AuctionsMay 16, 2024
Christie’s Holds 2 Sales Despite CyberattackThough its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
IndependentsAug 04, 2016
Fund Launched for Maryland Store Damaged in Flood
Craig Coyne Jewelers was one of the Ellicott City, Md. businesses severely damaged when six inches of rain fell in two hours and caused a flash flood Saturday.
“The response is nothing short of amazing,” Craig Coyne Jewelers founder Sam Coyne said of his local community after a flash flood destroyed many downtown businesses. In addition to his state and local governments “aggressively taking action,” an industry friend is helping to raise funds to repair his flooded store.
Ellicott City, Md.--The community is coming together to help a Maryland jeweler whose store was severely damaged in a recent flash flood.
On Saturday, six inches of rain fell in just two hours in Ellicott City to create what the National Weather Service called an “off-the-charts” event--a flash flood that resulted in two deaths, many demolished businesses and about 120 swift-water rescues.
One of those businesses was Craig Coyne Jewelers on Main Street in downtown Ellicott City. Now, a GoFundMe page has been set up to help raise funds to help the business get back on its feet.
Lori Gadola from Kelim Jewelry Design is the one who started the fund. She met founder Sam Coyne when the store started carrying her line.
On the GoFundMe page she wrote, “(Sam) has been very generous to various community causes that involve health, hunger, education and domestic violence issues. I feel it is time the community gives back to help him during this very tough time.”
The jewelry store opened in 2000 but had just moved into its location on Main Street in 2013. Before moving in, the entire space was remodeled, a project that took six months to complete and $50,000 to finish the interior.
Now, just a few years later, all of that work has been undone.
Coyne told National Jeweler that he was able to get into the store on Wednesday for the first time since the flood for just 10 minutes to assess the damage.
“I don’t believe anything will be salvageable,” he said.
There’s a tree pinned to the front door inside that was forced over the back deck and through the back door into the store, silt that is “feet thick,” water marks that reach the ceiling and a buckled floor on the second level due to the force of the water, among other things.
According to Coyne, his biggest concern is how long it will take to get the business up and running again. Local officials currently are working on a plan, but there’s no telling how long it could be--months and years both are being thrown around, he added.
More immediately he is concerned about serving customers, which he can’t do until he gets into the vault. Though it’s intact and standing, with all customer jewelry secure inside, it can’t be opened. It requires two keys and a combination, but the keys washed away in the storm.
Editors' Picks
Sponsored by
Another issue that has come up is that of data.
On the morning before the flood, the store’s server was taken to the first floor to cool down during the heat wave. The back-up hard-drive also was brought to the store and connected to conduct a back-up before opening Sunday, so it was lost in the flood as well.
Though they have a second drive off-premises, the team still will have to rebuild at least seven months of business, Coyne said.
When asked what the funds might be used for, Coyne said that it “really depends on timing.”
If they’re given access to the store soon, it will go toward clean up, freshening up and mold removal. If not, it could help pay the mortgage or the insurance deductible.
Meanwhile, businesses around the jeweler are being demolished. Coyne said that many of the small shops around him already were having trouble competing with e-commerce and he’s not sure how many of them will reopen now.
On the morning before the flood, the store’s server was taken to the first floor to cool down during the heat wave. The back-up hard-drive also was brought to the store and connected to conduct a back-up before opening Sunday, so it was lost in the flood as well.
Though they have a second drive off-premises, the team still will have to rebuild at least seven months of business, Coyne said.
When asked what the funds might be used for, Coyne said that it “really depends on timing.”
If they’re given access to the store soon, it will go toward clean up, freshening up and mold removal. If not, it could help pay the mortgage or the insurance deductible.
Meanwhile, businesses around the jeweler are being demolished. Coyne said that many of the small shops around him already were having trouble competing with e-commerce and he’s not sure how many of them will reopen now.
More on Independents
The Latest
AuctionsMay 16, 2024
Sotheby’s Withdraws 101-Carat Yellow Diamond from AuctionDespite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
ColumnistsMay 16, 2024
The PR Adviser: What the Designer Should’ve DoneLilian Raji gives advice to designers on how to make the most of great publicity opportunities.
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.
SourcingMay 16, 2024
Lucapa to Shed Stake in Lesotho Diamond Mine The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Weekly QuizMay 16, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
ColumnistsMay 15, 2024
Squirrel Spotting: Why Retailers Struggle to Fire BrandsWhy do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
AuctionsMay 15, 2024
Red Diamond Breaks Records at Phillips GenevaThe “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
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.
Events & AwardsMay 15, 2024
See Who’s in JA’s 2024 ‘20 Under 40’ ClassThe annual list recognizes young professionals making an impact in jewelry retail.
FinancialsMay 15, 2024
Brilliant Earth’s Sales Fall Flat in Q1 While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
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.”
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.
MajorsMay 14, 2024
Platinum Born Taps ‘Born Leaders’ for New CampaignThe ad aims to position platinum jewelry as ideal for everyday wear.
GradingMay 14, 2024
Instappraise Adds Trifold Brochure to Appraisal OfferingsRetailers can customize and print the appraisal brochures from their store.
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.
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.
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.
MajorsMay 09, 2024
Watches of Switzerland Pays $130M for Roberto Coin Inc.The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
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.
