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Asia Gold-Premiums at year high, jewellers scramble to buy
By Rajesh Kumar, Section News Posted on Wed Aug 20, 2008 at 12:31:54 AM EST
Premiums for gold bars shot to their their highest level this year on Wednesday, as consumers returned to the physical market in droves, encouraged by a sharp drop in bullion prices ahead of key religious festivals in Asia. Dealers in Singapore and Hong Kong reported tight supplies of gold bars as demand picked up in India, China, Indonesia, Vietnam and Thailand, pushing premiums to their best level in 2008 above $1 an ounce.
Gold <XAU=> plunged to nine-month lows around $773 an ounce last week after a surge in U.S. dollar triggered selling by investors and speculators. Prices have bounced to around $816 an ounce, partly driven by physical buying from jewellers.
"Supply is tight everywhere. We don't have enough supply. People think I don't want to sell to them," said Beh Hsia Wah, a dealer at United Overseas Bank in Singapore.
Premiums for gold bars jumped to $1.20 an ounce the spot London prices in Singapore, from 75 cents last week and 20 cents at the start of 2008 <GOLD/ASIA1>.
Dealers said consumers were buying gold on dips, with India, the world's largest consumer of gold, stepping up purchases ahead of a series of religious festivals which culminate in October with Diwali, the Hindu festival of lights.
Indonesia, which is Southeast Asia's largest buyer of gold jewellery, started to purchase again before the Eid al Fitr celebration in October. Indonesia is also the world's most populous Muslim nation.
"I guess with this good demand, the market will be well supported above $800," said a dealer in Singapore.
Gold prices rose as much as 23 percent this year to hit a lifetime high of $1,030.80 in March before sliding on profit taking, oil's falls from record highs and a rising dollar, which in theory makes dollar-priced gold more expensive to buy.
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Tanishq bags `Retail Chain of the Year' Award
By Rajesh Kumar, Section India Jewelry News Posted on Wed Aug 20, 2008 at 12:29:13 AM EST
Tanishq, India's leading retail jewellery brand, bags awards in 4 categories at the Retail Jeweller India Award 2008.
With about 112 standalone boutiques across 75 cities in the Country, Tanishq has been awarded as the "Retail Chain of the Year". Tanishq's "Jodha Akbar Collection" campaign has been honored with "360 degrees Marketing Campaign of the year".
Known for its product innovation and design expertise the brand as bagged "Gold Vivaha Jewellery" award. For TVC, that is one of strongest communication medium, Tanishq `s diamond TVC campaign featuring Ms. Nafisa Ali created by LOWE has been recognized as the "TV Campaign of the year".
Brand "Tanishq", recognized Jewellery manufacturer and retailer, was most admired for its work in field of marketing and branding. The award 2008 invited more than 300,000 retailers of jewellery, 10,000 jewellery manufacturers/brand owners and top 10 design schools from across the country.
The contenders for Retail Jeweller Awards were the who's who of Jewellery Industry including TBZ, CKC-Bangalore, Prince Jewellery, Joy Alukkas, GRT-Chennai, Notandas, Anmol, Mahesh Notandass, Minawala, Orra, Nirvana, Gili, Damas, P N Gadgil Hazoorilal, Punjab Jewellers and Punjabi Saraf, jewellers from Bhopal, Guwahati, Calcutta, Surat, Amristar, Pune etc.
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Custom, Handcrafted Designs by Master Jewelry Designer Announced by All Wired Up Jewelry
By Rajesh Kumar, Section News Posted on Tue Aug 19, 2008 at 12:36:01 AM EST
All Wired Up Jewelry made announcement today of the company's introduction of custom, handcrafted pieces, unique from any other piece in the company's product line, by master jeweler Karen Tuttle.
Karen Tuttle, a master jewelry designer and an expert in the field of wired jewelry, has begun creating one-of-a-kind pieces, never again to be duplicated by the company. The pieces are extremely detailed to be worn as the focal point of a woman's clothing. Most recently, Tuttle introduced the design of her newest piece, Abalone Paradise, handcrafted with recycled, 14-karat gold-filled wire and colorful, eye-catching, Abalone shell.
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LJ International Falls to Loss in Q2 on Litigation Expenses; Provides Guidance For Q3 - Update
By Rajesh Kumar, Section News Posted on Tue Aug 19, 2008 at 12:25:36 AM EST
(RTTNews) - Friday, LJ International Inc. (JADE: News, Chart, Quote )engaged in the sale of precious stones, color gemstones and diamond jewelry announced a loss for the second quarter on impact of one-time litigation expenses and lower revenue.
The Hung Hom, Hong Kong-based company reported a net loss of $0.3 million or $0.01 per share, compared to a profit of $1.2 million, or $0.05 per share last year.
The company said one-time litigation expenses of over $0.5 million dented its quarterly results. Excluding litigation expenses, the Company would have reported a net income of at least $0.2 million, or $0.01 per share
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Jewelry maker goes full time
By Rajesh Kumar, Section News Posted on Mon Aug 18, 2008 at 12:40:30 AM EST
Expect to see plenty more of Raleigh's Molly Beads in the coming years.
Molly Anderson, who started the jewelry company as a side business to her full-time sales job eight years ago, is finally living out her dream and focusing solely on making jewelry.
Of course, side business is a relative term. She has basically been working full time to build Molly Beads from the beginning. She'd put in a full day selling generators and then come home at night to make her signature earrings and necklaces.
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Indian retail investment fall by 41%
By Rajesh Kumar, Section India Jewelry News Posted on Sat Aug 16, 2008 at 07:53:27 PM EST
In India the retail investment in second quarter of 2008 fell by 41% to 43.4 tonnes, as investors were deterred by price volatility and as inflation reduced funds available for saving said a report by World Gold Council.
Trends in retail investment demand differed significantly from market to market. There were strong increases compared to the previous year in China, the US and Vietnam fuelled by concerns over the general economic climate, inflation and stock market falls.
Industrial and dental demand declined by 5% on year earlier levels to 111.8 tonnes, primarily due to declining demand for gold in the dental and `other industrial' sectors, which fell in response to the continued high gold price it said. In value terms, demand was equivalent to $3.2bn, a rise of 27%.
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Nyala Ruby Mine is Back in Business
By Rajesh Kumar, Section Gems News Posted on Fri Aug 15, 2008 at 09:13:28 PM EST
The Nyala ruby mine at Chimwadzulu, Malawi, has produced rubies for nearly twenty years, but had been out of production for 2 ½ years, as a new long-term lease was negotiated with the Malawian government.
The new lease approved the government is for ten years, plus an automatic renewal after five years, includes both ruby mining details and community development aspects--such as expansion of the local school, building, and funding of a health clinic, and ownership participation by local Malawians, according to Eric Braunwart, president of Columbia Gem House, Inc., Vancouver, Wash., which owns and operates the mine..
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The gemstones primarily used are London, Swiss Blue Topaz
By Rajesh Kumar, Section Gems News Posted on Fri Aug 15, 2008 at 09:07:02 PM EST
Oh Mayan!
By Amy Saltzman/stoneham@cnc.com
Stoneham -
Last Friday afternoon I found myself under the influence of ancient Mayan gems. The stones, which are best known for their healing powers, were being used to relax my facial muscles, while simultaneously diminishing the bags under my eyes and my furrowed brow. What I was experiencing was the new Acugems Facial Rejuve treatment, offered at reVive Skin Therapies, 468 Main St.
Beth Ann Fischberg, owner of reVive, who was trained in California to administer this unique, anti-aging facial, is currently the only esthetician offering the service in Massachusetts. Her faithful clients come from all around the area -- Melrose, Reading, Brookline, Cambridge, etc.
For her clients, the treatment is a comforting alternative to plastic surgery and Botox. There's no recovery time or risk of permanent mistakes; plus it's a financial break for those wanting immediate beauty enhancements.
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Where my eyes kept turning to the stunning Blue Topaz
By Rajesh Kumar, Section Gems News Posted on Fri Aug 15, 2008 at 09:05:30 PM EST
One pair of loopy gold earrings has been with me since high school. I wore them all the time in college and years afterward. Eventually, the back stem broke off one earring. Yet, I kept them. They were a high school graduation gift from a treasured journalism teacher.
So, really, there was no way I was about to lose one earring at a Warren pawnshop.
Drive down the road and billboards are proclaiming "We Buy Gold." Newspaper and television ads shout "Cash for Gold." Plenty of jewelry stores and pawnshops are offering to buy gold on the spot, too.
Seems like a perfect time to sell: Gold is bouncing around record levels, as is economic anxiety. [See chart, below]
So I wondered: How much is my stuff really worth when the price of gold was soaring at record levels?
I dug out those loopy gold earrings and my school ring from St. Florian High School in Hamtramck. I found an old ring that I think belonged to Uncle Joe; my father's thin, heart-trimmed wedding band, a locket and other earrings.
I asked my husband one day at dinner to hand over his gold wedding band.
I don't own much gold, but my friend JD had set aside some broken chains and unloved earrings that she thought about selling. I could price JD's stuff, too.
I tucked two plastic baggies of gold in my purse and one Friday afternoon recently, I visited five locations -- three jewelry stores in Oakland County, one coin and jewelry shop in Detroit and a spontaneous stop at a Warren pawnshop.
My advice if you try this: Don't plan to pay the mortgage by selling your husband's wedding ring.
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New Day Pattern for 2009 JCK Las Vegas Events
By Rajesh Kumar, Section News Posted on Fri Aug 15, 2008 at 02:11:21 AM EST
JCK Events announced plans for a new day pattern for the 2009 Las Vegas Events. LUXURY & PREMIERE will take place Tuesday, May 26 - Friday, May 29, JCK Las Vegas will take place Saturday, May 30 - Tuesday, June 2, and Swiss Watch by JCK will take place Friday, May 29 - Tuesday, June 2.
This new day pattern is designed to help support those LUXURY & PREMIERE and JCK Las Vegas customers who observe the Shavuot Holiday which falls on Friday, May 29, 2009. We have consulted with our JCK Events Advisory Board and many of our customers and concluded that the dates of both LUXURY & PREMIERE and JCK Las Vegas will change, each becoming a 4-day event. We will extend the operating hours of JCK Las Vegas to give both exhibitors and retailers the same amount of time to conduct business.
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