The Israel Diamond Institute Group of Companies (IDI) teamed up with the rough-diamond giant De Beers for Israel’s first ever "Diamond Town Hall Meeting" which is an open discussion inviting people from the Israeli’s diamond industry to ask questions and exchange views with the management of De Beers.

Hundreds of other Israeli diamantaires attended the event which was hosted by IDI Chairman Moti Ganz on June 18 along with De Beers Group Managing Director Gareth Penny and Diamond Trading Co. (DTC) Managing Director Varda Shine. "This is an industry that is highly adaptive and adept at finding new ways to succeed. Innovation is part of the DNA of our industry," Shine said in his opening remarks. The meeting was moderated by the industry expert Chaim Even-Zohar.

Penny too took part and in the presentation delivered by him he described the current economic situation as contributing to "extraordinary times, which require extraordinary action." He said the diamond industry has shown resilience over the past 120 years and even after recession the diamond industry has experienced an immediate resurgence. He also pointed out the outlook for the industry and said that there have been early signs of recovery given that there is an increased demand for rough. In the future he sees the upcoming holiday season would be great than the last year, but it might take until 2010 holiday season to reach its former levels.

During the question-and-answer session one issue arose was the DTC rough supplying for non-sight holders, to which Penny confirmed that De Beers is still committed to support the non-sight holders through Diamdel, a part of the De Beers Group.

"This meeting is an additional step in IDI's broad-based efforts to support and promote the Israeli diamond industry during this difficult time. The event testifies to the importance and vitality of Israel as a world-class diamond center. There is no doubt that this meeting offers an important opportunity to raise issues and to receive answers to the questions regarding pertinent issues facing the industry at this time," Ganz said.

According to the latest reports from the Jewelry Consumer Opinion Council (JCOC), the bridal market which seemed to "recession-proof," is now starting to feel its effects of the current economic downturn.

In a report, "June Bridal Study," it showed that 71 percent of respondents will continue with their wedding or weddings they’re involved in despite the recession. However, only 13 percent of respondents said that their wedding was being postponed by 6 months or more due to the recession and 9 percent said their wedding was being postponed indefinitely.

Besides, almost half of the respondents said that despite the recession, their overall wedding budget would remain the same whereas 28 percent said that it would be lower.

The percentage varied when asked about the ring budgets for the wedding, a clear gender gap emerged in the JCOC’s research results. 36 percent of grooms plan to spend the same amount for the wedding ring despite the recession and 52 percent of brides felt the same thing.

Meanwhile, 36 percent of grooms said their ring budget is lower by fifteen percent or more due to the recession, while only 23 percent of brides thought the budget for the rings would be lowered that much. There were differences in opinion between the brides and grooms about the place where the wedding rings will be purchased.

46 percent of grooms said they will buy their rings from the national jewelry store chain such as Zales or Kay Jewelers and 36 percent said that they will buy from a local independent jewelry store and only 7 percent said that each will buy at an Internet-only retailer, a big-box store such as Wal-Mart or Target, or an established retailer's Web site.

With the brides, 14 percent of which will be involved in the selection and/or buying of the engagement and wedding rings, including how much they will be spending, according to the survey, 29 percent of them preferred independent jewelry store or national jewelry store chain, 23 percent preferred others, 13 percent preferred a big box store, 3 percent of them preferred membership retailers such as Costco or Sam’s Club and/or established retailer’s Website.
The study was conducted by JCOC from June 10-15, 2009. As of June 16, 362 JCOC Panel Members has completed the survey.

Jewelers of America (JA) have announced that they will be redefining its relationship with state and regional affiliate jewelers associations due to the current economic conditions.

In a media release they mentioned that after careful evaluation during an 18 month strategic review done last year. JA’s board of directors identified that their business model was not sustainable to cover its operating costs. JA has a history of producing and developing major services offered to the members, still it retains less than 20 percent of the annual dues paid by the member companies. The remitted balance of annual dues is then remitted back to the 39 affiliated associations by JA.

JA has come up with a new partnership model where it will no longer offer operational assistance to affiliate associations, such as due collection and database maintenance. Yet it will continue a positive and healthy ongoing relationship through other educational and marketing support, this was informed by the organization in a media release.

The current structure will end by Aug. 17, 2009 and under the current model JA members have joint membership with their local jewelry association and the national organizations. Going forward with the new model the members will elect to join or renew their membership with JA and/or their local association separately.

JA President and Chief Executive Officer Matthew A. Runci in release said, "While the current economic forecast has made it necessary to redefine the relationship Jewelers of America has with its affiliates, the association intends to continue a long-term connection with them through restructured agreements and future partnership opportunities."

This change in the operating structure is done in view with aligning the JA resources to provide positive benefits to its immediate members, the organization said in the release. It will continue its focus on benefits that best address the current concerns of its member companies and to identify direct delivery options at their best suitable convenience – in their stores, local events or online.

The association also has new benefits on the horizon which includes a new and spruce up user-friendly Web site which is all set to launch this fall. With this Web site in place its members can obtain lot of services online, including JA’s exclusive regulatory and legislative guidance materials and online educational offerings from GIA and other education partners.

With an effort to support the independent jewelers JA is strengthening its base in Washington, D.C., through legislative advocacy on key retail issues, like fairness in sales tax and group healthcare access. An important merger with the Jewelry Information Center (JIC) is also planned which brings lots of promises to give its members exciting offers to access the high-quality consumer marketing materials and traffic-building programs. With this partnership the JIC members will receive same access to JA benefits just like any other JA member as they will become JA members.