New York Spot Gold set a record high at $1,308.70 per ounce during noon trading, while the value of the dollar weakened and investors were nonplussed by current consumer confidence. Meanwhile, Silver climbed 19 cents to $21.65 per ounce and platinum, $1,634 an ounce.
How come Gold keep setting Record Highs?
Changes in the price of commodities such as gold can reflect a change in the value of the US Dollar, or it can reflect changes in supply and demand for gold.It is almost always the case that a part of the change in the price of gold is due to the change in the value of the US Dollar. Often times this mean that the change of the price of gold as a whole is due to the mathematical recalculation of the value of the US Dollar. The stronger the US Dollar, the fewer dollars it takes to buy any commodity priced in USD; the weaker the US Dollar, the more dollars it takes to buy that same commodity. This is part of the reason the value of gold seems to fluctuate.
Another reason for the changes in the value of gold is simply increases in the supply or demand. If the price is higher in major currencies in addition to the US Dollar (Euros, Japanese Yen, Pounds, etc), then that indicates that the demand for gold has increased, and consequently increased in value. Also, if the value of gold is higher in US Dollars yet cheaper at every other currencies, then it will be safe to assume that the value of the US Dollar has weakened, and gold has lowered value in the other currencies.
Be aware that because the price is quoted in $USD, the value may seem higher than it really is. In that case, it may actually mean that the value of US Dollars has weakened, and due to a supply of more gold, it takes more US Dollars to purchase that commodity.
Kitco provides live graphs to view the ongoing changes in the value of gold, silver, and platium.
Tuesday, September 28, 2010
Wednesday, September 22, 2010
Open Source Minerals Resigns from The Responsible Jewellery Council
Founded by Mike Angenent, Open Source Minerals is a highly respected organization in the the ethical sourcing community, specifically trading diamonds and gems that originate from legitimate sources unplagued by human rights abuses. Open Source Minerals resigned from The Responsible Jewellery Council in response tor RJC's stance in allowing diamonds in the Marange fields of Zimbabwe.
RJC has moved to back decision of the Kimberley Certification Process (KP) to certify the Marange diamonds, mined in Marange fields in which several human rights violations have been documented.
Source: Fair Jewelry Action
RJC has moved to back decision of the Kimberley Certification Process (KP) to certify the Marange diamonds, mined in Marange fields in which several human rights violations have been documented.
Source: Fair Jewelry Action
Tuesday, September 21, 2010
U.S. Chain-store Sales Rise 3%
The International Council of Shopping Centers (ICSC) and Goldman Sachs report that U.S. chain-store sales rose 3.3% this past week, compared to 2009 reports at this time. However, this was a 1.4% drop compared to sales of the week prior to that.
Michael Niemira, Director of Research and Chief Economist for the ICSC, reports a mixed reaction with the welfare of retailers towards this increase. "Despite this week's decline, sales for September remain are on track for an industry-wide increase of about .3 percent overall."
Michael Niemira, Director of Research and Chief Economist for the ICSC, reports a mixed reaction with the welfare of retailers towards this increase. "Despite this week's decline, sales for September remain are on track for an industry-wide increase of about .3 percent overall."
Tuesday, September 14, 2010
Have a Large Diamond that you would like to Sell?
World Jeweler, Inc. strives to live up to its namesake by having traveling buyers and stores available to you across the U.S. nation and worldwide. As a diamond buyer, we specialize in large diamonds 3 carats and more. We have a courteous and knowledgeable staff available to help you.
To get started, we have an easy and instant online service to help us give you a fair appraisal for the highest price paid to you. Click here to fill out a form about the diamond you would like to sell.
If you have a jewelry or watch on hand, click here to find the appropriate form.
For any other questions, feel free to contact us.
To get started, we have an easy and instant online service to help us give you a fair appraisal for the highest price paid to you. Click here to fill out a form about the diamond you would like to sell.
If you have a jewelry or watch on hand, click here to find the appropriate form.
For any other questions, feel free to contact us.
Wednesday, September 08, 2010
U.S. Chain Store Sales increase +1.8%
The International Council of Shopping Centers (ICSC) and Goldman Sachs reported a 1.8% increase year on year in sales for U.S. chain stores this past week. However, compared to the week before, the weekly index basically proved to be flat.
"Sales began the new fiscal month weak as the national weather remained unfavorable for fall merchandise demand," said Michael Niemira, the director of research and chief economist for the ICSC.
ICSC is predicting a possible 3 percent improvement in chain-store sales during September.
Source: RapNet
"Sales began the new fiscal month weak as the national weather remained unfavorable for fall merchandise demand," said Michael Niemira, the director of research and chief economist for the ICSC.
ICSC is predicting a possible 3 percent improvement in chain-store sales during September.
Source: RapNet
Tuesday, September 07, 2010
A 196-Carat Diamond
A diamond well beyond the 2-digit carats that most of us are accustomed to has been recovered by Gem Diamonds at the Letseng mine in Lesotho. Did you know that the Lesotho mine also had recorded 3 of the 20 largest diamonds? A 603 carat Lesotho Promise, a 493 carat Letseng Legacy, and a 478 carat Light of Letseng have been recovered at that mine. They sold for $12.4 million, $10.4 million, and $18.4 million respectively.
Source: http://www.idexonline.com/portal_FullNews.asp?id=34454
Source: http://www.idexonline.com/portal_FullNews.asp?id=34454
The Rapaport International Diamond Conference - October 21
Established in 1976, the Rapaport Group has grown to be an international network of companies dedicated to first class and invaluable services towards the development of free, fair, and competitive diamond/jewelry markets. With over ten thousand clients in 70 countries, the Rapaport Group actively participates in multitudinal services, such as diamond grading and certification, global trading and auction services, international sourcing, and publishing information about trading networks.
With that said, Rapaport will be holding the Rapaport International Diamond Conference on Thursday, October 21st at the Times Center in New York. The conference will consist of two sessions for the morning and afternoon, respectively: "Diamond Demand" and "Human Rights and the Diamond Industry -- The Way Forward."
The morning session, "Diamond Demand" will discuss who will be buying what at as the U.S. and global economies try to recover. The session will analyze future trends and the reasons consumers will buy jewelry. Roy Williams, chancellor of the Wizard Academy, will conclude the session with an anticipated multimedia presentation.
The afternoon session, "Human Rights and the Diamond Industry" understands the current reasons for debate, but will focus more on providing possible solutions as the session introduces new ideas and proprosals. Dr. Michael Conry, Chairman of TransFair USA and author of "Branded" and Dr. Peter Singer, esteemed ethicist from Princeton University will be presenting. This session will include an open discussion using specific and real examples that delineate ethical and business concerns.
ALL revenue from the conference will be donated to the Fair Trade Jewelry Association, a 501(c)3 U.S. registered chairty. The registration fee of $249 will go straight to the charity. Fee waivers may be available for NGO's and government officials.
Seating is limited, to register:
visit the conference website, email idc@diamonds.net, or call +1-702-983-9400.
For more information, visit the website.
With that said, Rapaport will be holding the Rapaport International Diamond Conference on Thursday, October 21st at the Times Center in New York. The conference will consist of two sessions for the morning and afternoon, respectively: "Diamond Demand" and "Human Rights and the Diamond Industry -- The Way Forward."
The morning session, "Diamond Demand" will discuss who will be buying what at as the U.S. and global economies try to recover. The session will analyze future trends and the reasons consumers will buy jewelry. Roy Williams, chancellor of the Wizard Academy, will conclude the session with an anticipated multimedia presentation.
The afternoon session, "Human Rights and the Diamond Industry" understands the current reasons for debate, but will focus more on providing possible solutions as the session introduces new ideas and proprosals. Dr. Michael Conry, Chairman of TransFair USA and author of "Branded" and Dr. Peter Singer, esteemed ethicist from Princeton University will be presenting. This session will include an open discussion using specific and real examples that delineate ethical and business concerns.
ALL revenue from the conference will be donated to the Fair Trade Jewelry Association, a 501(c)3 U.S. registered chairty. The registration fee of $249 will go straight to the charity. Fee waivers may be available for NGO's and government officials.
Seating is limited, to register:
visit the conference website, email idc@diamonds.net, or call +1-702-983-9400.
For more information, visit the website.
Thursday, September 02, 2010
The Price of Gold
The price of gold has always been considered one of the safest financial investments. It doesn't matter what the gold has been made into, it's still very valuable. Gold is gold, and that translates into money....Check out our website to sell your Gold, Diamonds and Jewelry. http://www.worldjeweler.com
The World Gemological Laboratory
World Jeweler, Inc. works closely with the World Gemological Laboratory (not to be confused with the World Gemmological Laboratory located in New York), a fully-equipped gem lab that has the knowledge and expertise to give you not only a comprehensive appraisal of your diamond or jewelry, but a courteous and personable staff as well.
The World Gemological Laboratory strives for the highest quality of work. Its appraisals are recognized by all insurance companies, the lab collaborates closely with all major auction houses and keeps up with current pricing trends.
Click here for more information on the World Gemological Laboratory.
Click here if you are interested in selling your diamond, jewelry, and/or watch with World Jeweler, Inc. for the absolute highest price paid.
The World Gemological Laboratory strives for the highest quality of work. Its appraisals are recognized by all insurance companies, the lab collaborates closely with all major auction houses and keeps up with current pricing trends.
Click here for more information on the World Gemological Laboratory.
Click here if you are interested in selling your diamond, jewelry, and/or watch with World Jeweler, Inc. for the absolute highest price paid.
Harry Winston posts 62% increase in 2Q Revenue
Harry Winston Diamond Corporation posted a 62 percent increase in revenue during its fiscal second quarter of 2011. Both the mining and retail segments posted strong gains. Mining operations generated revenue of $86.8 million, an increase of 89 percent, and retail sales rose 37 percent to $66.9 million. Harry Winston reported profit of $16.5 million, which was up from a loss of $24.5 million in second quarter of fiscal 2010.
Overall, Harry Winston improved gross margin as a percentage of sales to 43.5 percent, up from 30.1 percent. The company earned $3.3 million from foreign currency gains, whereas in second quarter one year ago they reported a loss of $25.3 million.
Rough diamond sales for the quarter rose due to a combination of a 62 percent increase in rough diamond prices and a 17 percent increase in volume of carats sold. Rough diamond production was 14 percent higher at 645,000 carats, but as measured by the calendar year. Harry Winston held three rough diamond sales during second quarter, one of which was a tender, compared to two in the comparable quarter of fiscal year 2010.
Cost of rough sales was $55.4 million, resulting in a gross margin of 36.2 percent compared with gross margin of 12.8 percent one year earlier. The higher cost of sales was due primarily to the cost of mining open pit synchronously with the high-cost development ore from underground mining at Diavik.
Luxury jeweler Harry Winston experienced a 40 percent increase in sales across Europe at $24.7 million. Asian sales increased 40 percent to $22.6 million and U.S. sales increased 31 percent to $19.6 million. The cost of sales for the retail segment for the second quarter was $31.4 million compared with $26.2 million. Gross margin for the quarter was $35.5 million or 53.1 percent compared with 46.3 percent. The increase in gross margin resulted primarily from a more balanced product mix in salon sales and a greater proportion of higher margin watch sales.
Robert Gannicott, Harry Winston chairman, said, "This quarter has demonstrated the continued recovery in the international diamond business and it has also shown additional improvement from our own business segments. Both mine production and rough diamond sales increased in parallel with the growth in retail sales from our network of international stores particularly at the high end. We expect further growth in retail sales supported by renewed marketing efforts as customers seek out true craftsmanship."
Along with its financial report issued today, Harry Winston announced the appointment of David Carey to its board. Carey currently serves as the president of Hearst Magazines. Prior to joining Hearst, Carey was group president at Condé Nast, where he served as a member of the company's executive committee and co-lead on all business development efforts, and in other positions at Condé Nast since 1995.
Source: Jeff Miller, Rapaport
Overall, Harry Winston improved gross margin as a percentage of sales to 43.5 percent, up from 30.1 percent. The company earned $3.3 million from foreign currency gains, whereas in second quarter one year ago they reported a loss of $25.3 million.
Rough diamond sales for the quarter rose due to a combination of a 62 percent increase in rough diamond prices and a 17 percent increase in volume of carats sold. Rough diamond production was 14 percent higher at 645,000 carats, but as measured by the calendar year. Harry Winston held three rough diamond sales during second quarter, one of which was a tender, compared to two in the comparable quarter of fiscal year 2010.
Cost of rough sales was $55.4 million, resulting in a gross margin of 36.2 percent compared with gross margin of 12.8 percent one year earlier. The higher cost of sales was due primarily to the cost of mining open pit synchronously with the high-cost development ore from underground mining at Diavik.
Luxury jeweler Harry Winston experienced a 40 percent increase in sales across Europe at $24.7 million. Asian sales increased 40 percent to $22.6 million and U.S. sales increased 31 percent to $19.6 million. The cost of sales for the retail segment for the second quarter was $31.4 million compared with $26.2 million. Gross margin for the quarter was $35.5 million or 53.1 percent compared with 46.3 percent. The increase in gross margin resulted primarily from a more balanced product mix in salon sales and a greater proportion of higher margin watch sales.
Robert Gannicott, Harry Winston chairman, said, "This quarter has demonstrated the continued recovery in the international diamond business and it has also shown additional improvement from our own business segments. Both mine production and rough diamond sales increased in parallel with the growth in retail sales from our network of international stores particularly at the high end. We expect further growth in retail sales supported by renewed marketing efforts as customers seek out true craftsmanship."
Along with its financial report issued today, Harry Winston announced the appointment of David Carey to its board. Carey currently serves as the president of Hearst Magazines. Prior to joining Hearst, Carey was group president at Condé Nast, where he served as a member of the company's executive committee and co-lead on all business development efforts, and in other positions at Condé Nast since 1995.
Source: Jeff Miller, Rapaport
Wednesday, September 01, 2010
ACR files Legal Action against Mopfu
RAPAPORT... African Consolidated Resources (ACR), the junior diamond mining company at odds with Zimbabwe over Marange diamond claims, reportedly filed a court action against mines minister Obert Mpofu for allowing the sale of rough diamonds. ACR has claimed all along that it rightfully owns mining claims in the Chiadzwa diamond fields, and that the Zimabwe Supreme Court ordered that no rough sales would take place until the ownership issue was resolved.
Mpofu permitted Mbada Diamonds and Canadile Resources to mine and process rough from Chiadzwa and following Kimberley Process approval to sell rough diamonds, the first sale was held in August. ACR claimed that Mpofu violated the Supreme Court order from earlier this year.
ACR wants Mpofu to face High Court action for allowing rough sales. ACR also wants the High Court to throw out the appeal made by Mpofu, over Chiadzwa's legal ownership.
"As a government minister he has a legal and moral duty to see to it that orders of (the High Court) and of the Supreme Court are obeyed and see to it that the integrity of (the courts) is protected, by not openly and publicly acting in defiance of a court order," according to the argument filed by ACR's legal team.
Source: RapNet
Mpofu permitted Mbada Diamonds and Canadile Resources to mine and process rough from Chiadzwa and following Kimberley Process approval to sell rough diamonds, the first sale was held in August. ACR claimed that Mpofu violated the Supreme Court order from earlier this year.
ACR wants Mpofu to face High Court action for allowing rough sales. ACR also wants the High Court to throw out the appeal made by Mpofu, over Chiadzwa's legal ownership.
"As a government minister he has a legal and moral duty to see to it that orders of (the High Court) and of the Supreme Court are obeyed and see to it that the integrity of (the courts) is protected, by not openly and publicly acting in defiance of a court order," according to the argument filed by ACR's legal team.
Source: RapNet
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