Jeweller - May 2021

10 Years Ago
Time Machine: May 2011
A snapshot of the industry events making headlines this time 10 years ago in Jeweller.
Historic Headlines
4 Romance and nature dominate Basel jewellery
4 Tuskc launches e-tail site with a twist
4 Skagen wins Red Dot design award
4 Pandora attributes revenue dip to GFC
4 Sir Richard Branson new face of Bulova
Stores urged to review
insurance cover
Jewellery stores are leaving themselves open
to risk by not taking out insurance for ‘business
interruption’, it has emerged.
While standard insurance policies cover material
damage, may do not compensate jewellers for loss
of earnings if they are forced to close their store for
a period of time –even if it is due to circumstances
beyond their control.
Michael Ballinger, senior general adjuster,
Crawford & Company which works with Marsh
Insurance, said, “Most other commercial
businesses recognise the importance of that
coverage. At the end of the day, material damage
is not going to change –it is what it is. But business
interruption can have a long tail to it.”
Financial compensation for the time a store is
closed also allows jewellers to keep valuable
members of staff they would be in danger of losing
if they were unable to pay them for the time the
store is closed.
May 2011
ON THE COVER Najo
Editors’ Desk
4I Wish We Had More Beetles!: “‘Sales
101’ taught me there are two ways to
handle an objection – ignore it, or brag
about it. The VW Beetle wasn’t the
most attractive car, was it? In fact, it
was small and ugly – so what did the
marketers do?
They called a spade a spade and
bragged about the objection. The
early VW ad campaigns proudly
announced, ‘Ugly is only skin deep’
and my favourite, ‘It makes your house
look bigger!’ Too often, people see the
lemon and not the lemonade.”
STILL RELEVANT 10 YEARS ON
Why Gen Y Likes Silver:
They’re cashed-up, fashion conscious,
and cyber-savvy. Silver appeals to them
because it’s relatively affordable and
offers ever-changing designs, allowing
them to keep up with the trends, drip
with brands, and impress their peers.
Who are they? Generation Y. And they’re
an important customer base for silver
jewellery suppliers and retailers.
Global watch market could be
rocked by Japan traumas
The spate of disasters in Japan could have
ramifications for the global watch industry,
although many Australian distributors are not yet
certain how operations will be affected.
Japanese movements are common in many watch
brands distributed in Australia.
Nils Rasmussen, managing director of Skagen
Denmark distributor Jarass, believes the
Japanese disasters will have widespread
ramifications:“The problem is not that the
factories have been destroyed but that to
manufacture a movement, a consistent 24-houra-day
electricity supply needs to be maintained.”
New lease of life for
men’s jewellery?
READ ALL HEADLINES IN FULL ON
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MAURO CARVAJAL
COMPANY DIRECTOR
Independent jewellers
triumph over chain stores
Exemplary customer service and unique designs
have helped three independent jewellery stores
outrank many of Australia’s largest chains in a
vote to find the nation’s ‘favourite jewellery store’.
Love and Hatred and Trilby Phoenix in Sydney as
well as e.g. etal in Melbourne were announced as
finalists in the jewellery store category of Grazia’s
inaugural Shopping Awards, alongside international
giants like Tiffany & Co. and Cartier.
Chains such as Prouds, Angus & Coote, and
Michael Hill were notable by their absence among
the top 10.
Soapbox
4The Real Cost of Valuation: “The days
of over-inflated jewellery valuations
are over – or at least they should be.
But I have come to realise much of the
industry doesn’t realise it.
“In my short year as a valuer I have
valued for trade, almost all of whom
will no longer deal with my company
because my valuations are too ‘low’
and I value diamonds at today’s price
rather than that listed on Rapaport.”
– Giselle McKenna, principal
GeoGem Consulants
A raft of men’s jewellery launches and
increasing interest from retailers at Brisbane’s
March jewellery fair suggests the category
may be about to take off in a big way.
Several new men’s lines made their debut at
the Brisbane fair. Pendants Australia launched
its first men’s line of sterling silver pendants
based on tribal motifs, Cudworth Enterprises
showcased German Brand Cai Men’s, and a
completely new concept called Speed Jewellery
also exhibited at the show.
Cudworth Enterprises director Darren Roberts
said, “We’re seeing a return in the strength of
silver [for men’s jewellery]. It is more prestigious
– there’s an elegance to silver, whereas with
steel it’s a little bit more relaxed.”
CONTACT US FOR SUPPORT PROGRAM INFORMATION
+ 6 1 3 437 3 42 8 1 • contact@colonialgemstones.com
25 | May 2021
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