Jeweller - July, Edition I 2020

10 Years Ago
Time Machine: July 2010
A snapshot of the industry events making headlines this time 10 years ago in Jeweller.
Historic Headlines
4 CIBJO updates precious metal rules
4 Worldwide pearl alert over mislabelling
4 Nationwide conference breaks records
4 ATO helps jewellers rate their performance
4 GAA plans major changes
A lesson for jewellers
STILL RELEVANT 10 YEARS ON
Getting Emotional:
Charm bracelets, particularly ones
where the charms are easily replaced,
can also grow with the customer: the
little girl who got her charm bracelet
while she was still at school can
alter a couple of beads and turn it
into a subtle piece that she can later
wear in the workplace.
READ ALL HEADLINES IN FULL ON
JEWELLERMAGAZINE.COM
A lengthy legal dispute involving a Victorian
jeweller falsely accused of switching a diamond
in a customer’s ring during a repair has been
dismissed by the Victorian Civil and Administrative
Tribunal (VCAT) after almost five years.
The diamond was first assessed – unmounted – in
1997. In 2005, the diamond ring was taken to the
jeweller for a repair. Upon its return, the customer
accused the jeweller of switching the diamond.
The customer then had valuations performed by
different graders, both qualified and unqualified,
which varied greatly as the stone was still mounted
in the ring. A final assessment of the stone, unset
from the ring, showed the diamond to be the
exact diameter and weight as the original 1997
record, leading VCAT to dismiss the claim.
The case demonstrates the importance of
keeping accurate records, unmounting and
weighing stones in front of customers, and
sending diamonds for valuation before and
after repairs.
Michael Hill’s new stores
Michael Hill may have closed jewellery stores in
the US last week but the company is set to open
15 new stores in Australia and New Zealand.
The company’s chief executive officer Mike
Parsell told Jeweller that although he was not
happy that the company was forced to close the
eight US stores, they could be considered part of
the cost to test the US market to establish if the
Michael Hill business model could work there.
Parsell added that he was confident in the nine
remaining stores and stressed that the US
closures would not impact the company’s core
markets of Australia and New Zealand.
July 2010
ON THE COVER Bulova
Editors’ Desk
4Unconventional: “Are recessions
necessarily bad? I’m not sure they
are. Recessions are an essential part
of capitalism – natural by-products
of the boom and bust cycles seen in
open markets.
They ultimately reinforce and
strengthen an economy over the long
haul, much in the same way that a tree
grows stronger after a good pruning.”
Soapbox
4So-Called “Sales” Skills: “Stores
have become like supermarkets
– albeit very glittery and sparkly
supermarkets – where the obejctive
is to ‘turn around’ the sale in
minimum time and get the money
in the till ‘next’.
More and more, retailers expect
products to sell themselves and,
unless the customer comes in
knowing pretty much what they want,
the retailer almost feels imposed to
have to spend some time with them.”
– John Papaioannou, managing director
Time Essentials
Cost-cutting Aussies still
love jewellery
Sales of jewellery, watches, and clocks rose
10.3 per cent during the first three months
of 2010, according to the latest edition of
CommSec’s Economic Insights report.
Spending in various other indsutries decreased
during the same period – tools and equipment
was down 6.7 per cent, while air travel (4.4),
gambling (2.5) and cigarettes (0.8) all suffered.
Even essential goods and services were down
against jewellery. The report could not offer any
explanation of the large increase, writing only,
“Interstingly, Aussie consumers have been
lashing out on some ‘little luxuries’.”
Tag’s $6 million dilemma
Tag Heuer management has gone into damage
control, attempting to plug a $6 million hole
created after Angus & Coote (A&C) “sacked”
the watchmaker following a controversial
decision to close all Melbourne CBD stockist
accounts except one.
The strategy coincided with the opening of the
Tag flagship store on Collins St, and directly
affected The Hour Glass, Saleras, and Monards.
It is understood that Tag was caught by
surprise when A&C decided to remove the
brand from all its Australian and New Zealand
stores. More surprises followed when A&C
embarked on a national advertising campaign
offering discounts – as high as 40 per cent
– on Tag watches.
24 | July 2020