When Super Typhoon Mangkhut Became A Real Threat

Buyers in the jade pavilion the day before the typhoon. Photo credit: Anthony DeMarco

For the first three days at the September Hong Kong Jewellery & Gem Fair, the Super Typhoon Mangkhut was an afterthought. However, on Saturday the storm became real. 

On the fourth day of the materials portion of the fair at the AsiaWorld-Expo and the second day of the finished jewelry portion of the fair at the Hong Kong Convention & Expo Centre, the hurricane and the impending disruption was the main topic of discussion. It is affecting business. Many exhibitors said that buyers canceled appointments Saturday so they can leave before the airport shut down Sunday. 

Exhibitors of luxury jewels most likely saw the largest number of cancellations but it wasn't a total loss, they said.

“People I expected did not show up but it’s okay,” said an exhibitor in the Fine Design Pavilion. A diamond jewelry exhibitor in the Premier Pavilion said business was good Saturday and the number of people around the booth proved his point. 

Certainly the Hong Kong and Chinese buyers were not overly influenced by the typhoon. These type of storms are a way of life for coastal residences in China and its autonomous regions, such as Macau, Hong Kong and Taiwan. 

The aisles were certainly not as busy as normal but there were still plenty of people milling through the various themed halls throughout the HKCEC and they were buying. I visited the entire show and while exhibitors were a bit gloomy, they understood the circumstances were unique. 

The busiest halls housed the Antique & Vintage jewels, jewelry from Hong Kong and China manufacturers, the CORE section and wedding jewelry section. Several of the designer areas and silver jewelry sections also attracted buyers. The Thailand and Japan pavilions were the largest exhibiting groups outside of those from Hong Kong and China and they remained busy. 

Focus On Jewels And Watches Online As The Holidays Begin

"Disorder," a silver-plated short necklace with ovals in different sizes from Spanish brand Uno de 50

As the holiday shopping season in the US gets into full gear the National Retail Federation expects total sales in the November and December shopping period to increase by a solid 3.7 percent to $630.5 billion.

Out of the that total, online retail spending for the period will increase 14 percent year-over-year to $70.1 billion, according to ComScore. Out of that figure sales on desktop computers is expected to increase 9 percent to $58.3 billion. Mobile commerce is predicted to account for $11.7 billion of retail spending, representing 17 percent of total digital commerce and growing at a rate of 47 percent vs. last season. In total, digital commerce is expected to account for about 15 percent of consumers' discretionary spending.

How much of that total that will include jewelry and watch sales is unknown at this point. However, the share of this retail market has grown consistently since 2009. Online and mobile merchants are growing at a rapid pace and those already in the game have an advantage.

One of those merchants is Spanish fashion retailer Uno de 50, a silver and gold jewelry brand with a presence in nearly 20 countries around the world, including branded boutiques and other retail and wholesale points of sale.

The company also has a robust online presence in the US that it plans to use to increase its share in the world’s largest jewelry market. The company focuses on affordable and fun pieces that can be worn casually and can easily be collected and matched in many combinations.

For example the company has a line of long and short key necklaces for women that are versatile, providing a number of options for women who buy their own jewels and have a strong sense of fashion. Some are adorned with pearls and semi-precious gems, adding a bit of color to the collections. They match well with the rest of the company’s offerings and can be worn with a variety of clothing styles.

Jewelry has been slow to adopt eCommerce with the school of thought being that people want to see and feel the pieces before buying. This argument has been proven wrong and the past few years jewelers have moved quickly to online sales. However, luxury watch brands that are very focused on controlling all aspects of their marketing and distribution have been even slower to adopt to eCommerce. A few brands like Montblanc and Chopard now sell a selection of the timepieces and other products from their website. 

As consumers continue to go online and eventually to mobile platforms for their purchases, brands, retailers and niche operators are jostling for position on this retail frontier.

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Value For Some, Luxury For Others At Hong Kong Jewelry Fair

Inside the Hong Kong Convention & Exhibition Centre. Photo credit: UBM Asia

With the slowdown in the Chinese jewelry market and other BRIC countries (Brazil, Russia and India), there was a focus on value among many of the fine jewelry vendors exhibiting at the Hong Kong Convention & Exhibition Centre during the September Hong Kong Jewellery & Gem Fair. 

“Affordable luxury” and “fun” collections using gold and small diamonds starting at $200,” was one of the major selling points at this year’s fair, says Marie Feliciano, editor-in-chief of Jewelry News Asia. 

“Stackable rings, stack bracelets, ear climbers and multi-layered necklaces are trending,” she said. “I’ve seen some really attractive over-sized rings with colored gemstones. With regards to colored stones, tourmaline, tanzanite, topaz and fancy sapphires are quite popular. Some Hong Kong companies are using carved jade in their contemporary collections.”

It also helped to provide variety. 

Inspired Jewellery makes a statement about the financial people on Wall Street with this silver pendant necklace

Inspired Jewellery, a contemporary jewelry design firm, exhibited examples of its modern diamond-based jewelry, a line of delicate bridal rings for the Japanese market, and an affordable silver jewelry collection with satirical statements about the state of the world today. It’s called “Deception ... A Collection.”

“We’re really well-positioned with our product mix,” said Chris Benham, CEO of the New Zealand-based firm. 

The company was located in “Designer Avenue,” a new area on the fourth floor of the Hong Kong Convention & Exposition Centre dedicated to smaller design-focused firms. Benham said he was “really pleased with the crowds” from a variety of Asian countries and regions. This variety means the experiences of individual exhibitors and buyers differed.

The Inspired Jewellery booth in "Designer Avenue." Photo by Chris Benham

It’s not only the size of the show that makes it arguably the most important in the worldwide jewelry industry but its scope. The variety of jewelry available at the Hong Kong Convention & Exhibition Centre includes low-end silver products, designer items, haute couture, and collectible jewelry and watches.

One of the more interesting exhibits each year is a group of jewelry designers in single booth, organized by Frank & Label, a company that represents jewelry designers in China. The number of exhibitors changes each year. This year there were about five from different countries and representing various jewelry markets. 

Evert DeGraeve, a New York-based jewelry designer who also serves as business development director for the company based in Hong Kong and Shenzhen, China, says that business in China is still good despite the well-publicized difficulties, particularly at the luxury end. 

“There might be a slowdown but the markets in China are still open,” he said.

So while value was the focus for many exhibitors, those who deal in high-end jewelry still brought their best items and were ready to do business. 

So while value was the focus for many exhibitors, those who deal in high-end jewelry brought their best items with them, no matter the cost. 

A gem-encrusted lion by Atelier de Creation taken at the firm's booth. Photo by Anthony DeMarco

“It’s the hub of the jewelry industry all over the world,” said Henri Istanboulian of Zorab Atelier de Creation, which has been exhibiting at the fair for 20 years. The family owned firm specializes in unique and limited-edition high jewelry made with combinations of rare gems. “The Hong Kong show became more interesting and better than any other show.”

Sarah Ho Royal Plume Earrings in 18k white gold with pink and blue sapphires, aquamarine, diamonds and pearls; from her Couture collection

During opening day at the convention center (the third day of the fair), fine jewelry designer Sarah Ho said buyers haven’t yet made it to the back of the main hall where her booth is located. She was featuring a couture line of jewelry and the “Numerati Collection” of rings based on the numbers 1 through 9 made in 18k rose gold with diamonds.

“The numbers are visible when the ring is held but as soon as the ring is worn the number becomes a hidden secret, known on to the person wearing it,” she said.

It’s her second year at the show and she says a long-term goal is to move closer to the front of the hall. 

“Once you start a show you have to give it a few years.”

Sarah Ho Numerati Rings in 18k rose gold with diamonds

Etienne Perret, an independent jewelry designer based in Maine, was at the Asia World-Expo portion of the tradeshow where diamonds, gems, pearls and jewelry making equipment are housed. He was primarily looking for pearls to augment his ceramic jewelry creations. 

“I have been looking for 10 mm to 15 mm cultured pearls for some of my rings. To make the rings more affordable for my clients I decided to look at Chinese freshwater pearls,” he says. 

“The biggest challenge was to try to figure out which one of the hundreds of companies selling at the show to buy from. We spoke with a number of companies that were all very helpful. In the end we decided to go with a company out of Hong Kong that took credit cards and let us take the pearls with us. Being from Hong Kong it will be easy to email reorders to them.” 

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British Firm Mappin & Webb Reinvents Itself with New Creative Director and Jewelry Collection

The motif of this elaborate 18k white gold cuff from the "Empress" collection is repeated in concentric circles set with 6.15 carats of diamonds and 5.84 carats of round-cut pink gems.

Mappin & Webb is a company that has undergone many changes in its 238-year history but always had Great Britain running through its veins.

Founded in 1775 in Sheffield as a cutlery firm, the company eventually developed a specialty as a metalsmith. It is now primarily known as a jewelry and gift retailer. It has been commissioned by royalty since 1905 and currently holds Royal Warrants (given to tradespeople who supply goods or services to a royal court or certain royal persons) as a silversmith to Queen Elizabeth II and Prince Charles.

Today, it is undergoing another transformation under the direction of its new creative director, Elizabeth Galton, best known as the creative director of Links of London. This means revitalizing just about everything, from store concept and advertising campaigns through to collections and brand packaging. 

The Fortune Drop Necklace uses the infinity band as a small pendant, suspended from a double-loop 18k yellow gold chain.

"We feel we have a moral duty to return this glorious British brand back to an international stage and it is a journey we feel very passionate about," Galton said.

Galton recently unveiled new collections that reinterpret historic motifs from the company’s archives, making them relevant to a modern audience through contemporary designs.

The “Empress” collection was inspired by a bespoke Mappin & Webb design for the Queen of Siam, commissioned in the 1920s and rediscovered in the jewelry house’s historic archive.

The delicate and decorative circular motif was characteristic of brooches beloved by the Eastern aristocracy of the time. The 24-piece collection of diamond rings, necklaces, bracelets and earrings unite mythical exoticism of the East with a playful, modern spirit. It features modern-18k white, yellow and rose gold set with brilliant round-cut diamonds and, in some cases, pink sapphires.

The Fortune collection includes infinity bands, bracelets, necklaces and earrings pairs gleaming 18k white, yellow or rose gold with strands of sparkling diamonds.

Platinum necklace with Gemfields’ Zambian emeralds, 33.86 carats and diamonds, 7.26 carats.

The company also provided a one-of-kind necklace using emeralds provided by Gemfields, a colored gemstone miner and marketer. It was part of a bespoke jewelry collection created by leading designers with emeralds, rubies and amethysts from Gemfields.

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Pandora Names Allan Leighton as CEO

Allan Leighton

Pandora said Thursday that Allan Leighton, current chairman of the jewelry company, will succeed Bjørn Gulden as CEO on July 1.

Gulden is stepping down to join sports brand, Puma, as its new CEO. Pandora’s board of directors will recommend that Gulden remain part of the company as a board member.

Marcello Bottoli, who is currently deputy chairman, will succeed Leighton as board chairman.

Bjørn Gulden

“Pandora is a great business which is performing well, but the sports industry has always been a major part of my life, and my role at PUMA will also allow my family to remain in Germany,” Gulden, a former professional soccer player said in a statement.

Leighton added: “Bjørn, Marcello, the management team and I have worked very closely on delivering on the company strategy and the board believes that continuity in that execution and understanding of the business is key to our continued success.”

The Danish manufacturer, marketer, distributor and retailer of fine jewelry is still recovering from a very difficult 2011, which saw a sudden 70 percent drop in its stock price following a less than glowing second quarter report that year. Prior to that drop the company, which designs its popular charm bracelets and silver jewelry in Copenhagen and manufacturers them in Thailand, was the darling of jewelry retailers and the investment community as it experienced spectacular growth. The company’s IPO in 2010 raised $2.1 billion.

Gulden began at Pandora in March of 2012 and by November 2012 the company, working off a stock rebalancing program, returned to profitability in the third quarter reporting a revenue increase of 14.3 percent, year-over-year, and net profit increase of 11.4 percent. However, it wasn’t enough to save the year as revenue for 2012 was essentially flat while net profit fell 41 percent.

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Montblanc Silver Jewelry Line Combines Elegance and Attitude

Caractère Essential-Chic silver ring ($600), the Essence Prodigieuse silver and wood ring ($650) and the white lacquer and silver Caractère Chic-issim Bracelet ($1,170). Photo credit: Dan King of Dan King Photography

An affordable, versatile jewelry collection from luxury brand, Montblanc, has been available for almost a year. Created by Susie Otero, Montblanc’s managing director of Jewelry, it consists of large, oval, sculptural shapes in contrasting dark and light tones. The shapes take on a classical appearance in its execution.

Style expert Jen Abrams wearing the black sparkling lacquer Caractère Chic-issim pendant ($920) with the Essential-Chic silver ring ($600) and the stainless steel with black PVD finish Star Spell bangle ($600). Photo credit: Dan King of Dan King Photography

This is an affordable collection that can be worn to work and then out for the evening without skipping a beat. This versatility is enhanced through the addition of black and white color by applying lacquer or PVC coating on some of the silver pieces. Montblanc, known for its luxury writing instruments, is traditionally a masculine brand but it is working to attract women. This line is created with both the woman self-purchaser in mind and for men to buy as a gift while shopping for writing instruments, watches or leather goods. The luxury brand loaned me 12 pieces from the collection and I tested their ability to complement a variety of circumstances. The prices of the items photographed ranged from $525 to $1,300.
 

A view from the back for the Montblanc Prodigieuse silver and maple pendant necklace ($880). Photo credit: Dan King of Dan King Photography

Style expert Jen Abrams modeled the jewelry first at Fork restaurant with snapshots taken by me. Then we turned the photography over to a pro, Dan King of Dan King Photography. Abrams and King put the jewelry through some extreme close-ups and creative scenarios.
 

Style expert Jen Abrams and I began our day at Fork restaurant in Philadelphia where I took some pictures of her wearing Montblanc jewelry. Here, the Star Spell bangle ($600) took on the colors of the lights in the restaurant. Photo credit: Anthony DeMarco

Finally, my wife, Maria, wore the jewelry to her casual work environment at the Philadelphia Museum of Art for three days. I took some snapshots of her next to a Cherry Blossom tree near full bloom.
 

The Caractère Essential-Chic silver bracelet ($1,395), the Romance Beauté silver and wood ring with a thin band of gold ($840) and the Caractère Essential-chic silver ring with black sparkling lacquer ($525). Photo credit: Anthony DeMarco

Abrams was attracted to the silver rings with dark wood and PVC highlights as well as the pendant necklaces. There were sterling pendants and bracelets that finished in a black or white lacquer on one side. This allowed the option of wearing them on the colored side or the silver side. Maria preferred the silver finishes. Maria also was fond of an oval pendant with the top half made of thin sterling that gradually finished in a thick maple. An interlocking silver bracelet was a favorite of Abrams and; unfortunately it arrived without the karabiner clasp. We did some improvisation to photograph it. 

The Romance Beauté silver ring with a thin band of gold ($840).  Photo credit: Anthony DeMarco

The silver jewelry line is largely defined by three central themes: Romance, which uses soft, rounded forms to convey the femininity of the contemporary woman; Essence, which focuses on pure, essential shapes with an architectural dimension; and Caractère (character), which uses bold independent symbols to convey independence.

My wife Maria wearing the black sparkling lacquer Caractère Chic-issim pendant ($920) with the Essential-Chic silver ring ($600) and the stainless steel with black PVD finish Star Spell bangle ($600). Photo credit: Anthony DeMarco

Did the jewelry keep pace with the constant changes in environment? You decide.

The Volupté silver and white lacquer pendant necklace finds a home on a Cherry Blossom tree ($960). Photo credit: Anthony DeMarco

 Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Website.
 

The Romance Beauté silver ring with a thin band of gold ($840). Photo credit: Anthony DeMarco

The interior of Fork restaurant. Ellen Yin, co-owner of the stylish American bistro, was gracious enough to allow us to take photographs prior to the dinner service. Photo credit: Anthony DeMarco

Pandora’s Troubles Continue as Q2 Profit Falls 90% and Revenue Drops 9.5%

Pandora Group, home of the international silver jewelry brand that became famous for its charm jewelry, had another disappointing quarter.

The Danish company with manufacturing facilities in Thailand said that year-over-year sales for its Pandora branded jewelry fell by 9.5 percent to 1.26 billion Danish krone ($210.2 million) in the second quarter of 2012. Profit during the same period fell 89.9 percent to 63 million Danish krone ($10.5 million).

Pandora reported losses in every region it operates. The company noted that a stock rebalancing campaign launched in the first quarter is a major reason for the disappointing results, which the company said are in line with expectations. It said it received returns of discontinued products valued at 183 million krone ($30.5 million) and replaced it with 310 million Danish krone ($51.7 million) worth of new inventory.

Björn Gulden, Pandora CEO, said the company will continue with the stock rebalancing program and will cap it at 800 million krone ($133.5 million).

“The execution on the stock balancing campaign continued into Q2 2012 and was very well received by our retail partners across all our markets,” Gulden said. “Even though the stock balancing campaign, short-term, hurts our revenue, cost ratio and profitability in 2012, the campaign has proven to be the right action to help our retailers improve the quality of their stock.”

By region, revenue results are as follows:

* Americas decreased by 5.1 percent (14.6 percent decrease in local currency)

* Europe decreased by 16.6 percent (17.4 percent decrease in local currency)

* Asia Pacific decreased by 8.1 percent (14.1 percent decrease in local currency)

Branded revenue as percentage of total revenue increased to 75.3 percent in the second quarter of 2012, from 73.4 percent in Q2 2011; and gross margin was 67.9 percent in Q2 2012, compared to a gross margin of 74.4 percent in Q2 2011.

Pandora projects revenue for 2012 to be above 6 billion krone ($1 billion), down from 6.66 billion krone ($1.1 billion) in 2011.

“Feedback from our retailers on our Autumn/Winter 2012 collection has been very encouraging and with an additional 94 new Concept stores opened in H1 2012, we are on track to deliver on what we have promised the market in our financial guidance for the full year,” Gulden said.

Pandora also announced a number of organizational changes. Among them:

* Scott Burger, former COO of Pandora North America, was named president for Pandora North America, succeeding John White, who is taking up a position outside Pandora.

* Sten Daugaard, chief development officer, has been assigned to head Pandora's Asian headquarters in Hong Kong “in order to secure senior management attention to an important future region.”

* David Allen, former VP of Sales of Pandora Australia, has been named president of Pandora Australia with the responsibility for commercial operations in Australia, New Zealand and the Pacific, succeeding Karin Adcock, who retired as planned on July 1.

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The 2012 Niche Award Winners for Jewelry Design

Cityscape Lisa Hawthorne, the winner in the gold jewelry with stones category. 

The annual Niche Awards, which honors the best in contemporary design by American and Canadian artisans, were presented February 18 during a ceremony at the Buyers Market of American Craft tradeshow in Philadelphia.

Professionals and college students received awards in several categories including gold, silver and gemstone jewelry; fashion accessories; fiber arts and quilts; baskets; blown, fused and cast glass; metalwork; outdoor art; tables and seating; cabinetry; and teapots.
The awards competition, in its 22nd year is sponsored by Niche magazine, which serves retailers of American-made and Canadian-made gift and art products.

You can view the winners in the jewelry categories by following this link.

PROFESSIONAL WINNERS:

Fashion Jewelry, Penelope Bracelet, Kathleen Nowak Tucci 

Fine Jewelry, Mizu Wave Ring, Andrea Williams

Gold Jewelry, Circus, Circus, Pierre-Yves Paquette

 Gold Jewelry with Stones, Cityscape, Lisa Hawthorne

Jewelry Sculpture to Wear, Reconfiguring the Ordinary: Twist Looped and Linked, Yong Joo Kim

Silver Jewelry, Collar, Michael and Maureen Banner.

Silver Jewelry with Stones, Le Mirage, Aleksandra Vali

Wedding Jewelry, Cell Band Wedding Set, Emily Johnson

STUDENT WINNERS:

Fashion Jewelry, Summer Dream, Leeyeon Yoo

Fine Jewelry, Beautiful Coexistence, Hyangmi Kim

Jewelry Sculpture to Wear, Garden of Eden - Haircomb, Kristopher Leinen

High Flying Pandora Returns to Earth with No Growth in 2011 Revenue

A tumultuous year for Pandora came to an end after a 10-percent drop in revenue for the fourth quarter, leaving the jewelry manufacturer and designer with a 0.1 percent decrease in group revenue to 6.65 billion Danish kroner ($1.18 billion) in 2011.

This is a far cry from the spectacular results the company, known for its silver charm jewelry, reported from 2009 until the mid-year of 2011. The bottom dropped out for the fast-growing brand—a darling of investors, retailers and consumers—with a second-quarter report released in August where the company changed its outlook from expecting a revenue growth of no less than 30 percent for 2011 and an EBITDA margin of minimum 40 percent with flat revenue and EBITDA margins in the low thirties for the year. This report resulted in the immediate resignation of its CEO, Mikkel Vendelin Olesen, and a one-day 65 percent drop in the value of its stock.

The company also announced Tuesday that it has begun a campaign to buy back unsold stock from retailers for the first two quarters of the fiscal year that will negatively affect 2012 results. The company estimates that the campaign will cost 500 million to 800 million Danish kroner.

“The campaign will encourage Pandora retailers to exchange discontinued, merchandise for appropriately priced best-sellers, on a one-for-one basis,” the company said. “(It) will likely generate a corresponding negative impact, due to cannibalization of forward sales, on reported numbers across the whole of 2012.”

Among Pandora’s results for 2011:

* Sales in Americas increased 7.9 percent (12.4 percent in local currency);

* Sales in Europe fell 8.3 percent (down 7.7 percent in local currency);

* Sales in Asia Pacific decreased by 0.2 percent (down 4.3 percent in local currency);

* Gross margin increased to 73 percent in 2011 compared to 70.9 percent in 2010;

* EBITDA margin was 34.3 percent in 2011 compared to 40.3 percent in 2010;

*EBITDA decreased by 15 percent to 2.28 billion Danish kroner ($406,503 million);

* EBIT margin was 30.9 percent in 2011 compared to 36.2 percent in 2010;

 EBIT decreased by 14.8 percent to DKK 2.05 billion Danish kroner ($366,323 million);

* Reported net profit increased by 8.9 percent to DKK 2.03 billion ($362,684 million) in 2011. Adjusted for a revaluation of the CWE earn-out provision based on a revised outlook for PANDORA CWE, 2011 net profit decreased 18.4 percent to 1.52 billion Danish kroner ($247,228 million).

In its outlook, Pandora it expects 2012 revenue growth to be in mid-single digits; gross margin in the low 60s, driven by the impact of commodities prices and a reduction in our selling prices; and EBITDA margin in the mid 20s.

New Jewelry from Near and Far at the Hong Kong Show

A carved jadeite leaf pendant with diamond setting from Unique Brilliant Ltd., based in Hong Kong.

With more than 3,400 exhibitors from 46 countries and regions, the September Hong Kong Jewellery & Gem Fair is a place to see new jewelry from around the world. For many of these companies it is their only opportunity to have their products seen in an international setting.

What follows is a small selection of the jewelry that was presented at the show:

A freshwater pearl ring sits upon a silver ring lined with cubic zirconia from ACH & Co., based in Hong Kong.

An 18k white gold acurved pendant with flower-shaped adornments set in rose gold. Dazzling diamonds of various cuts are set all over the surface to showcase a classy style. From Diaccents Exports in Hong Kong.

An opal ring surrounded with diamonds from Dreamtime, a Kyoto, Japan-based company.

A set of 18k gold earrings with blue sapphire and diamonds from Duang Kaew Jewellery Manufacturer Co Ltd., based in Thailand.

Gold-colored 11-17mm South Sea pearls of AA quality from Luen Hing Pearls & Jewellery Ltd., Hong Kong.

A heart and beads jewelry collection made of natural Madagascan labradorite by Shanghai Jade Gems Factory Ltd.

A silver bracelet with dentrite accents from Silver House Jewellery Ltd., Hong Kong.

A fresh water pearl necklace with silver parts by Tin Yin Jewellery Ltd., based in Hong Kong.

Wai Lun Jewellery Ltd, Hong Kong.

An 18k white gold and diamond bangle from Winstar Jewelery Manufacturer Ltd., Hong Kong.

A Two-tone silver and gold pendant with blue topaz cutting and graduation of amethyst all around from Yakhunit Co Ltd., Thailand.

A 16-inch necklace made with a variety of gemstones, including whisky quartz, prehnite and red chalcedony ZeYu Industries Ltd. ShenZhen, China.