February 2020
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FEBRUARY 2020 DIAM ND 115VOL. DISTRICT MONTHLY A NEW BOX FULL OF GOOD NEWS The same way you can’t judge a book by its cover, you shouldn’t judge a monthly publication by its newsbox. Alas, most people in the Diamond District are very familiar with the dirty, scruffy blue newsboxes the Diamond District Monthly has long been distributed from. Like most other things on the street, they’ve been covered with stickers and graffiti. And, now, like most things on the street, they been replaced with sparkling new models. Continued on page 10 SAY HELLO TO THE “PURPOSE-DRIVEN SHOPPER” Everyone needs a purpose. According to a new study of 19,000 consumers in 28 countries, ages 18 to 73, many are willing to pay for it. Nearly one-third of the consumers polled said they would stop buying a brand that is inconsistent with their purpose, such as those associated with negative social or environmental impacts, or lack sustainability—in other words, products produced in ways that may damage long term natural resources to satisfy short term needs. But nearly two thirds also said they would be willing to pay up to 35% more for brands consistent with their purpose. What does this crucial insight mean to diamond and jewelry retailers? Continued on page 17 WHAT’S INSIDE In the News, pg. 4; Industry Spotlight, pg. 6; Market Trends pg. 9; Diamond District Partnership News, pg. 10; Urgent Crime Alert pg. 13; diamonddistrict.org Small Business pg. 17; Crime Report, pg 18 LETTER FROM THE EXECUTIVE DIRECTOR Dear Friends, Details matter. That is the essential message conveyed in the Small Business section of this month’s Diamond District Monthly. The article, centered on “Purpose Driven Shoppers,” is a valuable primer about the language and the interests of our new generation of customers. These interests cannot be dismissed, especially in an industry based on natural products such as gems and precious metals, which rely on very aggressive measures to obtain. The present generations were raised on a diet of information—most of it accurate, some of it exaggerated— about the long-term health of our planet. Their view of the world colors the view of this industry. The impact of humanity on our environment, and business interests on disadvantaged people, are legitimate concerns. They matter to many of your customers, more so than in previous generations, and by extension, must matter to you. Admittedly, none of the insights detailed above are particularly original. They’ve been well known and thoroughly explored for decades—by other industries and ours. But retailers often fall short when it comes to authentically and transparently knowing and explaining their products. Customers are entitled to ask and justified in going elsewhere if they don’t receive the answers. The sooner this industry masters how to convey its genuine commitment to protecting the planet and all the people who live on it, and how this is being done, the better off this industry will be. You can be assured that as time goes on, the Diamond District Monthly will continue to beat this drum. After all, every product we sell has a story, and every story we can tell contains a truth that would satisfy purpose-driven shoppers. As long as we make that our purpose, the Diamond District can look forward to a long successful future. Warm regards, Avi Fertig Diamond District Partnership 580 5th Ave, New York, NY 10036 BOARD OF DIRECTORS (212) 302-5739 Executive Committee Matt Selig – Leo Ingwer Eliot Kirschner – Eskay Harvey Nagin – Nagin Jewelry Gary Weinshank – Delage Ilan Elishayev – SYU Properties, LLC President Yale Zoland – Zoland’s Brunilda Katsichtis – Premier Realty, Inc. Steven Grauer – Gold Art 18 KT LLC Adnan Aydin – Futurama Jewelry Reuven Kaufman – Diamond Chairman Exchange Dealers Club Dennis Marlow – Solitaire Creations Jack Elo – The Elo Group Bill de Blasio – Mayor Secretary Moris Yero Shalmi – ABC Scott Stringer – New York City Vincent DeMeo – Valley Bank Alon Mor – Mor Diamonds Comptroller Treasurer Jules Fleischer – Jewelry by Alexander Gale Brewer – Manhattan Borough Richard Winick – Manny Winick & Son President Sammy Abramov – AA Pearl Jeffrey Mordekai – Petra Jewelers Keith Powers – NYC Council Member Michael Oistacher – Manhattan Gold & Silver John Glaister – Resident Board Members Isaac Chetrit – Yadidi Group Michael Toback – MJSA Ronnie VanderLinden – DMIA Christopher Ipek – Altin Realty Sunny Yung – Central ManagementCorp. Pete Webb – Community Board #5 S. David Belsky – S.D.Belsky Manny Grunberg – M. Grunberg Inc. Associates Chair Audit Committee Memhet Gulay – City Property Jay Holzer – Dyckmans Development Executive Director Gary Barnett – Extell Development Corp. Eyal Alon – Malca Amit Avi Fertig In the News In the News admits to having had trouble finding an insurance provider for future promotions. IN THE NEWS Meanwhile, Jane Clark insists the store is fighting to pay the promised refunds to customers who bought Idaho Jeweler Declares a Snow Day; jewelry in December. “I’m going to do everything I can,” Insurer says ‘No Way’ she said. SOURCE: KXLY; INSTORE Magazine An Idaho jeweler may be stuck in a District’s Jewelers Unimpressed by deep pile after its Signature Ring of Dead Iranian Terrorist insurance company refused to cover half a An American million dollars in costs drone strike didn’t associated with the leave much of store’s annual winter Iranian Terror Clark’s Diamond Jewelers’ promotion refund promotion. Mastermind Major promised refunds based on snowfall General Qassem Image courtesy of Tyler Tjomsland - Every year, Clark’s The Spokesman-Review Diamond Jewelers Soleimani left to in Coeur d’Alene, identify. So, much Former Iranian Terror Mastermind Major Idaho promises a full refund to customers who purchase General Qassem Soleimani wearing his has been made about jewelry around the holidays, provided that it snows more signature red ring. the gaudy red ring than three inches on a set date. that helped identify his corpse. This year’s potential estimated total payout of Soleimani, who was among several people killed in approximately $500,000 was riding on the weather the airstrike near Baghdad airport, had been pictured report of Saturday, January 11. Sure enough, late Friday in life wearing the ring. A graphic photo from the drone night on January 10th, a snowstorm slid across the strike scene showed the oversized ring on a bloodied Inland Northwest sky bringing heavy snowfall into hand lying on grass. Saturday morning. According to an article in the New York Post, By sunup, the Facebook page of Clark’s owner, Soleimani’s signature ring is either a red carnelian stone Jane Clark, was covered with pictures of snow-covered or an inexpensive ruby worth maybe a few hundred streets and the message: “Awesome news guys!!! Our dollars, mounted in a silver setting. local climatologist Cliff Harris is reporting 3.3 inches Looking at a photo of the ring, Maykel Rieth, a of snow since the start of our promo last night.” professional cutter for R Gems Inc on West 48th Street, But Clark’s insurance company, Spectrum Weather agrees. “It looks like it’s a carnelian stone — it’s not a and Specialty Insurance, which is responsible for ruby; it comes from Africa,” he said. paying out the refunds, wasn’t convinced. According Another jeweler focused on the silver band, which he to Clark, the weather command center the Illinois-based cites as proof the ring is cheap. “It looks like silver — and insurance company used to verify the snow totals disputes whoever made a stone like this is not going to put it in the Saturday, January 11 weather report in Coeur d’Alene gold because it’s not an expensive piece.” about a full three inches of snow on the ground. SOURCE: NY Post Clark put up a portion of her sales from the holidays to buy a promotional insurance policy for purchases during that period. If the insurer’s snowfall determination Tiffany’s Diamond Bracelets Slipped holds, Clark says store customers won’t receive the into Salvation Army Kettle refunds she insists they had won. Now, Clark says the store is contesting the report A Salvation and an audit is underway to determine the most Army ringer in accurate total snowfall data. She reiterated that the Annapolis, Maryland store’s climatologist, Cliff Harris, had confirmed more was stunned when a than three inches of new snow Saturday morning. woman she had never Clark’s former owner, Dan Clark, Jane’s father, started seen before stopped the snow refund promotion in 2005 after hearing of in front of her holiday a similar, wind-related promotion by a jewelry store in donation kettle The iconic Salvation Army holiday Montana. The promotion was a success, though he donation kettle and dropped two 4 Vol. 115 | February 2020 In the News In the News expensive bracelets into the slot. Harry Winston Unveils Chinese New Pearl Eldridge, the ringer, said the woman then simply Year Watch Featuring 109 Diamonds said that she hadn’t worn the bracelets in quite some time, wished her a “Merry Christmas” and walked away. The Chinese New A jeweler determined that one of the bracelets was Year began on January created by Tiffany & Co. and worth nearly $6,000. The 25th—the Year of the Salvation Army sold the bracelet for $1,500 worth of Rat. While Western donation money, the Capital Gazette reported. A ring and society may not typically another bracelet made of diamonds and rubies also was consider rats a reason donated by the same woman. to celebrate, in Chinese “It shocked us when we found out it was all real,” culture rats are admired Capt. Ryan Vincent, commander of the Salvation Army for their intelligence in Annapolis, told the Capital Gazette.