The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Live from New York: Metal Predictions, Millennial Myths
Members of the jewelry industry have descended upon a sweltering New York City for the annual run of late July events.
New York--Members of the jewelry industry have descended upon a sweltering New York City for the annual run of late July events, including the antique show at the Metropolitan Pavilion and JA New York Summer.
The JA New York show opened Sunday at the Javits center, with 10 designers lining the New Designer Gallery and a slate of education sessions taking place throughout the day.
Sessions on social media, led by Dave Kerpen of Likeable Local, and millennials, led by Ben Smithee, were among the most well-attended seminars of the day.
Smithee’s talk centered on the myths surrounding millennials and the overriding message of his talk was this: Millennials aren’t dissimilar from the generations of consumers who came before them.
“Are millennials really that different?” he asked at the conclusion of the session. “We’re not. It’s really (that) consumerism is changing, it’s really the environment of business is changing.”
The millennial generation, which grew up with technology at their fingertips, is so large and well-connected online that their coming of age has brought about an overall shift in how people of all ages shop.
“Don’t think of it as a group of people, think of it as a mental change … that your business has to change with,” he said. “So we’re having the wrong discussion … about millennials and generations and the next generation of consumers. We should be having a conversation about the evolutionary shift in business and how we can affect that in our industry.”
This year, the JA New York Summer show is taking place against a backdrop of global economic and political uncertainty, underscored by a highly contentious presidential election in the United States.
At the Jewelers of America booth there are life-size cut-outs of Hillary Clinton and Donald Trump, and the association is inviting attendees to take a photo with the candidate of their choice. As of mid-day, JA employees reported that support was split pretty much down the middle.
Global uncertainty, such as that surrounding the emotional U.S. election, and unexpected events, like June’s Brexit vote, can shake up consumer confidence and cause precious metal prices to spike.
But Dave Siminski of United Precious Metals said when it comes to events like an election or a terrorist attack, there’s always an immediate, sharp uptick in metal prices but they usually settle within a few days.
“It’s almost like watching a
Looking ahead to the rest of 2016, Siminski said that the price of gold has been climbing steadily all year, and he expects that to continue, with the yellow finishing the year at $1,375. Stuller’s Tammy Kidder, who was a visitor in the United Precious Metals booth, had a slightly lower prediction, $1,300 an ounce.
Siminski and Kidder both see silver continuing to rise as well, hitting about $22 an ounce, while platinum is expected to finish the year around $1,100 an ounce.
The jewelry industry events continue today in New York, with the WJA Awards for Excellence at the Hammerstein Ballroom, the announcement of the winners of the AGTA Spectrum Awards, and, on Tuesday, the American Gem Society’s annual Circle of Distinction dinner.
JA New York Summer continues through Tuesday at the Javits Center.
The Latest
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Despite the rising prices, consumers continue to seek out the precious metal.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.