Diamond industry news recap -September 18, 2024
Diamond Industry News Recap:
Weekly News Recap: Highlights from the Jewelry and Retail Industries
Welcome to Owl Financial Group's weekly news recap, where we bring you the latest industry insights. From rising retail sales in the US to extraordinary diamond discoveries and crime warnings affecting jewelry stores, we’ve got it covered. Let’s dive into this week’s top stories:
US Retail Sales Rise in August as Inflation Eases
Retail sales in the US saw continued growth in August, driven by rising consumer demand amid lower inflation and softened unemployment rates. The US Census Bureau reported a 0.1% increase from July, bringing total sales to $710.8 billion. National Retail Federation (NRF) CEO Matthew Shay noted that while job growth is slowing, unemployment remains low, ensuring consumer stability heading into the holiday season. Online sales led the way with a 17% year-on-year increase, while clothing sales saw a 2.1% rise from July.
Jewelers Mutual, JSA Warn of Jewelry-Store Crime ‘Crisis’
Jewelers Mutual and the Jewelers' Security Alliance (JSA) have raised alarms about a surge in jewelry-store robberies in the US. Organized crime groups, primarily from South America, have been targeting stores through innovative break-in techniques, such as accessing safes through rooftops and neighboring walls. Jewelers are urged to strengthen their security systems to combat these sophisticated tactics. JSA Vice President Scott Guginsky said, “I haven’t seen this level of severity and frequency in all of my 30 years involved with jewelry crimes.”
Buy a House, Get a Free 6-Carat Diamond Ring!
In a unique real estate promotion, jeweler Nashwa Ahmed is offering a free 6-carat diamond ring to the buyer of her $1 million luxury home in Canning Vale, Australia. The $30,000 ring is seen as a "goodwill gesture" to sweeten the deal. Ahmed, who owns five Blackbox Jewellers stores, purchased the home in 2015 for AUD 525,000 and has listed it with Stratton Realty. Offers close on September 24.
Lucara Diamond Strikes Gold with Another Jumbo Gem
Lucara Diamond continues its streak of unearthing massive diamonds at its Karowe mine in Botswana. The company recently announced the discovery of a 1,094-carat rough diamond, the sixth stone over 1,000 carats found at the site. This follows the recovery of a record-breaking 2,492-carat diamond just weeks earlier. The diamond will be sold through Lucara’s partner, HB Antwerp, though no decision has been made on whether to cut or auction the stone.
Boucheron Opens First US Store in New York City
Luxury jewelry house Boucheron has made its US debut by opening a flagship store on Madison Avenue in New York City. The 3,900-square-foot boutique is inspired by Art Deco architecture, blending New York's iconic style with elements from Boucheron's Parisian heritage. Inside, visitors can immerse themselves in the brand's rich history while admiring bespoke furnishings and pieces from Boucheron’s private collection, including the Art Nouveau butterfly brooch worn by Elizabeth Taylor.
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Kathy Hillelson & Kalman Klein
Owl Financial Group, LLC
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