Namibia’s diamond production fell 58 percent to 929,006 carats in 2009, according to the Bank of Namibia’s annual 2009 report. The country’s mining was curbed due to the economic downturn. In addition, Namdeb, the joint venture between De Beers and the Namibian government, had already planned to reduce production as its offshore diamonds began to deplete, the bank stated.
Namibia’s diamond exports fell by 24.8 percent to $661.5 million (NAD 4.8 billion) in 2009, the bank reported. All diamond mining in the country is conducted by Namdeb.
Attendance Up at Smart Jewelry Show
Organizers of Instore’s Smart Jewelry Show, which took place in Chicago, Illinois from April 24 to 26, reported the attendance of over 1,000 store fronts, a 25 percent increase from 2009, and more than 541 exhibitor booths, a 28 percent increase. The show included educational sessions and several events, including the Ultimate Bridal Bash, Ultimate Design Contest and Bench Challenges featuring two jewelers “battling it out” in a one-on-one competition.
Leading Jewelers of the World (LJW) concluded its two-day annual meeting with a luncheon held at Chicago’s Navy Pier, coinciding with the opening day of the Smart show. LJW worked with Smart show organizers to utilize the show’s educational speaker program for the meeting. In addition to LJW Honorees, LJW Affiliate Members participated in the annual meeting for the first time.
12 Jewelers Vow Not To Buy Gold from Bristol Bay Mine
Twelve jewelers that represent over $2 billion in U.S. sales pledged to protect Alaska’s Bristol Bay watershed from large-scale metal mining by refusing to source gold from the controversial proposed Pebble Mine. The jewelers include the nation’s second-largest jewelry retailer, Zale Corporation, and independent jewelers Toby Pomeroy, Blair Lauren Brown, Reflective Images, Michaels Jewelers, Security Jewelers, Ingle & Rhode, Alberto Parada, Real Jewels, CRED Jewellery, Open Source Minerals and Fair Trade in Gems and Jewelry.
The retailers join 20 other jewelers, including Tiffany & Co., Birks & Mayors and Jostens, who have already committed to refrain from buying gold from the Pebble Mine. Bristol Bay is home to the world’s largest remaining wild sockeye salmon fishery and is the source of approximately 50 percent of the world’s commercial supply of sockeye salmon, according to nongovernmental organization (NGO) EARTHWORKS.™
Abraham Files Appeal in NY DDC Bylaws Case
Diamond dealer David Abraham has filed an appeal with the New York Supreme Court regarding the court’s decision to dismiss his petition against the New York Diamond Dealers Club’s (DDC) December 2008 vote, which changed the club’s bylaws. Abraham’s attorneys stated that the appeal was, in part, brought on the grounds that the court’s dismissal denied their client motion for a preliminary injunction, as well as their ability to collect key depositions for the case.
Judge Michael Stallman dismissed Abraham’s petition, which was filed in February 2009, in March 2010. The petition sought to invalidate the December 2008 bylaws vote on the grounds that some of the members who voted were suspended by default for failing to pay their membership dues. The judge noted in his dismissal, however, that the club members who had not paid their dues were still valid members because they had not been notified by the DDC that they might be suspended for nonpayment.
Article from the Rapaport Magazine - May 2010. To subscribe click here.