Jeweller - December 2020

• Survival lessons: Essential business tips learned from a year of upheaval • Full state of play: a comprehensive report into the Australian jewellery industry in 2020 • Show stoppers: standout jewellery pieces from local talents

• Survival lessons: Essential business tips learned from a year of upheaval
• Full state of play: a comprehensive report into the Australian jewellery industry in 2020
• Show stoppers: standout jewellery pieces from local talents


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Survival lessons<br />



Full state of play<br />


AUSTRALIAN JEWELLERY INDUSTRY IN <strong>2020</strong><br />

Show stoppers<br />



#1<br />


LEADER<br />

Reader<br />


GLOBAL<br />




1 JCK 80,897 1:58 USA<br />


There are many ways to measure #1, however; when<br />

it comes to media, there’s only one way... readership.<br />

2 <strong>Jeweller</strong> 89,405 32:07 Australia<br />

3 National <strong>Jeweller</strong> 143,232 1:58 USA<br />

4<br />

Instore Magazine 175,059 2:09 USA<br />

5 Rapaport Magazine* 193,212 1:51 USA<br />

6 Idex* 259,946 2:44 Israel<br />

7 <strong>Jeweller</strong>y Net Asia 325,766 2:33 Hong Kong<br />

8 Professional <strong>Jeweller</strong> 413,298 1:48 UK<br />

9 The Jewelry Magazine 501,729 1:09 India<br />

10 Diamond World* 629,210 1:59 India<br />

Not only is <strong>Jeweller</strong> the #1 magazine in Australia<br />

and New Zealand by far, we are now ranked #2 in<br />

the world by Alexa, the global ranking system for<br />

analysing website readership.<br />

Yes, your own <strong>Jeweller</strong> is now ranked the second<br />

most widely read industry publication in the world,<br />

just behind the US’s JCK magazine.<br />

Better still, according to Alexa, the daily time spent<br />

on jewellermagazine.com averages 30 minutes,<br />

which far exceeds all is other business-to-business<br />

titles which average between 2–3 minutes per visitor.<br />

At the same time, <strong>Jeweller</strong>’s social media presence<br />

dominates and our eMags boast 12 million reads.<br />

It’s our commitment to excellence in reporting, high<br />

quality presentation, and reader engagement that sets<br />

us apart, which is why we say: Follow the Reader!<br />

* Alexa Global Ranking statistics as at 22 November <strong>2020</strong><br />

* Denotes magazines connected to diamond trading platforms<br />


Australian Argyle pink diamonds are beyond rare and amongst the most precious diamonds in the world.<br />

Pink Kimberley jewellery is crafted from an exquisite blend of white diamonds and<br />

natural Australian pink diamonds from the Argyle Diamond Mine, located in the East<br />

Kimberley region of Western Australia. A coveted Argyle pink diamond Certificate<br />

accompanies all Pink Kimberley pieces containing pink diamonds greater than 0.08ct.<br />


Access one of the largest inventories of<br />

Argyle pink diamonds in Australia<br />



E pink@samsgroup.com.au W samsgroup.com.au P 02 9290 2199<br />


Baumatic self-winding calibre, 40mm steel case<br />

baume-et-mercier.com<br />

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Discover the new Christmas Collection from 29 th October <strong>2020</strong><br />

Available in Pandora concept stores, participating stockists and pandora.net

DECEMBER <strong>2020</strong><br />

Contents<br />

This Month<br />

Industry Facets<br />

13 Editor’s Desk<br />

18 Upfront<br />

20 News<br />

32 <strong>Jeweller</strong>s Showcase<br />

24<br />

27<br />

28<br />

31<br />

64<br />

66<br />

10 YEARS AGO<br />

Time Machine: <strong>December</strong> 2010<br />

NOW & THEN<br />

Fairfax & Roberts<br />

MY STORE<br />

Rohan <strong>Jeweller</strong>s<br />


Lapis lazuli<br />

MY BENCH<br />

Leon Raper<br />


John Rose<br />


The full picture<br />

<strong>Jeweller</strong> explores the evolution of<br />

the watch and jewellery industry<br />

over the past 10 years.<br />


The demise of fashion jewellery chains<br />

Fine jewellery demonstrates unexpected resilience<br />

Mid-sized jewellery chains have mixed results<br />

<strong>2020</strong> State of the Industry Report<br />

37<br />

46<br />

52<br />


Chain reactions<br />


Brand and deliver<br />


Strength in numbers<br />

Better Your Business<br />


Huge increase in brand-only stores over past decade<br />

International luxury groups make their mark<br />


Shake up for the buying groups in <strong>2020</strong><br />

How will they fare in the future?<br />

58<br />

60<br />

61<br />

62<br />

63<br />


SUE BARRETT reflects on the lessons of <strong>2020</strong> for business owners.<br />


RICH KIZER and GEORGANNE BENDER share six top tips for boosting sales.<br />


It’s time to organise your thinking for 2021, writes DAVID BROWN.<br />


WILLIAM COMCOWICH advises on how to determine your campaign’s success.<br />


Instagram Stories require preparation and planning, writes SIMON DELL.<br />


Lapis lazuli<br />

4Explore the enduring appeal<br />

and fascinating history of<br />

this deep blue mineral.<br />

FRONT COVER Peter W Beck is<br />

synonymous with wedding rings<br />

of the highest quality, combining<br />

expert craftsmanship with the<br />

finest materials to create.<br />

<strong>December</strong> <strong>2020</strong> | 11

Every holiday season is vital to your<br />

business, and this year, success has<br />

a new level of importance.<br />

As you meet the demands of this<br />

busy season, Stuller is ready to help<br />

with our robust in-stock inventory.<br />

Visit Stuller.com/Holiday.<br />

Items featured, left to right: 87325 and 124536<br />

Stuller.com<br />

+1 337-262-7700

Editor’s Desk<br />

Listening to the heartbeat of the jewellery trade<br />

What happens when the Australian jewellery industry undergoes an intense medical examination?<br />

ANGELA HAN checks the vitals and shares her findings.<br />

Every word that could describe the global<br />

pandemic has already been written.<br />

The events of <strong>2020</strong> will be recorded in<br />

history’s pages as a central turning point in<br />

the way we view the world and the things<br />

that we value.<br />

Undoubtedly, it’s been an extraordinary year,<br />

one that deserves introspection and analysis<br />

as it draws to an end.<br />

If you wanted to know what the Australian<br />

jewellery industry looks like today in the midst<br />

of an economic crisis, then you’re in luck.<br />

By sheer coincidence, this month is the<br />

10-year anniversary of our 2010 State of<br />

the Industry Report (SOTIR). In a way, this<br />

<strong>2020</strong> update happens to be our contribution<br />

to the pages of history.<br />

A decade ago <strong>Jeweller</strong> researched and<br />

compiled the first-ever comprehensive<br />

analysis of the Australian jewellery industry;<br />

we analysed the core segments of the trade<br />

from fashion and fine jewellery stores to<br />

chain and brand-only and flagship stores.<br />

It was an exhaustive investigation into<br />

the status and health of the trade, which<br />

revealed some very interesting insights.<br />

Much like a medical examination, data was<br />

meticulously recorded and every aspect of<br />

the industry was analysed in-depth.<br />

Indeed, some of the findings of the<br />

2010 report flew in the face of what was<br />

considered conventional wisdom or<br />

common knowledge about Australia’s<br />

retail jewellery market.<br />

In other words, a lot of what was believed<br />

was wrong or, at least, not supported by the<br />

research. Debunking ‘conventional wisdom’<br />

is part of the media’s role.<br />

While our <strong>2020</strong> State of the Industry Report<br />

reviews many aspects of the market, at the<br />

beginning of this year it was our intention<br />

to include an analysis of the most important<br />

industry category - independent jewellery<br />

stores.<br />

However, the COVID pandemic not only<br />

dramatically affected our ability to undertake<br />

the research but, more importantly, the<br />

resulting economic crisis could, and has,<br />

had a major impact on jewellery stores to<br />

the extent that some have closed.<br />

For that reason, we decided to research<br />

and quantify the number of independent<br />

jewellers after the <strong>2020</strong> Christmas trading<br />

period to better compare the results.<br />

As you will discover, our <strong>2020</strong> SOTIR reveals<br />

that fine jewellery chains have remained<br />

resilient over the ensuing 10 years.<br />

In 2010 we reported on the rise of fashion<br />

jewellery chains, however, a decade later<br />

they are all but gone.<br />

While 63 per cent of fashion jewellery chain<br />

stores closed, there was only a 13 per cent<br />

reduction in the number of fine jewellery<br />

chain stores.<br />

In fact, of the seven fashion chains that<br />

existed in 2010, we discover today that six<br />

have collapsed and/or closed their doors!<br />

While the past decade has resulted in the<br />

demise of fashion jewellery chains, back<br />

in 2010, we identified 128 brand-only and<br />

flagship stores, however today there are<br />

220 - a 72 per cent increase in presence.<br />

What we found surprising is the number<br />

of high-end ‘prestige’ brands that have<br />

expanded into Australia courtesy of<br />

international luxury good conglomerates.<br />

The Australian jewellery industry in 2010<br />

was beginning to recover from the global<br />

financial crisis (GFC), which hit the world<br />

from 2007-2009.<br />

Interestingly, CommSec’s 2010 Economic<br />

Insights report announced that the sales of<br />

jewellery, watches, and clocks rose 10.3 per<br />

cent, while spending across other industries<br />

decreased during the same period.<br />

Spending on tools and equipment was down<br />

6.7 per cent, while air travel (4.4), gambling<br />

(2.5) and cigarettes (0.8) all suffered.<br />

Even spending on essential goods and<br />

services was down against jewellery!<br />

A decade later in the midst of a global<br />

pandemic, LVMH stock prices have reached<br />

its highest trade ever at 496.90 EUR since<br />

it first listed on the stock exchange in 1990,<br />

while Pandora and Tiffany stock prices also<br />

continue to soar.<br />

Hong Kong retailer Chow Tai Fook is<br />

trading better than this time last year<br />

and both Michael Hill International and the<br />

The <strong>2020</strong> State<br />

of the Industry<br />

Report update<br />

happens to be<br />

our contribution<br />

to the pages of<br />

history.<br />

US chain, Signet Jewelers, are steadily<br />

recovering since the huge sell off in the<br />

depths of the crisis.<br />

On home soil, jewellery management<br />

consultancy firm Retail Edge released<br />

positive reports of increased sales across<br />

its 450 customers in Australia and NZ.<br />

Reports released since June indicate<br />

that sales have been bouyant despite<br />

the pandemic.<br />

Indeed, there was a 23 per cent increase<br />

in September sales compared to last<br />

year, despite Victoria remaining in Stage 4<br />

lockdown. October’s report indicates that<br />

sales were also up 20 per cent, revealing a<br />

positive growth trend which is predicted to<br />

continue through the holiday trading.<br />

In amidst the chaos, a pattern appears<br />

to be emerging.<br />

Like discovering a speck of gold at the<br />

bottom of a murky pan, turbulent times<br />

appear to be an opportunity for jewellers<br />

who confront challenges with open eyes<br />

and a positive attitude.<br />

What is fast is fleeting, but what is<br />

meaningful can last forever.<br />

Humans will always yearn to be<br />

surrounded by things that are expressive,<br />

beautiful and unchanging, a sentiment that<br />

appears to be magnified during times of<br />

uncertainty.<br />

Be it through an economic crisis or<br />

through a pandemic, people don’t stop<br />

creating memories, celebrating milestones<br />

and falling in love.<br />

A glance back at the past decade has<br />

revealed this insight: consumers have<br />

chosen jewellery, through times both<br />

thick and thin. As long as there is a deep<br />

human experience to celebrate, there will<br />

always be a purpose for jewellers.<br />

To ensure you remain up to date with these<br />

insights and research reports, subscribe<br />

to our eNewseletter and connect with us<br />

to keep track of vitals and listen to the<br />

heartbeat of the industry.<br />

Angela Han<br />

Publisher<br />

<strong>December</strong> <strong>2020</strong> | 13


C O M P O S A B L E , C R E A T E Y O U R B R A C E L E T L I N K B Y L I N K<br />

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p +61 (0)8 8221 5580<br />

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Upfront<br />

#Instagram hashtags to follow<br />

Alpha Order<br />

#blackopal<br />

383,157+ POSTS<br />

#dreamring<br />

152,666+ POSTS<br />

#minimalistjewelry<br />

333,526+ POSTS<br />

#morganite<br />

193,583+ POSTS<br />

Stranger Things<br />

Weird, wacky and wonderful<br />

jewellery news from around the world<br />

‘Green’ diamonds<br />

#fancydiamonds<br />

48,961+ POSTS<br />

#gemlover<br />

126,476+ POSTS<br />

#jewellerystyle<br />

37,848+ POSTS<br />

#necklaces<br />


#tanzanite<br />

411,402+ POSTS<br />

#whitegold<br />



Mogul Mughal Emerald<br />

Weighing 217.80 carats, the Mogul Mughal is one of the world’s largest emeralds.<br />

Originally mined in Colombia, it was likely transported to India by Spanish traders.<br />

Carved with a Shi’a Muslim prayer, the gemstone bears the date ‘1107 AH’ (1695–1696<br />

CE), dating it to the reign of the last great Mughal emperor, Aurangzeb. Scholars<br />

believe it belonged to one of his courtiers. US mineralogist Alan Caplan acquired the<br />

emerald some time in the 20th Century; after his death, it was sold by Christie’s in<br />

2001 for £1.5 million. Today, it is part of the Museum of Islamic Art in Doha, Qatar.<br />

Celebrity Style<br />

4 Actress Tracee Ellis Ross (inset)<br />

showed off her impeccable jewellery<br />

taste at the People’s Choice Awards,<br />

donning a gorgeous set of statement<br />

earrings from Schiaparelli (above).<br />

Inspired by the surrealist art of Jean<br />

Cocteau, the chandelier set features<br />

brass, crystal, and pearl.<br />

4UK clean energy entrepreneur<br />

Dale Vince claims to have created<br />

the first ‘zero-impact’ lab-grown<br />

diamonds. The stones are created<br />

in factories powered by wind and<br />

solar energy, using carbon captured<br />

from the atmosphere. “Making<br />

diamonds from nothing more than<br />

the sky, from the air we breathe, is a<br />

magical, evocative idea – it’s modern<br />

alchemy,” Vince said. “We don’t need<br />

to mine the Earth to have diamonds,<br />

we can mine the sky.”<br />

Ear’s the thing<br />

4US jeweller Jules Kim has<br />

launched jewellery designed to be<br />

slipped onto wireless earphones,<br />

also known as ‘ear pods’. Kim was<br />

inspired by watching athletes<br />

training in New York City. “These<br />

pieces reflect... the future of<br />

jewellery style,” he said. The hoops<br />

and studs are available in 14-carat<br />

white or yellow gold and in silver<br />

and gold vermeil, with 2-carat<br />

diamonds.<br />

Digital Brainwave<br />

The One Small<br />

Step program<br />

also includes<br />

practical guides<br />

to digital tools,<br />

as well as a free<br />

consultation with<br />

Navii Digital.<br />

4Australian technology start-up Navii<br />

Digital is offering a free program called One<br />

Small Step to assist SMEs in adapting to<br />

the digital environment. It includes a series<br />

of webinars featuring representatives from<br />

companies like Facebook and Xero, as well<br />

as SME owners discussing their experiences<br />

with digital marketing and e-commerce.<br />

Liz Ward, founder Navii Digital, said,<br />

“Small businesses tell us they need to see<br />

businesses like theirs, and the benefits and<br />

the costs associated with digital tools before<br />

they adopt them.”<br />

Top Product<br />

4The Pink Kimberley Classic<br />

Collection showcases shimmering<br />

halo and double halo designs set<br />

with stunning pink diamonds from<br />

the iconic Argyle Mine.<br />

Thieves exposed<br />

4UK police have busted a ring<br />

of thieves responsible for a spate<br />

of high-profile celebrity burglaries<br />

after a Romanian call girl posed with<br />

a stolen necklace in a social media<br />

photo. The gang raided the London<br />

homes of billionaire heiress Tamara<br />

Ecclestone and Chelsea FC manager<br />

Frank Lampard, stealing jewellery<br />

and cash valued at £25 million. The<br />

Mirror newspaper reports that<br />

the call girl was part of the gang’s<br />

‘supporting cast’.<br />


Published by Befindan Media Pty Ltd<br />

Locked Bag 26, South Melbourne, VIC 3205 AUSTRALIA | ABN 66 638 077 648 | Phone: +61 3 9696 7200 | Subscriptions & Enquiries: info@jewellermagazine.com<br />

Publisher & Managing Editor Angela Han angela.han@jewellermagazine.com • Assistant Editor Arabella Roden arabella.roden@jewellermagazine.com<br />

Digital Co-ordinator Trish Bucheli-Preece trish@jewellermagazine.com • Advertising Toli Podolak toli.podolak@jewellermagazine.com • Accounts Paul Blewitt finance@befindanmedia.com<br />

Copyright All material appearing in <strong>Jeweller</strong> is subject to copyright. Reproduction in whole or in part is strictly forbidden without prior written consent of the publisher. Befindan Media Pty Ltd<br />

strives to report accurately and fairly and it is our policy to correct significant errors of fact and misleading statements in the next available issue. All statements made, although based on information<br />

believed to be reliable and accurate at the time, cannot be guaranteed and no fault or liability can be accepted for error or omission. Any comment relating to subjective opinions should be addressed to<br />

the editor. Advertising The publisher reserves the right to omit or alter any advertisement to comply with Australian law and the advertiser agrees to indemnify the publisher for all damages or liabilities<br />

arising from the published material.

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Colonial Gemstones is at your service.<br />

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contact@colonialgemstones.com<br />


News<br />

In Brief<br />

End of an era: Argyle Mine officially closed<br />

Russian pink diamond<br />

sold for $27 million<br />

4 The Spirit of the Rose – the largest-ever<br />

vivid purplish-pink diamond to appear at<br />

auction – has sold for $US26.6 million at a<br />

Sotheby’s event in Geneva. The 14.83-carat<br />

stone, mined by Alrosa in Russia, is<br />

internally flawless and was named after a<br />

famous ballet. An anonymous telephone<br />

bidder won the auction, paying the highestever<br />

price per carat for a purple-pink<br />

diamond, according to Sotheby’s.<br />

Man jailed for $3 million<br />

Melbourne robbery<br />

4Karl Kachami, one of two men who<br />

pleaded guilty in relation to the April<br />

armed robbery of a Melbourne gold<br />

dealer, has been sentenced to four years<br />

in prison, with eligibility for parole in<br />

two years. Kachami, 48, planned the<br />

robbery with an employee of the dealer<br />

and believed it was a “victimless crime”.<br />

He made off with more than $3 million<br />

in cash, jewellery and bullion.<br />

Thieves detained over<br />

Green Vaults heist<br />

4Three people have been arrested in<br />

Berlin in relation to the theft of priceless<br />

jewellery from Dresden Castle’s Green<br />

Vault, a year after the crime took<br />

place. The museum – which is home to<br />

the Dresden Green, one of the world’s<br />

largest green diamonds – was burgled in<br />

the early morning of 25 November 2019<br />

after a small fire at an electricity junction<br />

box caused a power failure.<br />

New national sales<br />

manager at Peter W Beck<br />

4Peter W Beck has appointed<br />

Greville Ingham to the newly-created<br />

role of national sales manager, working<br />

across both retail and precious metal<br />

services divisions of the business.<br />

The role encompasses both Australia<br />

and New Zealand. Ingham was previously<br />

precious metal services manager at<br />

Peter W Beck between 1992 and 2000,<br />

and is a member of the Beck family. He<br />

commenced his new role on 2 November.<br />

An aerial view of the Argyle Mine – the world’s premier source of pink diamonds – which ceased production on<br />

3 November after 37 years of operation.<br />

The source of more than 90 per cent of the<br />

world’s pink diamonds, the Argyle Mine in the<br />

Kimberley region of Western Australia, has<br />

been permanently closed by owner Rio Tinto<br />

after more than 30 years<br />

of operation.<br />

The mine’s last day of operation was 3<br />

November, with employees and traditional<br />

owners of the land attending an event to mark<br />

the start of the closure process.<br />

Rio Tinto estimates it will take five years to<br />

dismantle and decommission the Argyle site,<br />

which will be rehabilitated, monitored, and<br />

returned to traditional owners.<br />

Andrew Wilson, general manager of the Argyle<br />

Mine, said, “This is an historic day for the<br />

Argyle Mine and the east Kimberley region,<br />

and a great source of pride for this unique<br />

Australian success story.<br />

“A new chapter will now begin as we start the<br />

process of respectfully closing the Argyle mine<br />

and rehabilitating the land, to be handed back<br />

to its traditional custodians.”<br />

Diamonds were discovered in the region in<br />

1979, with alluvial operations commencing<br />

four years later.<br />

Open pit mining began in 1985, and the Argyle<br />

site was transitioned to a fully underground<br />

operation in 2013 as its diamond reserves<br />

began to be exhausted.<br />

Over its period of operation, the mine has<br />

produced more than 865 million carats of<br />

rough diamonds and is the world’s largest<br />

producer of natural fancy colour diamonds.<br />

The annual Argyle Tender of colour diamonds<br />

began with a 33-stone viewing in Antwerp in<br />

1984, and has since evolved into a staple of<br />

the diamond-buying calendar that captivates<br />

industry figures and consumers alike.<br />

“A new chapter will now begin as we<br />

start the process of respectfully closing<br />

the Argyle Mine and rehabilitating<br />

the land, to be handed back to its<br />

traditional custodians”<br />


Argyle Mine<br />

Arnaud Soirat, chief executive – copper and<br />

diamonds at Rio Tinto, said, “50 years ago<br />

there were very few people who believed<br />

there were diamonds in Australia – even<br />

fewer could have foreseen how the Argyle<br />

story would unfold.<br />

To arrive at this final chapter has required<br />

vision, courage and determination to overcome<br />

significant challenges to enter new territory in<br />

diamond exploration, mining and marketing.”<br />

He added, “Today Argyle’s influence stretches<br />

into many spheres and over many continents<br />

and I am very proud to acknowledge all<br />

those people who have contributed to the<br />

discovery and development of the mine and the<br />

production of some of the finest diamonds the<br />

world has ever seen.”<br />

Bids for the penultimate Tender, ‘One Lifetime,<br />

One Encounter’, closed on 2 <strong>December</strong>.<br />

20 | <strong>December</strong> <strong>2020</strong>

Louis Vuitton purchases a second large<br />

diamond mined in Botswana<br />

Perfect fit<br />

Speciality jewellers<br />

insurance solutions designed<br />

to match your business<br />

The 549-carat Sethunya diamond has been acquired by Louis Vuitton and will be cut by HB Antwerp.<br />

Image credit: Louis Vuitton<br />

French fashion house Louis Vuitton has acquired<br />

a 549-carat stone unearthed at the Karowe Mine<br />

in Botswana – 10 months after purchasing the<br />

1,758-carat Sewelô diamond, which was mined<br />

at the same site.<br />

The new diamond has been named Sethunya,<br />

which means ‘flower’ in the Setswana language.<br />

It was discovered in February <strong>2020</strong>, a month<br />

after Louis Vuitton acquired the Sewelô, which is<br />

the largest diamond found in Botswana to date.<br />

Both stones were mined by Canada’s Lucara<br />

Diamond Corporation (Lucara).<br />

As part of the deal, the Sethunya diamond will<br />

be cut by HB Antwerp in collaboration with<br />

Louis Vuitton in order to create a personalised<br />

jewellery set for a customer.<br />

A statement from Lucara explained, “Louis<br />

Vuitton envisages crafting beautiful, bespoke<br />

high-value polished stones of variable size<br />

and shape fashioned from this rare specimen<br />

to the client’s wishes: the ultimate personalised<br />

high jewellery experience and the opportunity to<br />

create a truly unique gem, a storied<br />

family heirloom.<br />

“In this way, the client will be involved in the<br />

creative process of plotting, cutting, polishing,<br />

and becoming part of the story that the stone will<br />

carry with it into history.”<br />

Eira Thomas, CEO Lucara, said the company<br />

was “extremely pleased to be building on the<br />

ground-breaking partnership established for the<br />

manufacturing of the Sewelô earlier this year”.<br />

Following the Sethunya sale announcement,<br />

Lucara confirmed it had found another<br />

remarkable diamond – a 998-carat rough – at<br />

Karowe. That stone will be sold directly to HB<br />

Antwerp as part of an overall deal to acquire all<br />

Lucara diamonds above 10.8 carats.<br />

“Lucara is extremely pleased with the continued<br />

recovery of large, high-quality diamonds from<br />

the south lobe of the Karowe mine.<br />

“To recover two [500-carat-plus] diamonds<br />

in 10 months, along with the many other<br />

high-quality diamonds across all the size<br />

ranges, is a testament to the unique aspect<br />

of the resource at Karowe”<br />


Lucara Diamond Corporation<br />

“To recover two [500-carat-plus] diamonds in<br />

10 months, along with the many other highquality<br />

diamonds across all the size ranges, is a<br />

testament to the unique aspect of the resource<br />

at Karowe,” Thomas said.<br />

The 998-carat rough, the Sethunya, and the<br />

Sewelô are the latest in a string of large<br />

diamonds found at Karowe. In 2015, Lucara<br />

mined the 1,111-carat Lesedi La Rona – the<br />

second-largest Botswanan diamond – from the<br />

site; it was sold to jeweller Graff Diamonds for<br />

$US53 million ($AU77 million) two years later.<br />

In 2016, Lucara sold the 813-carat Constellation<br />

diamond to Dubai-based Nemesis International<br />

for $US63.1 million ($AU86.8 million), setting a<br />

per-carat price record in the process.<br />

Gallagher have been<br />

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subject to the Policy terms and conditions. You should consider if<br />

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making a decision to acquire insurance. These are available at<br />

www.ajg.com.au. REF2825-1120-2.3

The diamond<br />

pipeline<br />

has, for the<br />

first time<br />

in almost<br />

100 years,<br />

become truly<br />

demanddriven<br />

Pranay Narvekar<br />

and Chaim Even-<br />

Zohar<br />




New diamond industry report released<br />

The analysis identifies 2019 as a pivotal year.<br />

A new report exploring the restructuring of<br />

the diamond trade over the course of 2019<br />

and <strong>2020</strong> has been published, delving into the<br />

macroeconomic and industry-specific factors<br />

influencing the trade from mine to market.<br />

Authored by diamond industry analysts<br />

Pranay Narvekar and Chaim Even-Zohar –<br />

who have previously contributed to <strong>Jeweller</strong> –<br />

the report is titled The 2019 Pipeline: Prelude<br />

to the Storm.<br />

It details how the diamond market has<br />

switched from being largely supply-driven<br />

to a demand-focused model.<br />

“The diamond pipeline has, for the first time<br />

in almost 100 years, become truly demanddriven<br />

– at each and every level of the<br />

pipeline,” Narvekar and Even-Zohar write.<br />

“It has become a normal competitive industry<br />

not any more driven by the rough supply side,”<br />

they add.<br />

Calling the shift “a most desirable conclusion<br />

for the midstream” of the diamond industry –<br />

that is, cut-and-polishing operations in India,<br />

and polished diamond traders – Narvekar<br />

and Even-Zohar predict that the restructuring<br />

process will lead to an industry that is<br />

“structurally not only more competitive, but<br />

also much healthier”.<br />

The analysts identify 2019 as the turning point<br />

for change, describing it as a “gap year”.<br />

Stock levels were clearing amid falling<br />

prices and sales, ahead of a predicted steady<br />

recovery in the ensuing years.<br />

Even-Zohar and Narvekar also explored<br />

demand shifts in <strong>2020</strong> as a result of<br />

COVID-19.<br />

Indeed, the expected improvement in sales<br />

and prices failed to materialise this year as<br />

the pandemic unfolded, yet Narvekar and<br />

Even-Zohar conclude that the fundamental<br />

shifts initiated last year have ultimately left<br />

the diamond industry in a stronger position.<br />

Queensland jeweller to close Ipswich<br />

store after 20 years<br />

It’s been a<br />

wonderful<br />

experience<br />

for us all and<br />

we’re certainly<br />

going to miss<br />

our time here.<br />

It’s been a<br />

real pleasure<br />

looking after<br />

everybody<br />

The Pascoe <strong>Jeweller</strong>s store, located in the<br />

Riverlink Shopping Centre, will cease trading on<br />

Christmas Eve.<br />

As noted in <strong>Jeweller</strong>’s State of The Industry<br />

Report <strong>2020</strong>, Pascoe <strong>Jeweller</strong>s reduced<br />

its store count from nine to three between<br />

2010 and <strong>2020</strong>.<br />

Speaking to the Courier Mail, Geoff Pascoe<br />

explained, “[Ipswich] is the eighth [store]<br />

I’ve closed down so I’ve got two left.<br />

“My health hasn’t been the best. I’ve had<br />

cancer operations this year and I just had<br />

to close all the stores. I’ve decided it’s a lot<br />

easier to just try and close all the stores<br />

down than try and sell them.”<br />

Featuring the<br />

delicate pink tone of<br />

Argyle pink diamonds<br />

Geoff Pascoe<br />

PASCOE<br />


The Ipswich branch of family-owned Pascoe<br />

<strong>Jeweller</strong>s, which had been operating in the<br />

Queensland city for two decades, will<br />

permanently close on Christmas Eve.<br />

The decision to close the store was made due<br />

to the ill health of owner Geoff Pascoe, who<br />

runs the business alongside wife Carolyn.<br />

Pascoe said the business had reduced its<br />

employee headcount from 100 to around<br />

30.Of the Ipswich closure, he added that<br />

customers were “so sad” to see the<br />

Riverlink Shopping Centre store go. The<br />

remaining stores are located in Toowoomba<br />

and Forest Lake; daughter Bianca Pascoe<br />

will take over the latter.<br />



E pink@samsgroup.com.au<br />

W samsgroup.com.au<br />

P 02 9290 2199

Pandora launches holiday marketing<br />

campaign with Millie Bobby Brown<br />

The new animated campaign – which is designed for social media – features a range<br />

of Pandora celebrity spokespeople.<br />

Pandora Jewelry has released its<br />

<strong>2020</strong> holiday season advertisement<br />

featuring its celebrity spokespeople,<br />

including Stranger Things actress<br />

Millie Bobby Brown.<br />

Described as a “mixed media short<br />

film” with “a message of love and<br />

unity”, the advertisement combines<br />

live action with animation and is titled<br />

One Lovely Day.<br />

In the clip, an animated Brown is<br />

joined by the Pandora ‘Muses’ –<br />

Game Of Thrones actress Nathalie<br />

Emmanuel, models Georgia May<br />

Jagger and Halima Aden, dancer<br />

Larsen Thompson, Australian<br />

fashion writer, director and<br />

consultant Margaret Zhang, and<br />

artist Tasya van Ree – and US-based<br />

music and design duo Coco & Breezy<br />

(sisters Corianna and Brianna<br />

Dotson).<br />

The group visit Los Angeles, New<br />

York, London, Shanghai and Australia<br />

in a magical gift box, where they<br />

distribute pink Pandora presents<br />

as the 1977 hit ‘Lovely Day’ by Bill<br />

Withers plays.<br />

Carla Liuni, chief marketing director,<br />

Pandora Jewelry, said, “We know this<br />

holiday season may be unusual, with<br />

some families unable to be together.<br />

So, we wanted to highlight that,<br />

regardless of where you are in the<br />

world, you can still celebrate with the<br />

ones you love and show them how<br />

much you care.<br />

“The aim of this feel-good animation<br />

is to share this sentiment in a really<br />

fun and engaging way.”<br />

The clip was produced by Andy<br />

Baker Studio in London. Andy<br />

Baker, director, said, “We wanted<br />

to combine the realism of the live<br />

action and the 2D in a way that<br />

felt unique and spent a lot of time<br />

working on how we would design the<br />

backgrounds using photography and<br />

background painting techniques to<br />

give us a really cool visual identity.”<br />

“We know this holiday season<br />

may be unusual, with some<br />

families unable to be together.<br />

So, we wanted to highlight that,<br />

regardless of where you are in<br />

the world, you can still celebrate<br />

with the ones you love”<br />


Pandor Jewelry<br />

The advertisement is designed for<br />

social media and will be posted to<br />

Pandora’s own channels, as well<br />

as the social media channels of the<br />

celebrity spokespeople; they have a<br />

combined following of more than 48<br />

million on Instagram alone.<br />

Pursuing a digital-based advertising<br />

campaign appears to be a prudent<br />

move by Pandora.<br />

The company has focused on<br />

e-commerce growth throughout<br />

<strong>2020</strong> and a recent financial report<br />

indicated ‘triple-digit’ increases<br />

in online sales in its two largest<br />

markets – the US and UK – over the<br />

three months to 30 September.<br />

Proudly distributed by<br />

02 9417 0177 | www.dgau.com.au

10 Years Ago<br />

Time Machine: <strong>December</strong> 2010<br />

A snapshot of the industry events making headlines this time 10 years ago in <strong>Jeweller</strong>.<br />

Historic Headlines<br />

4 IIJS gears up for Mumbai debut<br />

4 Personalisation trend hits bridal jewellery<br />

4 Tiffany loses six-year battle against eBay<br />

4 Australia buoys Asia-Pacific market<br />

4 New consumer laws to aid jewellers<br />

Lab-grown diamonds<br />

to take off?<br />

A diamond manufacturer has revealed that it<br />

has been mass-producing colourless, synthetic<br />

diamonds and is gearing up to sell them online.<br />

Gemesis, which specialises in lab-grown<br />

diamonds, has until now focused mostly on fancycoloured<br />

stones.<br />

Colourless diamonds are more expensive to<br />

cultivate than fancy-coloured stones, but Gemesis<br />

is now using the chemical vapour deposition (CVD)<br />

method to produce thousands of carats a month<br />

from its manufacturing base in Southeast Asia.<br />

Chief executive and president Stephen Lux to US<br />

trade magazine JCK that the “created” gems are<br />

mostly more than 0.5 carat, H colour, and VS clarity.<br />

“This is a momentous thing,” Lux said. “We can<br />

provide to the consumer a colourless diamond<br />

that is identical in every way to a mined stone,<br />

except for its origin.”<br />

Diamond Exchange closes<br />

owing $2.5 million<br />

In what can be described as a tragedy for online<br />

diamond buyers, internet retailer Diamond<br />

Exchange has closed its doors.<br />

Diamond Exchange’s future was dealt a final<br />

blow when the Victorian Supreme Court ended its<br />

administration process and sent it into liquidation<br />

on 12 November after joint administrators Con<br />

Kokkinos and Matthew Jess of Worrells were<br />

unable to prove that the case could be resolved in<br />

a beneficial manner to creditors.<br />

Its debts total $2.5 million, of which $1 million is<br />

owed to customers.<br />

<strong>December</strong> 2010<br />

ON THE COVER State of the Industry Report<br />

Editors’ Desk<br />

4Market Intelligence: “The Yellow Pages<br />

is useless. Have you used it recently?<br />

I’m not just talking about the printed<br />

Yellow Pages either. I stopped using<br />

Yellowpages.com.au some time ago for<br />

many reasons, the main one being its<br />

lack of reliability.<br />

These days we think about directories<br />

differently, especially since the advent of<br />

internet search. Print directories<br />

are, and have always been, databases of<br />

information. The way that information<br />

is delivered – whether print, online or<br />

through your mobile – is less important<br />

than the quality of the information itself.<br />

The online version of the Yellow Pages<br />

is simply a different delivery mechanism<br />

for the same database of information.<br />

What has never changed is the need<br />

for accurate information, and that’s<br />

where the Yellow Pages lets you down<br />

– it’s inaccurate.<br />

Keep in mind that the very business<br />

of Yellow Pages is to provide accurate<br />

and up-to-date information, and if its<br />

information is neither accurate nor<br />

current then it’s useless.”<br />


Back to the Future:<br />

Increasing commodification will<br />

undoubtedly make some areas of<br />

jewellery retail far more impersonal,<br />

but the general consensus is that<br />

jewellery will become more personal<br />

– particularly at the higher end of the<br />

marke – through increased [customer]<br />

participation in design.<br />

JWNZ losing money<br />

The latest financial statements lodged by<br />

JWNZ show that not only did the association<br />

make a loss of more than $40,000 last year, but<br />

membership income is dropping.<br />

<strong>Jeweller</strong>s and Watchmakers of New Zealand is<br />

classified financially as an “incorporated society”<br />

and as such is required to have its accounts<br />

independently audited. The 2009/10 financial<br />

statements show JWNZ’s trade fair lost $14,000<br />

last year. The September fair had income of<br />

$79,083 but expenses of $93,578.<br />

Revenue from “commission” also declined,<br />

while costs – including travel and meetings,<br />

administrative, and magazine – increased.<br />

Ole Lynggaard eyes<br />

Australian flagship store<br />

High-end European jewellery brand Ole<br />

Lynggaard aims to further build its presence<br />

in Australia by opening a flagship store in<br />

the country.<br />

The move is part of a worldwide strategy to<br />

expand in international markets. Australia is<br />

the Danish brand’s second-strongest export<br />

market after Germany, depsite having only<br />

launched its jewellery here in 2009.<br />

Due to its desire for exclusivity, Ole Lynggaard’s<br />

imminent Australian store will support its<br />

existing retail base, rather than expanding it.<br />

The store will follow the mould of the premium<br />

Ole Lynggaard flagship in Copenhagen.<br />



24 | <strong>December</strong> <strong>2020</strong>

For your free copy of the Peter W Beck Catalogue containing over 2000 styles, please<br />

contact Marketing on 08 8440 3369 or at Marketing@pwbeck.com.au


NEW<br />

A very Happy Christmas<br />

from the Timesupply team,<br />

best wishes for a safe and<br />

successful 2021.<br />

Timesupply<br />

jewellery + watches<br />

p +61 (0)8 8221 5580<br />

sales@timesupply.com.au | timesupply.com.au<br />

exclusive distributor AU & NZ

INSIDE<br />

Now & Then<br />

Fairfax & Roberts<br />

Celebrating 162 Years • SYDNEY, NSW • A moment with Irene Deutsch, CEO<br />


L to R: Fairfax & Roberts employees pose for a photograph in 1896; the original Lamb & Fairfax premises on<br />

George Street in the 19th Century – a new workshop would later be established on nearby Hunter Street.<br />

Fairfax & Roberts is proud to be Australia’s<br />

oldest established jeweller. Our incredible<br />

story began in 1826 when Richard Lamb<br />

set up a business on Sydney’s main street<br />

as an optician and jeweller. He was later<br />

joined by Alfred Fairfax, of the Fairfax<br />

newspaper dynasty, and in 1858 together<br />

they established Fairfax & Roberts as<br />

Sydney’s first ‘emporium for fine silver and<br />

watchmaking’.<br />

One of Fairfax & Roberts’ early<br />

achievements, in 1873, was the design and<br />

production of the iconic tower clock that<br />

still marks time at Sydney’s Central Station.<br />

By 1886, the company was designing<br />

and creating the finest luxury jewellery,<br />

watches and objects d’art for Australia’s<br />

wealthiest families. These one-of-a-kind<br />

pieces have been tightly held for generations<br />

by the families who commissioned them.<br />

More than a century-and-a-half later,<br />

Fairfax & Roberts still trades in precious<br />

jewels as well as specialising in private<br />

commissions. We maintain our own<br />

workshop where pieces are exclusively<br />

designed and carved and set by hand.<br />

Most recently, the COVID-19 global<br />

pandemic presented a never-before-seen<br />

challenge for all businesses. We had to<br />

diversify, be agile and think creatively – and<br />

to ultimately accelerate many of our longterm<br />

projects.<br />

We successfully launched an online<br />

boutique for ready-to-wear jewellery,<br />

including our extensive range of<br />

international brands. We also renovated<br />

our flagship showroom and launch a<br />

new homewares brand, No.19, which has<br />

received overwhelmingly positive feedback.<br />

It was important to us that during these<br />

uncertain times, we continued to provide<br />

exceptional service and create a new and<br />

inviting space for our customers to visit once<br />

these times had passed.<br />

Our success throughout our history is<br />

measured in the tears of joy our customers<br />

shed when presented with a bespoke,<br />

heartfelt gift or when we hear of a Fairfax<br />

& Roberts engagement ring being passed<br />

from one generation to the next.<br />

The most beautiful part about our jewellery<br />

is that it carries our client’s life story.<br />

Indeed, tradition is a value that we proudly<br />

promote. Our brand is based on a tradition<br />

of quality, excellence, design innovation and<br />

exquisite craftsmanship.<br />

I enjoy it when customers come into the<br />

store and have stories to tell about their<br />

parents or grandparents having had an<br />

heirloom piece of jewellery made by us, and<br />

when I mention to people that I am CEO<br />

of Fairfax & Roberts, I see the amount of<br />

wonderful brand recognition it evokes.<br />

The most rewarding part is knowing that<br />

we continue to create history every day,<br />

by making beautiful pieces of jewellery to<br />

mark some of the most special occasions<br />

in people’s lives.<br />

I do feel a sense of responsibility to continue<br />

the brand, and the traditions and the high<br />

level of quality our clients expect. However,<br />

I also find it incredibly exciting to be part of<br />

something with such great history.<br />

This desire to create luxury jewellery that<br />

is meaningful, now and in the future, flows<br />

1858<br />

Richard Lamb and<br />

Alfred Fairfax found<br />

Sydney’s first ‘emporium<br />

for fine silver and<br />

watchmaking’ at<br />

394 George Street, under<br />

the name Lamb & Fairfax<br />

1873<br />

Lamb & Fairfax designs<br />

and produces the clock<br />

tower for Sydney’s<br />

Central Station<br />

1876<br />

Richard Lamb passes<br />

away and Alfred<br />

Fairfax’s nephew Barton<br />

joins the business<br />

1886<br />

Oscar G Roberts invests<br />

in the business and its<br />

name is changed to<br />

Fairfax & Roberts. A new<br />

workshop at 23 Hunter<br />

Street and an outlet in<br />

London are opened, and<br />

the company registers its<br />

‘maker’s mark’ with the<br />

London Assay Office<br />

1898<br />

Fairfax & Roberts<br />

manufactures the<br />

commemorative solid<br />

gold ‘opening key’ to<br />

the Queen Victoria<br />

Building<br />

1927<br />

Fairfax & Roberts crafts<br />

a sterling silver kangaroo<br />

pin for the Prince of<br />

Wales – the future King<br />

Edward VIII – upon his<br />

visit to Australia<br />

1990<br />

The business moves<br />

into an iconic Art Deco<br />

building near Sydney’s<br />

Martin Place<br />

2008<br />

Fairfax & Roberts<br />

celebrates its 150th<br />

anniversary with a<br />

coffee table book and<br />

new jewellery collections<br />

Above: The Fairfax & Roberts boutique as it is<br />

today, on Castlereagh Street near Martin Place.<br />

throughout everything we do. It informs<br />

our standard and keeps pushing us to<br />

consistently please our customers with<br />

jewellery that inspires and delights.<br />

At the heart of the Fairfax & Roberts<br />

brand – and what makes our pieces<br />

so desirable – is the unique quality of<br />

our designs.<br />

Creating beautiful jewellery is a task<br />

that the artisans of Fairfax & Roberts<br />

take seriously, continuously creating<br />

new collections to showcase our<br />

stunning showroom.<br />

We have set our quality standards<br />

exceptionally high and we stay true<br />

to this with every piece that leaves<br />

our workshop.<br />

My partner and I love Fairfax & Roberts<br />

for so many reasons. We are committed<br />

to honouring its rich history and want<br />

to continue to make this a place where<br />

happiness is created.<br />

As a newly-appointed CEO, I would<br />

obviously like to put my own stamp on<br />

the business – with a nod to tradition.<br />

Our customers should expect to see<br />

our name out there more often, and<br />

some new jewellery collections in the<br />

new year.<br />

We want to make Fairfax & Roberts a<br />

destination, where people know they<br />

will always find something special and<br />

interesting. We want to be the best at<br />

what we do and continually delight our<br />

customers – hopefully for many years<br />

to come!<br />

Read the full length interview<br />

on <strong>Jeweller</strong>magazine.com<br />

<strong>December</strong> <strong>2020</strong> | 27

INSIDE<br />

My Store<br />

Rohan <strong>Jeweller</strong>s<br />

PERTH, WA with Rohan Milne, founder and creative director • SPACE COMPLETED 2008, though we have made continual updates since then<br />

4Who is the target market?<br />

A love of collaborating with our customers and<br />

handcrafting custom jewellery is at the core of<br />

the Rohan <strong>Jeweller</strong>s philosophy – we have<br />

become synonymous with that.<br />

Our clients seek a highly personalised experience<br />

when embarking on creating a bespoke piece<br />

of jewellery with us, so this factor had great<br />

influence when designing our boutique in<br />

Leederville – one of our two Perth stores.<br />

A private viewing room within the boutique<br />

provides a relaxed and intimate setting to try<br />

on collection pieces, explore ideas with our<br />

designers, and view our range of loose gemstones<br />

– including coveted Argyle pink diamonds –<br />

with me.<br />

4Which features encourage sales?<br />

I was inspired to create a luxury boutique with<br />

a relaxed environment that makes people feel<br />

at ease.<br />

Rohan <strong>Jeweller</strong>s is a welcoming space where<br />

clients can explore their own ideas and work<br />

with a designer to have them turned into highquality<br />

jewellery.<br />

4What is the store design’s ‘wow factor’?<br />

Unique to our Leederville boutique, our workshop<br />

– where all of our pieces are handcrafted – is<br />

located on-site. We invite customers to visit our<br />

workshop at any time where our master jewellers<br />

are constantly working on new pieces.<br />

I’m happy to show them the precise tools that<br />

I and the team of jewellers will use as they<br />

collaborate in the creation of each unique piece.<br />

28 | <strong>December</strong> <strong>2020</strong>

Completing my Diploma in<br />

Gemmology has benefited<br />

me as a jeweller in more<br />

ways than I ever expected.<br />

I have always had an interest<br />

in gemstones and found<br />

the course was not only<br />

informative and challenging<br />

but immensely rewarding.<br />

Studying with the GAA has also<br />

allowed me to meet like-minded<br />

people from many facets of the<br />

jewellery industry and grants me access<br />

to resources that I will continue to use<br />

throughout my professional career.<br />

Emma Meakes FGAA<br />

<strong>Jeweller</strong>, John Miller Design - WA<br />

Diploma in<br />

Gemmology<br />

Enrolments now open<br />

For more information<br />

1300 436 338<br />

learn@gem.org.au<br />

www.gem.org.au<br />

Be<br />

Brilliant<br />

Gem-Ed Australia<br />


Passionately educating the industry, gem enthusiasts<br />

and consumers about gemstones

REVIEW<br />

Gems<br />

Lapis lazuli: The night sky in your hand<br />

L to R: Fred Leighton ring, Chow Tai Fook necklace, Andrew Grima<br />

brooch | Below: Boucheron bracelet, Arman Sarkisyan ring<br />

Lapis lazuli, often shortened to lapis, gained<br />

its name from Latin and Persian origins –<br />

lazhuward meaning ‘blue’ in Persian and<br />

lapis meaning ‘stone’ in Latin. The gem has<br />

been highly prized for thousands of years,<br />

being used in jewellery, carvings, seals and<br />

decorative items..<br />

In the ancient world, lapis lazuli was worn<br />

to signify rank and wealth, having been<br />

used by kings and nobles as seals to mark<br />

their official documents.<br />

It has long been associated with wisdom,<br />

protection, love and healing.<br />

During the Renaissance the gem was<br />

prized by European artists. Ground to a fine<br />

powder, lapis was the source of a colour<br />

pigment called ultramarine.<br />

Under a microscope, lapis lazuli looks like<br />

the night sky – with depths of blue lazurite,<br />

a fine white haze of calcite and the starlike<br />

sparkle of pyrite.<br />

Lapis ranges in colour from greenish blue<br />

to rich royal blue and violet blue. The most<br />

prized – and valuable – is an intense royal<br />

blue featuring minute gold flashes of pyrite.<br />

Afghanistan is considered the most<br />

significant source of quality lapis. The gem<br />

has been mined there for thousands of<br />

years in a remote and inhospitable region,<br />

known historically as Bactria.<br />

From isolated valleys, lapis was transported<br />

by camel caravan to the bazaars of the<br />

Mediterranean and then westwards to the<br />

gem trading houses of Europe.<br />

Lapis lazuli<br />

From Persion<br />

lazhuward meaning<br />

‘blue’ and Latin lapis<br />

meaning ‘stone’.<br />

and called ‘Prussian blue’ or ‘Berlin blue’ is<br />

one to note.<br />

To detect staining, look for dye between the<br />

grains of the gem and the tell-tale gleam of<br />

transparent quartz, which is not present in<br />

natural lapis.<br />

Sintered synthetic spinel – to which pyrite<br />

is added during the sintering process<br />

–is another imitant. Sintering involves<br />

compacting synthetic materials to make a<br />

solid mass.<br />

Sodalite is a gem that, to the untrained eye,<br />

can look like lapis. It is not the rich royal<br />

blue of lapis, but rather a greyish blue. Look<br />

for the absence of pyrite and evidence of<br />

dyeing – such as uneven colour and patches<br />

of dye in and around bead drill holes.<br />

It was an expensive material used only<br />

by artists of established reputation for<br />

religious works and private commissions<br />

by wealthy sponsors.<br />

Lapis lazuli is an aggregate comprised<br />

primarily of lazurite, calcite and pyrite.<br />

Quality lapis consists mainly of lazurite<br />

– which gives the gem its intense blue<br />

colour – with small amounts of white<br />

calcite and pyrite.<br />

It is the metallic flash of pyrite against<br />

the deep blue of lazurite that makes it so<br />

attractive to gem collectors and jewellery<br />

artists. Lesser quality lapis will often<br />

be a faded blue, without the depth and<br />

brightness of the finer quality, and will have<br />

a greater concentration of calcite.<br />

Today, other sources are Lake Baikal in<br />

Siberia, Chile, Angola, Pakistan, Canada<br />

and Colorado in the US.<br />

Lapis has long been fashioned into beads,<br />

cabochons, inlays and free-form shapes.<br />

Historically, the gem was also valued<br />

as a carving material for ornaments,<br />

hair combs, game board pieces and<br />

protective amulets.<br />

Lapis is often treated. It is a porous gem<br />

that lends itself to waxing and oiling to<br />

improve its lustre. Lesser quality lapis is<br />

often dyed to reduce the appearance of<br />

calcite and to enhance the blue of lazurite.<br />

As high-quality lapis is expensive there are<br />

imitants on the market; jasper stained blue<br />

Colour: Blue to bluepurple,<br />

mottled<br />

Found in: Afghanistan,<br />

Russia, Chile, Angola,<br />

Pakistan, Canada<br />

and the US<br />

Mohs Hardness: 5–6<br />

Class: Metamorphic<br />

rock<br />

Lustre: Waxy to vitreous<br />

Formula:<br />

(Na,Ca) 8<br />

Al 6<br />

Si 6<br />

O 24<br />

(S,SO) 4<br />

Reconstructed lapis lazuli is made from<br />

low quality lapis crushed and bonded with<br />

resin. Pyrite is added to the mix. To identify<br />

it, look for a smooth surface texture even on<br />

chipped surfaces, a colour that looks ‘too<br />

perfect’, and the absence of calcite.<br />

As lapis is considered a relatively soft gem,<br />

use mild soapy water to clean. Rinse and<br />

leave to dry. Avoid using harsh chemicals<br />

or an ultrasonic cleaner.<br />

Susan Hartwig FGAA combines her love<br />

for writing with a passion for gems and<br />

jewellery through her gemmology blog,<br />

ellysiagems.com. For more information<br />

on gemmology courses and gemstones,<br />

visit gem.org.au<br />

<strong>December</strong> <strong>2020</strong> | 31


Local Talent<br />



Freeform Colour<br />

Stone Bangle<br />

Metals: Platinum,<br />

18-carat yellow gold and<br />

rose gold<br />

Gemstones: Rhodolite<br />

and spessartite<br />

garnet, blue and<br />

parti-colour<br />

sapphire, diamond<br />

Lucas Blacker<br />

Sydney, NSW<br />


Snake & Star Ring Set<br />

Metal: 9-carat yellow gold<br />

Gemstones: Morganite,<br />

diamond<br />

Claire Hammon & Greg<br />

Fromont<br />

Auckland, NZ<br />



Flower Ring<br />

Metal: 9-carat yellow gold<br />

Gemstones: Citrine,<br />

amethyst, blue topaz<br />

David Keefe Jr<br />

Auckland, NZ<br />

Australia and New Zealand are not only home to some of the<br />

rarest gemstones in the world, but also the most talented jewellers.<br />

<strong>Jeweller</strong> showcases a tapestry of local masterpieces that have been<br />

meticulously crafted with great artisanship, right here on home soil<br />


Oval Link Bracelet<br />

Metal: Stainless steel<br />

Sean O’Connell<br />

Bundeena, NSW<br />


Pink Fuchsia Giardinetti<br />

Ring (above) & Gem Garden<br />

Ring (below)<br />

Metal: Sterling silver<br />

Gemstones: Above - Garnet,<br />

pink tourmaline, rose quartz,<br />

amethyst; Below - Sapphire,<br />

tourmaline, blue topaz<br />

Rachel Laura Gorman<br />

Melbourne, VIC<br />

32 | <strong>December</strong> <strong>2020</strong>


Blue Beryl & Gold Ring<br />

Metal: 18-carat<br />

yellow gold<br />

Gemstone: Blue beryl<br />

Nicholas &<br />

Francois Payet,<br />

Margaret River, WA<br />



Water Drop Pendant<br />

Metal: 18-carat white gold<br />

Gemstones: Blue topaz,<br />

diamond, clear quartz<br />

(chain)<br />

Mark Evans<br />

Maroochydore, QLD<br />


JEWELS<br />

Leaf Pendant<br />

Metals: 9-carat<br />

rose and white gold<br />

Gemstone: White<br />

diamond<br />

Roley McIntyre<br />

Wagga Wagga, NSW<br />


Persefone Earrings<br />

Metal: 9-carat<br />

yellow gold<br />

Gemstone: Pink<br />

tourmaline<br />

Juan Castro<br />

Melbourne, VIC<br />

EBBEKE & CO.<br />

Art Deco Emerald<br />

Ring<br />

Metals: Platinum,<br />

18-carat yellow gold<br />

Gemstones: Emerald,<br />

diamond<br />

Lucas Ebbeke<br />

Auckland, NZ<br />


Hanna Ring<br />

Metal: 18-carat<br />

yellow gold<br />

Gemstones: Parti<br />

sapphire, cognac<br />

diamond<br />

Susan Ewington<br />

Noosaville, QLD<br />


Ocean Story – Beneath<br />

The Waves Cuff<br />

Metal: Hand-engraved and<br />

stamped sterling silver<br />

John Miller<br />

Yallingup, WA<br />

<strong>December</strong> <strong>2020</strong> | 33

Proudly distributed by<br />

(02) 9417 0177 | www.dgau.com.au


10 Years at a Glance<br />






RETAIL<br />


There is little doubt the past 10 years have led to<br />

a significant change in the Australian jewellery<br />

landscape – yet analysis of the data by <strong>Jeweller</strong><br />

shows a number of surprising trends and stories.<br />


The demise of fashion jewellery chains<br />

Fine jewellery demonstrates unexpected resilience<br />

Mid-sized jewellery chains have mixed results<br />


Huge increase in brand-only stores over past decade<br />

International luxury groups make their mark<br />


Shake up for the buying groups in <strong>2020</strong><br />

How will they fare in the future?<br />

<strong>December</strong> <strong>2020</strong> | 35




The first detailed analysis of the Australian jewellery industry was published in<br />

2003. It examined, and measured, the number of jewellery stores in the major<br />

shopping centres in each state and, interestingly, found that jewellers accounted<br />

for a ‘standard’ five per cent of all specialty stores in shopping centres.<br />

The research also surveyed the number of jewellery chains and compared their<br />

store count by state, also comparing that data against each state’s population data.<br />

In the following years, <strong>Jeweller</strong> conducted adhoc research and in 2007 we<br />

published a more comprehensive analysis of the chain stores. At the time, there<br />

were around 1,000 stores listed, however, a need emerged to refine the research<br />

by better defining store types and product categories.<br />

This process culminated in the 2010 State of the Industry Report, published in<br />

<strong>December</strong> that year.<br />

The 68-page 2010 report offered a definition of – and differentiation between –<br />

independent jewellery businesses, fashion and fine jewellery stores, chain stores,<br />

brand-only and flagship stores, and finally jewellery kiosks.<br />

Unsurprisingly, the jewellery industry has continued to evolve to the extent that,<br />

in some ways, it’s a little like going ‘back to the future’; the industry appears to<br />

be evolving full circle, back to its roots.<br />

That is, independent jewellers are increasingly focusing on high-value items<br />

– often custom-made jewellery for specific clients – along with repairs and<br />

remodels. In part, it’s a crucial move to differentiate from easily purchased, lowvalue/low-priced<br />

items sold on the internet.<br />

At the same time, a notable change from previous reports is suppliers<br />

(wholesalers) altering their distribution models, becoming defacto retail operations<br />

that compete with independent jewellers.<br />

What began as high-profile watch and jewellery brands establishing ‘Flagship’<br />

stores – purported to assist independent stockists – has, in some cases, morphed<br />

into full-on competition. As part of the evolution, <strong>Jeweller</strong> has redefined the<br />

flagship and brand-only categories, which is explained in the article. It largely<br />

affected how we define Pandora’s business model, moving it from the brand-only<br />

category to the chain store category.<br />

As the industry changes in the coming years, there may be a need to re-evaluate<br />

the definitions used in future State of the Industry Reports.<br />

<strong>Jeweller</strong> endeavours to maintain definitions where they are appropriate and<br />

relevant to the current trading environment, and to enable simple comparison with<br />

data in previous reports.<br />

This edition, therefore, covers the chain and brand-only store categories as well as<br />

the current membership and stores counts of the four buying groups – Nationwide,<br />

Showcase, Leading Edge and the new entrant, Independent <strong>Jeweller</strong>s Collective.<br />


At the beginning of <strong>2020</strong>, <strong>Jeweller</strong>’s intention was to include an analysis of the<br />

most important category of all: independent jewellery stores. It would mark the<br />

10-year anniversary of the first detailed analysis of the true state of the industry.<br />

However, the COVID-19 pandemic not only dramatically affected our ability to<br />

undertake the research but, more importantly, the resulting economic crisis has<br />

had a major impact on jewellery stores – to the extent that many closed.<br />

For that reason, we decided to research and quantify the number of independent<br />

jewellers after the <strong>2020</strong> Christmas trading period. This report will be available in<br />

the New Year.<br />

36 | <strong>December</strong> <strong>2020</strong>


Chains through the Decade<br />


Australian jewellery retailing has undergone significant evolution over the past<br />

decade, but, surprisingly, the changes are very different to what was expected when<br />

<strong>Jeweller</strong> published its last State of the Industry Report in 2010.<br />

A<br />

decade on from <strong>Jeweller</strong>’s first State of<br />

the Industry Report, the jewellery retail<br />

industry – mirroring the broader retail<br />

sector – has undergone momentous change. Yet<br />

over the past 10 years, fine jewellery chain stores<br />

have remained relatively resilient, at least in<br />

terms of store numbers.<br />

However, the same cannot be said for the fashion<br />

jewellery category!<br />

There were 21 fine jewellery chain store ‘brands’ in 2010,<br />

operating a total of 977 stores nationally. On a Like-By-Like<br />

basis, by <strong>2020</strong> that number had declined by 125 stores to 852,<br />

representing a 13 per cent reduction in total store count.<br />

That contraction could be considered small when compared<br />

with the performance of other consumer categories.<br />

Some fine jewellery chains – such as Prouds and Michael Hill<br />

– managed to increase overall store numbers, while others<br />

marginally decreased.<br />

Only two ‘names’ entirely disappeared from the list: Blue<br />

Spirit, a lesser-known small franchise, which operated six<br />

stores in 2010, and the high-profile Thomas <strong>Jeweller</strong>s, with<br />

nine stores.<br />

James Thomas founded Thomas <strong>Jeweller</strong>s in 1896 in<br />

Ballarat. After 121 years of operation, the Thomas family<br />

decided to close its iconic Bourke Street Mall store in<br />

Melbourne in October 2017, as well as the Warnambool,<br />

Wagga Wagga, Albury, Shepparton, Bendigo, Ballarat and<br />

Geelong stores.<br />

In contrast, of the seven fashion jewellery chains listed in the<br />

State of the Industry Report (SOIR) 10 years ago, only one<br />

remains – six closed their physical stores.<br />

The proverbial ‘last man standing’, Lovisa, has grown from 35<br />

locations in Australia to 152 over the past decade, following<br />

the liquidation and closure of major competitors and smaller<br />

fashion jewellery chains alike – including its sister chain Diva.<br />

The ‘downfall’ of the six fashion jewellery chains means<br />

that of the 378 stores that were operating in 2010, 343 no<br />

longer exist.<br />

Demise of fashion chains<br />

For the purpose of research and a report, it is necessary<br />

to create definitions in order to accurately measure and<br />

compare results across categories and over time.<br />

Therefore, a ‘chain’ is defined as a group of five or more<br />


Chain Insights<br />

In this report, a ‘chain’<br />

is defined as a group of<br />

five or more jewellery<br />

stores trading under<br />

the one (brand) name,<br />

with one ownership<br />

entity – a person or<br />

company –<br />

co-ordinating buying<br />

and marketing<br />

activities across the<br />

group. It could include a<br />

franchise operation.<br />

1164<br />

fine jewellery<br />

chain stores<br />

remain open as<br />

at <strong>December</strong> <strong>2020</strong><br />

343<br />

of 378 fashion<br />

jewellery chain<br />

stores have closed<br />

since 2010<br />

50%<br />

chains in<br />

Australia are<br />

owned and / or<br />

controlled by New<br />

Zealand entities<br />

jewellery stores trading under the one (brand) name, with<br />

one ownership entity – a person or company – co-ordinating<br />

buying and marketing activities across the group. It could<br />

include a franchise operation.<br />

In addition, <strong>Jeweller</strong> notes that a chain store usually has<br />

central management and standardised business methods<br />

and practices and will purchase product from both local<br />

suppliers and/or import its own product.<br />

In <strong>2020</strong>, Lovisa is the largest fashion jewellery chain<br />

operating in Australia. The ASX-listed BB Retail Capital,<br />

founded by retail entrepreneur Brett Blundy, owns it.<br />

TABLE 1: FASHION CHAINS STORE COUNT <strong>2020</strong> VS 2010<br />

Chain 2010 <strong>2020</strong> Variance<br />

Diva 176 0 -176<br />

Equip Accessories 104 0 -104<br />

Lovisa 35 152 117<br />

Magnolia Silver 22 0 -22<br />

Butterfly Silver 20 0 -20<br />

Bijoux 11 0 -11<br />

Myka 10 0 -10<br />

TOTAL 378 152 -226<br />

Of the 7 chains in 2010, 6 collapsed and/or closed their physical stores<br />

to move online. Of the 378 fashion jewellery stores in 2010, 343 closed.<br />

Lovisa’s current store count, as noted in its most recent<br />

annual report, is 152; however, an article published by<br />

<strong>Jeweller</strong> in May 2014 detailing the closure of Lovisa’s<br />

176-store sister chain Diva – also owned by BB Retail<br />

Capital – noted that Lovisa had 158 stores across Australia.<br />

Therefore, even though Lovisa has had an impressive<br />

increase of 117 stores since 2010, it has rationalised<br />

its store count over the past few years.<br />

The demise of Diva is interesting. It was launched in 2003<br />

by husband and wife team Colette and Mark Hayman, and<br />

within two years it had expanded to 83 stores. It was sold<br />

to BB Retail Capital in 2005.<br />

By 2007, a further 72 stores had been opened, bringing<br />

to 131 the total retail outlets in Australia.<br />

Diva operated a further 369 stores overseas, primarily<br />

targeting teenage girls, while Lovisa promoted itself as<br />

being able to “fill the void for high quality, fashion forward<br />

and directional jewellery.”<br />

In 2010, and after a three-year absence from the industry<br />

due to a non-compete clause in the sale of Diva to BB Retail<br />

<strong>December</strong> <strong>2020</strong> | 37

STATE OF THE INDUSTRY | Chains through the decade<br />

<strong>2020</strong><br />


Top 5<br />

Largest Fine<br />

<strong>Jeweller</strong>y<br />

Chains<br />

Capital, Colette Hayman launched a new<br />

fashion jewellery and accessories store,<br />

eponymously named Colette Accessories.<br />

The first Colette Accessories store opened<br />

in Sydney’s CBD and, at the time, Hayman<br />

boasted that they would have 120 stores<br />

within three years. By 2014, the store count<br />

had reached 102 across Australia, with a<br />

further 18 overseas.<br />

In contrast, of the seven fashion<br />

jewellery chains listed in the State<br />

of the Industry Report (SOIR) 10<br />

years ago, only one remains – six<br />

closed their physical stores...<br />

The ‘downfall’ of the six fashion<br />

jewellery chains means that of the<br />

378 stores that were operating in<br />

2010, 343 no longer exist.<br />

However in February, the company – which<br />

had been renamed Colette By Colette<br />

Hayman – was placed into administration.<br />

At the time of publication, it had emerged<br />

from the administration process with<br />

35 stores.<br />

Diva and Colette are not the only large<br />

fashion jewellery chains to have found<br />

the going tough over the past decade.<br />

Other closures<br />

Butterfly Silver, a fashion jewellery business<br />

established in 2002, operated 20 stores in<br />

2010. It collapsed in March 2018 closing<br />

all locations.<br />

However, Hoskings subsequently acquired<br />

the e-commerce business butterflysilver.<br />

com.au.<br />

Equip Accessories, which featured in the<br />

2010 SOIR with 104 stores, was liquidated<br />

in 2017. It had expanded to 110 Australian<br />

stores, all of which were closed.<br />

The other three fashion chains that didn’t<br />

survive the decade with bricks and mortar<br />

locations were Magnolia Silver, Bijoux,<br />

and Myka.<br />

In total, and along with Butterfly Silver,<br />

they represented 63 store closures.<br />

Magnolia Silver and Bijoux now operate<br />

as online-only businesses.<br />

On the other hand, Silvershop, which<br />

was founded in 1999, has now expanded<br />

to seven stores in Queensland making it<br />

a small chain.<br />

This collapse of 343 fashion jewellery<br />

stores, along with Colette’s 64-store<br />

closure as a result of administration,<br />

leads to the question: why has the retail<br />

landscape changed so drastically over<br />

the past decade for the lower end of<br />

the market?<br />

The answer likely lies in more strenuous<br />

competition from online incumbents<br />

and new entrants, given that low-margin,<br />

high-volume fashion jewellery is more<br />

suited to internet sales than higher-value,<br />

low-volume fine jewellery.<br />

Further, and more importantly, the<br />

continual increase in shopping centre<br />

tenancy costs – particularly persquare-metre<br />

rents – has resulted in an<br />

unsustainable business model, especially<br />

when ‘rent’ includes a sales percentage.<br />

44 additional<br />

stores since 2010<br />

12 additional<br />

stores since 2010<br />

11 fewer stores<br />

since 2010<br />

43 fewer stores<br />

since 2010<br />

19 fewer stores<br />

since 2010<br />


STORE COUNT <strong>2020</strong> VS DEC 2010<br />

Chain 2010 <strong>2020</strong> Variance<br />

Prouds 217 264 47<br />

Michael Hill 144 154 10<br />

Angus & Coote 133 120 13<br />

Goldmark 119 74 -45<br />

Wallace Bishop 57 38 -19<br />

Zamels 100 33 -67<br />

Shiels 31 40 9<br />

Mazzucchelli's 25 28 3<br />

Bevilles 29 24 -5<br />

Salera’s 21 18 -3<br />

Hoskings 17 16 -1<br />

Gregory 16 15 -1<br />

Graham's 7 6 -1<br />

Regency 6 6 0<br />

Anthonys 8 5 -3<br />

Hardy Brothers 7 5 -2<br />

Pascoe* 9 3 -6<br />

Goldsmith* 9 2 -7<br />

Dia Oro* 7 1 -6<br />

Blue Spirit # 6 0 -6<br />

Thomas # 9 0 -9<br />

TOTAL 977 852 -125<br />

On a like-for-like basis there has been 13% reduction<br />

in store numbers the past 10 years<br />

* No longer chain. # Stores closed<br />

CHART 1: CHAIN DOMINANCE BETWEEN 2003 - <strong>2020</strong><br />

2003<br />

2007<br />

2010<br />

<strong>2020</strong><br />

0 250 500 750 1000 1250<br />

38 | <strong>December</strong> <strong>2020</strong>

Chains through the decade | STATE OF THE INDUSTRY<br />

<strong>2020</strong><br />


Top 5<br />

Resilient<br />

Chains<br />

Zamels<br />

This structure further reduces the margin<br />

on already low-margin items.<br />

Michael Hill experienced a number of<br />

other ups and downs.<br />


CHAINS’ STORE COUNT DEC <strong>2020</strong><br />

The collapse of 343 fashion<br />

jewellery stores, along with<br />

Colette’s 64-store closure as a<br />

result of administration, leads to<br />

the question: why has the retail<br />

landscape changed so drastically<br />

over the past decade for the lower<br />

end of the market?<br />

Fine jewellery chains’ resilience<br />

If one considers the long list of apparel and<br />

accessories chains that have collapsed<br />

over the past five years – including Roger<br />

David, Marcs, Ed Harry, Rhodes & Beckett,<br />

Bardot, and Jeanswest, among others – as<br />

well as international chains which have<br />

withdrawn from the Australian market, such<br />

as Topshop, Esprit, Jigsaw, and Karen Millen,<br />

fine chains have been surprisingly resilient.<br />

Michael Hill Australia has expanded<br />

throughout the past decade, with 10 more<br />

stores in <strong>2020</strong> (154) than it had in 2010 (144).<br />

However, those figures belie the fact that<br />

the company went through major upheaval<br />

when it exited the US market in 2018, closing<br />

nine stores. At that time, the Australian store<br />

count had reached 172, which means that<br />

since 2010, when its store count was 144,<br />

it opened as many as 28 stores to February<br />

2018 – yet in the ensuing period it has closed<br />

18 stores (see chart page 40).<br />

9 additional stores<br />

since 2010<br />

3 additional stores<br />

since 2010<br />

No store closures<br />

since 2010<br />

Only one fewer<br />

store since 2010<br />

Only one fewer<br />

store since 2010<br />

The ASX-listed company decided<br />

to expand its ‘brand’ offering by<br />

establishing a new retail chain in 2014<br />

called Emma & Roe – named after<br />

founder Sir Michael Hill’s daughter<br />

Emma and his wife’s maiden name, Roe.<br />

The new stores attempted to specialise<br />

in ‘demi-fine’ charms, bracelets,<br />

necklaces, earrings and stackable rings.<br />

The concept was trialled for 18 months,<br />

beginning in five Queensland stores<br />

in 2013 under the Captured Moments<br />

brand. After receiving “encouraging<br />

results”, the company opened its first<br />

Emma & Roe concept store in Mackay,<br />

Queensland, in April 2014.<br />

Even though the number of Emma &<br />

Roe stores quickly increased, the venture<br />

ultimately proved unsuccessful. By June<br />

2018 then-CEO Phil Taylor announced<br />

the closure of all 36 stores.<br />

The ‘big boy’ of the Australian jewellery<br />

industry, James Pascoe Ltd (JPL), the<br />

owner of Prouds, Goldmark and Angus<br />

& Coote, remains the largest group, as<br />

it was in 2010. Since then it has had a<br />

net loss of only 11 stores, or 2 per cent,<br />

declining from 469 to 458.<br />

While the result is impressive, like<br />

Michael Hill, the company has<br />

rationalised its store mix and footprint<br />

across Australia. Prouds increased its<br />

presence by an impressive 47 stores<br />

since 2010 (from 217 to 264), yet 45<br />

Goldmark stores were closed (falling<br />

from 119 to 74) during the same period.<br />

Chain<br />

Stores<br />

Prouds 264<br />

Michael Hill 154<br />

Lovisa 152<br />

Pandora # 124<br />

Angus & Coote 120<br />

Colette 35<br />

Goldmark 74<br />

Wallace Bishop 38<br />

Zamels 33<br />

Shiels 40<br />

Mazzucchelli's 28<br />

Bevilles 24<br />

Salera’s 18<br />

Hoskings 16<br />

Gregory 15<br />

Silvershop 7<br />

Graham's 6<br />

Regency 6<br />

Anthonys 5<br />

Hardy Brothers 5<br />

TOTAL 1164<br />

# Pandora was not included on the Chain Store list in<br />

2010 as it was defined as a ‘brand-only’ store while<br />

*In order to emerge from administration, Colette has<br />

closed 64 stores this year, reducing its count from<br />

99 to 35.<br />

Prouds<br />

Angus & Coote<br />


Goldmark<br />


Stores<br />

2003 2007 2010 <strong>2020</strong><br />


Stores<br />

2003 2007 2010 <strong>2020</strong><br />

Stores<br />

2003 2007 2010 <strong>2020</strong><br />

The above charts show the growth of the three James Pascoe Ltd (JPL) chains stores. It should be noted that Angus & Coote and Goldmark were not part of JPL in 2003, which acquired the<br />

ASX-listed Angus & Coote in a reverse takeover deal for $76 million in 2007. Prouds opened three new stores since July <strong>2020</strong>, and closed two Angus & Coote stores and two Goldmark stores.<br />


<strong>December</strong> <strong>2020</strong> | 39

STATE OF THE INDUSTRY | Chains through the decade<br />

IN SUMM A RY<br />

History<br />

Pandora<br />

Meanwhile, 13 Angus & Coote stores got the chop. Myles<br />

Norman, general manager JPL, confirmed that some<br />

of the Angus & Coote and Goldmark ‘closures’ were stores<br />

that were converted to, and re-branded as, Prouds.<br />

Decline of Zamels<br />

However, the story is not as positive when it comes to The<br />

<strong>Jeweller</strong>y Group, which owns Zamels and Mazzuchelli’s.<br />

In 2010 Zamels was Australia’s third-largest jewellery chain<br />

with 100 retail stores; however, by June <strong>2020</strong>, a whopping<br />

63 Zamels stores had closed. By <strong>December</strong>, four more had<br />

closed. During the same period The <strong>Jeweller</strong>y Group also<br />

closed two single store ‘brands’, Vivien’s and Budgens.<br />

On a brighter note, Mazzucchelli’s had increased from 25<br />

stores in 2010 to 28 in <strong>December</strong> <strong>2020</strong>, most of which are new<br />

locations, with one Zamels store (Chadstone, in Melbourne)<br />

being converted to Mazzucchelli’s. As a result, The <strong>Jeweller</strong>y<br />

In 2003 we asked:<br />

are there too many<br />

jewellery stores in<br />

the major shopping<br />

centre?<br />

After extensive<br />

research we found:<br />

71<br />

The number of<br />

major shopping<br />

centres in capital<br />

cities<br />

Group is now less than half the size it was in 2010, operating<br />

61 stores, down from 127 (see chart 3).<br />

Many of the problems facing Zamels can be traced to the<br />

2007 sale of the 53-year-old family business to Quadrant<br />

Private Equity. At the time, speculation valued the deal at<br />

between $75 million and $100 million.<br />


Stores<br />

Zamels<br />


Chain Owner/Group Stores<br />

Prouds<br />

264<br />

Angus & Coote James Pascoe<br />

120<br />

Group<br />

Total<br />

458<br />

12,561<br />

The number of<br />

specialty stores<br />

in the 71 centres<br />

2003 2007 2010 2017 <strong>2020</strong><br />

Mazzuchelli's<br />

Goldmark 74<br />

Michael Hill Michael Hill 154 154<br />

Lovisa BB Retail Capital 152 152<br />

Pandora Pandora 124 124<br />

Zamels<br />

33<br />

The <strong>Jeweller</strong>y Group<br />

Mazzucchelli's 28<br />

Shiels<br />

40<br />

Transworld Enterprises<br />

Graham's 6<br />

Wallace Bishop<br />

38<br />

Wallace Bishop<br />

Hardy Brothers 5<br />

Colette Colette 35 35<br />

Bevilles Bevilles 24 24<br />

Salera’s Salera’s 18 18<br />

Hoskings Hoskings 16 16<br />

Gregory Gregory 15 15<br />

Silvershop Silvershop 7 7<br />

Regency Regency 6 6<br />

Anthonys Anthonys 5 5<br />

61<br />

46<br />

43<br />

TOTAL 1164 1164<br />

The above chart shows the updated chain store count as at <strong>December</strong><br />

<strong>2020</strong>. Note that a ‘chain’ is defined as 5 or more stores.<br />

667<br />

The number of<br />

jewellery and<br />

watch stores<br />

5.3%<br />

<strong>Jeweller</strong>y stores<br />

as a percentage<br />

of all stores<br />

16%<br />

The percentage<br />

of overall retail<br />

sales at shopping<br />

centres<br />

Stores<br />

2007 2010 <strong>2020</strong><br />

With a total of 61 stores, The <strong>Jeweller</strong>y Group is half the size it was in 2010.<br />

Since July <strong>2020</strong>, Zamels closed four stores and Mazzhuchelli’s closed two.<br />

However, when the takeover was completed, industry sources<br />

suggested the final sale was closer to $48 million – a figure<br />

that many believed was still excessive.<br />

Five years later, that assessment was seemingly proved<br />

correct when Quadrant sold The <strong>Jeweller</strong>y Group to one of<br />

the world’s largest jewellery manufacturers: Mumbai-based<br />

M Suresh Group DMCC. In November 2017, <strong>Jeweller</strong> reported:<br />

“In a stunning depreciation, Quadrant is tipped to be offloading<br />

the group for less than $20 million – a loss of around $30<br />

million in just over four years.”<br />

At the time of the second sale, industry pundits questioned<br />

the logic of an Indian jewellery manufacturer operating an<br />

Australian-based retail chain, which then accounted for 102<br />

Zamels and 27 Mazzucchelli’s stores.<br />

Zamels had also encountered problems with its brand image<br />

in 2012 when it was fined $250,000 by the Federal Court after<br />

being found guilty of misleading consumers about the savings<br />


40 | <strong>December</strong> <strong>2020</strong>

200<br />

100<br />

Chains through the decade | STATE OF THE INDUSTRY<br />




While the New Zealand based James Pascoe Ltd (JPL)<br />

represents the largest retail footprint across Australia –<br />

controlling Prouds, Angus & Coote and Goldmark chains –<br />

that wasn’t always the case.<br />

As previously noted, the 2010 State of the Industry Report<br />

(SOIR) listed JPL with a combined total of 469 stores across<br />

its three chains, falling to 458 this year.<br />

The accompanying chart shows the growth of the three chains<br />

since 2003, but it should be recognised that JPL acquired<br />

Angus & Coote (A&C) and Goldmark in 2007 in a $76 million<br />

deal. The acquisition included three other jewellery chains<br />

which were part of A&C and which no longer operate.<br />

A&C was established in 1895 and was listed on the Australian<br />

Stock Exchange (ASX) in 1952. At the time of the JPL takeover<br />

– which required approval from the Australian Competition<br />

and Consumer Commission (ACCC) – A&C operated the<br />

Edments, Dunklings and Amies chain, as well as Goldmark.<br />

At the time of <strong>Jeweller</strong>’s first chain store research and<br />

analysis in 2003, A&C operated 254 stores (Goldmark 114,<br />

Amies 34, Dunklings 26, Edments 25, A&C 55) and according<br />

to research firm IBISworld, the company had 12 per cent of<br />

the jewellery and watch store business.<br />

The deal was controversial not only because it required<br />

ACCC approval, but also because it was a ‘reverse takeover’<br />

– named for when a smaller company attempts to acquire<br />

a larger company.<br />

JPL announced the takeover move in January 2007 when it<br />

had around 174 Prouds stores in Australia and when the<br />

ASX-listed A&C accounted for around 246 stores.<br />

In addition, Prouds was only the third-largest group at the time<br />

of the reverse takeover; Kleins, a fashion jewellery franchise,<br />

was the second-largest chain/group, with 182 stores.<br />

In another interesting twist, reminiscent of recent history, in<br />

May 2008 Kleins was placed into receivership after collapsing<br />

with $20 million in debt. Two months later the company was<br />

liquidated after administrator James Stewart, of Ferrier<br />

Hodgson, said he was being forced to close the business.<br />

“Despite 46 expressions of interest and eight indicative<br />

offers being received, once parties proceeded to due diligence<br />

it was clear that no-one was confident about returning the<br />

business to profitability, considering the risks and financial<br />

commitment required,” Stewart said.<br />

In November 2008 Prouds went on to re-brand Amies in<br />

Queensland, Dunklings in Victoria and Edments in South<br />

Australia and Western Australia as Angus & Coote stores,<br />

which helps explain the increase from 41 stores in 2007<br />

to 133 in 2010, and finally 120 this year.<br />

And in one final twist, of the 1,164 chain stores across<br />

Australia in <strong>2020</strong>, 52 per cent are owned and ‘controlled’ by<br />

the Kiwis: James Pascoe Ltd and Michael Hill International.<br />

0<br />

CHART 4.1:<br />

300<br />

200<br />

100<br />

0<br />

CHART 4.2:<br />

500<br />

400<br />

300<br />

200<br />

100<br />

0<br />

2003 2007 2010 <strong>2020</strong><br />

Pascoes Group Chart<br />

Angus & Coote Goldmark Prouds<br />

2003 2007 2010 <strong>2020</strong><br />

Angus & Coote Goldmark Prouds<br />



The above chart shows the growth of the<br />

three James Pascoe Ltd (JPL) chains<br />

stores over the past 17 years. It should be<br />

noted that Angus & Coote and Goldmark<br />

were not part of JPL in 2003; they were<br />

acquired in 2007 in a reverse takeover<br />

deal of Angus & Coote.<br />

‘03 ‘07 ‘10 ‘20<br />

Total Stores<br />


The combined total of stores for<br />

the three James Pascoe Ltd chains<br />

since 2003.<br />

2003 2007 2010<br />

CHART 4.3: <strong>2020</strong> Australian chains with New Zealand ownership (By Brand)<br />

10%<br />


Chain by Brand<br />

Stores<br />

Angus & Coote (JPL) 120<br />

Goldmark (JPL) 74<br />

Prouds (JPL) 264<br />

Michael Hill (MHI) 154<br />

Other 552<br />

TOTAL 1164<br />

OTHER<br />

48%<br />

552 STORES<br />

NZ-OWNED in % 52%<br />

Australian chains with New Zealand ownership (By Group)<br />


13%<br />

154 STORES<br />

Chain by Group<br />

Stores<br />

James Pascoe (JPL) 458<br />

Michael Hill (MHI) 154<br />

Other 552<br />

TOTAL 1164<br />

NZ-OWNED in % 52%<br />

OTHER<br />

48%<br />

552 STORES<br />

MHI<br />

13%<br />

154 STORES<br />

PROUDS<br />

23%<br />

264 STORES<br />

JPL<br />

39%<br />

458 STORES<br />

120 STORES<br />


6%<br />

74 STORES<br />

ABOVE The pie charts show the number of New Zealand owned/controlled jewellery chains<br />

trading in Australia by brand name and by group owned. They account for 52 per cent of stores.<br />

<strong>December</strong> <strong>2020</strong> | 41

STATE OF THE INDUSTRY | Chains through the decade<br />

CHART 5:<br />

Wallace Bishop<br />

Bevilles<br />

Saleras<br />

150<br />

40<br />

Stores<br />

100<br />

50<br />

Stores<br />

30<br />

20<br />

10<br />

Stores<br />

0<br />

2003 2007 2010 <strong>2020</strong><br />

0<br />

2003 2007 2010 <strong>2020</strong><br />

2007 2010 <strong>2020</strong><br />

The above charts show the store count changes for Wallace Bishop, Bevilles and Salera’s based on <strong>Jeweller</strong>’s previous reports. Since July <strong>2020</strong>, Salera’s closed two stores.<br />


to be made during an extensive sales period.<br />

Unfortunately for The <strong>Jeweller</strong>y Group,<br />

it was the second time that Zamels had<br />

been targeted by the Australian Competition<br />

and Consumer Commission (ACCC) over<br />

two-price – also known as ‘was-now’ –<br />

advertising.<br />

In 2006 the ACCC launched legal<br />

proceedings against the then-family owned<br />

Zamels in regard to its 2005 Christmas<br />

catalogue. The Federal Court found<br />

that Zamels had not sold the items at a<br />

strikethrough (was) price for a reasonable<br />

period prior to the sale.<br />

This ACCC double-whammy might also have<br />

affected the Zamels business model which<br />

was based around ‘was-now’ advertising;<br />

its retail marketing and pricing strategies<br />

were changed and which, ultimately, could<br />

have impacted trading levels.<br />

Mid-sized chains up and down<br />

The mid-sized retail chains present an<br />

interesting scenario, with developments<br />

that might have seemed unexpected a<br />

decade ago.<br />

In 2010, Wallace Bishop was Australia’s<br />

sixth-largest fine jewellery brand, with<br />

57 stores. It also operated seven Hardy<br />

Brothers stores after acquiring the iconic<br />

brand in 1997.<br />

With a combined total of 64 group stores,<br />

Wallace Bishop was the fourth largest group<br />

after JPL (469 stores), Michael Hill (144) and<br />

The <strong>Jeweller</strong>y Group (127).<br />

The high-profile Queensland retailer has<br />

since closed 19 stores as well as two Hardy<br />

Brothers stores.<br />

In 2017, the proud family business<br />

celebrated its centenary. At the time, CEO<br />

Stuart Bishop – the grandson of founder<br />

Wallace Bishop – told <strong>Jeweller</strong> that the<br />

retailer had overcome many obstacles over<br />

the years, including two World Wars, the<br />

Great Depression, economic downturns<br />

and the Global Financial Crisis of 2008.<br />

“We have tackled and embraced the rise of<br />

the shopping centre during the 20th Century<br />

and of course more recently, the internet<br />

revolution,” Bishop added.<br />

However, despite the business’ long<br />

history of resilience, it is fair to say that<br />

management didn’t expect to see anything<br />

like the coronavirus pandemic that has<br />

caused a worldwide economic crisis.<br />

Still, Bishop told <strong>Jeweller</strong>: “We are pleased<br />

with the group’s performance in FY20 and<br />

Q1 of FY21. Whilst COVID-19 presented<br />

unique challenges for the retail sector, we<br />

took the opportunity to restructure aspects<br />

of our operations, including our retail<br />

operating model, and invested significantly<br />

in our digital offering.”<br />

“Online shopping increased during<br />

COVID-19, and we benefited from the<br />

upturn in online sales as a result. The<br />

momentum has continued in the past few<br />

months, and Wallace Bishop is wellpositioned<br />

as we enter our all-important<br />

Christmas trading period.”<br />

Bishop confirmed that the current store<br />

count of 38 Wallace Bishop and five Hardy<br />

Brothers stores was the same as in the<br />

pre-COVID-19 period, adding, “There are no<br />

plans to close any stores in the foreseeable<br />

future. We continue to review our store<br />

footprint, which is ‘business as usual’ for<br />

the Wallace Bishop Group.<br />

“Any store closures over the past 12 months<br />

were due to ‘end of lease’.”<br />

Meanwhile, South Australia-based Shiels<br />

<strong>Jeweller</strong>s managed to expand over the past<br />

decade with a major move into Queensland,<br />

where it opened seven stores.<br />

In 2010 Shiels, owned by Transworld<br />

Enterprises, was the seventh-largest retail<br />

chain and 10 years later it has expanded<br />

from 31 stores to 40.<br />

Interestingly, it has reduced its West<br />

Australian store count by four (17 to 13),<br />

while South Australia, where the company<br />

is based, increased by one (14 to 15).<br />


Death of<br />

fashion the<br />

past decade<br />

176 stores closed<br />

104 stores closed<br />

22 stores closed<br />

(Online only)<br />

20 stores closed<br />

(Online only)<br />

11 stores closed<br />

(Online only)<br />

Transworld’s second ‘brand’, Grahams<br />

<strong>Jeweller</strong>s, closed two stores, down from<br />

eight in 2010 to six in <strong>2020</strong>. However,<br />

according to Toby Bensimon, managing<br />

director of Transworld Enterprises, one<br />

more Grahams store is scheduled to<br />

close because “it’s not the right location”.<br />

Rise and fall – and rise<br />

Even more intriguing are the fortunes<br />

of Bevilles <strong>Jeweller</strong>s. Once a bastion of<br />

Melbourne fine jewellery retailing, it was<br />

founded in 1934 by Leo and Rae Beville and<br />

has been in the hands of three generations<br />

of their family since, with granddaughter<br />

Michelle now CEO.<br />

It first expanded outside of Victoria in<br />

2003 when it opened its first NSW store at<br />

Parramatta. Today its store count stands<br />

at 24, compared with 29 in 2010. While that<br />

figure indicates a loss of only five stores,<br />

the story is more complex – one that is both<br />

negative and positive.<br />

While the recent history of<br />

Bevilles is tumultuous, its current<br />

position perhaps indicates the<br />

resilience of its management...<br />

[After] entering administration,<br />

the business was subsequently<br />

rebuilt, bringing its store count<br />

back to 24.<br />

Not only does Bevilles operate fewer<br />

stores today than it did in 2010, over the<br />

ensuing years two stores were closed and,<br />

in April 2014, the chain entered voluntary<br />

administration.<br />

As a result, Bevilles’ store count was<br />

forcibly reduced; 11 stores closed, bringing<br />

to 16 the number of stores across Victoria,<br />

NSW and South Australia.<br />

However, the business was subsequently<br />


42 | <strong>December</strong> <strong>2020</strong>

Chains through the decade | STATE OF THE INDUSTRY<br />



While the accompanying fine jewellery chain store<br />

analysis does not include Pandora, its store count<br />

has been included in the <strong>2020</strong> Chain Store table.<br />

The company and brand was defined as a ‘brandonly’<br />

chain in the 2010 State of the Industry Report<br />

(SOIR) – rather than a fine jewellery chain.<br />

The distinction is important because Pandora was,<br />

and remains, both a supplier to the wider jewellery<br />

market and a prominent retailer of its own brand.<br />

For this reason, the 2010 SOIR listed Pandora as<br />

a ‘brand-only’ operator, which was defined as<br />

“one, or more, fine or fashion jewellery stores that<br />

sells and markets its own brand of jewellery and/<br />

or watches.<br />

It is usually a vertical-market operation, does not<br />

utilise local suppliers, and stores are often owned<br />

and operated by the proprietor of the brand or<br />

under license via franchise agreements.”<br />

Since 2010 the Pandora ‘Concept’ (brand-only)<br />

stores – many of which are operated by franchisees<br />

– have increased from 41 to 124. However, a<br />

number of the stores have closed in recent times.<br />

Pandora Australia refused to divulge the figure,<br />

but it is rumoured to be approximately five.<br />

Traditional jewellers once frowned upon Pandora<br />

jewellery as a cheap fashion product; however the<br />

line between fashion and fine jewellery is often<br />

subjective and it was blurred when Pandora’s<br />

designs began using gold and diamonds.<br />

Further, the dismissive ‘fashion’ tag flew in the<br />

face of Pandora’s successful distribution model,<br />

and which best demonstrates the evolution of the<br />

brand and the industry. That is, by around 2010<br />

Pandora was sold by more than 700 independent<br />

jewellery stockists.<br />

Following a six-year run of meteoric growth, the<br />

company began closing accounts in Australia and<br />

New Zealand; during 2011 alone, more than 100<br />

stockists had their accounts closed as Pandora<br />

entered a “new business phase in Australasia”.<br />

The news struck the industry hard, but more was<br />

to come.<br />

In 2012, Pandora Australia announced a further<br />

100 stockists would be closed while at the same<br />

time pushing its own franchise model.<br />

Pandora was, and remains, both<br />

a supplier to the wider jewellery<br />

market and a prominent retailer<br />

of its own brand.<br />

The table below shows that from a peak of more<br />

than 700 Australian independent stockists, the<br />

brand was supported by only 124 stores in June<br />

<strong>2020</strong>. In other words, Pandora maintains only 18<br />

per cent of its independent consumer distribution<br />

points as it did at its peak.<br />

Adding the Pandora franchise stores, that figure<br />

reaches around 35 per cent.<br />

In fairness, much of the decline has been at<br />

the company’s choice; however, the way it has<br />

managed itself over recent years caused many<br />

jewellers to quit the brand – with some making<br />

the decision for Pandora.<br />

Reasons for no longer stocking Pandora have<br />

included what many saw as excessive and unfair<br />

trading terms and conditions, along with being<br />

treated as ‘second-class citizens’ compared to<br />

the franchise operators.<br />

For example, the increased number of forced<br />

deliveries per year gave retailers little choice in<br />

their own stock levels. Combined with minimum<br />

quantities on each item (i.e. pack sizes of three-ofkind),<br />

independent stockists were prevented from<br />

matching stock purchases with sales, resulting in<br />

ever-increasing stock levels.<br />

The over-stocking problem increased to such<br />

an extent that, in August 2019, the company took<br />

the extraordinary step of buying back jewellery<br />

from stockists for smelting. However, even<br />

the buy-back program was saddled with strict<br />

conditions, including that retailers would be<br />

charged a handling fee.<br />

The retailers’ decision to stop stocking Pandora<br />

may have been well-founded, given that over the<br />

past three to four years, Pandora sales have<br />

been declining – to the extent that in 2019, the<br />

company announced an international ‘re-launch’<br />

of the brand.<br />

Less than two years after announcing that it<br />

would focus on its company-owned and franchise<br />

stores, thereby closing thousands more wholesale<br />

accounts from its independent jewellery retailers,<br />

Pandora Jewelry CEO Alexander Lacik declared<br />

in February this year that that may have been a<br />

poor decision.<br />

Lacik, who joined Pandora in April 2019 from<br />

outside the jewellery industry, believes the<br />

company might have lost “a lot of new customers”<br />

and may need to refocus on distribution to<br />

independent jewellery stores – the very<br />

businesses that it once discarded.<br />

<strong>2020</strong> Points of Sale NSW VIC QLD WA SA TAS ACT NT Total<br />

Pandora Concept Store 39 29 26 17 6 2 3 1 123<br />

Pandora<br />

Pandora<br />

Pandora Stockist 45 33 31 4 7 1 0 3 124<br />

TOTAL POINTS OF SALE 84 62 57 21 13 3 3 4 247<br />

No. of stockists 2010 700<br />

No. of stockists <strong>2020</strong> 124<br />

Decline 576<br />

Points Stockists of Sale 10 v <strong>2020</strong><br />

Percentage decline 82%<br />

No. of stockists 2010 700<br />

Points of Sale in <strong>2020</strong> 247<br />

Decline 453<br />

Points of Sale <strong>2020</strong><br />

Percentage decline 65%<br />

800<br />

Stores & Stockists<br />

Stores & Stockists<br />

50<br />

40<br />

30<br />

20<br />

10<br />


ABOVE Table and 0 chart compares the number of Pandora Concept (brand-only) stores<br />

and Pandora independent stockists by state. Pandora has an additional 18 Concept Stores in<br />

New Zealand. Australia and New Zealand are grouped within the Pandora Pacific division.<br />


Number of Stockists<br />

600<br />

400<br />

200<br />

0<br />

Number of Stockists<br />

2010 <strong>2020</strong> 2010 <strong>2020</strong><br />

ABOVE Shows how the number of Pandora stockists has reduced since<br />

2010 compared to the increase in Pandora Concept (brand-only) stores,<br />

noting that the number of independent stockists has declined by 82%<br />

<strong>December</strong> <strong>2020</strong> | 43

STATE OF THE INDUSTRY | Chains through the decade<br />

A GLANCE THROUGH 2003 - <strong>2020</strong><br />


The charts below detail the changes in store count across a number of well-known fine and fashion jewellery chains over time.<br />

These changes reflect factors such as the evolving nature of the retail environment, individual business decisions including the<br />

re-branding of ‘sister’ chains, and macroeconomic factors such as the Global Financial Crisis. Tables have been updated since<br />

we reported figures in July at the height of the pandemic in Australia.<br />

Michael Hill<br />

Michael Hill<br />

Zamels<br />

Mazzuchelli's<br />

Stores<br />

Stores<br />

Stores<br />

2003 2007 2010 2018 <strong>2020</strong><br />

2003 2007 2010 2017 <strong>2020</strong><br />

2007 2010 <strong>2020</strong><br />

Store count decreased by 2 since July ‘20<br />

Store count decreased by 4 since July ‘20 Store count decreased by 2 since July ‘20<br />

Wallace Bishop<br />

Bevilles<br />

Saleras<br />

150<br />

40<br />

Stores<br />

100<br />

50<br />

Stores<br />

30<br />

20<br />

10<br />

Stores<br />

0<br />

2003 2007 2010 <strong>2020</strong><br />

0<br />

2003 2007 2010 <strong>2020</strong><br />

2007 2010 <strong>2020</strong><br />

Store count decreased by 2 since July ‘20<br />

Bevilles Shiels<br />

Gregory<br />

Hoskings<br />

40<br />

20<br />

20<br />

30<br />

15<br />

15<br />

Stores<br />

20<br />

10<br />

Stores<br />

10<br />

5<br />

Stores<br />

10<br />

5<br />

0<br />

2003 2007 2010 <strong>2020</strong><br />

0<br />

2003 2007 2010 <strong>2020</strong><br />

0<br />

2007 2010 <strong>2020</strong><br />

Store count increased by 4 since July ‘20<br />

Lovisa<br />

Diva<br />

Equip Accessories<br />

200<br />

150<br />

Stores<br />

2010 2014 <strong>2020</strong><br />

Stores<br />

150<br />

100<br />

50<br />

0<br />

2007 2010 <strong>2020</strong><br />

Stores<br />

100<br />

50<br />

0 0<br />

0<br />

2007 2010 2017 <strong>2020</strong><br />

Store count increased by 12 since July ‘20<br />

44 | <strong>December</strong> <strong>2020</strong>




It’s been a topsy-turvy decade for Michael Hill<br />

International. Following the opening of his first<br />

store in 1979 in the New Zealand town of<br />

Whangarei, jeweller Michael Hill became well<br />

known for unique designs and utilised highimpact<br />

advertising to elevate the business to<br />

national prominence.<br />

The company grew steadily, and by 1987 it had<br />

10 stores and was listed on the New Zealand<br />

Stock Exchange (NZX). At the same time, the<br />

company expanded into Australia, opening<br />

four stores in Brisbane over four weeks.<br />

In 2002, the company opened five stores in<br />

Canada and six years later made inroads into<br />

the US market by acquiring and re-branding<br />

17 stores from Whitehall Jewelers.<br />

In January 2011, and the age of 72, founder<br />

Michael Hill was granted a knighthood in<br />

New Zealand’s New Year Honours List.<br />

After a long and illustrious career, Sir Michael<br />

retired as his namesake company’s chairman<br />

in November 2015 and the following year<br />

Michael Hill International (MHI) was listed on<br />

the Australian Stock Exchange (ASX).<br />

At the time, 60 per cent of its stores were in<br />

Australia and more than 80 per cent of MHI’s<br />

revenue and profits were generated outside of<br />

New Zealand.<br />

The company began trading on 7 July 2016 at $1.15<br />

per share. At the time of publication its share price<br />

was $AU0.32 on the ASX and $NZ0.34 on the NZX.<br />

The company’s <strong>2020</strong> Annual Report recorded a total<br />

of 290 stores; 155 stores in Australia (dropping to<br />

154 by <strong>December</strong> <strong>2020</strong>), 49 in New Zealand and 86<br />

in Canada. It reported revenue of $492 million and<br />

post-tax profit of $3 million.<br />

In October 2016 the Hill family trust, Hoglett<br />

Hamlet, sold 10 per cent of its stake – 16 million<br />

shares – in MHI for $25.6 million. However, it<br />

remains the company’s largest shareholder,<br />

owning 38 per cent of the company.<br />


restructured and four months later a new<br />

store was opened at Melbourne’s Westfield<br />

Fountain Gate.<br />

Then, in <strong>December</strong> 2015, the chain opened<br />

a new Melbourne CBD store, having exited<br />

Bourke Street Mall in 2011 when it was<br />

“outbid” by Swarosvki for the ‘flagship’<br />

location where it had been mall positioned<br />

for more than a decade.<br />

At the time, Michelle Beville said, “The<br />

lease was up and we put in a bid to renew,<br />

however the landlord decided to go out to<br />

market after international interest [from<br />

other retailers].<br />

“International players have come to town<br />

and they have the ability to pay fabulous<br />

rent. The right rent moving forward [for<br />

smaller companies] is difficult, due to these<br />

international companies.”<br />

In October 2017, Indian jewellery company<br />

Tara Jewels acquired a 49 per cent stake<br />

in Bevilles, four years after forming a<br />

“strategic alliance” with the Australian<br />

jewellery retailer.<br />

While the recent history of Bevilles is<br />

tumultuous, its current position perhaps<br />

indicates the resilience of its management.<br />

After ‘losing’ the high-profile Bourke Street<br />

Mall store and entering administration, the<br />

business was subsequently rebuilt, bringing<br />

its store count back to 24 – close to its peak<br />

of 29 in 2010.<br />

By anyone’s reckoning, that’s no mean feat.<br />

Another Victorian-based chain has also<br />

proved quite resilient over the past 10 years.<br />

Salera’s began 2010 with 21 stores – 15 in<br />

Victoria and six in Queensland – increasing<br />

to 23 the following year.<br />

Alfredo Salera founded the business in 1953;<br />

by <strong>December</strong> <strong>2020</strong>, its store count was 18 –<br />

a sustained record for a family-owned and<br />

operated mid-sized chain.<br />

Hoskings <strong>Jeweller</strong>s has also proved<br />

relatively robust. It made <strong>Jeweller</strong>’s list in<br />

2010 with 17 stores, and today the Victorian-<br />

IN SUMM A RY<br />

Insights<br />

Fashion<br />

jewellery chain<br />

stores have<br />

seen a massive<br />

decline, due<br />

to increased<br />

competition<br />

and occupancy<br />

costs<br />

Fine jewellery<br />

chain stores<br />

have remained<br />

resilient, when<br />

compared with<br />

both fashion<br />

jewellery and<br />

the broader<br />

discretionary<br />

category<br />

Fine and<br />

fashion<br />

jewellery<br />

remain<br />

differentiated<br />

in the market<br />

Large jewellery<br />

groups have<br />

maintained<br />

control of<br />

fine jewellery<br />

chains<br />

Lovisa has<br />

become the<br />

dominant<br />

player in<br />

fashion<br />

jewellery, with<br />

152 stores<br />

and no major<br />

competitors<br />

based jeweller still operates 16 outlets.<br />

The company also owns the Goldsmith<br />

brand, which has been less fortunate;<br />

seven stores were closed in the past<br />

10 years, with its numbers falling from<br />

nine to two.<br />

With that said, three Goldsmith stores<br />

were converted to Pandora ‘Concept<br />

stores’; Hoskings now operates six<br />

Pandora stores in total (see page 40).<br />

The 2010 SOIR also detailed that Hoskings<br />

owned and operated four other jewellery<br />

stores: three under the Sterns brand and<br />

one Diamond House. These stores no<br />

longer exist.<br />

Once again, taking into account the demise<br />

of many high profile and long-standing<br />

retail businesses across the apparel<br />

and fashion accessory categories, the<br />

resilience of fine jewellers is impressive.<br />

Other well-known names that have stood<br />

the test of time include NSW’s Gregory<br />

<strong>Jeweller</strong>s and Regency <strong>Jeweller</strong>s.<br />

In 2010 Gregory <strong>Jeweller</strong>s was listed as<br />

a small-sized chain with 16 stores, and<br />

today it has 15.<br />

While one Gregory store was technically<br />

closed, it was converted to a Gucci store<br />

operated by Gregorys.<br />

Another small chain, Regency <strong>Jeweller</strong>s,<br />

which was founded in 1968, has also fared<br />

well. It operated six stores throughout<br />

regional NSW in 2010 and it still operates<br />

the same number today.<br />

The same cannot be said for the<br />

Queensland based Anthonys Fine<br />

<strong>Jeweller</strong>s.<br />

It was listed with eight stores in the<br />

2010 SOIR, however today it has been<br />

reduced to five across Brisbane. Owned<br />

by Queensland Wholesalers, the company<br />

also operated three Kings <strong>Jeweller</strong>s stores<br />

in 2010 – all of which have ceased trading.<br />

While Anthonys, with five stores, continues<br />

to be defined as a ‘chain’, the same<br />

cannot be said for Brisbane-based Pascoe<br />

<strong>Jeweller</strong>s or Melbourne-based Dio Oro<br />

<strong>Jeweller</strong>s, which was re-branded to<br />

Diamond Valley <strong>Jeweller</strong>s this year.<br />

Both have suffered over the past 10 years.<br />

Pascoe closed six stores (from nine to<br />

three) and a seventh – located in Ipswich,<br />

Queensland – is scheduled to close on<br />

Christmas Eve this year, due to owner<br />

Geoff Pascoe’s ill health.<br />

Dio Oro has reduced its store count from<br />

seven to one. Therefore, both businesses<br />

have been removed from <strong>Jeweller</strong>’s<br />

‘chain’ store list, along with Goldsmith, as<br />

mentioned previously.<br />

While the wider Australian non-essential<br />

(discretionary spend) retail industry has<br />

suffered greatly in the past decade, it’s<br />

fair to say that many industry experts<br />

had predicted bleaker times for fine<br />

jewellery chains.<br />

In the past decade only two names<br />

disappeared altogether and, although<br />

there has been a net loss of 118 stores<br />

from the original 978, 63 closures were<br />

from Zamels alone.<br />

Reviewing the past 10–15 years – the first<br />

of <strong>Jeweller</strong>’s analysis of jewellery chains<br />

was published in 2003 – many jewellers<br />

lamented the rise of, and competition<br />

from, fashion jewellery.<br />

It was viewed as ‘cheap product’, however,<br />

this category has been impacted most by<br />

changes in the retail sector.<br />

To that end, fine jewellery retailers<br />

have demonstrated an adaptability and<br />

buoyancy over the past decade that<br />

was not only unexpected, but should be<br />

celebrated given the current times.<br />

Editor’s note: A previous version of this<br />

report was published digitally in July <strong>2020</strong>.<br />

This version includes updated figures that<br />

were correct as at 1 <strong>December</strong> <strong>2020</strong>. It<br />

should be recognised that even though some<br />

jewellery websites remain “live”, this does not<br />

mean the business or its bricks-and-mortar<br />

stores still operate.<br />

<strong>December</strong> <strong>2020</strong> | 45


Brand-Only Stores<br />


Part two of <strong>Jeweller</strong>’s analysis of the jewellery and watch industries explores how international<br />

brands have expanded their presence in the Australian market – and how the brand-only store<br />

model has increased competition with retailers.<br />

The trend of jewellery retailing moving<br />

towards two distinct ‘types’ has<br />

continued over the past decade with<br />

few surprises in store numbers. However, there<br />

have been some very significant changes to the<br />

mix of the Brand-Only retail category.<br />

When <strong>Jeweller</strong> published the 2010 State of The Industry<br />

Report there were 153 brand-only stores along with 17<br />

flagship stores operating in Australia – a total of 170<br />

outlets. And while the number is similar a decade later,<br />

the structure and mix is not.<br />

In 2010 <strong>Jeweller</strong> defined a brand-only retailer as a fine<br />

or fashion jewellery store – or group of stores – that sells<br />

and markets its own brand of jewellery and/or watches.<br />

It is usually a vertical-market operation, does not utilise<br />

local suppliers, and does not distribute to third-party<br />

stockists on a large scale.<br />

Brand-only stores are often owned and operated by the<br />

proprietor of the brand, or they can be operated under<br />

license. Before we look at the state of play in <strong>2020</strong> it’s<br />

important to recognise and acknowledge a few issues.<br />

Firstly, as markets and industries evolve, the consumer’s<br />

perception of products and brands changes, which in<br />

turn alters the market via different shopping habits.<br />

Therefore, to develop and collate industry information in a<br />

consistent manner, it’s vital to define categories so that the<br />

data can be measured and analysed fairly and accurately,<br />

allowing meaningful comparisons to be drawn.<br />

In other words, to count something you must first define it.<br />

It should be noted that we did not classify airport stores<br />

or shop-in-shop arrangements, such as concessions, as<br />

brand-only stores in either the 2010 or <strong>2020</strong> reports. Under<br />

the concession model, brands occupy space within a host<br />

store like Myer or David Jones, in return for paying a lease<br />

and/or a percentage of their sales to the larger store.<br />

A decade ago we considered that flagship stores were<br />

different to brand-only stores in that they were owned<br />

and operated by the brand itself, rather than a third<br />

party. These outlets usually stock the largest range of the<br />

brand’s merchandise and are regarded as a ‘landmark<br />

store’ or ‘face’ of the brand.<br />

Flagship stores take their name from a nautical term,<br />

referring to the headship in a fleet of vessels – one<br />

determined as the fastest, largest, newest, and mostheavily<br />

armed or the best known.<br />


Brand-Only<br />

In this report, a ‘brandonly’<br />

retailer is defined<br />

as a fine or fashion<br />

jewellery store, or<br />

group of stores, that<br />

sells and markets its<br />

own brand of jewellery<br />

and/or watches. Brandonly<br />

stores are often<br />

owned and operated<br />

by the proprietor of the<br />

brand, or they can be<br />

operated under license.<br />

24<br />

watch and<br />

jewellery brands<br />

opened their first<br />

brand-only stores<br />

in Australia over<br />

the past 10 years<br />

5<br />

brands from the<br />

2010 State of the<br />

Industry report<br />

no longer operate<br />

stores in australia<br />

126%<br />

increase in new<br />

entrants to the<br />

brand-only watch<br />

and jewellery<br />

store category<br />

In retailing, flagship stores stand as ideal examples of<br />

their featured brand, excelling beyond lesser stores in<br />

every way – they have more product, a greater access to<br />

brand marketing, occupy more floor space and hold a<br />

better position in terms of foot traffic. They are designed<br />

to be the very best of what a brand has to offer.<br />

Therefore, flagship stores usually form part of a<br />

company’s marketing and advertising budget, which can<br />

mean the profitability of the store is less important than<br />

its presence within a specific market.<br />

For these reasons, flagship stores are usually not large<br />

in number because, by definition, they are designed to<br />

be the lead store – the archetype of the company and<br />

the brand. By nature, there can only be one or a few<br />

leaders. They are also more expensive to operate.<br />

We believed it was appropriate to distinguish between<br />

brand-only and flagship stores in 2010. However, after<br />

10 years of evolution in the market, the difference is<br />

arguably irrelevant – particularly in the watch sector,<br />

which has changed dramatically over the past five years.<br />

Given these changes as well as the closure of many<br />

flagship stores (Autore, Briel, Storm, Georgini), <strong>Jeweller</strong><br />

has determined that the distinction between flagship<br />

and brand-only stores is no longer substantially<br />

significant for the purposes of a State of the Industry<br />

Report.<br />

The flagship category has therefore been discontinued<br />

and all flagship stores will be considered brand-only<br />

stores, regardless of the commercial nature of the outlet.<br />

Strategy backfire<br />

A decade ago, high-profile watch brands – mainly Swiss<br />

– were distributed via a wide wholesale channel to<br />

independent stockists/retailers. Many watch companies<br />

began to establish flagship stores as a way to promote<br />

the brand, while arguing that the flagship store itself<br />

was not a direct competitor to its independent stockists.<br />

However, many jewellers did not agree! While the<br />

flagship store strategy can work, especially in jewellery<br />

where repeat purchases are common – think charms,<br />

for example – it’s more complex for expensive ‘one-off’<br />

purchases, such as luxury watches.<br />

This complexity stems from the fact that successful<br />

brands often consider their customer as the end<br />

consumer and the ‘bricks-and-mortar’ retailer is<br />

simply seen as the delivery method; while the retailer<br />

is undoubtedly an integral part of the transaction, they<br />

are viewed as a facilitator of the transaction – a conduit<br />

46 | <strong>December</strong> <strong>2020</strong>

Brand-only stores | STATE OF THE INDUSTRY<br />

OV ER V IE W<br />

Rise & Fall<br />

TABLE 1: BRAND-ONLY STORES <strong>2020</strong><br />

Increased from<br />

32 to 44 stores<br />

BRAND <strong>2020</strong> NSW VIC QLD WA SA TAS ACT NT TOTAL 2010<br />

APM Monaco 4 2 1 7<br />

Tiffany & Co<br />

between the brand and the consumer.<br />

With that perception in mind, the brand<br />

– justifiably – wants to exert more<br />

control over its relationship with the<br />

customer. After all, it takes a great deal<br />

of time, money and effort marketing<br />

and developing a product, and a vital<br />

component of the product’s image is the<br />

perception of value and prestige.<br />

Arguably, a $100 watch can tell the time<br />

in the same way as a $10,000 watch, so<br />

why pay the extra cost?<br />

As a result, the more expensive Swiss<br />

watch brands began cultivating the<br />

flagship store model, establishing<br />

high-profile outlets in premium CBD<br />

locations as ‘destination’ stores that<br />

complemented their wider distribution to<br />

independent stockists.<br />

Yet in some cases the strategy backfired<br />

by souring relationships with those<br />

retail stockists.<br />

One notable case was the 2010 decision<br />

of luxury conglomerate Moët-Hennessy<br />

Louis Vuitton (LVMH) to open new Tag<br />

Heuer flagship stores in the Melbourne and<br />

Sydney CBDs, while simultaneously closing<br />

the accounts of neighbouring stockists.<br />

The move was met with howls of protest<br />

from retailers who were already worried<br />

about losing sales to rival watch and<br />

jewellery stores – let alone dealing with<br />

direct competition from their own suppliers!<br />

In April of that year, jewellery chain Angus<br />

& Coote took a stand. Reacting swiftly, the<br />

high-profile jewellery chain withdrew the<br />

Tag Heuer brand from all its stores.<br />

Asked at the time whether Tag’s decision<br />

would affect the way Angus & Coote<br />

would select its watch brands in future,<br />

Andrew Nock, then-general manager of<br />

merchandising and marketing said, “Yes,”<br />

adding, “We see the supply chain as being<br />

a partnership; we give respect and we<br />

expect respect in return. We want a winwin<br />

situation for all involved.”<br />

There was a similar uproar in 2007 when<br />

Increased from<br />

4 to 8 stores<br />

Increased from<br />

5 to 8 stores<br />

Increased from<br />

2 to 6 stores<br />

Increased from<br />

2 to 6 stores<br />

Increased from<br />

2 to 6 stores<br />

Increased from<br />

14 to 19 stores<br />

Decreased from<br />

10 to 0 stores<br />

18 stores down to<br />

7 stores, recovered<br />

to 17 stores<br />

Bell & Ross 1 1<br />

Bremont 1 1<br />

Bulgari 1 3 2 6 2<br />

Cartier 2 1 1 4 5<br />

Chaumet 1 1<br />

Daniel Wellington 2 1 3<br />

Dior* 1 1 2<br />

Fossil 5 8 4 2 19 14<br />

Franck Muller 1 1<br />

Georg Jensen 2 4 3 1 10 12<br />

Graff 1 1<br />

Gucci 2 1 2 1 6 7<br />

Hèrmes 1 1<br />

Hublot 1 1<br />

IWC Schaffhausen 1 1 2<br />

Jaeger-LeCoultre 1 1 2<br />

Kailis 4 4 3<br />

Longines 1 1 2<br />

Louis Vuitton 2 3 2 1 8<br />

Michael Kors 9 5 14<br />

Montblanc 2 2 4<br />

Ole Lynggaard 1 1<br />

Omega 2 3 1 6 2<br />

Panerai 1 1 2<br />

Paspaley 1 3 1 2 1 8 4<br />

Piaget 1 1<br />

Rolex 2 1 2 1 6<br />

Secrets Shhh 2 4 9 1 1 17 18<br />

Seiko 2 1 3<br />

Swarovski 20 12 10 2 1 1 46<br />

Swatch 1 1 2 3<br />

Tag Heuer 1 2 2 1 6 2<br />

Thomas Sabo 1 2 3 4<br />

Tiffany & Co. 2 2 2 1 1 8 5<br />

Tissot 2 2<br />

Vacheron Constantin 2 2 1 1 6<br />

Van Cleef & Arpels 1 2 3<br />

TOTAL 75 79 42 18 4 0 1 1 220<br />

There are 220 brand-only stores in Australia as at 1 <strong>December</strong> <strong>2020</strong>, across 38 individual brands. This<br />

represents a 72 per cent increase in store numbers since 2010 and shows 24 new entrants in the same period.<br />

*While Dior operates several boutiques in Australia, only two sell the brand’s watches and jewellery.<br />

<strong>December</strong> <strong>2020</strong> | 47

L to R:<br />

Rolex; Omega<br />

IN SUMM A RY<br />

Current State<br />

the Swiss watch giant Swatch decided to open an Omega<br />

flagship store in Sydney. Although Swatch did not close<br />

surrounding Omega accounts, many stockists were up in<br />

arms.<br />

It is important to note that, in those days, luxury watch and<br />

jewellery brands avoided selling their products online.<br />

With the subsequent change in strategy – and their slow<br />

acknowledgement that they would have to embrace<br />

e-commerce – they believed that consumers would still<br />

visit a destination brand-only store because of their strong<br />

connection to the brand itself.<br />

The result is that today, in many cases, the only remaining<br />

distribution channel of a luxury watch brand is via a brandonly<br />

store – either company-owned or operated under licence.<br />

In the jewellery sector, Pandora offers another case study<br />

into the changes in market dynamics. The 2010 State of<br />

the Industry Report listed the Danish company with one<br />

flagship store owned and operated by Pandora Australia,<br />

and 41 brand-only stores – some of which were operated<br />

by franchisees, and others by Pandora.<br />

A decade on, Pandora has 123 brand-only stores – which it<br />

refers to as ‘Concept Stores’. It recently announced the closure<br />

of its original flagship store in the prestigious Pitt Street Mall<br />

retail precinct, which it had occupied since 2010.<br />

The company opted not to renew its lease on the premises<br />

– which expired at the end of September – following lengthy<br />

discussions with Scentre, which is Australia’s largest retail<br />

landlord and the operator of Westfield shopping centres.<br />

New trends<br />

It is possible to compare the 2010 and <strong>2020</strong> data by<br />

combining the 2010 categories. Excluding Pandora, this<br />

shows that 10 years ago there was a total of 20 watch and<br />

jewellery brands in the Australian market responsible for<br />

170 flagship and brand-only stores, compared to 38 brands<br />

responsible for 220 stores today.<br />

However, as detailed in <strong>Jeweller</strong>’s State of the Industry<br />

Report <strong>2020</strong>: Part I, which examined chain stores,<br />

Pandora’s business has changed to the extent that we<br />

220<br />

brand-only stores<br />

operating in<br />

Australia in <strong>2020</strong><br />

72%<br />

increase in<br />

number of brandonly<br />

stores in<br />

10 years<br />

38<br />

watch and<br />

jewellery brands<br />

operating brandonly<br />

stores in<br />

<strong>2020</strong><br />

79<br />

number of watch<br />

brand-only stores<br />

in <strong>2020</strong><br />

TABLE 2: WATCH BRAND-ONLY <strong>2020</strong><br />


Bell & Ross 1 1<br />

Bremont 1 1<br />

Daniel Wellington 2 1 3<br />

Fossil 5 8 4 2 19<br />

Franck Muller 1 1<br />

Hublot 1 1<br />

IWC Schaffhausen 1 1 2<br />

Jaeger-LeCoultre 1 1 2<br />

Longines 1 1 2<br />

Michael Kors 9 5 14<br />

Omega 2 3 1 6<br />

Panerai 1 1 2<br />

Rolex 2 1 2 1 6<br />

Seiko 2 1 3<br />

Swatch 1 1 2<br />

Tag Heuer 1 2 2 1 6<br />

Tissot 2 2<br />

Vacheron Constantin 2 2 1 1 6<br />

TOTAL 31 33 10 5 79<br />

In 2010 there were only six watch companies with brand-only stores,<br />

however, a decade on there are 18 operating a total of 79 stores.<br />

Some stores are operated by the brand owner, while others are<br />

operated under license from the owner.<br />

now list its 123 retail outlets as chain stores rather than<br />

brand-only stores, in line with the notion that Pandora is<br />

not a vertical-market operation.<br />

That is, Pandora still has a wide wholesale channel to<br />



LVMH<br />

10 BRANDS<br />

KERING<br />

6 BRANDS<br />

Economists define a luxury good as a product for which<br />

demand increases more than proportionally as income<br />

rises – the expenditure on a luxury good becomes a<br />

greater proportion of overall spending. The international<br />

conglomerates cover a wide range of product categories<br />

other than watches and jewellery such as fashion, perfumes,<br />

cosmetics, eyewear, wines and spirits.<br />

Cartier<br />

Dunhill<br />

IWC Schaffhausen<br />

Jaeger-LeCoultre<br />

Montblanc<br />

Bulgari<br />

Chaumet<br />

Dior<br />

Fendi<br />

FRED<br />

Boucheron<br />

Dodo<br />

Girard-Perregaux<br />

Pomellato<br />

Qeelin<br />

In addition, they continue to expand their businesses via<br />

brand extensions; moving an established and well-known<br />

brand in one consumer category into another. Think Hermes<br />

expanding from luxury leather goods to watches and<br />

jewellery, or Montblanc from writing instruments.<br />

The following tables show brand ownership by luxury group.<br />

Panerai<br />

Piaget<br />

Ralph Lauren<br />

Vacheron Constantin<br />

Van Cleef & Arpels<br />

Hublot<br />

Kenzo<br />

Marc Jacobs<br />

Tag Heuer<br />

Zenith<br />

Ulysse Nardin<br />

Chaumet<br />

48 | <strong>December</strong> <strong>2020</strong>

Brand-only stores | STATE OF THE INDUSTRY<br />

L to R:<br />

Bulgari; Boucheron<br />

independent stockists – unlike, for example, Tiffany & Co., Cartier,<br />

and Georg Jensen, which have vertically-integrated business<br />

models.<br />

A vertically-integrated business consolidates multiple steps in<br />

the typical distribution process, from manufacturing to consumer<br />

purchase. Hence Pandora stores are now classed as a ‘chain’ for<br />

the purpose of our <strong>2020</strong> State of the Industry Report. This means<br />

we can compare apples with apples, and observe that there were<br />

128 flagship and brand-only stores in 2010 (excluding Pandora)<br />

compared to 220 in <strong>2020</strong>.<br />

Further, we can see that five of the 19 brands in 2010 (Autore, Briel,<br />

Storm, Georgini and Guess) no longer operate any retail stores<br />

whatsoever today. Despite this contraction, 24 new brands have<br />

entered the market, meaning that there are now 38 watch and<br />

jewellery companies operating brand-only stores in Australia.<br />

It should be noted here that the increase in brand-only stores<br />

has been driven by a number of internationally renowned luxury<br />

conglomerates, such as Moët Hennessy Louis Vuitton (LVMH) and<br />

Richemont, which cover a wide range of products, from jewellery<br />

and watches to fashion and leather goods, perfumes and cosmetics.<br />

These groups account for many of the new brand-only stores<br />

introduced to the Australian market over the past 10 years –<br />

including Montblanc, Chaumet, Hublot, Piaget, Van Cleef & Arpels,<br />

Jaeger-LeCoultre, and Vacheron Constantin – and increases in the<br />

number of existing brand stores, notably Bulgari and Tag Heuer.<br />

International luxury brands such as Chopard and Hèrmes have<br />

followed suit.<br />

It is notable that Kennedy <strong>Jeweller</strong>s, which was established in<br />

Sydney in 1976, operates 10 boutiques (brand-only stores) for Rolex,<br />

IWC Schaffhausen, Jaeger-LeCoultre, Panerai and Graff.<br />

These have been included in this section of the State of the Industry<br />

report, consistent with <strong>Jeweller</strong>’s definition that brand-only stores<br />

can be owned and operated by the proprietor of the brand, or under<br />

license by third parties.<br />

Rolex, for example, has two other boutiques in Queensland operated<br />

by Langfords <strong>Jeweller</strong>s, while owner Richemont operates a second<br />

Jaeger-LeCoultre brand-only store in Melbourne.<br />

The evolution of the watch and jewellery brand mix over the past decade<br />

TABLE 3: JEWELLERY BRAND-ONLY STORES <strong>2020</strong><br />


APM Monaco 4 2 1 7<br />

Bulgari 1 3 2 6<br />

Cartier 2 1 1 4<br />

Chaumet 1 1<br />

Dior 1 1 2<br />

Georg Jensen 2 4 3 1 10<br />

Graff 1 1<br />

Gucci 2 1 2 1 6<br />

Hèrmes 1 1<br />

Kailis 4 4<br />

Louis Vuitton 2 3 2 1 8<br />

Montblanc 2 2 4<br />

Ole Lynggaard 1 1<br />

Paspaley 1 3 1 2 1 8<br />

Piaget 1 1<br />

Secrets Shhh 2 4 9 1 1 17<br />

Swarovski 20 12 10 2 1 1 46<br />

Thomas Sabo 1 2 3<br />

Tiffany & Co. 2 2 2 1 1 8<br />

Van Cleef & Arpels 1 2 3<br />

TOTAL 44 46 32 13 4 0 1 1 141<br />

There has been a large move by international luxury goods brands to establish brand-only outlets<br />

in Australia. Of the 38 watch and jewellery brands with brand-only stores in Australia, nearly 40<br />

per cent are owned by LVMH, Richemont, or Kering.<br />


19 BRANDS<br />


15 BRANDS<br />

MOVADO<br />

10 BRANDS<br />

TIMEX<br />

8 BRANDS<br />

Balmain<br />

Jaquet Droz<br />

Adidas<br />

Marc by Marc Jacobs<br />

Movado<br />

Gc<br />

Blancpain<br />

Léon Hatot<br />

Armani Exchange<br />

Michael Kors<br />

Concord<br />

Guess<br />

Breguet<br />

Longines<br />

Burberry<br />

Michele<br />

EBEL<br />

Nautica<br />

Ck Calvin Klein<br />

Mido<br />

Columbia Sportswear<br />

Skagen<br />

MVMT<br />

Salvatore Ferragamo<br />

Certina<br />

Omega<br />

Diesel<br />

Tory Burch<br />

Olivia Burton<br />

Ted Baker<br />

Endura<br />

Rado<br />

DKNY<br />

Coach<br />

Timex<br />

Flik Flak<br />

Swatch<br />

Emporio Armani<br />

Hugo Boss<br />

Versace<br />

Glashütte Original<br />

Swiss Timing<br />

Frank Gehry<br />

Lacoste<br />

Versus<br />

Hamilton<br />

Tissot<br />

Karl Lagerfeld<br />

Tommy Hilfiger<br />

Harry Winston<br />

Kate Spade<br />

Scuderia Ferrari<br />

<strong>December</strong> <strong>2020</strong> | 49

Swarovski<br />

is also interesting. Of the 19 brands in the 2010 report, only<br />

six were watches; a decade on, that figure has tripled to 18.<br />

And not all are Swiss! Japanese watch brand Seiko<br />

selected Australia as an early location for its<br />

expansion into brand-only stores.<br />

In March 2016 it opened a store in Sydney’s Queen<br />

Victoria Building and a Melbourne store followed,<br />

opening in the CBD in 2018. Importantly, only last<br />

<strong>December</strong> the company opened a new boutique for its prestige brand,<br />

Grand Seiko, at Pitt Street Mall in Sydney.<br />

Today there are 79 brand-only watch stores and, unsurprisingly, 81 per cent<br />

of the outlets (64) are in Sydney and Melbourne. Of course, many jewellery<br />

brands also offer watches.<br />

Ups and downs, like-for-like<br />

If we analyse the brand-only stores from 2010 to <strong>2020</strong> on a like-for-like<br />

basis, we find some interesting results.<br />

Swarovski is the standout performer, having increased its store count<br />

by 14, from 32 in 2010 to 46 in <strong>2020</strong>. Paspaley doubled it store count,<br />

from four to eight – equalling Tiffany & Co.’s local store count.<br />

Tag Heuer also doubled its store count to six, while Bulgari increased<br />

its presence in Australia by four stores (from two to six).<br />

Secrets Shhh has had a topsy-turvy decade. The 17-store retailer specialises<br />

in cubic zirconia jewellery and was listed in <strong>Jeweller</strong>’s 2010 report with 18<br />

stores, so it has declined by only one store in 10 years.<br />

However, that’s not the full story.<br />

Jane Meredith, along with friend Dietmar Gorlich, co-founded Secrets<br />

Shhh in Noosa, Queensland in 2000. Under a franchise model, it quickly<br />

grew to 26 stores across Australia and New Zealand before the 2007–2008<br />

Global Financial Crisis took its toll, as it did on so many retailers.<br />

By 2010, it was down to 18 stores – but more decline was yet to come. In<br />

April 2017, the number of Secrets Shhh stores had fallen to only seven –<br />

four company-owned and three franchised.<br />

At that point, former Michael Hill International (MHI) CEO Mike Parsell<br />

acquired a majority stake in the business and set about reinvigorating the<br />

retailer. Parsell was well placed for the task; he had been with MHI for<br />

30 years and was responsible for establishing the New Zealand jewellery<br />

chain in Australia in 1987.<br />

In October 2019, Parsell oversaw the opening of the latest Secrets Shhh<br />

store at Robina Town Centre on Queensland’s Gold Coast, bringing the<br />

total number of outlets to 17 – nine company-owned and eight franchised<br />

– which is almost the same level as a decade ago.<br />

Another interesting ‘story’ is that of APM Monaco, a silver jewellery brand<br />

with seven Australian stores. It was founded in Monaco in 1982 but is now<br />

headquartered in Hong Kong. US-based private equity firm TPG Capital,<br />

which focuses on leveraged buyouts and growth capital, acquired a 30 per<br />

cent stake in 2019.<br />

Proudly distributed by<br />

Many retailers might recall that Bolt International, the original distributor<br />

of the hugely successful Ice-Watch, first introduced the brand to the<br />

Australian market in 2012. Its first local brand-only store opened in<br />

Sydney in 2016.<br />

However, as a wholesale operation, the brand was not successful and<br />

02 9417 0177 | www.dgau.com.au

Brand-only stores | STATE OF THE INDUSTRY<br />



distribution was ceased a few years later.<br />

APM Monaco is not the only retail brand that first attempted a comprehensive<br />

wholesale distribution in Australia.<br />

Danish brand Ole Lynggaard entered the Australian market in 2009 – with<br />

much fanfare – as a wholesaler, establishing a flagship store in Market<br />

Street, Sydney in October 2010 – one of just six worldwide. The others are<br />

located in Copenhagen, Stockholm, Singapore and Paris.<br />

The Sydney flagship store is still operating today, and the brand is also stocked by a small<br />

number of retailers including Trewarne <strong>Jeweller</strong>y in Melbourne and McKinney’s in Brisbane.<br />

Concluding thoughts<br />

Cartier<br />

It is clear that the market has changed, with the<br />

internationally renowned luxury conglomerates<br />

focusing on global expansion as consumers<br />

become more ‘brand-centric’ shoppers.<br />

In addition, the line between jewellery/watch<br />

companies and fashion companies has continued<br />

to blur.<br />

That is, increasingly, luxury brands in one category<br />

are expanding their product offering into watches<br />

and jewellery, thereby making it more difficult to<br />

clearly define the brand.<br />

For example, Hèrmes, which has a heritage in<br />

leather goods, and Montblanc, which is best known<br />

for writing instruments, now have watch and<br />

jewellery ranges.<br />

It is called brand extension, and it is nothing new.<br />

Indeed, the Australian market already has an<br />

interesting story about how a brand extension<br />

takes over the original product: JAG watches.<br />

JAG remains one of the most popular brands in<br />

Australia and yet it was originally founded as a<br />

denim jeans label in the 1970s by Adele Palmer.<br />


Brand-Only stores 2010* 128<br />

Brand-Only stores <strong>2020</strong> 220<br />

Increase in stores 92<br />

Percentage increase 72%<br />

Between 2010 and <strong>2020</strong> Australia saw a dramatic<br />

increase in the number of brand-only stores, from<br />

128 to 220.<br />


Number of Brands 2010* 19<br />

Number of Brands <strong>2020</strong> 38<br />

Closed brands since 2010 5<br />

Number of new entrants since 2010 24<br />

Percentage increase in new entrants 126%<br />

* Both tables exclude Pandora<br />

Of the 19 brands operating brand-only stores in 2010,<br />

five closed their outlets, which means there has been<br />

24 new entrants into the market – a 126 per cent<br />

increase – over the past decade.<br />

JAG jeans are said to have gained international<br />

recognition when Steve McQueen, Jackie Onassis and Mick Jagger joined the brand’s starstudded<br />

following.<br />

In an unusual move back then, the Australian distributor of Sheaffer pens, Izzy Wolfe, approached<br />

JAG to launch a new watch range under license, and the rest is history.<br />

Given the success of the model, it is likely brand extensions will continue and we will see more<br />

expansion from luxury brands into non-core product categories.<br />

That said, on a like-for-like basis, there were 128 brand-only stores in 2010 across a total of 19<br />

watch and jewellery brands. A decade later, there has been an increase of 92 brand-only stores<br />

(72 per cent), to 220 across 38 brands today.<br />

These figures neatly illustrate the shift from ‘retailer-centric’ to ‘brand-centric’ distribution and<br />

marketing – though there is, clearly, still a firm place for independent stockists in the overall strategy.<br />

And, if you consider that five brands in 2010 either exited Australia or closed their retail operation, then<br />

there have been 24 new entrants since 2010. That’s an increase of more than 125 per cent!<br />

The numbers indicate that over the past 10 years, international jewellery and watch brands began<br />

to appreciate the Australian market and consider it a viable investment, both in terms of cost –<br />

establishing one or several flagship store – and time, in the form of forming distribution networks<br />

with independent retailers.<br />


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Buying Groups Report<br />


Following a year of unprecedented upheaval, <strong>Jeweller</strong> revisited the four jewellery industry buying groups<br />

profiled in our March report to explore how they have adapted and supported members throughout COVID-19.<br />

It feels as if it’s every second day that we read<br />

about another retailer closing its doors.<br />

Economic and financial causes aren’t the<br />

only issues at play; Australia has also had to<br />

contend with drought, floods, fires and now the<br />

coronavirus, all of which have taken their toll on<br />

the already fragile retail industry.<br />

In March, Colin Pocklington, managing director Nationwide<br />

<strong>Jeweller</strong>s – Australia and New Zealand’s largest buying group<br />

– told <strong>Jeweller</strong>, “The conservative spending of consumers<br />

continues to adversely affect the industry. Until we see real<br />

growth in incomes and an easing in cost of living, we are<br />

unlikely to see growth of sales.”<br />

Yet in the wake of the pandemic, he struck a more optimistic<br />

tone: “Obviously the last few months have been stressful for<br />

everyone – particularly our Melbourne and Victorian members<br />

and suppliers. That said, trading is very buoyant at the<br />

moment. Consumers appear to be confident, with the virus<br />

now under control.<br />

“An increasing demand for custom design continues to<br />

grow, with Australians who would normally be overseas now<br />

spending their money domestically,” he explained.<br />

That insight was echoed by Carson Webb, general manager<br />

Showcase <strong>Jeweller</strong>s, who said, “Consumers have very limited<br />

travel plans and are more confident to remain local, support<br />

local businesses, and enjoy the simple things around the again.<br />

This is also true for our New Zealand members – and this is<br />

true for many retail businesses, not just jewellery.”<br />

He added, “I’d even go as far as to say this has seen the<br />

resurgence of the independent jeweller, and many would be<br />

booked out for weeks with makes and repairs.”<br />

At Australia’s newest jewellery buying group, Independent<br />

<strong>Jeweller</strong>s Collective (IJC) – which launched in the first three<br />

months of the year – the pandemic had an unexpectedly<br />

unifying effect, according to CEO Josh Zarb.<br />

“The uncertainty in the early days of COVID-19 was just as hard<br />

for us a anyone, and it took hold just as we were launching IJC.<br />

What it did do, which inadvertently worked in our favour, was to<br />

pull a group of retailers together very quickly.<br />

“[Our members] formed a very tight bond from the onset,<br />

which gave us a great sense of community.”<br />

Zarb also noted an uptick in sales for members, saying, “The<br />

most pleasing thing to note throughout the last six months was<br />

just how strong regional retail trade has been and almost all of<br />

our members’ stores have been trading very strongly.”<br />

By July, IJC had surpassed its initial member target of 40<br />


Buying Group<br />

Insights<br />

Buying groups offer<br />

retail jewellers a<br />

myriad of benefits,<br />

beyond supplier<br />

discounts. Group<br />

members access<br />

marketing and<br />

business strategies<br />

and support,<br />

sophisticated ordering<br />

platforms, access to<br />

exclusive products,<br />

and much more.<br />

569<br />

Australian<br />

jewellery retailers<br />

are buying group<br />

members<br />

102<br />

jewellery stores in<br />

New Zealand are<br />

part of a buying<br />

group<br />

85.7%<br />

of buying group<br />

members are<br />

in Australia<br />

retailers and that number has held steady for the past five<br />

months. As of 1 <strong>December</strong>, IJC had 43 members operating<br />

52 stores.<br />

Showcase <strong>Jeweller</strong>s recorded a net increase of one new<br />

member, to 139 and 212 stores in Australia and 19 stores<br />

and 19 members in New Zealand, while Nationwide’s<br />

membership remained relatively stable, decreasing from<br />

322 to 317 members, and 364 stores.<br />

Support and advice<br />

During the pandemic, Showcase <strong>Jeweller</strong>s found that its<br />

existing e-commerce infrastructure paid off for members.<br />

“To be very honest, our previous strategies of our fine<br />

jewellery focus and investing in many of our digital<br />

customised platforms has proven to be exactly what we<br />

needed to support our members,” Webb explained.<br />

Communication was also a key priority: “Using our active<br />

internal communication platform has meant we’ve been able<br />

to keep membership up to date and on top of what needs to<br />

be done.”<br />

“The uncertainty in the early days of<br />

COVID-19 was just as hard for us a anyone,<br />

and it took hold just as we were launching IJC.<br />

What it did do, which inadvertently worked<br />

in our favour, was to pull a group of retailers<br />

together very quickly.”<br />


Independent <strong>Jeweller</strong>s Collective<br />

At IJC, Zarb said members had embraced “the Zoom<br />

phenomenon” as interstate travel was largely prevented.<br />

“We started hosting regular IJC group Zoom meetings with<br />

all our partners [retailers] every two weeks from April and<br />

then every three weeks from June,” he told <strong>Jeweller</strong>.<br />

“During this time, we were able to share ideas and provide<br />

some leadership and updates on many issues that the<br />

industry was facing.<br />

“This has become a very effective group communication<br />

platform for us, as we invite guests to each meeting and we<br />

can record these sessions easily for everyone to refer to at<br />

a later date. These will continue into our business model<br />

moving forward,” Zarb added.<br />

At Nationwide, the focus was also on providing robust<br />

digital offering, including new platforms to replace those<br />

52 | <strong>December</strong> <strong>2020</strong>


Lessons<br />

Learned<br />

Showcase <strong>Jeweller</strong>s<br />

physical events which were cancelled due to<br />

international travel restrictions.<br />

“With the cancellation of the <strong>2020</strong><br />

International <strong>Jeweller</strong>y & Watch Fair<br />

[which was scheduled to take place in<br />

October], we brought forward the launch of<br />

our new eWarehouse in conjunction with<br />

our Virtual Pre-Christmas Expo week,”<br />

Pocklington says.<br />

“Our Expo week was a huge success for<br />

both members and suppliers, with orders<br />

placed far in excess of the 2019 fair.”<br />

Nationwide’s annual Antwerp diamondbuying<br />

trip was also shifted online to ensure<br />

members were still able to source and sell<br />

Antwerp stones in <strong>2020</strong>.<br />

The ‘virtual buying trip’ ran from July<br />

to September and connected jewellers<br />

with diamantaires through videoconferencing,<br />

as well as providing<br />

marketing materials to promote the<br />

stones and encourage pre-orders.<br />

More broadly, the group also launched<br />

its Global Diamond Vault, which gives<br />

members access to certified diamonds<br />

from both local and overseas suppliers.<br />

In terms of communication and education,<br />

Pocklington noted that daily webinars<br />

on industry-related topics – including<br />

forecasts and marketing strategies – as<br />

well as tutorials.<br />

Proactive and positive<br />

While the buying groups acknowledged<br />

the difficulties of COVID-19, a sense<br />

of comparative optimism and positivity<br />

shone through.<br />

IJC’s Zarb noted, “The impact of coronavirus<br />

on our group has been significant, but we<br />

have been extremely fortunate that we were<br />

not as negatively impacted by this as others<br />

may have been.”<br />

At Showcase, Webb said, “Thankfully, as a<br />

group, we went into the pandemic period in<br />

very good financial shape with a brilliant six<br />

months of trade in the second half of 2019.<br />

“This provided us with excellent leverage to<br />

support all our membership throughout the<br />

period – especially those in Melbourne.”<br />

Colin Pocklington<br />

Nationwide <strong>Jeweller</strong>s<br />

“The last few months<br />

have been stressful for<br />

everyone – particularly<br />

our Melbourne and<br />

Victorian members and<br />

suppliers. That said,<br />

trading is very buoyant<br />

at the moment.<br />

Consumers appear to<br />

be confident.”<br />

Carson Webb<br />

Showcase <strong>Jeweller</strong>s<br />

“Our previous<br />

strategies of our fine<br />

jewellery focus and<br />

investing in many of<br />

our digital customised<br />

platforms has proven<br />

to be exactly what we<br />

needed to support our<br />

members.”<br />

Josh Zarb<br />

Independent <strong>Jeweller</strong>s<br />

Collective<br />

“We started hosting<br />

regular IJC group<br />

Zoom meetings with<br />

all our partners<br />

[retailers]... During<br />

this time, we were<br />

able to share ideas<br />

and provide some<br />

leadership and<br />

updates on many<br />

issues that the<br />

industry was facing.”<br />




MEMBERS 317 139 70 43 569<br />

STORES 364 184 104 52 704<br />

Buying group figures have been adjusted from a previous report in February <strong>2020</strong>. Members and store<br />

counts have increased overall due to Independent <strong>Jeweller</strong>s Collective’s 43 members and 52 stores.<br />



MEMBERS 73 19 1 0 93<br />

STORES 80 19 3 0 102<br />

The New Zealand market has remained relatively stable, with a decrease of four members since February.<br />


TYPE<br />


FIJI<br />



TOTAL<br />

MEMBERS 1 1 2<br />

STORES 4 1 5<br />

Members and stores outside of Australia and New Zealand<br />

Support during difficult times is perhaps<br />

the clearest benefit for retailers of joining<br />

a buying group, and this was illustrated as<br />

the pandemic raged – forcing independent<br />

retailers to modify their strategies and<br />

seek external assistance.<br />

“From late March to October, we spent<br />

considerable time supporting members<br />

with: information on how to access the<br />

various government benefits; negotiating<br />

rent relief with landlords – together<br />

with our specialist jewellery store rent<br />

consultants we helped over 200 members<br />

achieve substantial rent reductions – and<br />

finally, implementing various marketing<br />

activities to boost sales,” Pocklington said.<br />

Indeed even prior to COVID-19,<br />

unsustainable tenancy costs topped<br />

retailers’ list of concerns – something the<br />

buying groups acknowledged at the start<br />

of the year.<br />

In March, Pocklington said many of his<br />

members were already “seeking rent<br />

reductions to bring their occupancy costs<br />

811<br />

STORES<br />


664<br />


back in-line with industry benchmarks”<br />

while Webb noted that the disconnect<br />

between store revenue and retail tenancy<br />

costs had only widened over time.<br />

“When a jeweller signed a $75,000<br />

lease, say, five years ago, that lease has<br />

now risen to around $91,000. Have the<br />

jeweller’s sales increased proportionally<br />

over that period?”<br />

“The statistics will tell you that they<br />

haven’t. And what about the legislated<br />

wage increases that they have no control<br />

over?” Webb asked in March.<br />

Declining foot traffic in shopping<br />

centres was also an escalating problem<br />

for discretionary retailers like jewellers<br />

– and that trend was accelerated by<br />

the pandemic.<br />

Charlie Davey, general manager of<br />

members and category management<br />

at Leading Edge Group <strong>Jeweller</strong>s, told<br />

<strong>Jeweller</strong> in March that high tenancy<br />

costs had forced many anchor tenants to<br />

<strong>December</strong> <strong>2020</strong> | 53

STATE OF THE INDUSTRY | Buying Groups Report<br />


Members’<br />

Whereabouts<br />

leave centres, leading to a decrease in foot traffic. As noted in<br />

<strong>Jeweller</strong>’s feature ‘Seeing Eye to Eye: The Retail Rent Review’,<br />

overall retail precinct footfall declined 8.1 per cent between 2017<br />

and <strong>2020</strong>, while shopping centre vacancy rates reached a 20-year<br />

peak in June this year.<br />

Pocklington pointed to the number of store closures to<br />

illustrate the seriousness of the situation. “More than 300<br />

Australian jewellery stores – representing 10 per cent of all<br />

retailers – have closed in the last four years, with the main<br />

factor being falling sales.<br />

“Without doubt, the biggest challenge has been the significant<br />

drop in jewellery industry sales over the last three to four years.”<br />

“From late March to October, we spent<br />

considerable time supporting members on how<br />

to access the various government benefits,<br />

negotiating rent relief with landlords –together<br />

with our specialist jewellery store rent consultants<br />

we helped over 200 members achieve substantial<br />

rent reductions – and implementing various<br />

marketing activities to boost sales”<br />


Nationwide <strong>Jeweller</strong>s<br />

COVID-19 accelerated another key trend in the retail sector,<br />

which is the shift to e-commerce. According to figures from<br />

Australia Post, 12 per cent of Australian retail sales took place<br />

online in March <strong>2020</strong> – a new record high.<br />

“Over the past two years, I think the changing face of our<br />

consumers and their purchasing habits is something that<br />

remains challenging for many independent jewellers,” Zarb<br />

told <strong>Jeweller</strong> in March.<br />

Davey agreed: “Bricks-and-mortar retailers are suffering due<br />

to the online shopping experience. With each store closure in<br />

regional Australia comes a loss of brands and items someone<br />

once purchased.<br />

“This drives consumers online to replenish those items –<br />

encouraging online shopping in people who have traditionally<br />

shopped locally.”<br />

Lingering challenges<br />

The variety of support on offer from buying groups places<br />

independent jewellers in a strong position for the future, but the<br />

same challenges that existed pre-COVID are likely to continue –<br />

both within the jewellery category and across the retail sector.<br />

At the same time, the Australian economy is not expected to<br />

fully recover from the deep shocks of the COVID-19 for more<br />

than a year.<br />

Analysts at PriceWaterhouseCoopers (PWC) estimate overall<br />

Australian household consumption fell 8–11 per cent in <strong>2020</strong> and<br />

predict a recovery to “pre-COVID-19 levels towards the beginning<br />

of 2022”, with the greatest impact felt in discretionary retail<br />

categories – which includes jewellery.<br />

33%<br />

of buying group<br />

members are<br />

in New South<br />

Wales<br />

3%<br />

of buying group<br />

member stores<br />

are in Tasmania<br />

12.5%<br />

of buying group<br />

members’ stores<br />

are in New<br />

Zealand<br />

165<br />

stores in<br />

Victoria are<br />

part of a buying<br />

group<br />

117<br />

buying group<br />

members are<br />

in Queensland<br />

A recent report by management consultancy McKinsey, Australia’s next<br />

normal: The cautious consumer – published in August – found that<br />

“spending cutbacks and frugal, recession-like behaviour are showing<br />

up in our data across all segments and categories, with the exception<br />

of groceries” and that temporary relief measures were “masking”<br />

consumption patterns.<br />

The PWC report Where Next For Retail and Consumer? notes that<br />

while the JobKeeper program, loan and mortgage deferrals, and other<br />

government stimulus cushioned the initial blow of COVID-19, consumer<br />

spending is expected to drop and then remain stagnant in the mid-term.<br />

“The Australian retail sector was already struggling before COVID-19.<br />

<strong>2020</strong> saw the collapse of some iconic Australian retailers. The expected<br />

drop in consumer spending, especially in discretionary categories, will<br />

put further pressure on the sector,” the report’s authors noted.<br />

Pocklington succinctly described the trading reality in March, telling<br />

<strong>Jeweller</strong>, “We recognised the start of these difficult trading conditions<br />

back in mid-2016 and started developing strategies, training and<br />

marketing initiatives to assist members in maintaining profitability in a<br />

declining market.”<br />

Zarb explained that there is no simple answer to solve the challenges<br />

retailers currently face.<br />

“Unfortunately, there is no one ‘magic bullet’ that will be the single<br />

solution to thrive in today’s retail climate,” he says.<br />

However, that doesn’t mean there is nothing retailers can do to<br />

improve:“If I had to get specific, I would suggest that retailers really<br />

focus on identifying who their customer is and start to ensure their<br />

marketing targets them.<br />

“Thankfully, as a group, we went into<br />

the pandemic period in very good financial shape with<br />

a brilliant six months of trade in the second half of 2019.<br />

This provided us with excellent leverage to support all<br />

our membership throughout the period –<br />

especially those in Melbourne.”<br />


Showcase <strong>Jeweller</strong>s<br />

“I would recommend that, if they are struggling, they reach out for<br />

assistance. All the groups offer numerous support services to assist<br />

their members.”<br />

In the new digital world, where consumers are spoilt for choice,<br />

Pocklington also advised retailers to undertake more marketing<br />

activity each month, across more channels and platforms. They should<br />

also look to offer different merchandise with different price points<br />

than their competitors, especially chain stores. He advises Nationwide<br />

members that better inventory management can also substantially<br />

improve profitability.<br />

Webb had similar advice at the start of the year, which is even more<br />

pertinent in the ‘COVID normal’ reality: “First, work your stock levels<br />

smarter. Customers are wanting ‘the same, but different’. Adjust now,<br />

or you’ll drown in stock. The average store is sitting at 38 per cent of<br />

stock value over two years old.<br />

“Secondly, a really pertinent question to ask is, ‘Why me?’ Why should<br />

54 | <strong>December</strong> <strong>2020</strong>

Buying Groups Report | STATE OF THE INDUSTRY<br />




The following tables include the most recent available membership and store count data, provided by the four<br />

buying groups exclusively to <strong>Jeweller</strong>. While three buying groups experienced declines in membership over<br />

the course of <strong>2020</strong> – largely attributed to COVID-19 and expected retirements – new buying group Independent<br />

<strong>Jeweller</strong>s Collective notably surpassed its launch target of 40 member stores.<br />



<strong>2020</strong> - MEMBERS 113 66 65 25 28 10 7 3 317<br />

2018 - MEMBERS 108 77 67 30 33 10 8 2 335<br />

Variance 5 -11 -2 -5 -5 0 -1 1 -18<br />

<strong>2020</strong> - STORES 129 81 75 26 30 11 9 3 364<br />

2018 - STORES 127 94 82 32 34 10 12 2 393<br />

Variance 2 -13 -7 -6 -4 1 -3 1 -29<br />

Excludes 73<br />

members and 80<br />

stores in NZ and<br />

1 member with 4<br />

stores in Fiji<br />


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SHOWCASE AUSTRALIA As at Dec ‘20<br />


<strong>2020</strong> - MEMBERS 53 32 37 5 4 7 0 1 139<br />

2018 - MEMBERS 61 30 40 7 5 8 0 1 152<br />

Variance -8 2 -3 -2 -1 -1 0 0 -13<br />

<strong>2020</strong> - STORES 65 42 57 7 4 8 0 1 184<br />

2018 - STORES 76 47 63 10 5 10 0 1 212<br />

Variance -11 -5 -6 -3 -1 -2 0 0 -28<br />

Excludes 19<br />

members and 19<br />

stores in NZ and<br />

1 member with 1<br />

store in Vanuatu<br />




<strong>2020</strong> - MEMBERS 33 12 8 3 8 2 1 3 70<br />

2018 - MEMBERS 54 23 26 9 17 3 1 2 135<br />

Variance -21 -11 -18 -6 -9 -1 0 1 -65<br />

<strong>2020</strong> - STORES 33 37 12 5 11 2 1 3 104<br />

2018 - STORES 70 52 29 10 19 3 2 10 195<br />

Variance -37 -15 -17 -5 -8 -1 -1 -7 -91<br />

Excludes 1<br />

member and 3<br />

stores in NZ<br />


IJC AUSTRALIA As at Dec ‘20<br />


<strong>2020</strong> - MEMBERS 19 5 7 5 7 0 0 0 43<br />

<strong>2020</strong> - STORES 24 5 10 5 8 0 0 0 52<br />

Started<br />

buying group<br />

early <strong>2020</strong><br />

E pink@samsgroup.com.au<br />

W samsgroup.com.au<br />

P 02 9290 2199

STATE OF THE INDUSTRY | Buying Groups Report<br />

the customer in your area, town, city or even online, shop with you? Why are<br />

you any different or special?<br />

“If you can answer that honestly, and your customer agrees with you, then<br />

you’re on the right track indeed.” Webb said many Showcase members who<br />

focused on custom design and manufacture, and specialise in fine jewellery,<br />

are performing very well.<br />

Zarb advised retailers to reassess marketing, while Davey said it was<br />

vital for jewellers to concentrate on great customer service and creating<br />

unique environments – shopping experiences that can’t be matched by<br />

online competitors.<br />

“Focus on providing a seamless customer shopping experience, from the<br />

presentation of your store, website and mobile interaction. Continue to review<br />

your cost of doing business and review the options available for payments,<br />

utilities and rent, and where needed, get help from your network,” he advised.<br />

TABLE 3: <strong>2020</strong> GRAND TOTALS<br />


MEMBERS 317 139 70 43 569<br />

STORES 364 184 104 52 704<br />

Excludes New Zealand and International stores<br />


MEMBERS 569 622 -53<br />

STORES 704 800 -96<br />

2018 vs <strong>2020</strong> total variance. Excludes New Zealand<br />

and International stores<br />

However, post-COVID, Webb cautioned: “Stores are certainly using their<br />

online presence as a place to connect and get the customers in. When they<br />

are in, it’s a matter of keeping everyone safe and yet still trying to maximise<br />

sales when you have limited people in the store with social distancing rules.<br />

“There’s never a dull moment in retail, however, we are some of the most<br />

resilient people you’ll ever meet and we find ways to make things work!”<br />

Equipped for the future<br />

As the business climate has changed, and as traditional retailing has come<br />

to grips with digital competition, training and education have become the<br />

cornerstones of all the buying groups.<br />

Pocklington notes that the ability to benchmark your store against other,<br />

similar stores is vital: “In the past two years, we have created a 12-month<br />

trading budget for more than 150 of our members, and in the process<br />

benchmarked their business and provided them with the precise actions<br />

needed to improve their profitability.”<br />

Webb doesn’t see the current retail environment as an ‘us versus them’<br />

fight: “It’s about transparency and giving consumers a choice [with<br />

lab-created diamonds]. Let’s get on with it and stop trying to pull each<br />

other down!<br />

“Our amazing industry needs better cohesion and a few more smiles and<br />

high fives, not constant beat ups. We have an amazing industry that offers<br />

consumers emotional engagement like no other can. Make it count!”<br />

Proudly distributed by<br />

Before launching IJC, Zarb conducted a review of the marketplace in order<br />

to find the new buying group’s niche. He told <strong>Jeweller</strong>, “Everything we offer<br />

at IJC aims at specific one-on-one support for our retailer partners.<br />

“Upon joining the Independent <strong>Jeweller</strong>s Collective, partners will receive<br />

02 9417 0177 | www.dgau.com.au

a free Business Health Check, covering staffing levels, stock holding,<br />

merchandising, marketing and overall business performance and<br />

profitability – delivered in a ‘real world’ solution package.”<br />

Like all other industries, the original reason for joining a buying group<br />

was to take advantage of the trade discounts from suppliers – but that<br />

is only part of the picture.<br />

Taking the next steps<br />

In March, Webb was quick to address the ‘glass half-empty mentality’<br />

that can permeate any industry during tough times.<br />

“Aside from all the difficulties, the real danger I see is the danger<br />

from ourselves, as the retailer, getting stuck in the negative talk and<br />

becoming irrelevant to the consumer,” he explained.<br />

Indeed, while retailers must continue to adapt to a more digitallyfocused<br />

environment, <strong>2020</strong> also proved that the retail experience is a<br />

resilient one.<br />

A recent survey of 25,000 international consumers, conducted by<br />

Adyen and Opinium Research, found Australians had a far stronger<br />

desire to shop in-store than their UK or US counterparts –72 per cent<br />

versus 50 per cent 62 per cent, respectively – and nearly two-thirds<br />

of Australian respondents indicated they they were looking forward to<br />

shopping ‘or pleasure again.<br />

More broadly, the Westpac-Melbourne Institute Index of Consumer<br />

Sentiment reached a seven-year peak of 107.7 in November, following<br />

an 11.9 per cent increase in October. The Index is now 13 per cent<br />

above the average over the six months prior to March <strong>2020</strong>.<br />

Indeed, while retailers must continue to adapt<br />

to a more digitally-focused environment,<br />

<strong>2020</strong> also proved that the retail experience<br />

is a resilient one<br />

Yet even amid signs of recovery, Webb recommends “cautious and<br />

measured steps”, predicting, “2021 will be a little more unknown as<br />

the government incentives slowly disappear. With a vaccine promising<br />

to be close, it’s still going to be fragile and uncertain times ahead.”<br />

This is perhaps where the benefits of safety in numbers becomes vital;<br />

membership to a buying group offers a range of support not readily<br />

available to individual stores.<br />

While retail buying groups do not offer the elusive panacea – and<br />

may not be the right choice for every independent jeweller – as the<br />

business world becomes increasingly competitive and complicated,<br />

they do offer a safe harbour within which like-minded business<br />

owners can seek protection and assistance in order to flourish.<br />

Better still, jewellers now have a choice of four groups – all with<br />

different advantages – to suit their specific needs.<br />

DGA diamonds are all natural and<br />

ethically mined. The range includes<br />

9K and 18K gold bridal sets, wedding<br />

bands, fashion earrings, bracelets,<br />

rings and pendants.<br />

New season designs now available.<br />

Editor’s note: A previous version of this report appeared in the March <strong>2020</strong><br />

edition of <strong>Jeweller</strong>. Consistent with <strong>Jeweller</strong>’s role as a journal of record for<br />

the industry, updated membership and store count figures were deemed<br />

necessary given the impact of COVID-19, as well as the entrance of a fourth<br />

buying group into the category.<br />

Proudly distributed by<br />

02 9417 0177 | www.dgau.com.au


Strategy<br />

Survival lessons of the pandemic<br />

for business owners<br />

As Australia slowly emerges from the grip of COVID-19, SUE BARRETT reflects on the unavoidable and unexpected<br />

challenges of this year – and what business owners can learn about resilience, leadership, and change.<br />

Four months into the COVID-19<br />

pandemic, I wrote down the lessons<br />

that I was learning about myself as<br />

a leader, and my business. At the<br />

time, I described the crisis as a test of<br />

character for me and other people.<br />

It had put everything I cared for, valued,<br />

and taken for granted on notice.<br />

Not that I wasn’t aware of or didn’t pay<br />

attention to these things before – I am a<br />

very attentive and purposeful person –<br />

however, the pandemic put everything on<br />

the table for a thorough examination.<br />

As the COVID-19 shutdown hit, the very<br />

first thing I did was gather my team<br />

together and I said: “Our number one<br />

goal is to stay together and stay in<br />

business. We’ve worked too hard to let all<br />

of our good work go to waste.<br />

“We will manage our costs and reduce<br />

where we can and then we will prepare<br />

for the future.”<br />

Then, I addressed the reality of the<br />

economic situation for our clients.<br />

happening to their businesses, their<br />

customers and supply chains, we are<br />

going to get ready a range of sales<br />

resources and support for them so<br />

they can get selling again and can keep<br />

their businesses going and people in<br />

jobs,” I said.<br />

“This is what we are great at and this is<br />

what we are going to help them address,<br />

when they are ready.”<br />

“We are going to keep selling, marketing<br />

and engaging with our clients and others<br />

to help them navigate their way through<br />

this storm. By having their backs, we will<br />

have our own.”<br />

The interesting thing is that the things<br />

I spoke about had been the focus of the<br />

business all along.<br />

Knowing our purpose made it easier<br />

to channel our efforts towards what<br />

was important. It also united us on our<br />

journey through <strong>2020</strong>’s many challenges.<br />

And as it was for so many people, lessons<br />

kept revealing themselves to me.<br />

There is nothing<br />

like a major<br />

crisis to get us<br />

to rethink what<br />

is essential,<br />

what is<br />

desirable, what<br />

is just nice to<br />

have, and what<br />

is past its useby<br />

date<br />

second, stricter lockdown in Melbourne<br />

– where our business is based – some<br />

governments around the world seemingly<br />

ignoring the virus, elections that kept the<br />

world on tenterhooks, and at a personal<br />

level, deciding to leave our physical office<br />

of 22 years to start anew.<br />

There is nothing like a major crisis to get<br />

us to rethink what is essential, what is<br />

desirable, what is just nice to have, and<br />

what is past its use-by date.<br />

Reflecting on the first wave<br />

As the saying goes, we are all in the<br />

same storm, but we are not all in the<br />

same boat.<br />

What that means is if we pay attention,<br />

we can learn a lot by listening to each<br />

other: our clients, our families, and<br />

others with whom we engage.<br />

From doing so, it’s clear that some –<br />

personally and professionally – have<br />

sailed through this year virtually<br />

unscathed while others are struggling<br />

to make ends meet and stay in business.<br />

“While everyone is going to need some<br />

time to get their heads around what is<br />

The second part of the year presented<br />

more and different obstacles, like the<br />

It has been interesting to see those who<br />

carry themselves with dignity and grace<br />

58 | <strong>December</strong> <strong>2020</strong>

Business Strategy<br />

even during the toughest situations, and<br />

those who do not. Which brings me to a<br />

quote that caught my attention during<br />

the early stages of the COVID-19 crisis:<br />

“A crisis does not develop character, it<br />

reveals character.”<br />

The pandemic is affecting people,<br />

businesses, communities and<br />

governments in a myriad of ways, but it’s<br />

also revealing characters.<br />

So, what is character? It is the aggregate<br />

of features and traits that form the<br />

individual nature of a person or thing. It<br />

includes our moral or ethical qualities<br />

as individuals, teams, businesses and<br />

societies.<br />

Some people are magnificent at leading<br />

the way with clarity and purpose, while<br />

others are out of control and create<br />

mayhem and panic. And others still<br />

are somewhere in between.<br />

I know you are already seeing certain<br />

people flash before your eyes as you<br />

read this!<br />

Our character – expressed through<br />

behaviour and actions – does impact<br />

others for better or for worse, especially<br />

in times like this.<br />

As a business owner and manager, ask<br />

yourself these four questions:<br />

• How do I handle myself under<br />

pressure?<br />

• How do I want to handle myself under<br />

pressure?<br />

• How do I want to present myself and<br />

lead in a crisis and beyond?<br />

• How do I want to be perceived and<br />

remembered by others?<br />

As Maya Angelou once said: “People will<br />

forget what you said, people will forget<br />

what you did, but people will never forget<br />

how you made them feel.”<br />

Through the second wave – and beyond<br />

While the first few months of the<br />

pandemic were a lesson in character<br />

and preparedness, the next months<br />

crystallised further insights.<br />

First was that relocating can be<br />

liberating, both physically and<br />

emotionally.<br />

I am a creature of habit when it comes<br />

to work routines and had run my<br />

business from a commercial office<br />

space for more than two decades.<br />

I thought working from home would leave<br />

me feeling sad or mournful – however,<br />

the exact opposite occurred.<br />

Instead, I felt free. I also got the chance<br />

to update my workspace and habits<br />

which improved my – and my team’s<br />

– productivity.<br />

They say if you want to change old<br />

habits, the best time to do it is when<br />

you are changing your physical location,<br />

such as moving to a new house or<br />

business premises.<br />

This year has been an opportunity to<br />

change for the better, and to seek out<br />

new ways of working that make sense<br />

for the future of my business.<br />

The next lesson was about the<br />

importance of staying the course;<br />

relationships, commitment, and<br />

teamwork can save the day – or the year!<br />

My team is very strong and committed,<br />

with a clear focus and purpose that allow<br />

us to navigate every situation with a<br />

sense of control.<br />

I promised my team at the beginning of<br />

the pandemic that our number-one job<br />

was to stay together and stay in business,<br />

and we did just that.<br />

Simply put, we did exactly what<br />

we advised other businesses to<br />

do throughout COVID-19 – keep<br />

communication channels open,<br />

develop new relationships and nurture<br />

existing ones, adapt and develop<br />

new offers, and identify new market<br />

segments to ensure that you have a full<br />

pipeline of opportunity.<br />

Knowing how to strategise and sell are<br />

vital business and life skills we can all<br />

benefit from, now and in the long term.<br />

Finally, I learnt that mental health is vital<br />

to our overall well-being. Taking time to<br />

check in with employees, customers and<br />

suppliers does matter.<br />

Sometimes, the best thing we can do<br />

is listen and respect another person’s<br />

KEY<br />


Define your<br />

purpose<br />

Unite and focus<br />

your staff by<br />

articulating a<br />

clear vision for<br />

the business<br />

Reflect and<br />

improve<br />

Assess your<br />

management<br />

style and habits,<br />

and how you<br />

can improve<br />

Embrace<br />

change<br />

Times of<br />

crisis and<br />

disruption are<br />

opportunities for<br />

evolution<br />

feelings – even if they are all over the<br />

place and somewhat negative.<br />

However, we can do this in such a way<br />

that we do not get swept up in their<br />

emotions. Instead, as leaders, we can<br />

be a neutral sounding board of calm<br />

and reason, with a ‘Can do-What if’<br />

approach that provides hope and<br />

purposeful optimism.<br />

Equally, it is important for business<br />

leaders and owners make time and space<br />

to unload feelings and emotions in a<br />

healthy way, so that they do not disrupt<br />

their employees, customers, business<br />

partners and family.<br />

The end of an era<br />

I am a <strong>2020</strong> Year 12 parent. Like many<br />

other parents, we have had our fair<br />

share of extra challenges and work this<br />

year participating in the schooling of<br />

our children.<br />

This year also signifies the end of<br />

the schooling years as parents for<br />

my husband and I – 19 years of dropoffs<br />

and pick-ups, parent-teacher<br />

interviews, and so on.<br />

As my son graduated, I found myself<br />

reflecting on these 19 years as part of the<br />

school community; all the relationships,<br />

projects, and community activities we<br />

participated in to help it flourish.<br />

For many people, <strong>2020</strong> represents the<br />

end of an era for their business – whether<br />

it be relocating a store, shifting to<br />

e-commerce, or retiring and handing on<br />

to a new generation.<br />

But if this year has taught us anything,<br />

it is that this process of change is as<br />

wonderful as it is sad; after all, the end<br />

of one era is just the beginning of the<br />

next one.<br />

SUE BARRETT is founder and CEO of<br />

innovative and forward-thinking sales<br />

advisory and education firm Barrett<br />

and online sales education platform<br />

salesessentials.com. Visit: barrett.com.au<br />

59 | <strong>December</strong> <strong>2020</strong>


Selling<br />

Six simple and effective selling tips<br />

you can implement right now<br />

While some aspects of your business have undoubtedly had to change and adapt to the new reality of retail,<br />

there are other elements that you can’t afford to neglect, advise RICH KIZER and GEORGANNE BENDER.<br />

Even when things were ‘normal’ – before<br />

COVID-19 – customers shopped in strange<br />

patterns, and their choices tended not to<br />

be divided equally among retailers. Yet the<br />

pandemic has made it even clearer that if<br />

you want to make more sales, you must do<br />

more as a retailer.<br />

Here are six of the most effective ways to<br />

build your business and increase sales today<br />

and into 2021.<br />

Continue to plan events and promotions<br />

You have competition coming at you from all<br />

sides, all vying for the customers’ attention.<br />

What are you doing about it? Just opening<br />

your doors is not enough.<br />

You need to be ready with events that are<br />

locked and loaded on your calendar. In-store<br />

events do not always automatically equate<br />

to running a sale – although that’s an option.<br />

You can do ‘make it-and-take it’ events,<br />

demos, seminars, pop-ups, supplier days –<br />

the possibilities are endless.<br />

If you are selling online or via social media,<br />

plan something special for any digital sales<br />

days or upcoming holidays too.<br />

Now is a fantastic time to create a calendar<br />

of sales events for each month of 2021 –<br />

both digital and physical. Plan each event,<br />

buy product, and get your team involved.<br />

Re-train your team<br />

You can’t do everything by yourself; you need<br />

a team of strong sales staff backing you up.<br />

Be specific about what you need and be up<br />

front about what is required to do the job.<br />

Sanitising the store and reinforcing mask<br />

mandates will be with us for a while and<br />

your team needs to know what is expected of<br />

them. That much goes without saying.<br />

This isn’t a time to hold back, it’s time to<br />

sell. Hold training sessions about product<br />

and how to deliver exemplary service when<br />

you can’t see the customer’s face.<br />

Update your team each time a state or<br />

community COVID-19 guideline changes<br />

and commit to a training schedule that lasts<br />

all year long. Adopt a ‘buddy system’ and<br />

partner new hires with seasoned pros who<br />

Retailers must do more to attract and close every sale.<br />

can mentor them as they learn about the<br />

store and the products you sell..<br />

Create a ‘never out’ list<br />

Every retailer should have a ‘never out’ list<br />

of the things you need to have in stock 100<br />

per cent of the time. During peak times of<br />

the year, this list takes on an even bigger<br />

significance when being out of one of these<br />

items can literally make or break a sale.<br />

Your POS system will likely create this list for<br />

you, but make sure to do frequent physical<br />

counts on the sales floor to make sure your<br />

list is correct.<br />

Sell, sell, sell gift cards<br />

Gift cards are your secret weapon – and<br />

that’s gift cards, not gift certificates. There’s<br />

a reason for that: a recent study found<br />

that retailers who switch from paper gift<br />

certificates to plastic gift cards increased gift<br />

card sales from 35 per cent to 50 per cent.<br />

It also found that 55 per cent of gift card<br />

recipients required more than one shopping<br />

trip to spend the balance of their card –<br />

which is good news for retailers!<br />

More time spent browsing means more<br />

chances to make another sale and turn a<br />

repeat customer into a loyal brand advocate.<br />

Remember, a gift card that’s presented in<br />

a boring paper sleeve or envelope doesn’t<br />

look like much, even if it’s for big bucks. So,<br />

If you have<br />

product that<br />

has been sitting<br />

dormant on<br />

your shelves<br />

while your store<br />

was closed,<br />

a clearance<br />

strategy is<br />

important.<br />

Packing them<br />

away for sale<br />

next year is<br />

almost never a<br />

good idea<br />

package your gift cards with a look that’s<br />

unique to what you sell and offer your gift<br />

cards electronically too for contactless sales.<br />

Ensure your returns policy is competitive<br />

If every one of your competitors accepts<br />

returns and exchanges but your policy<br />

screams ‘No!’, customers will go<br />

somewhere else to shop. Note that<br />

during the pandemic, many retailers have<br />

lengthened return and exchange windows.<br />

A good returns policy is even more<br />

important when it comes to shopping online.<br />

You’ll save more sales if you train all your<br />

staff to politely suggest an exchange or a<br />

gift card before offering a refund. Make sure<br />

your policy is up to date with all relevant<br />

legislation too.<br />

Be prepared for markdowns<br />

If you have product that has been sitting<br />

dormant on your shelves while your<br />

store was closed, a clearance strategy is<br />

important. Packing them away for sale next<br />

year is almost never a good idea and trying<br />

to sell past-season product at full price isn’t<br />

a good look.<br />

Determine which piece will be discounted;<br />

how much it will be discounted by, how it<br />

will be ticketed – numbers work better than<br />

percentages – and where it will be displayed<br />

on the sales floor.<br />

Unless you are having a big sale, display<br />

clearance stock near the back of the store<br />

so shoppers have to pass through new<br />

displays to get to it.<br />

You’re exhausted just reading this, right?<br />

Being a retailer has always meant long<br />

hours and putting out fires. Add in selling<br />

through your website and social media, plus<br />

keeping up with COVID-19 mandates, and<br />

you have a lot of new hats to wear.<br />

The only thing that makes it easier? Having<br />

a game plan.<br />


are retail strategists, authors and<br />

consultants. Visit: kizerandbender.com<br />

60 | October <strong>2020</strong>


Management<br />

Set your business up for success in<br />

2021 with a four-step strategy<br />

A new year is the perfect time for a fresh start, writes DAVID BROWN, who recommends<br />

a simple reflective exercise to organise your business priorities for the future.<br />

There’s something about the beginning<br />

of a new year that makes us take<br />

stock and rethink our actions; gym<br />

memberships have their highest joining<br />

rate and diet programs get an influx of<br />

new members.<br />

It’s the ideal opportunity for a reset in<br />

order to get ourselves back on track – to<br />

undo those bad habits that have crept in<br />

and make sure you’re getting the most out<br />

of your time.<br />

Your business is no exception. Although<br />

it’s not spring, this is the time of year<br />

when your business will most benefit from<br />

a figurative ‘spring clean’.<br />

You’ve got the rush of <strong>December</strong> behind<br />

you, there is hopefully money in the bank,<br />

and you may even have had a chance to<br />

grab a few days off – if you’re lucky!<br />

So how should your reset take shape?<br />

Starting the process of change<br />

Management expert Brian Tracy, who<br />

has been a keynote speaker and business<br />

training specialist for more than 30 years,<br />

has identified four areas to change.<br />

Now is an opportune time to take his<br />

advice onboard.<br />

Tracy breaks it down into four simple<br />

key questions:<br />

What should I do more of? – What are the<br />

‘good habits’ you’ve managed to establish<br />

in your business that you’d like to do more<br />

often or more regularly?<br />

Perhaps you only re-order your bestselling<br />

products once per fortnight. Could<br />

you step this up to once a week?<br />

After all, the longer a best-seller is out of<br />

the store, the more likely you are to miss a<br />

sale you might otherwise secure.<br />

What should I do less of? – What still<br />

needs to be done, but perhaps could be<br />

done by someone else? What are you<br />

doing that could be done less often?<br />

A failure to delegate undermines many<br />

a good business. Are there tasks you are<br />

responsible for that you don’t need to<br />

Organise your thoughts by answering four management questions.<br />

do yourself? For example, could someone<br />

else be processing those re-orders?<br />

Could you let a staff member deal with<br />

something you don’t need to be doing?<br />

Not only will this free you up to tackle<br />

bigger issues, but it will empower another<br />

staff member and provide a greater level<br />

of job satisfaction.<br />

What should I start doing? – What are<br />

the habits you know you should have that<br />

aren’t getting done?<br />

You may, for example, have had intentions<br />

of getting regular staff training sessions<br />

underway but have kept procrastinating.<br />

These sorts of tasks often fall under the<br />

category of important, but not urgent.<br />

They are valuable to your business but<br />

because they are not pressing – your staff<br />

can survive without the training for now –<br />

you don’t get around to it.<br />

The end result is a business still<br />

functioning, but not succeeding at the<br />

level it could.<br />

What should I stop doing? – This can be<br />

the toughest question to address, because<br />

once made, a habit can be hard to break.<br />

It’s the ideal<br />

opportunity for<br />

a reset in order<br />

to get ourselves<br />

back on track<br />

– to undo those<br />

bad habits that<br />

have crept in<br />

and make sure<br />

you’re getting<br />

the most out of<br />

your time<br />

Do you have regular distractions that are<br />

part of your day that aren’t necessary?<br />

One such distraction may be answering<br />

your staff’s questions.<br />

It may sound counter-intuitive, but<br />

often staff already know the answer to<br />

something – they simply need you to<br />

give them permission to make their<br />

own decisions.<br />

Customer issues are also a case in point.<br />

Do your staff come to you with every<br />

customer problem or complaint?<br />

Empowering them to resolve matters<br />

up to a certain value will eliminate a<br />

large percentage of your time spent on<br />

unnecessary tasks. It will also make the<br />

customer happier as their problem can<br />

be resolved more promptly.<br />

As a further bonus, it also allows your<br />

staff to feel more in control during what<br />

might be an uncomfortable situation<br />

and that in turn gives them a sense of<br />

resilience and confidence.<br />

Set yourself up for success<br />

If you’re looking for a starting point to<br />

make some fresh changes in 2021, then<br />

this exercise is a great place to begin.<br />

Once you begin asking yourself these<br />

questions, you’ll be surprised how many<br />

areas of your business fit into each of the<br />

four categories.<br />

Monitoring your daily activity will soon<br />

show up where you can start to make<br />

meaningful changes.<br />

The small amount of time it will take you<br />

to complete this exercise and implement<br />

some lasting solutions will be some of the<br />

best time you will spend all year.<br />

Don’t procrastinate – get started today!<br />

DAVID BROWN is is co-founder<br />

and business mentor with Retail<br />

Edge Consultants. Visit:<br />

retailedgeconsultants.com.<br />

61 | October <strong>2020</strong>


Marketing & PR<br />

How to evaluate your PR and marketing<br />

strategy on a limited budget<br />

It is critical to measure the success of PR and marketing campaigns – the challenge<br />

is doing so in a cost-effective manner, writes WILLIAM COMCOWICH.<br />

A large budget makes it easier to<br />

obtain substantial media exposure<br />

and measure the results of PR and<br />

marketing. But most businesses don’t<br />

have millions – or even thousands – to<br />

spend on media measurement.<br />

Most non-profit organisations, start-ups<br />

and small businesses generally have<br />

limited resources for PR and marketing,<br />

and especially for PR measurement.<br />

Even many large organisations rely on<br />

shoestring budgets for media monitoring.<br />

The following approaches can help those<br />

with limited funds affordably measure<br />

their PR and marketing.<br />

Selecting the right goals<br />

When it comes to marketing and PR, set<br />

goals that are easy to measure. These<br />

could cover lead generation, increased<br />

sales, or positive media mentions in<br />

certain publications.<br />

The more specific the goal, the easier it<br />

is to measure.<br />

To find meaningful results, make sure<br />

more general PR goals are linked to<br />

business objectives and can be measured<br />

accurately and regularly.<br />

As Kathie Green, director of marketing<br />

at mobile advertising firm TapSense,<br />

explains, “It is important to set and<br />

meet your quantifiable press-coverage<br />

goals every quarter, to ensure you<br />

stay focused on creating great content,<br />

raising awareness for your company,<br />

and getting return on investment from<br />

your PR efforts.”<br />

Many PR teams tend to track and analyse<br />

more data than they need.<br />

Review your metrics periodically to<br />

eliminate outdated and unneeded data<br />

– many are obsolete or unhelpful and<br />

consume precious time and energy.<br />

Focusing on just a handful of key metrics<br />

can bring clarity and save time.<br />

The rule of thumb is to use data points<br />

that show how the PR campaign helped<br />

Dive into the data to find out if your campaign is reaching its targets.<br />

attract customers or potential customers,<br />

boost sales conversion, or support other<br />

business objectives.<br />

The first data points to go should be<br />

‘vanity metrics’, such as numbers of<br />

Twitter followers and Facebook likes.<br />

These are easy to report and boost<br />

the ego, but they don’t materially help<br />

improve business results.<br />

Instead, businesses should focus on<br />

how these metrics increased sales – for<br />

example, how many followers shared<br />

links to your website or clicked through<br />

from an Instagram post.<br />

Mara Conklin, founder and president<br />

of Clarus Communications, advises<br />

businesses to look beyond traditional<br />

media metrics to find ways to<br />

meaningfully and affordably<br />

measure PR success.<br />

“Because good PR positively impacts<br />

attitude and perception, it’s okay to<br />

look for ‘soft’ measurements that really<br />

contribute to the company,” she writes.<br />

Ultimately, it all comes down to one<br />

thing – does the metric help you make<br />

decisions? When you see the metric, do<br />

you know what you need to do?<br />

When it comes<br />

to marketing<br />

and PR, set<br />

goals that<br />

are easy to<br />

measure. These<br />

could cover<br />

lead generation,<br />

increased sales,<br />

or positive<br />

media mentions<br />

in certain<br />

publications<br />

Saving time and money<br />

One of the most cost-effective methods<br />

of measuring the success of your<br />

marketing and PR strategy is to use<br />

data you already have.<br />

If one goal is increased traffic to the<br />

website, examine web analytics for longterm<br />

traffic trends, such as the number<br />

of returning visitors, time on page, and<br />

the most popular pages.<br />

Social media platforms also typically<br />

report engagement levels, the number<br />

of followers, and more.<br />

However, keep in mind their limitations;<br />

social media platforms often include<br />

analytics that are designed to encourage<br />

continued use of the platform, rather<br />

than offering useful data.<br />

Other services may not provide the full<br />

scope of information that your business<br />

requires – for example, Google Alerts is<br />

not reliable as a media monitoring tool.<br />

Consider using a dedicated low-cost<br />

media monitoring tool instead.<br />

Marni Zapakin, vice-president at PR<br />

research firm Ketchum Global Research<br />

& Analytics, says, “While no tool is<br />

perfect, tools today leverage web crawling<br />

technology that scrapes the internet for<br />

comprehensive media tracking of online<br />

news and certain social channels.<br />

“You can integrate external data to<br />

have everything in one, easy-to-use<br />

dashboard,” she adds.<br />

The bottom line is that small businesses<br />

and organisations can now measure<br />

their PR and marketing efforts without<br />

spending huge sums by focusing on the<br />

correct metrics and using an effective<br />

monitoring tool.<br />

WILLIAM COMCOWICH is is founder<br />

and acting CEO of Glean.info by<br />

CyerAlert. Visit: glean.info<br />

62 | October <strong>2020</strong>


Logged On<br />

Make the most of Instagram Stories by<br />

creating a structured content plan<br />

One of the most versatile and dynamic ways to engage with potential customers is through<br />

Instagram Stories – but it requires proper planning, writes SIMON DELL.<br />

Instagram stories may have only been<br />

around since 2016, but in a short time<br />

they’ve gone from a fun gimmick to a<br />

powerful digital marketing tool. They<br />

can help engage with your audience and<br />

boost sales.<br />

However, like everything, it all works better<br />

with a plan. Here’s how to create a content<br />

plan for your Instagram Stories.<br />

Keep it on-brand<br />

Instagram Stories give you a lot of freedom<br />

in terms of what you’re posting, and<br />

whether it be video, text or photos, you<br />

want to make sure your posts align to your<br />

brand’s unique style. If you are consistent<br />

with your themes and aesthetics, you can<br />

help build more brand awareness – that is,<br />

customers are more likely to remember you<br />

and perceive you in a positive light.<br />

One simple first step is to think about the<br />

colours associated with your brand and<br />

incorporate this into your Instagram Stories.<br />

For example, if in-store signage is red, use<br />

that same shade of red in your Stories.<br />

Consider the font style and colour, filters –<br />

stick to one or two – background colours,<br />

text blocks, and stickers. Obviously, all<br />

photos and videos will look different, but<br />

matching these other elements ensures<br />

your content looks cohesive.<br />

Understand your goals<br />

Before you start planning your content,<br />

think about what you are trying to achieve.<br />

Is it all about generating sales? Maybe you<br />

simply want to build brand awareness or<br />

increase your follower count – and therefore<br />

your pool of potential customers.<br />

Once you determine what your goals are,<br />

you can start planning content. Ideally,<br />

each Story should have a single goal to<br />

avoid confusion. Bear in mind that you can<br />

work towards different goals with separate<br />

Stories, which appear at the top of your<br />

business’ Instagram profile.<br />

Selecting a content type<br />

There are three types of posts that can make<br />

up an Instagram Story – photo, video, or text.<br />

Entertaining, engaging, and informative Stories will produce real results.<br />

Photos and text slides run for six seconds,<br />

and videos can be up to 15 seconds.<br />

When using photos, you can add features<br />

like stickers, text, or emojis to make the post<br />

look more dynamic. You can also add videos<br />

to a photo post with certain editing apps,<br />

such as Canva and Wave.video.<br />

Again, there’s no perfect method – just<br />

keep the content consistent, entertaining,<br />

and useful for your audience. You may<br />

prefer a four-post Story with just photos,<br />

or a six-post Story with a mix of photos,<br />

video, and text.<br />

The only must is to ensure the call to action<br />

– that is, any invitation to interact, such as<br />

“Shop”, “Discover”, “Try”, or “Watch” – isn’t<br />

always on the last post in the Story. People’s<br />

attention will wane, and you want your key<br />

message to reach as many as possible.<br />

Mix it up<br />

The beauty of Instagram Stories is that<br />

you can use multiple posts and slides to<br />

tell a story.<br />

For example, on different days of the week<br />

you could:<br />

• Advertise a product and direct people to<br />

visit your website<br />

• Share images and videos of your<br />

business’ everyday routine to show your<br />

human side<br />

There are plenty<br />

of features<br />

you can add<br />

to Instagram<br />

Stories that<br />

invite your<br />

audience to<br />

engage with<br />

your posts,<br />

such as polls,<br />

question-andanswer<br />

boxes,<br />

emoji sliders,<br />

quizzes, and<br />

countdowns<br />

• Provide your followers with some lighthearted<br />

entertainment<br />

• Share useful tips relating to your products<br />

or industry<br />

One important point is to not focus on selling<br />

exclusively. If all your Stories advertise<br />

products and ask people to buy, they will fall<br />

flat. Remember that engaging with people is<br />

an integral step towards future sales.<br />

There are plenty of features you can add to<br />

Instagram Stories that invite your audience<br />

to engage with your posts, such as polls,<br />

question-and-answer boxes, emoji sliders,<br />

quizzes, and countdowns.<br />

Not only is this fun and interactive, but it<br />

also opens up a connection. Depending on<br />

your reach, you can even contact those who<br />

engage and start a conversation.<br />

Frequency and scheduling<br />

Instagram Stories disappear after 24 hours,<br />

so if you post a two-slide story in the morning,<br />

and add another two slides the next day, the<br />

first two will ‘drop off’ before the newer ones.<br />

For a full Story with an intended purpose, it’s<br />

best to post the whole thing at once.<br />

Next, think about when your intended<br />

audience is most likely to see your Stories.<br />

After some time, you will get a feel for the<br />

time of day or night when you get the highest<br />

number of views and reactions.<br />

Unfortunately, it’s difficult to ‘schedule’ an<br />

Instagram Story through the app. However,<br />

there are separate digital tools, such as<br />

HootSuite or Later, which allow you to create<br />

and edit Instagram Stories and schedule<br />

them to be posted at a certain time.<br />

Your content should be easy to read,<br />

enjoyable and informative. If you target each<br />

of your Stories towards a specific goal, you<br />

can quickly build your audience and turn<br />

Instagram into an easy, and very valuable,<br />

marketing tool.<br />

SIMON DELL is co-founder and CEO<br />

of Cemoh, a Brisbane-based firm that<br />

provides marketing staff on demand.<br />

He specialises in digital marketing and<br />

brand management. Visit: cemoh.com<br />

63 | October <strong>2020</strong>

My Bench<br />

Leon Raper<br />

Australian Diamond Company (ADC), Melbourne VIC<br />

Age 56 • Years in Trade 30 • Training Trade-qualified diamond setter (South Africa), Diploma of <strong>Jeweller</strong>y & Object Design (Melbourne Polytechnic)<br />

First job Apprentice diamond setter at Edward Ber in South Africa, 1981 • Other Qualifications Licensed real estate agent (Queensland)<br />





In this ring, an 18-carat rose gold-toned morganite is surrounded<br />

by small round brilliant-cut diamonds. As a simple, classic halo<br />

ring, it’s timeless and guaranteed to draw attention.<br />

4FAVOURITE GEMSTONE Padparadscha<br />

sapphire. These sapphires are rare and not easily<br />

available – especially unheated ones that are<br />

the colour of a tropical lotus flower. The more<br />

saturated the colour, the more valuable they are.<br />

4FAVOURITE METAL It depends on how the<br />

metal is used; it’s white gold when setting stones,<br />

yellow gold when manufacturing or crafting a ring,<br />

and platinum for longevity.<br />

4FAVOURITE TOOL Heavy duty ring bender pliers.<br />

They bend just about any thickness of precious<br />

metal with ease.<br />


– I never knew how much easier it makes your<br />

work, especially setting work!<br />

4BEST PART OF THE JOB Mastering a technique<br />

that you once found hard to do.<br />

4WORST PART OF THE JOB Realising that you<br />

misunderstood an instruction on a job packet only<br />

after it’s completed.<br />

4BEST TIP FROM A JEWELLER If your gut tells<br />

you that something is not correct with a job<br />

order, follow up with whoever is responsible for<br />

that order.<br />

4BEST TIP TO A JEWELLER Clean your<br />

workbench at the end of each day. There is nothing<br />

worse than starting your day having to face an<br />

untidy bench.<br />


Fine dust particles – especially abrasive powder<br />

coming from the sanding disc and pre-polishing<br />

waxes like Tripoli Lustre Polishing Compound.<br />

4LOVE JEWELLERY BECAUSE It’s in my blood! My<br />

father was a diamond cutter/polisher and from a<br />

very young age, I would go with him when he visited<br />

various people in the industry. That is how I was<br />

exposed to the diamond and jewellery business.<br />

64 | <strong>December</strong> <strong>2020</strong>

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Soapbox<br />

There are many e-commerce opportunities<br />

for retailers – and suppliers are here to help<br />

With the acceleration of e-commerce during COVID-19 lockdowns, the time is right for retailers<br />

to integrate and invest in this side of their business, writes JOHN ROSE.<br />

A successful online presence has become<br />

an increasingly important part of any<br />

jewellery retailer’s business. To allow<br />

customers to browse and shop at your<br />

store wherever they are, and whenever<br />

they wish, exponentially increases the<br />

potential for sales.<br />

E-commerce has changed dramatically<br />

over the past 10 years, and so has<br />

consumer behaviour towards online<br />

purchasing.<br />

Gone are the days where consumers went<br />

online simply to get a bargain. Most sites<br />

offering cheap products are not trusted<br />

and have lengthy delays in delivery of the<br />

product, without any ability to talk to anyone<br />

about delivery times, defects, returns,<br />

etcetera. Customers do not want that.<br />

The three main reasons why customers<br />

buy online today are convenience, trust and<br />

speed. Consumers, especially Australians,<br />

prefer to buy from a trusted source that<br />

they know. This is why Amazon has had a<br />

far more difficult time making an impact on<br />

the Australian market than it has overseas.<br />

People are shopping from their desk<br />

during their lunch break, on the bus, before<br />

breakfast, late at night – whenever it is<br />

convenient for them to do so.<br />

So, how can jewellers capitalise on this<br />

‘new normal’?<br />

As a supplier to the jewellery industry, West<br />

End Collection gets a lot of feedback from<br />

retailers. Sell-out reports show major retail<br />

operators selling seven to 10 times more of<br />

our brands through their online store than<br />

they do in their largest flagship store.<br />

Why is this? It comes down to those three<br />

factors of convenience, trust and speed.<br />

Customers know that they can quickly and<br />

easily buy a quality product online from<br />

a trusted retailer that, should there be a<br />

problem, they can talk to directly and drop<br />

in to see should the need arise.<br />

That part is critical: consumers want to<br />

buy from a retailer they recognise, that<br />

has a real presence here in Australia, and<br />

that they can easily contact for customer<br />

service.<br />

The greatest advantage that physical stores<br />

have over purely online stores is their loyal<br />

existing customers, with whom they often<br />

have a personal relationship. So, in order to<br />

succeed, an online presence should be an<br />

extension of the bricks-and-mortar store.<br />

You don’t need to spend thousands of<br />

dollars chasing potential customers, trying<br />

to convince them to buy from you. The<br />

easiest way to build your web sales is to<br />

entice your existing walk-in customers –<br />

not through discounts, or special offers, but<br />

with the convenience of online shopping.<br />

Starting an online store is quick, easy<br />

and inexpensive – there are services such<br />

as Shopify which do all the work for you.<br />

The monthly rates for these services are<br />

competitively priced and the extra features<br />

available allow you to add more functions to<br />

encourage sales.<br />

To make the process even simpler,<br />

suppliers – including West End Collection<br />

– often offer digital integration with your<br />

website, which allows you to upload<br />

batches of watches and jewellery to your<br />

website at the click of a button.<br />

West End’s ‘Integrator’ service also<br />

connects directly to our warehouse and<br />

automatically updates retailers’ websites<br />

when an item is out of stock, or when a<br />

new item becomes available. Many of our<br />

retailers are also offering drop-shipping,<br />

which means fewer sales are lost due to<br />

The greatest<br />

advantage<br />

that physical<br />

stores have over<br />

purely online<br />

stores is their<br />

loyal existing<br />

customers, with<br />

whom they often<br />

have a personal<br />

relationship.<br />

So, in order to<br />

succeed, an<br />

online presence<br />

should be an<br />

extension of<br />

the bricks-andmortar<br />

store<br />

lack of stock.<br />

When an order comes in for an item that’s<br />

not in store, the retailer simply ‘pushes’ the<br />

delivery on to the supplier, which then ships<br />

the item directly to the customer.<br />

The other benefit to retailers of having<br />

a quality website is being able to offer a<br />

broader range of products than they could<br />

carry in-store.<br />

If a customer is in the store looking for a<br />

particular piece of jewellery or a specific<br />

watch, the retailer can simply show them the<br />

item on the website. If the customer likes the<br />

item, it can easily be ordered and be sent to<br />

the store – no lost sale.<br />

While it may seem counterintuitive,<br />

customers often like to talk to someone<br />

while they are browsing the retailer’s<br />

website. This creates a genuine personalised<br />

shopping experience and allows them to ask<br />

for advice and guidance before they make<br />

their purchase.<br />

Further integrating the online-offline sales<br />

process, retailers can use programs such<br />

as Podium which allow them to send a text<br />

message to the customer while they are<br />

in-store, or after an online sale, prompting<br />

them to leave a Google review.<br />

These positive reviews boost the retailer to<br />

the top of Google searches and add to their<br />

online credibility, leading to more sales.<br />

Making a website an extension of a physical<br />

store is now becoming the standard, and<br />

there are many clear benefits for retailers.<br />

Name: John Rose<br />

Company: West End Collection<br />

Position: General manager<br />

Location: Melbourne, VIC<br />

Years in Industry: 23<br />

66 | <strong>December</strong> <strong>2020</strong>


to a city near you!<br />

ewellery<br />

• TRADE DAYS •<br />

Gift<br />

<strong>Jeweller</strong>y<br />

• TRADE DAYS •<br />


SYDNEY<br />

PERTH<br />


February 13 – 14, 2021<br />

Brisbane Convention Centre<br />

Southbank<br />

February 20 – 21, 2021<br />

ICC Sydney<br />

Darling Harbour<br />

March 13 – 14, 2021<br />

Perth Convention<br />

& Exhibition Centre<br />

March 20 – 21, 2021<br />

Adelaide<br />

Showground<br />

We are ready to get back to business and recognise the importance<br />

to reconnect quickly and efficiently.<br />

Introducing the Retail Trade Days, giving wholesalers an easy and affordable opportunity to connect<br />

with local retailers, easy access to an event, with a cross section of suppliers in their own state.<br />

The Retail Trade Days will be a marketplace of leading jewellery suppliers, all trading from a trestle table<br />

with a maximum cap of 2 tables. It is designed to ensure that participants focus their offer on samples of<br />

their latest new releases, or dead stock they are looking to clear. With exhibitor packages starting at<br />

only $1,100, don’t miss out on bouncing back with these intimate and local focused events.<br />

Get in touch!<br />

If you have any questions, or want to secure your involvement contact the team at Expertise Events.<br />

Phone: (02) 9452 7575<br />

Email: jewelleryfair@expertiseevents.com.au<br />

Organised by:<br />

Est. 1990

Australian Argyle pink diamonds are beyond rare and amongst the most precious diamonds in the world.<br />

Pink Kimberley jewellery is crafted from an exquisite blend of white diamonds and<br />

natural Australian pink diamonds from the Argyle Diamond Mine, located in the East<br />

Kimberley region of Western Australia. A coveted Argyle pink diamond Certificate<br />

accompanies all Pink Kimberley pieces containing pink diamonds greater than 0.08ct.<br />

PinkKimberley.com.au<br />

E pink@samsgroup.com.au W samsgroup.com.au P 02 9290 2199<br />



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