10 Years Ago in Jeweller: November 2009

‘Jeweller’ goes .com

The story: Jeweller magazine has officially launched its new website, jewellermagazine.com. Unique in global trade media, it effectively offers two separate sites: one for industry members (B2B) and another for jewellery consumers (B2C).

Both B2B and B2C sites also offer unique search functions, e-newsletter updates, and articles tailored specifically to the user’s interests.

Of particular interest to retailers will be the Search/Products function, which operates like an online version of Jeweller’s annual Supplier’s Directory, but with pictures.

Diamond forecast: dry

The story: Argyle diamond mine owner Rio Tinto has unveiled analysis showing most existing mine resources for rough diamonds will be gone within 15 years, with new diamond discoveries becoming increasingly rare.

According to Rio, annual discoveries of kimberlite ‘pipes’, the host rocks for diamonds, have fallen on a five-year moving average basis to little more than 100.

History indicates that only one in 10 kimberlite pipes contain diamonds and only one in 100 of those are economic to mine, according to a report in The Age newspaper.

The lack of new discoveries since the mid-1980s means the world’s mine reserves of rough diamonds have fallen from a supply of 80 years to just 15 years, as Rio has forecasted.”

Gold price reaches a new record

The story: The gold price hit a record high in October – reaching $US1,053 an ounce.

Gold has gained almost 20 per cent since the beginning of 2009, fuelled by a weak US dollar – which triggered increased investment from buyers using gold as a hedge – and the threat of inflation. More gains are likely, according to analysts.

“Gold has significant upside potential into 2010,” said Jordan Kotick at Barclays Capital, adding, “Resistance currently is at $1,370; history suggests a run at $1,500.”

As a result of rising prices and the financial crisis, world gold fabrication dropped 25 per cent in the first half of this year, according to a gold market report entitled Gold Survey 2009 - Update 1 from research consultancy GFMS.

Showcase fuels JAA member influx The story: The JAA has recently announced the addition of 170 new association members from the Showcase Jewellers buying group. Showcase retailers were responsive to a deal from the JAA that offered discount rates to buying group members. As a result, 90 per cent of Showcase members are now part of the JAA. Ian Hadassin, CEO of the JAA, said, “Up until recently, buying group members could join as normal members and pay their normal fees with no special arrangement but the JAA board believed it should treat the buying groups similar to chain stores. “We offered them a special deal that was substantially lower than normal fees, and that’s what enticed most of them to come across.” He credited the Showcase board’s efforts in promoting JAA membership. Michael Mishevski, CEO Showcase Jewellers, was delighted with the deal. “Showcase Jewellers believes in a strong industry association that can represent the jewellery industry to relevant government and regulatory bodies,” he said.