SourcingMay 14, 2024
Anglo American Confirms It Is Looking to Sell De Beers The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
MajorsAug 23, 2016
Michael Hill moves into New York
The Australian jeweler is opening its first stores in New York and said it has secured a spot for another store in New Jersey.
Brisbane, Australia--Australian jeweler Michael Hill has moved beyond the Midwest with the opening of a store in Queens Center in Elmhurst, N.Y., its first location in the Empire State.
Michael Hill also said it has secured a spot to open a store at Roosevelt Field mall in Garden City, N.Y. Roosevelt Field is the same mall where Blue Nile has its store, a “webroom concept experience” where customers can try on--but not buy--merchandise, and where there is one of the new Le Vian by Jared stores.
In addition, Michael Hill said it plans to open a store at the American Dream Meadowlands in East Rutherford, N.J., though that project has run into numerous delays and remains under construction.
The opening of the stores in Queens and Long Island, plus the planned New Jersey location, would bring the retailer’s store count in the U.S. market to 11.
After opening its first U.S. store in 2008, Michael Hill continues to lose money here and still views it as a test market, though it did spend to advertise its “We’re for Love” campaign during the Super Bowl this past February, and its fiscal year 2015 results released this week showed that year-over-year comps were positive.
Michael Hill said it views the U.S. market as providing the “largest growth opportunity for the future.”
Same-store U.S. sales increased 4 percent during the fiscal year ended June 30. Total sales were up 13 percent, from $10 million to $11.3 million, which included the opening of the additional store.
Operating loss totaled $1.9 million, up from $1.7 million last year but in line with expectations.
The retailer said its focus in the North American market is developing bridal and fashion collections as well as a competitive in-house credit program, and opening in high-end malls with strong traffic and retail mixes.
A “large proportion” of the engagement rings Michael Hill sells in North America are sold on credit, and the retailer also noted that it sells more branded jewelry in the U.S. than in any other market, with brands accounting for 31 percent of total sales here.
Editors' Picks
Sponsored by
More on Majors
The Latest
AuctionsMay 14, 2024
2 Huge Yellow Diamonds Are Heading to AuctionChristie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
GradingMay 14, 2024
Instappraise Adds Trifold Brochure to Appraisal OfferingsRetailers can customize and print the appraisal brochures from their store.
Brought to you by
Record Gold Prices Have Consumers Undeterred. Here’s Why.Despite the rising prices, consumers continue to seek out the precious metal.
Lab-GrownMay 13, 2024
Lab-Grown Diamond Brand Lightbox Cuts Prices by 25 to 40%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.
Weekly QuizMay 09, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
TechnologyMay 13, 2024
Christie’s Website Brought Down by Hackers, Watch Auction Postponed The site has been down since Thursday evening, just ahead of its spring auctions.
AuctionsMay 13, 2024
Madeleine Albright’s Jewelry, Pins a White-Glove Sale at Freeman’s | HindmanThe late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
IndependentsMay 13, 2024
Zachary’s Jewelers Names Mother’s Day Jewelry Contest WinnersThree fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
IndependentsMay 10, 2024
Frank Adams Jewelers Names New CEOKimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
CollectionsMay 10, 2024
Piece of the Week: Carina Hardy’s ‘Birth of Venus’ NecklaceAs a token of womanhood, this necklace depicts when Venus was born from the sea.
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
IndependentsMay 09, 2024
Kyle Edward Fine Jewelry to Close Salisbury StoreThe company’s Easton location will remain open.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, 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.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
MajorsMay 07, 2024
Richemont Acquires Italian Jeweler VhernierThe branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
MajorsMay 06, 2024
Malabar Gold & Diamonds Opens 4th U.S. ShowroomThe Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
