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Attorney: Grading report class action is coming

(Dec 16 ‘14, National Jeweler)
New York–Early next year, a class-action lawsuit will be filed against EGL International and “major retailers” charging that the lab systematically over-graded diamonds that the retailers then knowingly sold to consumers, National Jeweler has learned.

Nashville, Tenn.-based attorney Brian Cummings said Monday that the suit will be filed within the next 60 days by a “major national plaintiffs’ class-action firm,” which he is not yet authorized to name because the firm is still working on the case.

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Russia plans new measures to stabilise the rouble

(Dec 17 ‘14, BBC News)
Its central bank said, if necessary, it would provide additional capital to Russia’s banks and financial companies.

The rouble has regained ground from Tuesday’s all-time low, although trading remains edgy and volatile.

The announcement left the currency 10% higher against the dollar. One US dollar bought 62 roubles, far fewer than the record low of 79 on Tuesday.

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8 tips for having a safe trunk show

(Dec 17 ‘14, National Jeweler)
New York–Trunks shows are a good way to showcase goods from a particular designer, or designers, to a motivated customer base.

But getting those motivated customers into the store means advertising, which anyone, including criminals, can see.

David Sexton, the vice president of loss prevention consulting at Jewelers Mutual; Itay Hendel, the CEO of ISPS, a global jewelry security training and risk prevention firm; and Jewelers UnBlocked President and CEO Patricia Low offered the following tips for trunk show safety during the holiday season and year-round.

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Diamonds are forever but here and now coloured gemstones are cutting edge

(Dec 12 ‘14, The Guardian)
For those prepared to throw money – quite a lot of it – at the ideal Christmas present this year, the gift of choice is no longer white diamonds, but coloured gemstones.

The market for coloured stones is on fire, with record prices being achieved for rubies and sapphires. At its latest ruby auction in Singapore, Gemfields achieved an average price per carat of $689 (£438), with total sales of $43.3m from its Montepuez mine in Mozambique. Both figures were records for the London-listed miner and luxury goods specialist.

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The top 10 lots from Christie’s most recent sale

(Dec 16 ‘14, National Jeweler)
New York–A pear-shaped, D color, VVS1 diamond weighing 89.23 carats sold for more than $11 million at Christie’s Magnificent Jewels sale held last Wednesday in New York.

The auction totaled more than $66.6 million, selling 75 percent by lot and 85 percent by value.

Colored diamonds had a solid performance in the sale, with a number making their way into the top 10 lots, including a pair of pear-shaped fancy light yellow diamond ear pendants (weighing 52.88 and 51.46 carats) that more than doubled their pre-sale low estimate when they went for $5.4 million.

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Jewelers Mutual to donate to children for holidays

(Dec 05 ‘14, National Jeweler)
Neenah, Wis.–For the fourth year in a row, Jewelers Mutual Insurance Company will partner with Sarah’s Hope Jewelry and Jewelers for Children to give to children in need through its “Hope for the Holidays” sweepstakes.

Jewelers Mutual is giving the public the chance to vote among three options for their favorite children’s charity among from now through Dec. 19. The three charities chosen to be in the sweepstakes are: Make-A-Wish America, St. Jude Children’s Research Hospital, and National Court Appointed Special Advocates (CASA) Association.

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Polished diamond prices continue 8-month slide

(Dec 10 ‘14, National Jeweler)
New York–Prices for 1-carat and 3-carat stones were down about 2 percent in November as suppliers, strapped by a lack of liquidity, lowered prices in an effort to generate cash.

Prices of 0.30-carat and 0.50-carat diamonds also fell approximately 2 percent month-over-month, according to the RapNet Diamond Index for November.

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Ruby dubbed the ‘Rhino’ sells for undisclosed sum

(Dec 10 ‘14, National Jeweler)
London–Gemfields’ auction of predominantly higher-quality rough rubies from its Montepuez mine in Mozambique totaled $43.3 million, a record total for the company propelled by the sale of a big, rare ruby it recently found.

The auction, which took place Dec. 3 to 8 in Singapore, also realized a $689 per-carat price, also a record for Gemfields.

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Apple Looking for Fashion and Luxury Salespeople to Sell Watch

(Dec 10 ‘14, JCK Online)
Working at a jewelry store doesn’t seem like preparation to work for Apple, but now it might be.

Apple is recruiting retail salespeople with a fashion or luxury background to sell its new Apple Watch, according to a report in 9to5 Mac, which quotes internal hiring documents.

The current head of the Apple stores, Angela Ahrendts, has both a fashion and luxury background, having served as CEO of Burberry.

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Wine red shade named hue of the year for 2015

(Dec 4 ‘14, National Jeweler)
Carlstadt, N.J.–“Marsala,” a robust and earthy wine red, is Pantone’s 2015 Color of the Year, the color institute announced Thursday morning.

“Much like the fortified wine that gives Marsala its name, this tasteful hue embodies the satisfying richness of a fulfilling meal, while its grounding red-brown roots emanate a sophisticated, natural earthiness. This hearty-yet-stylish tone is universally appealing and translates easily to fashion, beauty, industrial design, home furnishings and interiors,” said Leatrice Eiseman, executive director of the Pantone Color Institute.

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