Prosecutor reveals $1m details of Madoff’s jewellery mailing list
The extent of Bernard Madoff's attempts to transfer his family's valuables was revealed yesterday as prosecutors detailed contents of at least five packages shipped from his Manhattan apartment to relatives and others.
The list reads less like a court document than a catalogue of the trappings of Park Avenue privilege: diamond Cartier and tiffany jewelry watches, a diamond bracelet, four diamond brooches, a jade necklace, a gold watch and other assorted jewellery.
The money manager, who is accused of perpetrating a $50bn (pound(s)33bn) "Ponzi" scheme, sent the items in an apparent violation of a court order and should be jailed pending trial, US prosecutors claimed in a court document made public yesterday.
One package contained about 13 watches, one diamond necklace, an emerald ring and two sets of cufflinks and could exceed $1m. At least two packages were sent by Mr Madoff and his wife to his brother and an unidentified couple in Florida.
Mr Madoff's lawyers said last night he should remain free because he "simply did not realise that [the asset freeze] necklaces to these personal items". They added "the value of these items was purely sentimental".
Mr Madoff's sons alerted prosecutors last week that they had received jewellery in the post from their father. Mr Madoff's alleged fraud came to light last month when his sons turned him in. Ira Sorkin, Mr Madoff's defence attorney, had said that the packages contained heirlooms innocently sent to Mr Madoff's children and brother, Peter.
Under a $10m bail agreement struck by prosecutors and his lawyers following the charge of security fraud, Mr Madoff is under 24-hour house arrest in his Manhattan flat. White-collar defendants are rarely jailed pending trial.
But his continued release presented "a danger to the community of additional economic harm and further obstruction of justice", wrote Marc Litt, the assistant US attorney. There was no practical way "to prevent the dissipation" of Madoff's assets, and asset transfers made it more difficult, "if not impossible", to recover all available assets to recompense victims.
Mr Madoff's lawyers said there was little risk of flight and the bail conditions are "more than adequate". silver bangles may submit additional papers today and a federal magistrate judge is expected to rule by tomorrow.
Comment, Page 11 Madoff scandal, Page 23
Robber Kills Jewelry Store Worker on Upper East Side
A robber carrying a pistol burst into an Upper East Side jewelry store on Wednesday afternoon and fatally shot a 71-year-old worker who refused to turn over any gems.
According to information provided by the authorities, the killer entered R. S. Durant, a small store at 962 Madison Avenue, between 75th and 76th Streets, about 12:20 p.m. wearing sunglasses, gloves, a black woolen hat and a scarf covering his face. He hurled two canvas bags at the store employees -- the only valentines gifts inside at the time -- and told them to fill them up.
But the worker, Henry Menahem, and a 49-year-old colleague refused, the authorities said.
The gunman then popped a magazine of bullets out of his 9-millimeter semiautomatic pistol, held both objects in his hands and said: "You think I'm kidding? This is real," said Paul J. Browne, the Police Department's chief spokesman.
Then the gunman reassembled the weapon and fired a single shot.
Mr. Menahem fell to the ground with a bullet wound to his chest. The gunman turned to the other employee and told him to fill the bags. But the employee replied, "I want to call 911 for an ambulance first," Mr. Browne said.
The gunman refused to let him do so. He knocked a glass jewelry case from the wall, causing it to shatter, and began stuffing diamond necklaces and other jewels into both bags. He put one bag inside the other and fled. He was last seen running south toward East 75th Street and the Whitney Museum.
The police said they had made no arrests and had no suspects as of Wednesday bracelets. The value of the jewelry taken was being determined, they said.
The killing put the upscale neighborhood on alert after the surviving employee dialed 911 and detectives and officers descended on the store. Patricia Wang, who works across the street, said she saw Mr. Menahem lying just inside the store's front door before paramedics arrived and took him out on a backboard.
"He was out," she said. "He was motionless."
Mr. Menahem, of Long Branch, N.J., was pronounced dead at 12:51 p.m. at Lenox Hill Hospital, the police said.
Officers searched the streets for evidence, looking into crannies with flashlights, and interviewed anyone who could provide clues. They were seeking to determine if any surveillance video existed, Mr. Browne said. It was unclear if the store had a camera of its own. A single shell casing was recovered at the store, he said.
Investigators did not think that the gunman was buzzed into the store. But it is was not clear if the security device normally cufflinks to allow customers to enter was not working or had been turned off.
Love Bugs Think carefully when you choose a gift this Valentine’s Day
In the local supermarket a fortnight ago, I found myself standing in front of one of the biggest and most tasteless displays of Valentine gifts I had ever set eyes on. Shelves sagged under a profusion of barely edible rubbish - giant cookies lovingly slathered in hot pink icing, marshmallow love hearts, sappy teddy bears and umpteen varieties of foil-wrapped chocolate.
Gifts, tacky or otherwise, have become an essential part of the modern Valentine's Day ritual. They're sold to us as tokens representing how much we value our uniquely wonderful relationships, but as far as I can see they simply emphasise how much we have in common with insect life.
Gift-giving is a part of mating rituals across the animal kingdom, but it's particularly common among insects. Males of the insect world, from crickets to cockroaches, give females "nuptial gifts" as part of courtship. These gifts are usually edible - the insect equivalent of a box of chocolates - and they come in a fantastic array of guises that challenge the variety of human Valentine's tat. The main purpose of the gift, from the perspective of the insect bloke, is to secure a mate, and to prolong copulation.
"Nuptial gifts are widespread, but they take lots of different forms," says entomologist Dr Karim Vahed from the University of Derby. In some cases the male will present the female with a dead insect to munch on, in others it will be a form of body fluid he has to offer. In cockroaches, for example, the male stores up uric acid in a paste form. After copulation, the female feeds on this secretion. "It's a very low-cost gift," admits Vahed.
In other species, the male offers glandular products to his sweetheart. In scorpion flies, for example, the males have specially enlarged salivary glands that they use to build a huge, and unaccountably tempting, pyramid of dried saliva. "Bizarrely, the females find this irresistible, and eat this while the males manipulate them into the copulatory position," Vahed says.
There is evidence, too, that in some species the female insects will choose their beau on the basis of the size or quality of the gift he presents to her. Insect chaps with the gift equivalent of a mail-order cubic zirconia ring get passed over in favour of the bloke with the little blue Tiffany box, so to speak.
Among fireflies, for example, the males offer an enticing protein boost delivered along with their sperm, which they advertise with their glow.
There are a couple of theories about why nuptial gifts evolved in insects. The first theory is that they are a kind of investment on the part of the male in his future offspring, providing the female with nutrients needed for reproduction.
The other, perhaps less savoury, suggestion relates to the fact that the female of the species is highly Valentine's Day gift (let me emphasise at this point that we are talking about insects).
"In most cases the females mate with multiple males and the problem is that they store sperm from lots of different males in specialised sperm-storage units," Vahed says. "In a way, each male wants to try to fill up those sperm stores with his own sperm so that no more can enter." The longer he can keep the female occupied with his nuptial snack, the more chance he has to deposit sperm.
Male flies aren't above playing dirty tricks on females when it comes to nuptial gifts. In dance flies, for example, the normal gift is a nice juicy insect wrapped in silk. But, in some cases, males will offer a dried, shrivelled and useless insect, but wrap it elaborately. "I suppose a bit like having a really crap box of chocolates in an amazing box," says Vahed. By the time the female realises there's nothing there, the male has had his wicked way.
Female insects seem to be so programmed to find these elaborately wrapped or fluffy gifts attractive that they tend to accept them without even realising they're inedible. The male is exploiting the female's natural sensory bias.
In a scientific paper published last month in the journal Current Biology, researchers from the University of St Andrews illustrated just how powerful that need is. The researchers, Drs Natasha LeBas and Leon Hockham, studied dance flies. Just before copulation, the scientists removed the edible nuptial gift and replaced it with either a large edible gift or an inedible cotton ball. They found that, while pairs copulated longest following presentation of a large edible gift, the females who got the worthless cotton ball token were sufficiently tricked to allow males to copulate for as long as if they'd provided a small nutritious gift.
"The research demonstrates that females may be susceptible to the invasion of so-called male cheating behaviour and suggests that the evolution of worthless gift-giving could arise though males' sensory exploitation of female preferences for nutritious gifts," LeBas said in a statement about the work.
Of course, there are occasions when the females get their own back. In the case of praying mantises and Australia's Red Back spider, the male's gift requires the ultimate sacrifice as his mate concludes the lovemaking by biting off his head. Perhaps not the most practical Valentine's idea, but at least it would be original.
After Hours: Fashion’s Night Out
After almost a year of conspicuous contrition, New Yorkers, armed with rainbow-colored maps highlighting the location of participating stores, took to the streets or hopped on Gray Line buses decorated with the graphic black-and-white Fashion Night's Out logo and donated for the evening for what one reveler described as a fashion Mardi Gras. Donna Karan, who had jazz pianist Eric Lewis give a concert in her Madison Avenue flagship while at DKNY Coco Rocha danced an Irish jig for packed crowds, compares the night's giddy mood to a new holiday: It was like a mixture of Halloween and the ball dropping in Times Square on New Year's Eve all over the city! she says.
President of the CFDA Diane von Furstenberg, who kicked off the worldwide shopping celebration at Macy's in Queens with Mayor Michael Bloomberg,VOGUE's Anna Wintour, Michael Kors, Kate Hudson, Macy's CEO Terry Lundgren, and the cast of Hair, agrees. It was like having invented Mother's Day, she says. Valentine's Day gift have back to school, and now we have Fashion's Night Out!
Whether it was Sienna Miller at Intermix signing the official FNO T-shirt sold throughout New York, with 40 percent of the proceeds going to the National September 11 Memorial & Museum or Oscar de la Renta performing old standards (including the impromptu classic There's No Business like Clothes Business ) with Barbara Walters, Bette Midler, and Sarah Jessica Parker, the stores were filled with a heady mix of starry names, beautiful clothes, and fabulous entertainment, while at the same time a citywide clothing drive took place to benefit the NYC AIDS Fund.
Perched on two stools on a makeshift stage on the second floor of Giorgio Armani, where shoppers were snapping up the sleek fall collection, Nora Ephron (accompanied by Rosie O'Donnell) introduced her and her sister Delia's about-to-open play, Love, Loss, and What I Wore, based on the memoir by Ilene Beckerman. With Paulina Porizkova, rock-star glamorous in a ruffled-front midnight-blue satin dress by the designer, in the front row, Nora described a red Betsey Johnson shirt that she remembered more fondly than her first marriage. Then Rosie performed a monologue from the play called I Hate My Purse, in which she talked about her relief at settling on a bag it turned out to be a neon yellow and blue plastic MetroCard tote that had never been in style, so it could never go out of style.
At Barneys, among other standing-room-only events, Alexander Wang held a fashion-runway walk-off; Ruben silver bangles illustrated copies of Isabel Toledo: Fashion from the Inside Out;Juan Carlos Obando gave salsa lessons; Justin Bond performed cabaret songs in a Rodarte dress; and the Olsen sisters served drinks on the third floor of the men's store, causing a stampede. Nearby, on Fifty-seventh Street, screen siren Charlize Theron along with It-choreographer Benjamin Millepied drew a delirious swarm to Dior, where upstairs Arthur Elgort took photographs of clients in their new purchases. By the time Andr Leon Talley arrived at around 9:00 P.M. at the Chanel boutique, where DJ Omi was spinning pink vinyl records, the house had sold 100 customized classic quilted chain bags.
Compared with the civilized cavalcade of the Upper East Side, Fifth Avenue had the atmosphere of Rio during Carnivale. Lit up in hot pink, with lines of people waiting to get inside the door, Bergdorf's was a glamorous madhouse. Zac Posen hand-painted dresses on model Anna Cleveland;VOGUE held a book signing for Extreme Beauty with Daria Werbowy and Caroline Trentini; Victoria Beckham created bedlam just by showing up; and on the seventh floor, Padma Lakshmi judged a designer cook-off in which Gilles Mendel re-created his mother's meatballs while Peter Som cooked up panko fried oysters. The event was so jammed, the doors to the restaurant apparently started to come off their hinges, and Lakshmi had to stand on a wine crate behind the bar. It felt like being onstage at a Nirvana concert, she says.
Next door, in the jewel-box setting of Van Cleef & Arpels, opera phenom Danielle de Niese dazzled guests with Mozart arias from her new album, wearing a traffic-stopping red Donna Karan dress and a spectacular Zip Pompon diamond and white-gold necklace modeled after one worn by the Duchess of Windsor in 1939.
Across the street from Tiffany's, whose sidewalks were lined in white roses and carpeted in the store's trademark blue, VOGUE's Grace Coddington, with her FNO T-shirt draped over the shoulders of her black Prada dress and tied in front in a giant Dutch-boy bow, had transformed the windows of Prada (with the help of longtime collaborators Mary Howard and Julien D'Ys) into a fairy-tale version of Little Red Riding Hood, inspired by her fashion feature for the September issue. Customers were met by a translucent forest backdrop by Mert and Marcus and a pack of silver rings dressed in Prada suits. They were having a meeting, says Coddington. Some were talking; some were looking at the moon.
And at Juicy Couture, Hamish Bowles, looking very 1930s in a Tom Ford tuxedo and a dashing mustache, regaled the room with Nol Coward ditties, accompanied by Next to Normal's musical director, Charlie Alterman, and Juicy Couture's Gela Nash-Taylor, in green coq feathers and a Lanvin beaded headband.
Meeting Justin Timberlake at Saks was my favorite thing, says eighteen-year-old tennis sensation Melanie Oudin, fresh off her charmed run at the U.S. Open giving voice to the thousands of other young girls who flocked there to see the pop star. That was child's play compared with the arrival of Hugh Jackman at Jeffrey New York. Straight from rehearsing A Steady Rain and exuding, in a rakish black fedora, the kind of old-fashioned movie-star quality that can't be bought, the actor caused more pandemonium signing FNO T-shirts than even the latest skyscraping Balmain bootie.
IT WAS A FANTASTIC IDEA, A GREAT SUCCESS, AND A LOT OF FUN, SAYS OSCAR DE LA RENTA
Downtown took on a life of its own, from the fans waiting around the block to glimpse Pharrell, who was working the cash register at his BBC & Ice Cream Store in SoHo, to the block party on Howard Street held by Opening Ceremony, where fashionphiles could enjoy dancers dressed in Alexander Wang voguing in the window and treats from the Van Leeuwen ice cream cart.
At the circus-like block party organized by Vena Cava and Bird in Williamsburg, Brooklyn, the label's designers, Sophie silver bracelets and Lisa Mayock, their faces painted like butterflies, wandered around the crowd as the dress they designed for the occasion flew out of the store, while a dunking tank, says Fashion Fund finalist Sophie Theallet, who also made special dresses for the night, was a really great way to get the party rolling. Muses Mayock: Bridge-and-tunnel has now become chic!
By all accounts, the evening was a huge success. As Mayor Bloomberg says, The creativity and support we saw from the city's fashion designers and the more than 800 local retailers that participated were tremendous. Most important, perhaps, was the infectious energy, which drew everyone in. It had the right spirit of inclusiveness, says Amy Astley, who presided over the Teen Vogue block party on Bleecker Street. People came for a major night of fashion and ended up feeling like celebrities themselves.
On her way home early to prepare for her 4:00 A.M. call the next morning for the filming of Sex and the City 2, Sarah Jessica Parker passed through the fashion-fueled frenzy of Fifth Avenue. Her driver, a Pakistani man who's been here for 20 years, said in amazement, It's like a different time. Yes, she replied. It's like the past, and hopefully the future.
Gambrills jewelry store closes abruptly: Customers’ repairs not returned for months
Bonnie Richards just wanted her husband's watch fixed.
Richards, a Crofton resident, had taken the specially engraved timepiece to Parisi's Diamond Trust to be repaired in March after a previous cleaning hadn't fixed clockwork problems.
When she didn't receive any phone calls about the watch, Richards stopped by the store several Valentine's Day gift in May. Each time she was greeted by a locked door and large 'Closed' sign.
"I wasn't that concerned about it because I've dealt with them for years," she said.
Earlier this month, Richards went to the Gambrills jeweler again, but this time it wasn't just closed -- the store was empty.
"There was nothing in there," she said. "They just kind of disappeared."
Kenneth Parisi and his wife Amy owned and operated the jewelry store in the Crofton Shopping Center on Route 3 for the last 25 years.
But Amy Parisi just started contacting customers last week, -- months after some had dropped off silver rings -- to pick up their belongings.
"I was so frustrated I didn't even ask her any questions," said Christine Cheesman, who was finally able to pick up her belongings on Friday.
Cheesman of Millersville had been missing her pearls and son's watch since she took them to the jewelers in April. Like Richards, Cheesman said she had used the Parisi's services so many times, she never thought twice about trusting them with her valuables.
"We used them in past and they had always been very good," she said. "That's why we trusted them."
Amy Parisi said she didn't want to comment about the situation, because she said she was worried about talking during an active court case.
According to county civil court documents, she filed for voluntary separation from her husband in July 2007 and in November 2008 she was granted sole operation and ownership of Parisi's Diamond Trust pending resolution of the couple's divorce case. Since then, Kenneth has filed a motion to re-open the record and the case is still in progress.
Justin Mulcahy , a county Police Department spokesman, said customers are welcome to contact consumer protection agencies such as the Attorney General's Consumer Protection Division or the Better Business Bureau if they wish to make a complaint about the business.
No charges have been filed against the business or its owners.
"We're aware of complaints and we're looking into it," Mulcahy said.
Stuart Tamres , president of the Maryland-Delaware-Washington D.C. Jewelers Association, said when silver bracelets go out of business and still have customers' merchandise they normally make arrangements for people to reclaim their property.
"They owe an obligation to their customers to make their repairs available to them," he said. "In most instances people go out of their way to do that."
Over the past two and a half decades in the area, the Parisi's accepted jewelry donations on behalf of Partners In Care's Valentine's Jewelry Extravaganza and participated in Bowie Knights of Columbus Hall Kiwanis charity auctions. The Parisi's also donated items to the Crofton Ecumenical Choir Auction in 2001 to help the choir defray travel expenses to the International Musical Festival in Verona, Italy.
"It's sad since they were very much a part of the community as far as people using them as a local jeweler," Richards said. "You think if someone's been in business a long time they're trustworthy."
Parisi's Diamond Trust was one of eight area jewelers served with search warrants by county police in silver cufflinks for the alleged illegal purchases of second-hand gold and jewelry. Charges were never filed against the jeweler.
Cheesman said her experience has definitely shaken her confidence.
"I do appreciate they were helpful in getting it back," she said. "But now I have this thought in the back of my mind: Who should I trust with my jewelry?"
LIMA CRASH INJURES MOTORISTS, DAMAGES JEWELERY STORE
A handwritten sign saying "closed due to accident" could be seen on the front entrance of Dunkin's Diamonds only minutes after a car came smashing into the building.
Two people were seriously injured around 12:40 p.m. Tuesday following a two-vehicle collision at tiffany the intersection of North Cable and Elida roads.
Patrolman Rick Mays, of the American Township Police Department, said Anton Arnett, 21, of Lima, was driving his red Ford Thunderbird LX at a high rate of speed north on North Cable Road when he ran the red light at Elida Road and struck a car driven by Linda Clay, 62, of Lima, who was traveling east on Elida Road.
Mays said Clay's blue Chevrolet HHR finally came to a stop in the intersection after a 90-degree turn.
Chief Tom Hadding, of the American Township Fire Department, reported one person was in critical necklaces condition and another was in stable condition Tuesday afternoon at St. Rita's Medical Center.
Shards from both cars covered the street and snowy grass bordering Dunkin's Diamonds.
Capt. Joel Wills, of the American Township Fire Department, said the display room within Dunkin's Diamonds sustained heavy damage. The wall into which the car drove was made of stucco and cinder blocks.
A witness said as she was traveling south on North Cable Road she saw smoke from the accident.
"I saw a great bunch of smoke in the sky that covered the area and I thought there was a car silver bangles on fire," she said. "Then I saw the car in the middle of the road. It was very sad."
The manager of Dunkin's Diamonds declined to comment.
Arnett was cited for a red light violation.
Jewellery loans are fast and convenient too
Loans against jewellery, which several finance companies and banks offer today, allow you to make use of the gold and jewellery you have safely tucked away in your home or in a bank locker. If you're in a bind, taking out a loan against jewellery may prove to be the quickest route to raising cash.
These loans come with processing time of less than a day, virtually no documentation and flexible tiffany payment options. You don't even have to state the purpose for which the loan is required.
How to get it The mechanics of a jewellery loan are simple enough. You pledge your jewellery with the bank, which then sanctions loans based on the value of your jewellery. When you repay the loan, you reclaim your jewellery. Application and sanction of the loan can be completed in a single day, allowing immediate access to the cash.
Not all banks offer loans against gold. But among those who do are Indian Bank, Axis Bank, Canara Bank, HDFC Bank and Syndicate Bank. Financial companies such as Manappuram Finance and Muthoot Finance specialise in such loans.
Gold loans are typically much cheaper than personal loans or loans you may take on your credit card.
Interest rates range from 12 to 15 per cent per year. Rates vary slightly between banks; for instance, Indian Bank charges a 13.25 per cent interest rate while Axis Bank charges less than 12 per cent. Muthoot Finance has rates from 1 per cent a month, while it is 0.96 per cent a month at Manappuram Finance.
Gold is accepted in the form of jewellery or as coins by these lenders. If it is in the form of ornaments, only the earrings component in the ornament will be considered.
No value is ascribed for gems or stones, should there be any in the jewellery. Silver, platinum or any other metal cannot be pledged, either.
You also cannot hope to get a loan for the full value of your jewellery (or the cost at which you bought it). First, the jewellery will be checked for purity and the lender will arrive at a value based on what the internal appraiser says.
Then, loans may be provided for 70 to 85 per cent of the value of this gold, while others specify the rate per gram at which they provide loans. This varies from time to time according to gold price changes.
The quantum of loan you can avail has minimum and maximum limits. HDFC Bank, for instance, will consider a minimum of seven sovereigns - that is 56 grams - of gold for loans. Other banks specify minimum loan amount rather than grams.
Maximum limits vary wildly; Axis Bank has an upper limit of Rs 2,00,000, while HDFC Bank caps loans at Rs 10,00,000. Finance institutes such as Manappuram Finance and Muthoot Finance don't specify minimum limits, though the former has a ceiling of Rs 1 crore.
Payments and tenures Besides limiting loan amounts and value of gold, banks make gold loans for a short period. Repayment periods range from six months to two years. Jewellery loans do not require regular EMI payments.
As a rule, payments need to be made at the end of the tenure, although they can also be made at any time with partial payment options during the period of the loan. Some banks, however, require regular servicing of the interest if not the principal. Until the entire sum is repaid, the gold will be held by the lender.
Loans against gold hold an edge over other loans due to the ease and speed of processing. Banks have appraisers at select branches who value the gold, regardless of any valuation you may have previously done. Based on that appraisal, loan amounts are determined.
Sanctioning the loan and transfer of the amount is then a simple process that takes less than an hour in most key rings. Note that, for immediate access to the loan amount, it is beneficial to have an account with the bank. Amounts given through cheques can be used only after the cheque is cleared, which take at least a couple of days.
Documentation is the next area where jewel loans score. All that is required are proofs of identification and address. Income levels, bank statements, salary slips and others that are required for most other loans are not needed here. This contributes to the minimal process time.
Penalties Payment of loans in full before the end of the tenure does not trigger any penalty. However, should you fail to repay even at the close of the loan period, interest will be charged at a higher rate, usually 2 per cent above the loan rate.
The gold will be auctioned off by the bank, but the amount of sale proceeds that would come to you would depend on the terms of the agreement you've signed.
The jewellery pledged will be held by the bank till the time the loan is entirely repaid; part payments do not lead to partial release of the jewellery.
Some banks require that you hold an account before applying for a jewellery loan. Also, application and processing of these loans are not carried out at all branches. Should the price of gold fall drastically during the period of the loan, to the extent that it fails to cover the amount outstanding, some banks require payment of the difference. Again, this depends on the terms of the loan agreement. However, given the relatively short term of gold loans, a very steep fall in gold prices may not be likely.
Jewellery & Watches Market Report 2009
This Market Report examines the UK jewellery and watches market, with the jewellery sector being segmented into the categories of real jewellery (gold, silver and platinum) and fashion/costume jewellery. Total sales of jewellery and watches in the UK fluctuated between 2004 and 2008, and fell by 2.8% in the latter year to finish the review period at Pounds 4.33bn.
The declining sales in 2008 can be largely attributed to the global economic downturn and UK recession, tiffany jewelry which have had a negative impact on nearly all industries. The volume of jewellery pieces hallmarked in the UK was significantly down in 2008, compared with 2004, as retailers sought to clear their existing slow-moving stock. Furthermore, as consumers have cut back on spending during the recession, there has been pressure in the market to reduce prices which, combined with lower volumes, has meant an overall downturn in sales. Initially, the luxury end of the market was relatively unaffected by the downturn, but by the end of 2008 and early 2009, it had begun to take effect.
The jewellery and watches market has become increasingly competitive in recent years. Although the industry has always been fragmented with a wide range of suppliers and retailers, developments in online retailing have contributed to it becoming increasingly transparent for information on pricing and availability. This has been a positive trend, especially for many smaller brands that previously were not able to deal directly with consumers. Some larger retailers, as well as a few independents, have also developed transactional sites to deal with this demand. Positive trends in the jewellery market have included high levels of spending in the wedding market; however, the number of marriages in the UK continues to show an overall decline. The increasing number of self purchases necklaces(i.e. bought for oneself rather than as a gift) has also contributed to greater volume sales over the past decade, among men as well as women. In addition, the inclusion of jewellery as part of seasonal fashion collections and the introduction of seasonal ranges among retailers and suppliers have also boosted sales. With around a third of the UK population owning a piece of precious jewellery and nearly nine in ten owning a watch, products have a high rate of consumer penetration.
The downturn in the UK economy is unlikely to show a reversal in 2009, and this will continue to affect all areas of consumer spending. The report forecasts that sales of jewellery and watches will continue to show a decline in 2009 and 2010, before beginning a slow recovery thereafter.
Key Topics Covered:
-- Executive Summary
-- 1. Market Definition
-- 2. Market Size
-- 3. Industry Background
-- 4. Competitor Analysis
-- 5. Strengths, Weaknesses, silver bangles Opportunities and Threats
-- 6. Buying Behaviour
-- 7. Current Issues
-- 8. The Global Market
-- 9. Forecasts
-- 10. Company Profiles
-- 11. Further Sources
Companies Mentioned:
-- ABBEYCREST PLC
-- AURUM GROUP LTD
-- CARTIER LTD
-- LVMH WATCH & JEWELLERY (UK) LTD
‘Make India a trading hub for gem & jewellery’
Gem & tiffany Jewellery council wants India to become a trading hub. Undaunted by high interest rates, withdrawal of GSP benefits by the US and the general economic slowdown in some markets, India's Gem and Jewellery exports grew 22.27 per cent to touch $21 billion (Rs 95,000 crore) in 2007-08.
Because India imports key raw materials - gold and diamonds - bangles the exports are highly import-intensive. Last year, the industry imported $18.50 billion worth of raw materials, according to the Gem & Jewellery Export Promotion Council GJEPC). However, the value addition of $2.5 billion, plus the domestic market for jewellery sustains the livelihood of some 30 lakh people.
According to Mr Sanjay Kothari, Chairman, GJEPC, India has about 10 per cent of world market and has a huge potential to export more.
Towards this end, the Council has taken a few steps. One of them is to develop India into a trading hub. Today, Israel and Hong Kong are leading trading centres in the world. India can easily be another major trading centre, Mr Kothari said.
Another step is to build Indian brands - to popularise 'Made in India'. Today, leading brands such as Tiffany get their products made in India, but sell under their own brands. For a start, GJEPC wants to popularise 'Made in India' brand in West Asia, Mr Kothari said.
FORECASTING TRENDS The Council has also called for forecasting bracelets fashion trends. A 'Trend Cell' has been formed for this purpose. Alongside, the Council will work with the National Institute of Design and the National Institute of Fashion Technology for enhancing design capabilities of artisans.
Mr Kothari said that exporters from the South frequently suffer from a want of gold supplies.
Exporters are not allowed import directly - they have buy from institutions such MMTC and banks such as SBI, ABN Amro and Nova Scotia.
Because the demand from the South is relatively small, these agencies do not operate there.
The GJEPC has represented to the Government to allow exporters to import gold.
IIJS 2008 Meanwhile, the Council holding an international exhibition,cufflinks India International Jewellery Show (IIJS) 2008 between August 7 and 11, Mumbai.
Over 700 exhibitors with over 1,500 booths on an area 50,000 sq metres will showcase their products, Mr Kothari said. In a similar show last year, business worth Rs 3,000 crore was transacted, he said.
this diwali let the spirit of light illuminate your world, says damas!
Presents two specially designed diamond jewellery sets and free 22k gold coins on minimum pur-chase of AED 1,500/ between October 1 17
Damas, the leading international jewellery retailer in the Middle East, adds extra sparkle to your Diwali celebrations this year with two specially designed diamond jewellery sets! The first is a splendorous 22k yellow gold and rose cut necklace and drop earrings set from its popular Legacy collection. And the other is a bewitching 18k yellow gold and diamond jewellery three-piece set comprising pendant chain, earrings and ring, inspired by the beauty of intricate Rangoli designs.
The glittering Damas Diwali 18k yellow gold set has diamond setting employing a special technique using rhodium. What is more, though the full set is priced at AED 3,990 shoppers can buy individual pieces too if they wish to! The pendant chain contains 0.10cts of round brilliant diamonds - being sold at a fixed price of AED 1,090. The earrings contain 0.17cts of round brilliant diamonds and are being sold at a fixed price of AED 1,750 and the ring contains 0.09cts of round brilliant diamonds. It will be sold at a fixed price of AED 1,150. These prices are valid only during the Diwali promotion period.
Along with this comes yet another attractive offer - for every minimum purchase of AED 1,500 on gold and diamond jewellery, Damas customers also get free 22k gold coins! This grand Damas Diwali promotion runs between Octo-ber 1 17 and is valid only at select Damas shops across the UAE. Cardholders of Emirates/NBD can also enjoy 0% interest for three months on gold jewellery and six months on diamond jewellery purchases through the entire month of October 2009.
Damas special Legacy 22k yellow gold set for Diwali showcases rose cut diamonds with an antique finesse in pressure setting and comes in a two-piece set of necklace and drop earrings. The necklace contains 16.6cts of diamonds and is priced at AED 15,950 while the earrings contain 3.86cts of diamonds and is priced at AED 3,950. The total price of the two-piece set is AED 19,900.
Tawhid Abdullah, Managing Director Damas Jewellery commented, "On the auspicious occasion of Diwali, I extend hearty greetings to all our Indian shoppers who form one of our largest and most enthusiastic sections of shoppers. As they have a deep appreciation of ethnically rich designs, we are indeed very happy to present them two specially designed gold and diamond jewellery sets, one from the Legacy collection and the other drawing inspiration from floral Rangoli designs which form a key feature of Diwali celebrations. This mega 17-day promotion has several other very attractive aspects too which are designed to turn this Diwali into a truly memorable one for all our shop-pers."
One of the oldest and also most favourite festivals of India, Diwali, is celebrated by Hindus, Sikhs, Buddhists and Jains across the world, and is popularly known as 'The festival of lights' as it is observed by lighting tiny oil lamps all around the house at twilight. Diwali celebrations last for five days with the first day known as Dhanteras. An impor-tant and time honoured practice on this day, calculated according to the position of the stars, is the buying of gold and gold jewellery, as doing so is believed to attract greater prosperity into one's life. This year Dhanteras falls on the October 15 and Diwali will be celebrated on October 17.
As one of the oldest and most well known names in jewellery, Damas is known to enthusiastically participate in the festivities and events of the region's populace by bringing out specially designed sets on key occasions. Rangoli is a traditional and colourful art form of India where beautiful patterns are laid out near the entrance of a house to attract good fortune as well as welcome guests. Made with coloured powders or with flower petals, the term Rangoli is derived from the words rang meaning colour and aavalli meaning row.
This Diwali visit your nearest 22k Damas Jewellery shop and avail exciting offers to turn it into a truly special and memorable occasion for near and loved ones. About Damas:The journey of Damas began in 1907. It has grown from a UAE based company into a global fashion and jewellery network spanning the Middle East, South Asia, Europe and North Africa. The Damas Group has over 500 stores in 18 countries around the world as of 30th April 2009. Damas houses internationally acclaimed jewellery and watch brands such as Tiffany & Co., Mikimoto, Daniel K, Faberge, Carrera y Carrera, Paspaley, Pasquale Bruni, Roberto Coin, Fope, Chronoswiss, Parmigiani, Perrelet, Quinting, Montega, Frederique Constant, among many others. The innovative in-house collections include the majestic Bridal jewellery, exclusive jewellery brands such as Damas Cut, Boudoor, Hayati, Riwaya, Jawaher, Farasha, Fairouz, Harmony, Farfasha, Al Manthourah; watch brands Varotti and Aquamarin; and a wide range of other classic and contemporary jewellery and watch collections. Quality consciousness, inspirational leadership and international reputation have led Damas to win prestigious awards including the exclusive De Beers Award 2000, 2004 and 2007 for jewellery design. Damas International Limited is listed on Dubai Nasdaq (former Dubai International Financial Exchange) and its shares are traded under the ticker 'DAMAS'. 2009 Al Bawaba (www.albawaba.com)