discuss conferences in general. They question whether conferences really add value and make a difference at all in the face of things such as sustainability.
Colored Gemstones Are a Diamond’s Best FriendHenning talks about her experience in the colored stone world. You’ll hear all about Greenland Ruby, where she is the vice president of sales and marketing. She’s fascinated by the originality of the location of gemstones and the process by which these stones go from Greenland to the market. She makes sure to not leave her diamond-industry expert husband out of the mix, as she notes how colored gemstones really are a diamond’s best friend. Jens expands on this.
Climate Change and Greenland, the Untapped ResourceRob asks Henning about the independent and autonomous country of Greenland. What Henning finds so interesting about Greenland is the fact that it sits atop one of the world's biggest and richest mineral deposits. It’s an untapped resource that has been under ice and snow for millions, if not billions, of years. Rob also asks about climate change and what that means for the Arctic region.
The Pink Polar Bear Piñata PartyVictoria is excited for JCK Tucson and asks the couple if they’ll be making an appearance. Henning and Jens say yes—as they will be hosting the Pink Polar Bear Piñata Party (say that three times fast!). The Pink Polar Bear is a foundation, not for polar bear research, as the title may suggest, but for international polar research, to help all species affected by climate change.
Erik Jens: Finance Extraordinaire Jens talks about his background in, and passion for, the world of finance. Jens has experience in banking, so it made sense for him to take over the diamond division at ABN AMRO. Since the financial crisis, he’s been all over the world in the restructured hedge fund, private banking, and diamond sectors. Hear Jens discuss how he worked to make the ABN AMRO portfolio healthier during his time there.
Problems and the Need to ImproveRob asks Jens what the biggest problem in the industry is (spoiler: Jens doesn’t think it’s an issue with finance—it’s actually profitability). Listen to what the profitability issue entails, as well as Jens’ take on the mined- versus-lab-grown-diamond front when it comes to marketing practices. You’ll also hear what Henning and Jens think it will take for the industry to improve.
In This Episode
In this edition of “The Jewelry District,” you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss the latest news, including 2019 holiday sales, the upcoming JCK Tucson jewelry show, what the stars wore to the 2020 Golden Globes, and LVMH’s recent acquisition of Tiffany & Co. You’ll also hear a positively grotesque weird story of the week that’ll be sure to make your stomach churn.
Show Notes
00:30 Rob Bates recaps the trends of the 2019 holiday sales compared to 2018.
02:30 Victoria Gomelsky is excited for JCK Tucson and predicts the colors that will be big this year.
06:27 Victoria gives the scoop on what jewelry was popular for stars at the 2020 Golden Globes.
08:25 Rob talks about what LVMH's recent acquisition of Tiffany and Co. means for brand consolidation across the industry.
18:18 Weird Story of the Week
Episode Credits
Hosts: Rob Bates and Victoria GomelskyEditor: Levi SharpeProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
2019 Holiday Sales
It was a decent year for sales at the end of 2019. Rob comments on the main difference between the 2018 holiday and the 2019 holiday. While physical stores continue to face challenges, there were still plenty of discounts this year. Rob confesses his biggest shopping steal.
JCK Tucson and 2020 Color Predictions
JCK Tucson is just three weeks away, and Victoria has some leads on what colors might be big this year ahead. The Pantone Color of the Year, Classic Blue, is an obvious go-to, but does Victoria think it will it make a difference in the world of gems in 2020? She lets us know what other colors to keep on our radar going into the new year and beyond.
What Was Hot at the 2020 Golden Globes
There’s one jewelry style that stood out at the Golden Globes. Can you guess what it was? The statement necklace! Victoria lets us know who made a statement and who didn't. And, she reveals the star known for her minimalist style who chose to go big with diamonds at this year's show.
LVMH Takes Tiffany: What Is Industry Consolidation Doing to Us?
LVMH took over Tiffany & Co. toward the end of 2019—and Rob has mixed feelings on this new ownership. Should we be putting all of our eggs in one basket? Victoria cites a 2014 article called “Jewelry Industry in 2020” that predicted more industry consolidation. Was this new ownership written in the stars? Will more companies consolidate sooner than later? And will Tiffany remain the traditional American company it always has been or will it lean into more French style?
Weird Story of the Week
Eek! It doesn’t get weirder than this. Rob lets us in on this newest weird story originally reported by two British newspapers. A Japanese man—and perhaps the more squeamish shouldn’t keep reading—took an entire year of this fingernail clippings and turned them into an engagement ring for his significant other. He made a YouTube video of the entire process—and Rob describes it in detail for those of us who would rather not see it for ourselves.
In This Episode
In the latest installment of “The Jewelry District,” you’ll hear a compilation of our Weird Stories of the Week. You’ll hear quite a few stories from JCK’s news director, Rob Bates, about people’s consumption of jewelry—but not in the way you might think! You’ll also hear JCK editor-in-chief Victoria Gomelsky tell us what her favorite Weird Story has been.
Show Notes
00:30 Victoria introduces her favorite Weird Story
01:10 A Moo-ving Proposal
03:55 Hard to Swallow
07:05 Hungry for Wealth
10:07 Tesla Trouble
13:35 Should You Fire That Hippie?
16:30 No Laughing Matter
Episode Credits
Hosts: Rob Bates and Victoria GomelskyJCK Staff: Emili VesilindEditor: Levi SharpeProducer and engineer: Natalie ChometPlugs: jckonline.com, @jckmagazine
Show Recap
A Moo-ving Proposal
Social media was abuzz with ring-shamers, animal advocates, and those looking to jump on the bandwagon with bovine-puns when a farmer from Singapore proposed to his girlfriend by placing a diamond engagement ring on a cow’s udder.
Hard to Swallow
A woman dreams she swallowed her ring to protect it from a jewelry heist. On waking up, her ring was nowhere to be found. After going to urgent care, it turns out she really did swallow the ring while sleeping! Is there a happy ending to this weird story? Listen to find out!
Hungry for Wealth
Doctors remove a whopping 1.6 kilograms (3.5 pounds) of jewelry from a 22-year-old woman’s stomach. That jewelry totaled £53,000 ($64,310)! When the woman was suffering from abdominal pain, she decided to go to the doctor. What the Bengali doctors found was striking: 69 chains, 80 earrings, 46 coins, 8 lockets, 11 nose rings, 5 anklets, and 1 watch dial—all in her stomach! Somehow, her family didn’t expect anything, as the jewelry went missing over a length of time.
Tesla Trouble
Ben Baller, the man who created a $400,000 diamond and ruby ring for Elon Musk, got locked inside of his own Tesla for 40 long minutes. While stuck, he posted video of the incident to his Instagram feed. Conflict and conspiracy theories ensued.
Should You Fire That Hippie?
An article that was published in 1975 with an inflammatory title is the focus of this weird story. Did the article make points that are still relevant to the industry today? How does it reflect on millennials and their attitudes?
No Laughing Matter
A dental hygienist relieved several patients of their jewelry while under sedation. The local police chief asserts that this incident that was “no laughing matter,” despite the use of laughing gas.
In This Episode In this edition of “The Jewelry District,” you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview Sally Morrison, the chief marketing officer of Lightbox Jewelry. The three talk about how Morrison got into the industry and her own impressions of coming up in the diamond industry. You’ll also hear her discuss how society is changing, her partnerships with designers, and about the sustainability and ethics of diamonds.
Show Notes 01:45 Sally Morrison talks about how she got into the industry. 14:20 Rob questions Morrison on our changing society and ad campaigns that try to keep up. 18:45 Victoria asks Morrison how she teams up with designers; Rob asks her about social media. 24:00 Morrison tells us about Lightbox Jewelry. 34:39 Morrison talks sustainability and ethics in the diamond industry. 38:00 Some final thoughts from Morrison about Lightbox and what it's like to be a woman in the jewelry industry. Episode Credits Hosts: Rob Bates and Victoria Gomelsky Editor: Levi Sharpe Producer and engineer: Natalie Chomet Plugs: jckonline.com, @jckmagazine Show Recap How Sally Morrison Jumped Into the Jewelry Industry Morrison had a long career in different industries in the United States before she got her start in jewelry. On getting her first job at Diamond Information Center, she relates what she learned and her first impressions of the industry. Women self-purchasing diamonds and people’s changing attitudes toward gold jewelry also pop up in the conversation. Morrison shares what ad campaigns she thinks should be emulated. Changing Times Call for Changing Measures Morrison realizes that there’s a need to keep up with cultural changes and trends. Rob and Morrison talk about early De Beers ad campaigns and their effect on the diamond industry, even years later. Morrison also enlightens us on the importance of partnering with designers. Of course, social media is always something to keep in mind in these changing times, and Morrison talks about the difficulties in navigating that terrain. Lightbox Jewelry As the chief marketing officer of Lightbox Jewelry, Morrison certainly knowns the ins and outs of the lab-grown diamond industry. Rob questions Morrison on whether Lightbox helped legitimize lab-grown diamonds—and Morrison has something to say about the word legitimacy. Morrison reflects on the commercial potential she saw in the brand and why 2017 was the right time for takeoff. Can There Be Transparency or Ethics in Sustainability? As Rob and Victoria covered in the last episode, there’s certainly a lot to discuss when it comes to jewelry sustainability and ethics. Victoria asks Morrison about responsibility in ad campaigns for sustainability and ethics promises from company to company. When asked, Morrison talks about how she sees promises of sustainability functioning for Lightbox. The episode wraps up with thoughts about Lightbox and what Morrison thinks about being a woman in the industry.
In This Episode
In this edition of “The Jewelry District,” you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates cover the latest news, including NYC’s Jewelry Week, and growing concerns over sustainability and how it will affect fine jewelry sales. Rob covers a talk by the Yurmans and a fascinating panel on jewelry ecommerce. The weird story of the week features a dream that comes true, but not necessarily in a good way!
Show Notes
00:50 Rob Bates and Victoria Gomelsky recap NYC’s Jewelry Week, including a talk held by David and Sybil Yurman.
5:45 Rob talks about a panel he was on about ecommerce and jewelry sponsored by eBay.
9:00 Victoria shares why she has been preoccupied about sustainability lately.
16:46 Victoria ponders if there is a product out there that’s 100% sustainable.
20:58 Rob covers the new De Beers research and what it says about our society and the jewelry industry
25:25 Weird Story of the Week
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Editor: Levi Sharpe
Producer & Engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine
Show Recap
NYC Jewelry Week
Rob relates some interesting tidbits that he learns at the talk held by David and Sybil Yurman during Jewelry Week. They shed light on how their life growing up in the 60s and 70s colored their business. Rob also discusses the panel he was on about ecommerce and jewelry, in which designers talked about how to establish themselves on different ecommerce platforms.
The Sustainability Question: Who Passes The Test?
In doing research for a panel she organized, Victoria meets an Instagram influencer who is a proponent of zero-waste and hasn’t bought a piece of jewelry in many years. Victoria finds it fascinating because there are not many jewelers who would meet these high standards of sustainability. She’s interested in seeing how the relationship between fine jewelry and green living evolves over time.
New De Beers Research and a Rapidly Changing Society
The research raises the question: Is the industry keeping up with larger changes in society, such as changing norms about marriage and commitment, and growing concerns over the environment. Rob talks about how proposals have changed over time, and how the bridal industry bases its business on perhaps an outdated standard in our culture.
Weird Story of The Week May Be Hard to Swallow
A woman dreams that she swallows her ring to protect it from a jewelry heist. When she wakes up, she was unable to find the ring, so she went to urgent care, where it was confirmed that she did in fact swallow it in her sleep! Listen to find out if there’s a happy ending to this tale.
In This Episode This episode of “The Jewelry District” pays tribute to JCK magazine’s 150th anniversary. JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with a panel of JCK writers about fascinating discoveries they made while combing through the vast expanse of the JCK archives. The weird story won’t be from this week—but 1975 instead! Interspersed throughout the episode, you’ll hear the voices of current and past employees as they reflect on their experiences working at this historic publication. You’ll also hear Rob and Victoria interview Bill Furman, former ad manager, who spent 46 years working at JCK. He’ll share how he got there and some amazing memories from along the way.
Show Notes
00:36 Victoria and Rob give an overview of the 150th anniversary issue. 3:10 Victoria kicks off the conversation with a few notable things she learned in her research. 8:40 Rob relates a great quote from Marty Hurwitz of MVI Marketing about his impression of JCK. He also shares the ad that former editor Peggy Jo Donahue answered when she began working at JCK. 10:20 Rob shares a weird story from 1975, “Should You Fire That Hippy?” 12:55 Hedda Schupack talks about her favorite story from working at JCK. 15:50 Victoria introduces the panel of JCK writers and tees up Melissa Bernardo’s story. 16:22 Melissa talks about the amazing covers she found when doing her research, including which eras had the oddest, ugliest, and most beautiful covers and ads. 19:55 Melissa explains how the cover of the 150th anniversary issue was created. 21:15 Emili Vesilind talks about what she discovered while researching the fashion retrospective she authored. 25:35 Ettagale Blauer shares a favorite moment from working at JCK: interviewing Lazare Kaplan. 26:22 Russell Shor talks about his history working at JCK and his journey to India for work. 27:50 Amy Elliott relates her process as she researched her piece on pearls, including what coverage JCK had on Breakfast at Tiffany’s and how it affected the popularity of pearls. 31:20 Brittany Siminitz gives a peek behind the scenes of her epilogue, where she talked to young people in the industry about what the top issues would be in 50 years. 33:45 Mark Smelzer reflects on his favorite experience at JCK. 35:55 Robert Weldon reveals the most important thing he covered while at JCK: East African gemstones. 36:09 Victoria and Rob interview Bill Furman, who worked at JCK for 46 years.
Episode Credits Hosts: Rob Bates and Victoria Gomelsky JCK Staff: Melissa Bernardo, Amy Elliott, Brittany Siminitz, Emili Vesilind Guest: Bill Furman JCK Voices: Ettagale Blauer, Hedda Schupak, Russell Shor, Mark Smelzer, Robert Weldon Editor: Levi Sharpe Producer & Engineer: Natalie Chomet Plugs: jckonline.com, @jckmagazine
In This Episode
In the latest installment of “The Jewelry District,” you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates recap the latest news, including a Fashion Week recap and a look at how the trade war and tariffs on China will affect the industry. Victoria and Rob also cover the new JCK print and digital plan for 2020 and share a weird story of the week.
You’ll also hear Rob and Vic interview Tiffany Stevens of the Jewelers Vigilance Committee on how she got there, what she does, and current issues concerning the JVC.
Show Notes
00:45 Recap of Fashion Week and the jewelry trends and best jewelry so far.
07:42 Are the 90s coming back into fashion and what does it mean for jewelry?
09:10 Trade wars and tariffs on China, and how this affects the industry.
15:40 Overview of JCK’s print and digital plan for 2020, including change in magazine frequency.
17:50 JCK’s 150th Anniversary Issue—a print keepsake that will still have value.
19:10 Weird Story: A dairy farmer in Singapore proposed by putting a ring on a cow’s udder.
22:15 Rob Bates and Victoria Gomelsky interview Tiffany Stevens, President, CEO and General Counsel of JVC.
22:30 Tiffany covers her history and beginnings at JVC and what drew her to the jewelry industry.
24:44 Tiffany gives some background on JVC’s history, mission, and what they’re doing now.
27:20 Tiffany talks about how lab-grown diamonds affect the JVC mediation practice.
28:35 Rob asks Tiffany how consumers can get in touch with the JVC if they have an issue they want to bring to their attention.
29:45 Tiffany speaks on what the State Department asks of the industry regarding sourcing.
33:15 What you can do to show you’re compliant: filing suspicious activity reports.
39:00 Rob asks Tiffany how effective Anti-Money Laundering laws are in flagging things.
40:15 Tiffany speaks on the FTC guides and their aftereffects.
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Guest: Tiffany Stevens
Editor: Levi Sharpe
Producer & Engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine, jvclegal.org
Show Recap
Fashion Week Highlights
Vic covers some of the best jewelry moments of the week, and some emerging trends that she has noticed. Some takeaways are a strong 60’s-70’s structural trend, especially from Marc Jacobs. These striking pieces show that fashion designers may be starting to acknowledge jewelry design and craft rather than adding jewelry as an afterthought. Ulla Johnson paired her outfits with pieces from Grainne Morton, a U.K. designer that does these sculptural earrings and necklaces with lots of dangling pieces. Another designer, Brandon Maxwell, paired denim outfits with colored stones and lots of chains. Vic has noticed chains as an emerging trend that will extend to 2020.
Are The 90’s Making a Comeback?
Vic and Rob notice that some 90’s styles are starting to make a comeback, and they speculate what it could mean for jewelry. Besides the Tin Cup pearl necklace, popularized by the movie it was named for, Vic can’t pinpoint any jewelry styles that were big in the 90’s, and characterizes it as a sad time for jewelry. She supposes that every time an era’s trends come back, they do so with a dash of the modern sprinkled in, which could bring some hope for jewelry trends moving forward.
Trade Wars are Back
15% tariffs were put on products from China beginning on September 1st. Though many products were exempt, jewelry products were not among them. Though some large manufacturers say they are not affected, others are sorting through the chaos. Rob explains that it’s not as simple as not purchasing products from China. Many small parts, boxes, and other essential items are made in China. This adds up.
New Print and Digital Plan for JCK
JCK’s print frequency will change for 2020 from seven issues to four, keeping a spring, pre-show, at-show, and fall holiday preview issue. The focus will shift to digital, including the podcast, webinars, web coverage, and more. Though this is a change, it is in line with the rest of the industry. The upcoming 150th Anniversary issue is an example of a timeless print issue that may not translate to the web in the same way. JCK will keep its foot in print, while strengthening the already solid digital presence.
Weird Story: A Moo-ving Proposal
A farmer in Singapore proposes to his girlfriend by placing a diamond engagement ring on a cow’s udder, sparking incredulous reactions from a ring-shaming Facebook group, questions of animal cruelty, and a plethora of bovine-inspired puns.
Interview: Tiffany Stevens
JVC, founded in 1917, has covered a lot of issues over its history in tandem with whatever is going on in the jewelry industry. Its mission is to help all those along the supply chain with any compliance issues that they are experiencing. Tiffany covers new types of fraud that had been uncovered as the lab-grown diamond industry begins to grow. She advises on how consumers can get in touch with the JVC if they have an issue they want to bring to their attention. Tiffany speaks on what the State Department asks of the industry regarding sourcing. She also talks about AML laws as well as the FTC guides and much more.
Episode 4: Guest Joe Thompson
In This Episode
In the latest installment of “The Jewelry District,” you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates recap the summer news, including the first Jewelers of America Convention and an inside look at how the JCK 150th Anniversary issue is shaping up.
You’ll also hear Rob and Vic interview Joe Thompson of Hodinkee on how he got his start at JCK in the 1970s, and the memories he has of the people he worked with during that time.
Show Notes
01:00 Rob covers the highlights of the first Jewelers of America Convention.
01:55 A member of the State Department talked about the importance of traceability.
02:31 Rob led a talk on traceability and Blockchain.
08:00 The challenges and future of detection of lab-grown products.
11:02 JP Morgan economist talked about the economy vs. the jewelry and retail industry.
13:58 Victoria speaks on the 150th anniversary issue of JCK, and how people across all different time periods grappled with the same things.
18:20 Rob does the Weird Jewelry Story about doctors who removed a large quantity of jewelry from a patient’s stomach.
21:56 Rob introduces guest Joe Thompson of Hodinkee, who got his start at JCK in the 1970s.
25:30 Joe talks about his early days at JCK and what he found in the archives from that time period.
37:40 Joe describes the different watch revolutions he’s seen over the course of 40 years in the business, including the smartwatch revolution today.
41:15 The watch business used to be the pillar that JCK was built on, and now watch advertising in the industry has declined. Vic asks if Joe sees this as a continuing trend in the watch industry.
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Guest: Joe Thompson
Editor: Levi Sharpe
Producer & Engineer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine, hodinkee.com
Show Recap
The First Jewelers of America Convention
Rob attended the first annual JA Convention and recounts some of the talks that took place, including a sternly toned talk by a woman from the State Department on traceability. People were taken aback by her hard line. Rob led a panel on traceability and Blockchain. It’s something that the outside world is calling for, but it will be a challenge to figure out how to enact. Vic wonders if this will be easier to implement when technology catches up and Blockchain becomes a ubiquitous, household term.
Inside the Anniversary Issue
Vic has been diving into the archives and has seen that the same issues jewelers grapple with today are things the industry struggled with in the 1800s through today, including synthetic stones, how to sell certain stones or watches, survival of retail, etc. Vic reads certain sentences that—if it weren’t for the syntax—if they were from the past or present day. It helps build a feeling of camaraderie with our predecessors.
Weird Story: Hungry for Wealth
Doctors removed 1.6kg of jewelry from a woman’s stomach, worth £53,000. The woman was suffering from abdominal pain and went to the doctor. Baffled doctors in Bengal, India discovered the woman had 69 chains, 80 earrings, 46 coins, 8 lockets, 11 nose rings, 5 anklets, and 1 watch dial in her stomach. The coins likely came from her brother’s store, and the items had disappeared from her family’s home over time, though the family did not suspect anything.
Interview: Joe Thompson
Joe describes Hodinkee, and why the fan site for watches captures the interest of watch connoisseurs out there. Joe talks about his early days at JCK and what he found in the archives from that time period, including articles he wrote from when he got his start. He tells stories about the managing editor in 1977, George Holmes, including a tale about an article he wrote that the interviewee wanted altered. Lesson: never send a copy of the article to the subject before it’s published!
In This Episode
In the latest installment of “The Jewelry District,” you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates recap their favorite moments from JCK Las Vegas and the highlights of its grand return to the Sands Expo.
You’ll also hear several interview snippets that Rob and Victoria captured live from the show floor, with Jennifer Dawes, Roger Kadet, Eddie Le Vian, Charles Stanley, Iris Van der Veken, and more.
Show Notes
00:49 Victoria Gomelsky and Rob Bates recap their favorite highlights from JCK Las Vegas.
06:20 Victoria and Rob go over key takeaways from the show.
discuss some of the talks they attended on lab-grown, traceability, and sustainability.
11:33 Interview from show floor Ben Hakman from Diamond DNA.
15:02 Lightbox presentation recap: Lab-grown diamonds.
20:10 Victoria interviews Omi Gems and Omi Privé’s Niveet Nagpal.
24:01 Victoria and Rob discuss the President of Botswana’s speech and the protester who made a brief appearance.
32:02 Rob cover’s the first lady of Botswana’s speech at the Forevermark breakfast.
32:56 Rob interviews Charles Stanley of Forevermark.
36:00 Select clips from Rob and Victoria’s interviews captured live from the show floor including Robbie Vanderlinden, Eddie Le Vian, and more.
Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Guests: Jennifer Dawes, Ben Hakman, Roger Kadet, Eddie Le Vian, Niveet Nagpal, Charles Stanley, Iris Van der Veken, and Ronnie Vanderlinden
Engineer: Brett Fuchs
Editor: Levi Sharpe
Producer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine, jcklasvegas2019.com
Show Recap
The Talk of the Show
The mood at JCK Las Vegas was high, and people are thinking hard about ways to meet business challenges, including the launch of many new initiatives. Exhibitors and attendees alike were happy to make a triumphant return to the Sands. It wasn’t the most dramatic show, but in a positive sense. The new lab-grown pavilion shows acceptance of this product entering the market, and conversations about lab-grown diamonds are maturing. There’s less clash and controversy, rather a deepening of the sustainability and tracing conversations.
Interview Clip: Ben Hakman from Diamond DNA
Ben Hakman explains the way things have been evolving in different price points and categories of lab-grown diamonds. He believes the future is moving towards transparency regarding grow type, treatment type, and country of origin.
Thoughts on the Lightbox Presentation
Rob gives his reactions to the Lightbox presentation. Some thought that De Beers’ aggressive pricing last year was intended to push the lab-grown pricing down. Their perspective is that the pricing will come down anyway, and when it does, they will be well situated because they’ve had a chance to build their brand. That said, Rob has heard some wildly different predictions for lab-grown over the past few years. Victoria comments on the progress since last year’s presentation.
Interview Clip: Niveet Nagpal from Omi Gems and Omi Privé
People are loving the colored stones, rarer gems, and edgier designs. People aren’t shying away from more interesting pieces that tell a story. He describes his inventive window display and the concept behind it, called “A Gemstone Journey.”
President Masisi of Botswana’s Speech
President Masisi emphasized the connection between American retailers and the mining countries and people involved in production. Victoria remarked on the feeling of awe and respect at hearing this dignitary speak. The protester who interjected to voice her displeasure at Botswana’s lifting of the ban on elephant hunting momentarily shifted the emphasis of President Masisi’s speech, but he navigated it with grace.
Interview Clip: Charles Stanley from Forevermark
Charles Stanley speaks about the First Lady of Botswana’s speech. He found it inspirational. The benefit diamonds have given to Botswana, and importance of investing in their future. Forevermark has a new and timely bridal campaign that aims to be more relevant to the bridal consumer.
Interviews from the Show Floor
Ronnie Vanderlinden, President of Diamond Manufacturers & Importers Assn; United States Jewelry Council
Eddie Le Vian, Director and CEO of Le Vian
Iris Van der Veken, Executive director of Responsible Jewellery Council
Roger Kadet, Owner and CEO of Roger Kadet Ltd.
Jennifer Dawes, Owner of Jennifer Dawes Design
Bonus Episode of the Jewelry District
In This Episode
In this bonus episode, you'll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates share in some pre-show excitement for JCK Las Vegas with Yancy Weinrich, Senior Vice President at Reed.
Yancy recounts how she got her start in the jewelry business, her memories from her first JCK Las Vegas show, and how much it has grown since. The team remembers what was so wonderful about the old Sands and teases what's new, improved, and exciting for this year's show.
Show Notes
01:00 Yancy explains how she got her start at Reed and in the jewelry industry at large.02:48 Yancy talks about the first JCK show she attended and what she loves about the trade show business.06:25 Yancy and Victoria recall details about the show when it was at the old Sands.07:30 Yancy walks through the decision to move to Mandalay Bay from the Sands and back again.11:03 Victoria and Yancy talk about the Sunday night party at Tao and new restaurants.14:05 Yancy offers her top tips to be prepared during the busy show experience. 15:25 Rob asks Yancy about what's new and different this year.17:20 Rob and Yancy discuss Baselworld and the future of trade shows.19:00 Rob inquires about consumer and influencer interest in the JCK show.21:40 Yancy shares her favorite JCK show memories.
Episode Credits:
Hosts: Rob Bates and Victoria GomelskyGuest: Yancy Weinrich, Senior Vice President, ReedEngineer and Editor: Levi SharpeProducer: Natalie ChometPlugs: jckonline.com, @jckmagazine, jcklasvegas2019.com
In This Episode
In the latest installment of “The Jewelry District,” you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss the gender discrimination and harassment allegations at Signet Jewelers. Victoria covers how watch retailers are embracing the secondhand market.
You’ll also hear a Weird Story of the Week about a jeweler/fan of Elon Musk who has a surprising issue with his Tesla! Rob and Victoria interview gem dealer Joe Menzie about his history in the industry, and gemstone expeditions around the globe.
Show Notes
01:10 Victoria Gomelsky talks about JCK’s history and what she’s found in the 150 years-worth of archives.
02:40 Victoria and Rob Bates talk about the bombshell report on Signet’s treatment of female employees over the years.
07:40 Rob covers the other struggles Signet is having with their retail stores and new marketing strategy.
09:20 Victoria covers watch retailers and their recent embrace of the secondhand market
12:40 Rob tells the “Weird Story of the Week”.
15:55 Victoria and Rob interview Joe Menzie, gem dealer and former president of ICA, about his career in the jewelry industry and the gemstone expeditions he leads
Episode Credits:
Hosts: Rob Bates and Victoria Gomelsky
Guest: Joe Menzie, gemstone dealer
Engineer and Editor: Levi Sharpe
Producer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine, menzie.com
Show Recap:
Signet’s Alleged History of Gender Discrimination
Victoria and Rob react to the exhaustive New York Times Magazine cover story that details the many alleged incidents of gender discrimination and sexual harassment that took place in Signet Jewelers’ Sterling division over the years. Rob voices his opinion on how the company has responded since the article came out. Victoria underlines the overarching issue of when a company culture breeds this kind of behavior.
Retailers Embrace Secondhand Watch Market
Victoria interviewed Hamilton Powell, founder and CEO of Crown & Caliber about the pre-owned watch market’s increase in popularity. She sees it as a way to hedge against other issues in the marketplace. She also discusses Les Ambassadeurs’ recent partnership with WatchBox – a secondhand watch powerhouse.
Weird Story of the Week
Rob tells the story of Ben Baller who created a $400,000 diamond and ruby ring for Elon Musk. He then gets locked in his own Tesla for 40 minutes. Baller posts a video of the incident to his Instagram feed. Conflict and conspiracy theories ensue.
Interview with Gemstone Dealer Joe Menzie
Victoria and Rob discuss Joe’s storied career and how he ended up in the gemstone industry. Victoria reminisces about the first time she met Joe in Tucson, and his dependable insight into this unique niche of the jewelry world over the years. Joe talks about his trajectory, beginning in social work, to accounting, then finally finding his way to his grandfather’s gemstone dealing trade. He describes how he ended up as the president of the ICA. Joe also details some of his exciting gemstone expeditions, and Victoria recalls her experience at a tanzanite mine.
March Edition on the Jewelry District, Episode One
In This Episode
In the March installment of JCK‘s new podcast, “The Jewelry District,” you’ll hear JCK senior editor Emili Vesilind talk about major jewelry moments at the Oscars and trends on the Fashion Week runways. News director Rob Bates covers the recent financial and legal troubles of retail-veteran Samuels Jewelers.
You’ll also hear a Weird Story of the Week about a dental assistant-turned-jewel thief! Rob interviews diamond analyst Ben Janowski, who shares an industry insider’s perspective on mined and lab-created diamonds.
Show Notes
1:10 Emili Vesilind discusses big jewelry moments at the Oscars with Rob Bates.
11:05 Emili rounds up the trends she observed during Fashion Week.
17:35 Rob Bates covers the latest news on Samuels Jewelers.
22:55 Rob tells the “Weird Jewelry Story of the Week.”
25:45 Rob interviews Ben Janowski, diamond analyst and president of Janos Consultants, about new trends in diamonds and jewelry
Episode Credits
Host: Rob Bates
JCK Staff: Emili Vesilind
Guest: Ben Janowski, President, Janos Consultants
Engineer and Editor: Levi Sharpe
Producer: Natalie Chomet
Plugs: jckonline.com, @jckmagazine, janosconsultants.com
Show Recap
Oscar-Winning Jewelry Moments
Emili Vesilind reacts to the big jewelry moments at the Oscars––the SuperBowl for fine jewelry brands. This year, she was dazzled by Lady Gaga who wore the historic Tiffany diamond, which has not been worn since Audrey Hepburn sported it at a Breakfast at Tiffany’s publicity event.
Emili rounds up the JCK editorial team’s Oscar jewelry favorites including Julia Roberts in Cindy Chao; Charlize Theron in Bulgari; and Spike Lee sporting the LOVE/HATE knuckle rings from Do the Right Thing.
Trendspotting at Fashion Week
Emili has seen some key trends emerge in 2019 that carried through to Fashion Week. These include big chains from Oscar de la Renta, IDM, and Tom Ford who created dresses that featured curb chain elements. Large hoop earrings were another recurring theme—some traditional, and others more crumpled in shape. Rob asks Emili how Oscar and Fashion Week looks influence each other and inform jewelry retailer trends. Which trends will fizzle and which will soar?
Reports of Samuels Jewelers and Bank Fraud
Listen for Rob’s coverage of the latest report on Samuels Jewelers. Rob recounts the saga of the 112-store retail chain, which filed for bankruptcy last year, and announced the closing of all its stores just six months after its parent company Gitanjali Gems was charged with bank fraud.
Weird Story of the Week
Rob reveals the weird and unsettling story of a dental hygienist who may have relieved several patients of their jewelry while they were under sedation. The local police chief asserts that, “Although she was using laughing gas, this is no laughing matter.”
Interview with Diamond Analyst Ben Janowski
Rob gets Ben’s insights into lab-grown diamonds. Mr. Janowski was an early adopter who told Rob that manmade diamonds would be the next big thing before Rob heard anyone else talking about it. Ben shares his thoughts on the history of lab-grown and where it’s going. He talks about what the marketing gets wrong and what it gets right in both the new lab-created and traditional diamond market.
0:35 Melissa Rose Bernardo shares a 140-year-old article from the archives of JCK Magazine on lab-grown gems.4:25 Rob Bates and Emili Vesilind discuss holiday jewelry sales.9:10 Rob and Emili discuss lab-grown diamond sales and the future of lab-grown.22:06 Emili’s Golden Globe jewelry fashion report.25:40 Emili covers the new year fashion trend “maximalism.”34:05 Rob tells the "Weird Jewelry Story of the Week39:37 Rob interviews diamond analyst Paul Zimnisky about lab-grown diamonds and the future of the industry.
Hosted by: Rob BatesJCK Staff: Melissa Rose Bernardo, Emili VesilindGuest: Paul Zimnisky, Diamond AnalystEngineers: Levi Sharpe, Ed PatenaudeEditor: Jamie BergerProducer: Natalie ChometPlugs: jckonline.com, @jckmagazine, paulzimnisky.com
Show Summary
From the Archives
In honor of JCK magazine’s 150th anniversary, Managing Editor Melissa Bernardo dug up an article from the February 1878 issue of The Jewelers Circular and Horological Review, which is what JCK magazine was called at the time. This over 140-year-old news item concerns something we think of as the latest technical innovation: lab-grown gems. This vintage article documents a “highly successful” attempt at producing artificial rubies and sapphires in France that “might perhaps lead to the manufacture of diamonds.” A century ago, JCK covered the prediction that lab-grown diamonds could be on the horizon.
Holiday Sales and Trends
Emili Vesilind reports that jewelry retailers had a solid, strong season, though she reads that traffic was slightly lower in stores, along with a more dramatic rise in online traffic. Rob says that sales went up, but not as much as it did the year before. Hopes were high, and the trends stayed fairly standard rather than having a dramatic rise. Rob and Emili also discuss lab-grown diamonds, and whether their attractive prices or their eco-friendly pitches mark a trend that has staying power.
Golden Globe Trends
Emili observes that the trend that emerged at the Golden Globes was a parade of glamor and maximalism. The Golden Globes marked a break from the past, when simple everyday pieces and “daily gold” had been the most prevalent trends. Now, chunky pieces are entering the scene. Emili also marks a return to ‘70s and ‘80s-style layering, as opposed to the single statement pieces of the more recent past.
Weird Story of the Week
Rob tells the story of a British Reddit user who gets swept up into the trend of New Years’ Eve proposals. The confused fellow who lives with his long-term girlfriend purchases an engagement ring with the intent to propose to a love interest he’s started seeing at work. On New Year’s Eve, he spontaneously proposes to his girlfriend, giving her the ring, and turns to Reddit for legal advice: is it possible to call the whole thing off and return the engagement ring? Tune in for the exciting conclusion!
Interview with Diamond Analyst Paul Zimnisky
Rob interviews Paul Zimnisky about how he got into the business of diamond analysis. They delve into the supply and demand of the diamond business, and their effect on pricing.
Paul has observed demand for diamonds grow for the last four to five years, despite talk of fewer millennials getting married. He sees the incremental increase in supply in 2017 as a contributing factor to the pressure on diamond pricing in the recent past.
Rob gets Paul’s take on how lab-grown diamonds fit into the supply/demand equation for the rest of the diamond market. Paul raises the concern about accurate sourcing of diamonds, and small lab-created diamonds making their way into the natural supply chain. They share their opinions on the future of lab-grown diamonds, and whether the end consumer will differentiate between lab-created and natural. Will they prefer one over the other and why?
Though opinions may differ about the future of the natural and lab-grown diamond industry, Paul reminds listeners that diamonds are luxury items, ones that are often purchased for emotional reasons, and this makes their future harder to predict than items purchased for practical reasons.