The International Gemological Institute announced last week that Chinese company Fosun is purchasing a majority stake in the grading lab. Fosun is the same company that made a bid for colored gemstone miner Gemfields last year.
New York—A major grading lab acquisition and the retirement of a top Rolex executive were among the developments in the watch and jewelry industry last week.  

1. Chinese Conglomerate Acquires the International Gemological Institute
Fosun, which made a bid for Gemfields last year, now owns an 80 percent stake in the diamond grading lab.

2. Rolex’s Stewart Wicht to Retire at the End of 2018
Wicht has been with the luxury watch brand since 1975 and has been heading the American market since 2011.

3. Millennials, Gen Z Account for Two-Thirds of Diamond Jewelry Sales
According to De Beers Group’s latest Diamond Insight Report, diamond jewelry sales reached a record $82 billion in 2017.

4. The Smart Lab: Clearing Up Website Platform Confusion
Smart Age Solutions’ CEO Emmanuel Raheb outlines the pros and cons of the four types of website platforms currently on the market.

5. Mimi So Sets Up Shop in Downtown NYC
The designer opened her “treehouse-inspired” store on the eve of New York Fashion Week.

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