Jeweller – February 2024

VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY FEBRUARY 2024
Pearl Power
PEARL JEWELLERY HAS NEVER BEEN
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Digging Deeper
STATE OF THE INDUSTRY REPORT
INVESTIGATION CONTINUES
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PEARL JEWELLERY HAS NEVER BEEN
MORE ACCESSIBLE FOR CONSUMERS
VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY FEBRUARY 2024
STATE OF THE INDUSTRY REPORT
INVESTIGATION CONTINUES
ARE YOU READY FOR EXPERIMENTAL
ENGAGEMENT JEWELLERY?
FEBRUARY 2024
Contents
This Month
Industry Facets
13 Editorial
14 Upfront
16 News
26
29
58
60
10 YEARS AGO
Time Machine: February 2014
LEARN ABOUT GEMS
Game-changing gemmologists: VI
MY BENCH
Sarah Lim
SOAPBOX
Rita Price
47 PEARL JEWELLERY
Portrait of Power
4Pearl jewellery has dominated the spotlight at
major red carpet events and remains a top choice
for trendsetters - both male and female.
Features
30
41
2024 STATE OF THE INDUSTRY REPORT - ADDENDUM
The legacy of past presidents examined
BRIDAL AND ENGAGEMENT JEWELLERY
Consumers are increasingly experimental
30 2024 STATE OF THE INDUSTRY REPORT
47
PEARL JEWELLERY
Nothing says power like pearl jewellery
Leadership and legacy
retrospective
4As the Jewellers Association of Australia
grapples with governance and transparency
issues, questions have been raised about the
benefits offered to members.
Better Your Business
52
54
55
BUSINESS STRATEGY
Is optimism hurting your business? GRAHAM JONES asks an important question.
SELLING
JEANNIE WALTERS dispells a common misconception in business.
MANAGEMENT
Intentions are only half the battle. MALCOLM SCRYEMGOUR explains why.
41 ENGAGEMENT JEWELLERY
New flavours
4Younger consumers are
increasingly experimental when
it comes to selecting bridal and
engagement jewellery, and it's
important that retailers are ready
to meet their needs.
56
57
MARKETING & PR
BETH WALKER discusses the importance of content marketing strategy.
LOGGED ON
MICHAEL HINSHAW outlines the impact your digital presence has on consumers.
FRONT COVER
Stuller offers a remarkable selection
of engagement ring styles to help every
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To learn more visit: stuller.com
Pearl Power
Digging Deeper Bridal Bonanza
Stuller.com
February 2024 | 11

Editor’s Desk
XXX
For more than a decade, people have been predicting the end of physical stores as choice and convenience lured
customers away from the streets and into the cloud. But one thing is certain, and as demonstrated by the past
two years, nothing is as ever as it first seems. ANGELA HAN explores what the future holds for retail.
“Retail is dead,” shouted some experts!
In fact, so sure have some doomsayers
been about the demise of retail that a
new term was coined: ‘retail apocalypse’.
The notion started around 2010 soon
after the Global Financial Crisis when
many major retailers began closing their
brick-and-mortar retail stores, especially
international chains.
The term gained prominence around 2017
when it was first mentioned in The Atlantic
to describe major retail bankruptcies and
mass store closures of major US chains.
Only two years later in 2019 – just before
the pandemic – the US witnessed approximately
10,000 more businesses close their
doors, which was reported as
a 60 per cent increase on the year before.
So it’s understandable that the harbingers
of doom were already painting a dire
picture of the future of retailing – a decade
on, the prophecies were all coming true.
Then finally in 2020 the real impact took
hold, as COVID-19 went global.
You could hear Chopin’s Funeral March
while watching the retail dominoes collapse
– the pandemic was the final kiss of
death, especially for businesses that were
on life support, the pundits predicted.
As of May 2020 only a few months into the
pandemic, store closures and bankruptcies
catalysed. Household names and department
stores such as J. Crew, Neiman
Marcus, and JCPenney were among the
first major retailers to file for bankruptcy,
although it is arguable that trouble was
already brewing long before COVID.
While an exact figure is almost impossible
to ascertain, it was reported that a further
12,000 retailers had closed stores across
the US in 2020 alone. According to a 2021
UBS Group report, it’s anticipated a further
80,000 US stores are expected to shut
shop in the next five years with one-quarter
of US shopping centres also expected
to permanently close.
The US economy is often seen as a bellwether
for what happens here in Australia.
So what does this mean for
the future of retail?
Closer to home, it has been reported
that between 1,000 to 2,000 retail stores
collapsed in 2020 and 2021 following on
from a dismal year of pre-pandemic trading
through 2018-19. Whether or not this estimate
includes small shops on suburban
strips is unknown, but it’s fair to say that
no one was exempt from feeling the turbulence
of the pandemic rollercoaster.
The Beauty of a Bold Statement
Discover the perfect gemstone for every design
with 850,000+ in-stock options.
Two years in, a quick stroll down the street
reveals a string of ‘For Lease’ signs and
storefronts closed until further notice. From
K-mart to Woolies, we’re seeing empty
shelves, a lack of staff and supply chain
turmoil. These problems side-by-side make
it easy to assume that we’re right in the
middle of the, so-called, retail apocalypse.
However, the wise and percipient know
from past experience that economic
instability and the challenges therein can
lead to new opportunities. Instead, these
events can simultaneously expose existing
weaknesses and strengthen the position
of a business.
Indeed, while COVID-19 has accelerated
store closures, it’s also ushered in a wave
of digital revolution for the retail sector.
With consumers now living, thinking
and shopping differently, businesses have
been forced to evolve and further experiment
with what works and what doesn’t
– a playground to freely explore
the opportunities that had been put off.
Certainly, if you were dragging your feet
before 2020, the pandemic dragged you
by the hair into the new world.
KPMG’s 2021 Australian Retail Outlook
Survey indicated that despite a huge shift towards
omni-channel models – where more
than 70 per cent of retailers have to increase
their investment in digital technology – 25
per cent of respondents said their websites
generate no revenue and 21 per cent said
that less than 5 per cent of their revenue
comes from e-commerce.Fewer than 10
per cent of retailers indicated that their
e-commerce platform generates up to 50
per cent of revenue.
The Beauty of It All ®
This is a double-edged sword: while there
has been extraordinary development and
growth in e-commerce, it’s clear that consumers
still prefer to spend more in-store,
which is a welcome revelation in amidst all
the doom and gloom of the retail apocalypse.
As customers have been forced into
e-commerce, whether Stuller.com/Gemstones
they liked it or
not, The Law of Unintended Consequences
came into play: Featured: firstly, people Santa came Maria to Color realise
the importance of a tangible
Aquamarine
in-store
You could hear
Chopin’s Funeral
March while
watching the
retail dominoes
collapse –
COVID-19 was
the final kiss of
death, especially
for businesses
that were on
life support,
the pundits
predicted.
shopping experience and secondly, with a
surge in delivery fees and delay in delivery
times, the price of items both instore and
online became comparable.
Coupled with this, the Australian Bureau
of Statistics’ most recent turnover estimate
(November 2021) for retail businesses,
which include both physical store and online
sales, is reported to have risen
7.3 per cent month-on-month and increased
5.8 per cent on 2020. In essence,
people haven’t stopped shopping, and
instead, their consumption has increased.
Moreover, what has come to light since
2020 is to what degree consumers enjoy
shopping for jewellery.
In March 2020 I wrote: “When compared
to other retail categories, there’s ample
evidence that many fine jewellery retailers
have remained resilient during the COVID
pandemic and economic crisis”, which was
backed up by soaring Pandora and Tiffany
stock prices.
“Hong Kong retailer, Chow Tai Fook, had
seen its shares rocket back to its 2018
heydays and both Michael Hill International
and the US chain, Signet Jewelers, were
recovering since the huge sell off in the
depths of the crisis and LVMH stock prices
are back to what they were pre-COVID.”
And now, 15 months further on, Pandora
has recorded all-time high revenue while
Michael Hill reports its best second quarter
in history. Richemont group’s sales have
reportedly exceeded that of pre-COVID and
even local jeweller Linneys reported historic
Christmas trading. Sales are booming!
In this month’s feature – The Great Retail
Reset – we look at the ‘retail apocalypse’
from a different standpoint. Sure, while the
catastrophic effects of the pandemic cannot
be ignored, it has equally been an opportunity
for brave and savvy retailers
to reinvent, redefine and rebirth.
In March 2020, I gave my humble advice
in these difficult times: if you want to
prepare yourself against the horsemen
of the apocalypse, don’t build a bunker –
learn to ride a horse!
It appears that some have gone a step further
and learned to tame a herd.
Angela Han
Publisher
February 2024 | 13

Editor’s Desk
Your escape from a world dominated by the superficial
The jewellery industry is under siege. SAMUEL ORD discusses the importance
of deeper examination in an increasingly superficial culture.
The modern world is plagued by superficial
analysis, and the jewellery industry is the
latest in a long line of victims.
What do I mean when I say ‘superficial
analysis’? It is shallow and short-term
thinking that excludes any consideration
of the complexities of life and the depths
of human experience.
Worse, all too often it’s unquestioning,
and ‘facts’ go unchallenged.
We all know the pitfalls of superficial
analysis – we learn them as children.
We are taught never to judge a book by its
cover. We shouldn’t let first impressions
colour our perception of people.
We are also taught that personal
relationships are to be valued over
material possessions and that we
shouldn’t exchange long-term
success for immediate gratification.
Most people would readily concede that
these are virtues worth living by, yet life in
the ‘Information Age’ strikes a remarkable
contrast to this timeless wisdom.
Information overload has become a
serious issue – people experience
difficulty understanding complex issues
and making effective decisions because
they have too many factors to consider.
The tools made possible by the internet
and social media were once heralded for
their ability to improve lives in advanced
societies greatly; however, in many ways,
it’s led to unfulfillment and indignity.
With smartphones and computers, we have
access to a never-ending treasure trove at
our fingertips every day; however, the ability
to deeply analyse and capitalise on this
information is amputated and replaced by
disposable posts on social media defined by
character limits and addictive looping clips.
This is where the jewellery industry
suffers. The addiction to bite-sized
information leads to consumers with
rapidly evolving tastes and preferences –
and retailers are struggling to keep up.
In a global economy, retailers have never
had more jewellery collections and pieces
to offer customers; however, even if the
perfect decision is made, chances are
tastes have changed by the time the
collection reaches the store.
This reliance on immediate gratification also
means consumers have never been more
impatient.
Bespoke and custom-made jewellery
has never been more popular – which
is great news for traditional jewellers
– however, with a skills shortage and a
lack of available bench jewellers, it takes
time to create these pieces – which can
sometimes fly-in-the-face of the ‘want it
now generation’.
Indeed, it would seem to be a great
hypocrisy that consumers desire timeless
jewellery that provides profound emotional
and sentimental importance – and it must
be produced immediately.
Who is to blame?
While everyone must take personal
accountability for how they think and act,
it’s difficult not to blame the media for
perpetuating this attitude.
Wherever you look today, much of
contemporary media - especially ‘social
media’ - is dominated by superficial
analysis designed to provoke an immediate
emotional reaction from the reader that is
forgotten by the next day.
For most ‘movie critics’, the latest film is
either ‘good’ or ‘bad’. Little consideration
is ever given to the broader context of
the film itself – did it build upon previous
works? Was there a breakout performance
for an actor, or did the director showcase
any newfound technical prowess?
It’s a similar story in music. Artists always
build on previous works – did the band
incorporate new sounds or pay tribute to
influences? Don’t get me started on the
lowest of all criticisms in art – “it didn’t sell.”
Regarding superficial analysis, the sports
media is the biggest perpetrator. Any team
that doesn’t win the trophy, cup, or title is
a failure. Only one team can win it all every
year – yet this overbearing reality is always
ignored in favour of the latest ‘hot take’.
The jewellery industry is not exempt from
this kind of thinking. Industry media has a
tendency to accept whatever is said by public
relations staff without question.
Press releases are repeated word-for-word
and presented to readers as ‘news’ without
any attempt to paint a more vivid picture of
We all know
the pitfalls
of superficial
analysis – we
learn them as
children. We are
taught never to
judge a book
by its cover. We
shouldn’t let
first impressions
colour our
perception of
people .
the announcement or event.
Every business and brand is taken at
their word – whatever happened to
‘trust but verify’?
What’s the solution?
This issue has no easy solution because
technological advances cannot be reversed.
The ‘addiction to distraction’ is not going
away anytime soon.
With that said, there’s nothing to stop us from
practising ‘deep work’ while the rest of the
world dwells on shallow analysis.
This year should be defined by your
willingness to ask the questions no
one else is willing to ask. Abandon the
obsession with multi-tasking and the fear
of boredom. Don’t take numbers at face
value – ask why they are the way they are
by weighing every complexity.
With that said, this will be a year of ‘deep
work’ for Jeweller. Namely, it’s time to take
the information uncovered in the 2024 State
of the Industry Report (SOIR) and repeatedly
ask the all-important question – why?
While the SOIR's reception has been
terrific – and the feedback gratefully
accepted – as promised, it raised more
questions than answers.
Over the coming months, Jeweller will
publish a series of addendums addressing
topics and issues raised by the report that
couldn’t be thoroughly explored because of
size and time limitations.
The SOIR provided the latest ‘numbers’ for
many important industry sectors – detailing
the unexpected decline of independent
retailers in Queensland, the collapse of the
Jewellers Association of Australia, and the
rise of ‘online showrooms’ as examples.
And there is more – much, much more.
Documenting these occurrences was just
the beginning – now, the time has come to
ask the harder questions. Very little goes
unchallenged and unquestioned by this
publication.
This work will transform the SOIR from
important to invaluable and provide the
tools to understand today’s economic climate
and prepare for the decade ahead.
SAMUEL ORD
EDITOR
February 2024 | 13

Upfront
Stranger Things
Rewind: Best Bench Tip
Image: Getty
Weird, wacky and wonderful
jewellery news from around the world
The largest diamond ever?
4Lab-created diamond manufacturer
Diamond Foundry has created a
diamond wafer 10 centimetres in
diameter. "By solving the thermal
limitations at the very foundation of
each of today's most exciting mega
tech industries, including AI, electric
cars, and wireless, the company helps
shape the future," the company said
in a statement. Diamond Foundry was
established in 2012. In November 2022,
the company purchased Augsburg
Diamond Technology, also known as
Audiatec, which manufactures diamond
wafers for jewellery and manufacturing.
Food-inspired jewellery
4Jewellery resembling food may be
on the menu for designers in 2024.
Designer Silvia Furmanovich has
released a new collection of pieces that
resemble food. The collection is named
Buon Appetito, the Italian phrase “Enjoy
your meal.” Another designer, Jessica
McCormack, released a new necklace
named ‘Carmela’ after the character
from the television series The Sopranos,
resembling swirling spaghetti pasta in
diamonds and gold.
MAY 2015
“Perfect each
component before
moving on to the next
because accuracy is
everything!”
LAURA PIVOVAROFF
WISHART JEWELLERS
HISTORIC GEMSTONE
Duke of Devonshire Emerald
4The Duke of Devonshire Emerald
is a terminated hexagonal-shaped
crystal discovered at the Muzo Mine in
Colombia, the source of the world’s finest
emeralds. It is an exceptional deep-green
emerald, with perfect transparency
in certain areas while remaining
heavily flawed in others. The emerald
is considered one of the largest and
finest uncut emeralds at 1,383 carats.
The Duke of Devonshire Emerald gets its name from the sixth Duke of
Devonshire, William Cavendish, who reportedly received the gemstone
as a gift from the first emperor of Brazil, Don Pedro I. Other reports have
suggested he purchased the emerald somewhere between 1822 and
1831. The emerald was displayed at the Great Exhibition in London in
1851 and, more recently, at the Natural History Museum in 2007.
Timeless Trends
4Close-fitting necklaces worn tightly
around the neck, known as chokers,
appear to be back in the spotlight in
2024. Uma Thurman wore a Chopard
with multiple strands of rubies at the
2023 Cannes Film Festival, while Margot
Robbie was spotted in a pearl style by
Assael at the Barbie premiere.
Image: BVLGARI
Watch out for fake teeth
4Dentists in Fiji have issued a
warning about unlicensed operators
providing cosmetic dentistry
services using phoney false teeth
and imitation dental jewellery that
can corrode and become toxic. FDA
president Parikshath Naidu said some
businesses are advertising what were
purported to be 22-carat gold caps for
just $FJ5 ($AU3.30). He told
ABC News that registered dentists
in Fiji had experienced an influx
of patients presenting with health
problems after having cosmetic work.
Changing
the game
with new
payment
methods
4With the arrival of a new year comes
speculation about changes in retail trends, and
one of this year’s hottest talking points is the
evolving nature of payment methods. There’s an
increasing variety of payment methods available
for consumers and retailers, including soft pointof-sale,
mobile point-of-sale, buy now pay later,
instalments, and peer-to-peer apps. Advanced
technology is allowing the relationship between
consumers and businesses to become more
flexible and increasing the opportunity for
retailers to improve loyalty with unique benefits
programs. One retailer to watch is Amazon,
which expanded its proprietary palm-based
payment system across its network of more than
500 US Whole Foods stores, enabling customers
to make purchases using their hands.
Campaign Watch
4Bulgari has launched a new campaign
to promote its B.zero1 range of fine
jewellery featuring US actress Zendaya,
showcasing a bicolour gold and steel
timepiece. Zendaya has been a brand
ambassador for Bulgari since 2020 and
frequently promotes the brand to her 185
million Instagram followers.
VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY
Published by Befindan Media Pty Ltd
Locked Bag 26, South Melbourne, VIC 3205 AUSTRALIA | ABN 66 638 077 648 | Phone: +61 3 9696 7200 | Subscriptions & Enquiries: info@jewellermagazine.com
Publisher Angela Han angela.han@jewellermagazine.com • Editor Samuel Ord samuel.ord@jewellermagazine.com • Advertising Toli Podolak toli.podolak@jewellermagazine.com
Production Learoy Bangis art@befindanmedia.com • Digital Coordinator Riza Ortiz riza@jewellermagazine.com • Accounts Paul Blewitt finance@befindanmedia.com
Copyright All material appearing in Jeweller is subject to copyright. Reproduction in whole or in part is strictly forbidden without prior written consent of the publisher. Befindan Media Pty Ltd
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
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
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
arising from the published material.

News
Pandora on top: Strong sales
performance continues
LVMH reports record sales despite adverse economy
Luxury conglomerate Louis Vuitton Moët
Hennessy (LVMH) has published its financial
report for the past financial year, announcing a
strong increase in revenue.
Group revenue increased by nine per cent to
a record €86.15 billion ($AU141.97 billion)
despite a slowdown in sales in the second half
of the year.
LVMH chairman Bernard Arnault highlighted
the reopening of Tiffany & Co’s ‘Landmark’
location in New York City and the reception of
Louis Vuitton and Christian Dior collections at
fashion shows as important milestones.
The world’s largest mass-market jewellery brand,
Pandora, has published a preliminary fourth-quarter
financial report outlining strong sales during the
holiday season.
Revenue increased by 12 per cent, while like-for-like
sales improved by nine per cent in the three months
ending 31 December.
Total revenue for 2023 reached kr28.1 billion ($AU6.14
billion), a significant increase from the kr26.5 billion
($AU5.79 billion) in sales the previous year.
CEO Alexander Lacik said these results showed that
the brand remains popular with consumers.
“We are very pleased with our results across the peak
trading season and how we closed 2023. It’s clear
that our brand resonates well with consumers and
continues to gain strength,” Lacik said.
“The success in 2023 is also a testament to the great
work of Pandora teams around the world, who have
helped take the Phoenix strategy to the next level.”
Sales in the US improved by 10 per cent, while revenue
in Europe increased by five per cent. Sales declined in
China by 12 per cent and in Australia by six per cent.
According to chief financial officer Anders Boyer, the
company will remain focused on appearances at
fashion events in the new year.
“We’ve raised the game starting a year back,
putting more money behind not just driving
awareness of the brand, but driving desirability as
well,” Boyer told WWD.
“We are participating in those kinds of events in order
to show that even though we are an accessible luxury
brand from a price perspective, we also know what’s
on trend, and we can be part of creating what’s on
trend as a company.”
Audited full-year results are expected to be published
on 7 February.
“Our performance in 2023 illustrates the
exceptional appeal of our Maisons [brands]
and their ability to spark desire, despite a year
affected by economic and geopolitical challenges.
The Group once again recorded significant growth
in revenue and profits,” he said.
“Our growth strategy, based on the
complementary nature of our businesses,
as well as their geographic diversity,
encourages innovation, high-quality design
and retail excellence and adds a cultural and
historical dimension thanks to the heritage of
our Maisons.”
For the year, sales in the watches and
jewellery division increased by three per
cent to €10.90 billion ($AU17.95 billion), with
fourth-quarter revenue reaching €2.95 billion
($AU4.86 billion).
“While remaining vigilant in the current
context, we enter 2024 with confidence, backed
by our highly desirable brands and our agile
teams,” Arnault added.
Weathering the storm: Richemont pleased with
improving consumer demand in Asia, US markets
Jewellery was the top-performing division of
Swiss luxury goods company Richemont in the
past quarter off the back of increasing demand
in Asia and the US.
Sales at Cartier, Van Cleef & Arpels, and
Buccellati improved by six per cent on a yearon-year
comparison, reaching €3.95 billion
($AU6.54 billion) for the three months ending 31
December.
The statement attributed the sales increases to
positive sales in the US and the return of tourism
to Hong Kong and China. The report also
detailed a weaker retail performance in Europe.
“Wholesale sales were four per cent above the
prior-year period, sustained by strong sales at
the jewellery maisons [brands], which more than
offset a softer performance across the rest of the
“For LVMH, it provides a new opportunity to
reinforce our global leadership position in
luxury goods and promote France’s reputation
for excellence around the world.”
By market capitalisation, LVMH is the
world’s 18th largest company at $US418.8
billion ($AU636 billion), overseeing 75 brands
including Tiffany & Co, Bulgari, Kering, and
TAG Heuer.
group,” the statement reads.
Sales at specialist watchmakers, including IWC
Schaffhausen, Piaget. and Vacheron Constantin,
declined by one per cent to €939 million
($AU1.55 billion).
Richemont chief financial officer Burkhart Grund
told Reuters that brand recognition was crucial
to weathering the storm in an adverse economy.
"In times of, let's say, economic uncertainty,
it helps to be a highly recognised and highly
respected jewellery brand through the power of
iconic product lines," he said.
"This reassures customers not just in jewellery,
but also in watches."
Total group revenue increased by four per cent to
€5.59 billion ($AU9.25 billion).
16 | February 2024

News
Administrative penalties: Confusion around JAA reporting requirements intensifies
In the past two months, it was revealed that the
Jewellers Association of Australia (JAA) may
have breached government reporting regulations
following an amendment of its Constitution.
The confusion about the JAA’s apparent blunder
and the handling of this matter by the regulator
has worsened.
During the research phase of the 2024 State of
the Industry Report, Jeweller became aware of a
possible breach of Australian Charities and Notfor-profits
Commission (ACNC) legislation.
The JAA is a registered charity and, as such,
must adhere to reporting requirements
concerning its management and governance.
This includes a requirement to notify the ACNC
of any changes to governing documents within
60 days.
At the JAA’s annual general meeting on
21 November 2022, a special resolution was
passed to amend the Constitution about the
composition of its board and the election and
appointment of directors; however, more than
12 months after the AGM, the JAA had not
submitted the relevant documents – an
amended Constitution – to the ACNC.
It was not until 15 January 2024 that the JAA’s
changes to the Constitution were finally reflected
on the ACNC website. The document is dated 27
March 2023. Whether the 60-day deadline begins
on 21 November 2022 or 27 March 2023, either
way, it appears that the JAA has not adhered to
the ACNC’s reporting requirements and could
face penalties.
Transparency in question
Jeweller can now report that there is more to
this blunder, some of which casts doubt on the
management of the JAA as well as the ACNC.
On 15 December 2023, Jeweller contacted JAA
director Meredith Doig to inquire about the
board’s failure to meet its reporting obligations
under the ACNC Act 2012.
Doig did not respond to Jeweller’s questions in
the 15 December 2023 email. For that reason,
Jeweller contacted JAA operations manager
Megan Young on 19 December 2023 to confirm
that the email had been received.
It is worth noting that when the JAA announced
the appointment of Doig as a director on 1
September 2022, she was described as bringing
a “magnanimous degree of experience and
knowledge in the governance sector” by thenpresident
Karen Denaro.
When contacted Young advised that Doig was
currently overseas and that there would be a
delay in receiving a response. At the time of
publication, Doig has not responded to that
email, nor has she responded to a follow-up
email on 12 January 2024.
At this point it is also worth noting that on 19
December 2023, Young did not advise Jeweller
that the JAA had submitted an amended
Constitution to the ACNC the day before - 18
December 2023 – three days after the issue was
first raised and yet not acknowledged.
Either Young – who has been with the JAA for 17
years – was not aware that the documents had
been filed with the ACNC, or she chose not to
disclose this information.
More confusion with ACNC
That said, the confusion does not stop there.
The confirmation that the JAA submitted its
documents on 18 December 2023 was provided
by the ACNC today. This information; however,
contradicted a previous statement by the ACNC.
In an email dated 15 January 2024, an ACNC
spokesperson advised, “The Jewellers
Association submitted an updated constitution
to the ACNC on 12th December. The updated
document will be available on the Charity
Register record by the end of today”.
Jeweller queried the date (12 December 2023)
for two reasons - it created a confusing ‘timeline’
of events and contradicted information about
regulatory processes provided by the ACNC in
December.
If the JAA had submitted an amended
Constitution on 12 December 2023, that would
mean the submission occurred three days before
Jeweller first raised the issue with Doig via email
on 15 December 2023.
This would not change the issue of violating
reporting requirements; however, it was
nonetheless confusing.
The ACNC spokesperson later retracted the 12
December 2023 date and advised that the correct
date of submission was, in fact, 18 December
2023 – up to 11 months beyond its obligations.
This confirms that the upload occurred three
days after Jeweller raised the issue with the JAA
and not three days before; however, one other
matter remains unresolved. The new date still
contradicts a previous statement from the ACNC
concerning the process for submitting altered
governing documents.
”To notify changes, charities submit updates via
the Charity Portal. These changes flow through
to the Register immediately. The ACNC can
apply administrative penalties if a charity makes
false or misleading statements or fails to lodge
documents on time,” the ACNC spokesperson
clarified in December.
With that in mind, it remained unclear why the
JAA’s amended Constitution was not available on
the ACNC website until 15 January 2024.
Jeweller sought clarification on this issue
and was informed: “Unfortunately there was
an ACNC IT glitch which led to a delay in the
charity’s governing document being published
on the Charity Register after it was submitted in
December 2023.”
Outstanding questions for the JAA
Serious questions arise from this matter for the
JAA.
• When Jeweller directly contacted the JAA on
19 December 2023 about this matter, why was it
not disclosed that the amended Constitution had
been submitted to the ACNC the day before?
• How did it come about that the JAA did not
comply with statutory reporting requirements –
and only did so after being advised of the error by
Jeweller?
• After submitting the amended Constitution on
18 December 2023, was the JAA board aware
that the document did not appear on the ACNC
website until 15 January 2024?
Problems surrounding the JAA’s governance
standards and industry disclosures seem
ongoing.
Following Doig’s appointment as a co-opted
director, questions were raised in December
2022 about an undisclosed commercial
relationship between her and JAA vice president
Ronnie Bauer.
It is unclear whether the JAA will, or has,
incurred financial or administrative penalties
for breaching the legislation by failing to meet
reporting requirements. The ACNC website
states: "Monetary penalties are calculated by
reference to penalty units under the Crimes Act
2014" and range from $1,565 and $7,825.
Jeweller has contacted the ACNC regarding this
matter and is awaiting further advice.
MORE BREAKING NEWS
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February 2024 | 17

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News
Checking the pulse: Industry optimistic following Melbourne Jewellery Expo
The Melbourne Jewellery Expo (MJE) has offered
the industry crucial insights into the year ahead.
Retailers and suppliers gathered at the
Melbourne Convention and Exhibition Centre over
three days, with the fair closing on 5 February.
Highlights of the weekend – outside of the
warm summer weather – included special
presentations from interior designer Shaynna
Blaze, television and radio presenter Jo Stanley,
and Australian Retail Association head of
marketing Mariela Zaharija.
Expertise Events general manager Zac Fitz-
Roy said feedback had been largely positive,
signalling an optimistic outlook for 2024.
“It’s been great hearing positive feedback
from suppliers and retailers alike. It’s been an
opportunity for sales, but importantly to catch up
with friends, clients and key industry suppliers
under one roof,” he told Jeweller.
prospects and had a few retailers apply for
memberships, which is somewhat unusual
at a fair. We were delighted,” she told Jeweller.
“You always make connections at industry events,
but to receive as many applications as we did was
unexpected. We were also approached by a few
suppliers based on recommendations from other
suppliers, which is pleasing.”
Regarding industry sentiment, Keller agreed
with Wertheim and Ridkas and said that retailers
appeared optimistic despite the consensus
around the economy proving negative.
She also reported widespread excitement
about Black Friday sales – a relatively new
phenomenon in Australia.
Black Friday originates as a retail tradition
in the US, beginning on the Friday after
Thanksgiving in November and marking the
start of the Christmas shopping season.
“Shaynna Blaze on Saturday was also a great
hit. She offered insights into both business and
design trends, many of which applied to some
topical issues for the jewellery industry.”
According to the Australian Bureau of Statistics,
retail spending in November ($36.15 billion)
exceeded spending in December ($35.19 billion)
in seasonally adjusted terms.
Hosted alongside the Gift & Lifestyle Fair, the
MJE offered retailers an opportunity to finalise
new orders before Valentine’s Day (14 February)
and Mother’s Day (12 May).
Fitz-Roy said that while visitors remained
cautious about the economy and consumer
spending, overall sentiment was positive.
“It will be interesting to see how retail sales track
over the coming months,” he said.
“There’s been a lot of talk about tighter
conditions, but it seems many are yet to see it
really impact”.
Checking the pulse
Exhibitors at the MJE were pleased to report
many visitors offered a ‘glass half full’
perspective when discussing plans.
JS Landau's managing director, John Wertheim,
said buyers were interested in a surprising
variety of products.
“We were very happy with how the fair unfolded,"
he told Jeweller.
"We connected with existing customers and
picked up some new ones, which I think is exactly
what you’re looking for at an event such as this
one,”
“The interest among buyers was right throughout
our range. We’ve had some interest in the higherend
merchandise, which was great to hear, but
quite generally, we offer a wide range of jewellery,
and we think everyone found something to buy.”
This sentiment was echoed by Karen Ridikas of
Couture Kingdom, who said that retailers were
on the hunt for diversity in stock as a way to offer
something new to customers.
“Among the retailers we spoke with, they were
looking for a real variety of products. There’s
a desire to offer new products that expand the
interest in their business,” she explained.
“I think there’s a need to create more excitement
about their stores; offering something new and
different can encourage customers to start
spending on jewellery again, given that retail has
been slow for some time.”
She said that retailers were particularly
interested in the Disney 100th anniversary
collection, which is only available for another six
months.
“Anything that’s only available for a limited time is
always attractive," she continued.
"Overall, it was a good show considering the
size – maybe fewer visitors than we expected, but
they were quality visitors looking to place orders,
which means you're speaking to fewer people,
but converting a higher percentage."
Pleasant surprises
Among the crowd was Australiasia’s largest
buying group, Nationwide Jewellers. Membership
manager Erin Keller said there were many
surprising takeaways from the fair.
“We had a very good fair; it exceeded our
expectations. We were approached by several
ABS analysts suggested that December's
drop resulted from consumers spending
more in November to take advantage of
Black Friday sales.
“Many of the retailers we spoke with said they
experienced a downturn over the Christmas
period after recording very strong Black Friday
sales, which I thought was interesting to hear,”
Keller said.
“Black Friday seems to be taking over from
Boxing Day. Many retailers said they weren’t
expecting to exceed sales targets from the year
before but did, and the way the economy is and
the climate we are trading in has made many
people happy.”
She added: “There was a great deal of industry
longevity gathered in one building, people are
friends as well as colleagues, and many social
things are happening outside the fair itself – a
sign of the sense of community within the
industry.”
Sunshine State awaits
Industry attention now turns to the Gold Coast
for the Australian Jewellery Fair in March.
Hosted at the Gold Coast Convention and
Exhibition Centre, the fair is scheduled for
24-25 March.
The International Jewellery Fair, the industry’s
largest annual gathering, will occur in Sydney
on 17-19 August.
For further details and registration information,
visit jewelleryfair.com.au
MORE BREAKING NEWS
JEWELLERMAGAZINE.COM
February 2024 | 19

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News
Diamond discovery: Tourist unearths special stone
A French tourist on holiday in the US will head home
with memories to last a lifetime after a remarkable
diamond discovery in a national park.
Julien Navas, from Paris, travelled to the Crater of
Diamonds State Park in Arkansas on 11 January
and rented a diamond hunting kit.
Navas spent the day toiling in the mud, discovering
several ‘interesting rocks’ before heading to the
Diamond Discovery Centre to consult the staff.
After an examination, one of the rocks was
determined to be a 7.46-carat brown diamond,
described as ‘deep chocolate’ in colour.
The discovery was the fifth of 11 diamonds recovered
from the park this year and is the largest since 2020.
The stone – named the ‘Carine Diamond’ – is the
eighth largest found since the area was designated a
state park in 1972.
An estimated 75,000 diamonds have been
discovered in the soil of the park since 1906,
including the ‘Uncle Sam’ stone, a 40.23-carat
diamond unearthed in 1923. The Uncle Sam is
the largest uncut diamond ever found in the US.
“This part of Arkansas is loaded with diamonds
thanks to a violent volcanic vent eruption that took
place roughly 100 million years ago,” writes Sarah
Kuta for Smithsonian Magazine.
“The powerful explosion carried rocks from Earth’s
mantle up to the surface and left an 81-acre crater
in its wake. Three types of diamonds — white,
yellow, and brown — are common in the region,
as are gemstones such as quartz, agate, garnet,
amethyst and jasper, among others.”
Navas plans to divide the diamond into two smaller
stones and gift them to his fiancé and daughter.
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Ancient jewellery: Hidden temple discovered in Greece
Archaeologists on the Greek island of Evia have
discovered a previously unknown temple packed
with ancient jewellery and treasures.
Evia is the second-largest Greek island in area
and population and the sixth-largest island in the
Mediterranean Sea.
The site was discovered near the Temple of
Amarysia Artemis and is dated to the 7th century
BC; however, sections of the temple are believed to
be older. Test cuts from the site show that sections
of the buildings can be dated as far back as 900 BC.
A team of more than 50 archaeologists uncovered a
variety of gold, silver, coral, and amber jewellery, as
well as bronze and iron fittings and amulets, within
the 100-foot temple.
"Although the investigation of the earliest of these
levels has only just begun, the first discoveries
suggest that the cult had its roots in the centuries
after the end of the Mycenaean period."
In a statement, Greece’s Ministry of Culture
described the temple as the most crucial discovery
in continental Greece in 65 years.
“Although the investigation of the earliest of these
levels has only just begun, the first discoveries
suggest that the cult had its roots in the centuries
after the end of the Mycenaean period,” the
statement reads.
"The excavation of the archaic temple brought
to light rich offerings: Corinthian alabaster, attic
vases, ritual prochos of local production, as well
as jewellery made of precious materials like gold,
silver, and coral.”
The temple was dedicated to the goddess Artemis.
In ancient Greek mythology, Artemis was the
goddess of the hunt, wilderness, nature, and the
care of children.
In 2015, a 3500-year-old warrior grave was found in
southern Greece. Among the items recovered were
gold rings, swords, fine-toothed ivory combs and
more than a thousand precious stone beads.
HANDMADE
IN AUSTRALIA

News
Reality check: Watches of Switzerland lowers forecast
encouraged by our market share gains in both the
US and UK.”
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any design.
Retailer Watches of Switzerland has lowered its
full-year forecast, citing an adverse market for
luxury timepieces.
The UK-based retailer expects sales of between £1.53
billion ($AU2.95 billion) and £1.55 billion ($AU2.98 billion),
an increase of between two and three per cent.
The retailer initially forecasted an improvement in
sales of between eight and 11 per cent; however, CEO
Brian Duffy said the retail environment was proving
more challenging than anticipated.
"The festive period was particularly volatile this year
for the luxury sector, with consumers allocating
spend to other categories," he said.
“While we are disappointed with this trend, we are
Watches of Switzerland also confirmed a double-digit
sales increase in the US in the third quarter, which
ended 28 January.
The company will release a full financial report on 8
February. The market responded quickly to the announcement,
with share prices sharply decreasing.
“Watches of Switzerland slashed its annual revenue
and profit margin forecast on Thursday, as consumers
spend less on luxury items amid a cost-of-living
squeeze, sending the luxury retailer's shares down to
an over three-year low,” Reuters reports.
“Shares in the company, which sells brands including
Rolex, Cartier and Patek Philippe, plunged as much
as 30 per cent, its steepest one-day drop ever.”
The report continued: “Several factors ranging
from geopolitical tensions, a slower-than-expected
recovery in China after COVID-19 shutdowns, and
raging inflation have restricted consumer spending.
Luxury brands are particularly hit with a slowdown
in demand as high costs make people judicious with
discretionary spending.”
Watches of Switzerland operates more than
170 stores worldwide and is a major retailer of
brands such as Rolex, Omega, Cartier, TAG Heuer,
and Breitling.
Michael Hill announces store closures and job cuts
Michael Hill International (MHI) has confirmed job
cuts and store closures after a sharp decline in firsthalf
earnings.
The retailer is expected to report comparable
earnings of between $30 million and $33
million for the first half of the financial year, a
decline of between 39-45 per cent on a
year-on-year comparison.
03 9654 7225
www.metrodiamonds.com.au
This announcement comes just weeks after the
release of Jeweller's 2024 State of the Industry
Report, which recorded store counts for every
chain in Australia. MHI had 171 locations in
Australia at the time of publication.
The retailer recently opened four new Bevilles
locations; however, six underperforming Michael
Hill stores have been closed – five in Australia and
one in Canada.
Michael Hill International currently oversees 302
stores worldwide.
“While the first half was definitely a challenging
period for our business with sales for the core
Michael Hill brand down, we are encouraged by our
performance against the broader jewellery sector,”
CEO Daniel Bracken said.
"Clearly, margin was under pressure from both
input costs and promotional activity, and inflationary
forces saw elevated costs across many aspects
of the business, which together impacted EBIT
[earnings before interest and taxes] for the half.”
He added: “As a result, the company has taken
direct actions to reduce operating costs, including
the exit of a number of senior management roles.”
Group sales are expected to improve by 4.1 per
cent, reaching $362.8 million. Sales at the recently
acquired Bevilles have improved; however, sales at
Michael Hill locations have declined.
Sales in New Zealand were particularly impacted,
decreasing by 10.3 per cent. Digital sales accounted
for approximately eight per cent of total revenue.

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News
Globetrotting: Nationwide heading to
the US for September to remember
Earlier this month, Australasia’s largest jewellery industry buying group,
Nationwide Jewellers, announced plans for an educational trip to the US.
Nearly every booking was sold within hours.
Nationwide members will travel to Lafayette, Louisiana, to tour Stuller’s
headquarters in September. Founded in 1970, Stuller is one of the largest
jewellery manufacturers in the US. While in Lafayette, members will
attend Stuller’s ‘Bridge Conference’. Nationwide general manager Glen
Pocklington has previously participated in the conference and said the
insights gained by members will be invaluable.
“The conference focusses on present and future trends in the jewellery
industry, provides data-driven strategies for retailers, and new directions
in customisation technology,” he told Jeweller.
“Networking with more than 100 fellow retailers and Stuller staff provides
valuable insights and opportunities to grow your jewellery retail business.”
He added: “Our initial allocation of registrations for the Bridge event
at Stuller was fully booked within hours of the details being shared
with our members. Fortunately, Stuller allowed us to increase our
booking, enabling us to include those members on the waitlist. There
are now only a handful of spots remaining.”
Following the conference, members will travel to New York City and
visit the Diamond District. In the past, Nationwide has organised trips to
Antwerp in Belgium to facilitate diamond buying; however, the group has
taken a new approach this year.
“Instead of our usual trip to Antwerp in September, this year we have
arranged for our members to visit the New York offices of our Antwerp
diamond suppliers,” Pocklington said.
“In a similar fashion to the way our Antwerp Diamond Program works,
members will begin promoting their trip to hand pick the perfect
diamonds for their customers from July.”
In November, the group revealed the details of a trip to Spain which begins
in Madrid and concludes in Barcelona nine days later.
Counterfeit jewellery allegations emerge
Australia Post has launched an investigation after one of its stores allegedly
sold counterfeit designer jewellery.
A visitor to the Australia Post location in Wentworthville in New South Wales,
took to social media in early January to express confusion about a range of
jewellery stocked on shelves. The jewellery included earrings, necklaces and
rings that appeared to be from luxury brands such as Yves Saint Laurent,
Louis Vuitton, and Chanel; however, each item was offered at just $39.99.
More than 60 per cent of the national postal outlet network consists of
Licensed Post Offices, independent businesses with a licence to provide
Australia Post products and services. Trading in counterfeit goods is
prohibited under Australian law.
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People and businesses found to have purchased or sold counterfeit goods
are subject to legal consequences, including copyright and trademark
infringement penalties.
“Australia Post outlets are required to comply with all federal, state and
local laws. We treat any breaches of this requirement seriously and are
investigating this matter,” a spokesperson for Australia Post said.
The Wentworthville store manager was interviewed by A Current Affair and
confirmed that the jewellery was purchased in Vietnam.

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10 Years Ago
Time Machine: February 2014
A snapshot of the industry events making headlines this time 10 years ago in Jeweller.
Historic Headlines
4 Jewellers association looks for new CEO
4 nia ontines fight against iamon miing
4 aorate eweery heist none with a iss
4 worth taes on eweery maret
4 are rgye iamon ossiy swaowe in thet
Swatch confident against
smartwatch wave
Smartwatches and wearable technology is an
opportunity for traditional watchmakers, not
a threat, according to Swatch.
While the worldwide buzz continues to grow
about smartwatches, chief executive officer
of Swiss giant Swatch, Nick Hayek, said he
had no concerns regarding the possible
impact on traditional watchmakers and is
instead treating it as an opportunity.
In an interview with Reuters, Hayek
expressed optimism towards the wearable
technology trend.
“The smartwatch is an opportunity for us,
whatever happens. If people who never used
to wear anything on their wrist start wearing
a so-called smartwatch, then we certainly
can convince them quickly to try wearing a
beautiful watch instead,” he said.
World’s oldest gemstone
discovered in Australia
Scientists have confirmed that a tiny zircon
gemstone discovered on a remote rock outcrop
in Australia is the oldest known material of any
kind formed on Earth.
The tiny fragment of zircon was found in 2001 on
an outback sheep station in Western Australia by
University of Wisconsin geoscience professor John
Valley. At the time, he had been on a field trip to an
area called Jack Hills, located north of Perth.
An international team of scientists, led by Valley,
conducted a study on the gemstone, which
revealed that the Earth’s crust first formed at least
4.4 billion years ago, 160 million years after the
formation of the solar system.
According to Valley, the research – published in the
journal Nature Geoscience – showed that the time
when the planet was a fiery ball covered in magma
ocean came earlier.
February 2014
ON THE COVER APM
Editor’s Desk
4ACCC picks on jewellery retailers?
“There are many more online examples
that would appear to be misleading and
deceptive, and maybe it’s time for the
ACCC to be seen to be levelling the playing
field if, indeed, it isn’t level now.
That is, there may be good reasons why
all of these practices are not illegal and
the only businesses breaking the law are
these “terrible” bricks-and-mortar stores,
which is why they are being targeted. Do
you seriously believe that?"
Soapbox
4 Watch battery changes... love ‘em or hate ‘em?
“Lots of our customers want their
batteries changed on the spot and
resent the price they pay, and yet
they can’t do without them.
Then there is the need to explain
about pressure testing on every
waterproof model.
“No, I never go in the water with it on,”
the customer says. “Just whip the back
off and stick in a new battery mate.”
Yeah right! And who will get the stick
when it fills with water after a day at
the beach or a hot shower?”
Monty Knight, Knights the Jewellers
STILL RELEVANT 10 YEARS ON
“Poor management is the biggest cause
of retail business failure, and the
difference between a successful and
unsuccessful business is often the
manner in which it can channel the flow
of money. Bryan Young steps you through
five ways to improve your cashflow and
boost your business.”
Swarovski Australia set for
major retail expansion
Swarovski has announced a major shift in
its Australian retail strategy, as the local
operation continues to perform well even
in the difficult retail climate.
The Austrian-based jewellery giant is set to
embark on a major store expansion using its
international “mono-brand partner” model.
Swarovski currently operates 58 retail
outlets in Australia and New Zealand, all
of which are company owned stores or
department store concessions.
Internationally; however, the company
also has non-company owned stores
under a partner or licensing model
similar to Pandora’s concept store
franchise operation.
Jewellery merger creates
world’s largest retailer
Signet Jewelers’ recent acquisition of long
time rival Zale Corporation will make it the
largest jewellery chain in the world, with
six recognisable retail brands across three
countries.
The deal, said to be worth US$1.4 billion
(AU$1.56 b), will combine Signet’s 1,974
retail stores (located across America and
the United Kingdom) with 1,679 from Zale
(located across America, Canada and Puerto
Rico) for a total of 3,653 outlets – well above
the 2,000 stores for China’s Chow Tai Fook.
The acquisition covers all elements of Zale
including the Zale’s chain, Gordon’s, Piercing
Pagoda and Zale Canada (which includes
Peoples and Mappins).
READ ALL HEADLINES IN FULL ON
JEWELLERMAGAZINE.COM
26 | February 2024

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REVIEW
Gems
Gemmologists who changed the game:
Donald B. Hoover
Dr. Donald B. Hoover was a distinguished figure in
the field of gemmology. He was born on June 17,
1930, and passed away on January 22, 2023, at the
age of 92.
Hoover completed a Doctor of Science equivalent
to a PhD at the Colorado School of Mines in Denver,
US. Hoover worked for a long time with the United
States Geological Survey as a senior scientist
specialising in seismology, volcanology, geothermal
energy, and nuclear waste disposal.
After he retired from USGS in the 1980s, he delved
further into gemmology. He was known for his
energy and enthusiasm, particularly regarding
geological and gemmological discovery and
research. Hoover was also a member of the editorial
review board of The Australian Gemmologist.
One of Hoover's notable contributions is his work on the
thermal properties of gemstones. Thermal inertia is a
measure of how quickly the surface temperature of a
material can be changed with the application of heat.
It depends on the material's thermal conductivity,
specific heat, and density. A material with high
thermal inertia will resist changes in temperature
and feel cold to the touch. In contrast, a material
with low thermal inertia will easily change
temperature and feel warm to the touch.
Hoover compiled a comprehensive table that arranged
materials based on their thermal inertia. This work has
been instrumental in gemstone analysis, providing a
valuable parameter for accurate, quantitative probes.
Fluorescence
Hoover also made significant strides in the study
of fluorescence in gemstones. Fluorescence is the
emission of visible light by a gem material when
exposed to radiation of shorter wavelengths, such
as ultraviolet (UV) light.
Some gemstones, such as synthetic and heat-treated
sapphires, show a chalky blue to green fluorescence in
short-wave UV light caused by isolated Ti 4+ ions or
Ti–Al vacancy pairs in the crystal structure.
This reaction is rarely seen in natural, untreated
sapphires and can be used as an indicator of hightemperature
heat treatment.
Hoover’s research, published in a paper entitled
‘Fluorescence excitation-emission spectra of
chromium-containing gems,’ explained the
effectiveness of the crossed filter method in examining
emission spectra in gemstones such as rubies.
Donald Hoover in 2007 with Grant Pearson’s opal
pineapples, mined in White Cliffs (NSW).
Hoover studied fluroescence in gemstones
such as sapphires.
This study has been pivotal in understanding how
fluorescence can be used as a gemmological tool.
The crossed-polar method uses a circular polariser
filter in front of the UV lamp and another in front of the
camera lens, aligned perpendicular to each other.
This eliminates the red fluorescence of ruby and
enhances the contrast of the chalky blue fluorescence,
making it easier to see the zoned patterns that reflect
the original crystal growth structure.
This method can also be used with a Schott BG-12
filter, which transmits the blue fluorescence and
blocks the red fluorescence.
Gemstone testing
Hoover has also been involved in preliminary
investigations of gemstone testing using strong
rare-earth N52-grade neodymium magnets.
These magnets detected 35 per cent more HPHT
synthetics than traditional magnets. His innovative
research has laid the groundwork for further studies
on using magnetism in gemstone identification.
In another study, Hoover derived garnet composition
from magnetic susceptibility and other measurable
properties. The garnet compositions derived from this
method corresponded closely with results obtained
from chemical data, demonstrating the accuracy and
reliability of this approach.
His research covered many areas, including opal from
all over the world and his thirst to discover the origin of
Brazilian diamonds.
Hoover's contributions have had a profound impact
on the field of gemmology. His research has not
only advanced our understanding of gemstones but
also provided practical tools and methodologies for
gem identification.
His work continues to be referenced in contemporary
gemmological studies, underscoring its enduring
relevance. His legacy inspires current and future
gemmologists, ensuring his impact will be felt
for years.
athryn yatt i , is a qualified
gemmologist, diamond technologist, registered
jewellery valuer, educator and member of the
Australian Antique & Art Dealers Association. For
more information on gems and gemmology, go to
www.gem.org.a
February 2024 | 29

ADDENDUM TO THE
2024 STATE OF THE INDUSTRY REPORT
JAA: Legacy of past presidents
and their achievements
The JAA’s structure is somewhat unique, which causes complexity in
measuring its success. That said, in order to look to the future, one must
recognise the success and failures of the past.
69%
Decline in membership
for the JAA between
2012 and 2018.
KEY FINDINGS: AT A GLANCE
The JAA's approach of
representing retailers and
suppliers is uncommon
among trade associations.
Attracting members
to a trade association
is difficult when the
benefits of joining are
not clearly established.
768
Number of members the
JAA had in 2015, before
the attempt to launch a
new jewellery fair.
A s part of the review of the Australian jewellery
industry over the past 13 years, an analysis of
the success and failures of the industry’s trade
body – the Jewellers Association of Australia (JAA) –
was required.
At the height of its powers in 2010, the JAA could
rightfully claim the title of ‘peak industry body’ with
nearly 1,000 members. Retail membership alone
accounted for 1,039 stores across Australia; however,
the JAA could claim a mere 350 retail jewellery stores
in 2023, a decline of 73 per cent since 2010.
It’s important to understand that the JAA is somewhat
unusual and unique as a trade association. The stated
aim of representing the entire industry – including
retailers, suppliers, manufacturers, distributors
and wholesalers – is uncommon among trade
associations.
Traditionally, trade associations would represent
‘one side of the fence’, whether wholesale or retail,
but not both ‘sides’ - partly because of conflicting
interests. That said, for decades, retail members have
dominated the JAA, while industry suppliers have
accounted for around 20-30 per cent of its base.
It’s worth noting that for 10 of the 13 years covered
by the 2024 State of the Industry Report (SOIR), two
people ‘led’ the JAA as president – Selwyn Brandt
for seven years and Jo Tory for three years. Both are
industry suppliers.
For that reason, it was deemed appropriate for this
study to offer Brandt and Tory an opportunity to reflect
on their time ‘at the helm’.
To assess the JAA’s position in the industry over the
past decade, Jeweller initially contacted Tory on 10
October to gauge her interest in providing information
about her time as president, particularly a list of
accomplishments and achievements.
Tory is the owner of Najo, a supplier of women’s silver
jewellery. She joined the JAA board in 2017 and was
president between 2019 and 2021.
The same invitation was also extended to Brandt
on that day. Brandt vacated the presidency in 2018
because the JAA Constitution states that no person
may serve as president for more than seven years.
Brandt is a director of Australian Jewellery Supplies
(AJS), another industry supplier. In 2014, his former
business, House of Jewellery, merged with AJS.
He replied to Jeweller’s email on 12 October,
stating that he would submit a response “as
soon as possible”.
Tory did not respond to the initial 10 October email;
however, when the request was resent on 18 October,
she responded quickly, stating that she would provide
2,699
1,039
860
INDEPENDENT STORES
2,010
JAA MEMBER JEWELLERY STORES
BUYING GROUP MEMBER STORES
359
607
information within the next week.
A week later, on 25 October, Tory was sent a follow-up
email asking when this information could be expected.
Tory never replied.
Because Brandt had not replied for a week, a followup
email was sent to him on 18 October. He answered
the next day, stating he was busy but would respond
soon.
However, two weeks later – on 6 November – Brandt
emailed Jeweller with an unexpected response.
“You would have received information from the current
JAA president relating to recent achievements,
member benefits, mission statements and latest
news,” he said.
He added: “My tenure with the JAA was several
years ago and does not bare (sic) relevance to the
organisation as it is today.”
Brandt was correct. Jeweller had received an
unexpected email from JAA president Joshua Sharp
on 25 October.
The email contained three documents: a media
release announcing the resignation of Tory from the
board, a copy of the JAA’s revised Mission, Vision, and
Values statement, and the 2023 JAA Achievements
and Progress report.
Coincidental timing?
It was intriguing that two weeks after Jeweller first
requested a list of accomplishments from Tory and
Brandt on 10 October, the JAA opted to prepare a list
of "recent accomplishments".
It should be noted that the requests to Brandt and
Tory were sent to their business email addresses and
were not ‘copied’ to the JAA. As Brandt indicated in
his 6 November email, it seems apparent that the
requests were discussed with the JAA.
Jeweller contacted Sharp on 13 December to raise
this issue. It was suggested that Brandt and Tory
contacted the association regarding the story after
they had previously agreed to participate.
30 | February 2024

2024 STATE OF THE INDUSTRY REPORT
JAA - WHO REALLY BENEFITS?
LEADERSHIP FOOTPRINTS
Sharp responded on 21 December, denying that Brandt
and Tory had advised the JAA about the invitation to
contribute to the SOIR.
“For the record, both Jo and Selwyn have not been
in contact with me regarding you contacting them,”
Sharp told Jeweller.
This statement seems to contradict the information
provided by Brandt on 6 November, where he advised:
“You would have received information from the current
JAA president ...”
Sharp continued, “Furthermore, as you are aware, Jo
[Tory] and Selwyn [Brandt] are no longer on the JAA
board and have no board involvement. Should they
wish to not respond to your emails, I guess that is
their choice, they have no obligation to do so.”
It should be emphasised that both Brandt and
Tory had previously advised Jeweller that they
would participate in the study. Brandt withdrew on
6 November with a direction to the information
provided by the JAA. Tory stopped replying to emails
after 18 October.
Colourful legacies
For the SOIR researchers, it was unfortunate that
Brandt and Tory declined the opportunity to offer
comments and information about their terms as
president, especially considering they steered the JAA
for 10 of the 13 years detailed in the report.
During the early years of his tenure, Brandt was
lauded for successfully restructuring the JAA’s board
in 2014. At the time, the board was criticised for its
size relative to membership figures.
It consisted of 13 members - which meant one board
member for every 60 members. The JAA was also
criticised for its gender disparity, with just one woman
serving as a director for six consecutive years.
It was seen as unbalanced for a trade association
representing an industry with many successful supply
and retail businesses owned and operated by women –
let alone millions of female consumers.
Brandt and others convinced the industry that a
smaller, six-member board would be more effective.
At the same time, a 14-person National Industry
Advisory Council (NIAC) was created to represent the
many different and diverse industry sectors.
It was a significant achievement for Brandt and the
JAA, although the NIAC eventually fell by the wayside
over the ensuing years.
While Brandt pushed the JAA in a positive direction
in that regard, it was a disastrous period for the
association regarding membership and finance.
The JAA’s membership declined by 69 per cent (867 to
514) between 2012 and 2018, which led to a decrease
in membership income of 60 per cent from $415,000
to $249,000. During the same period, total revenue
plunged from $770,000 to $349,000 – a decline of
around $380,000, or 50 per cent.
Financial statements show that from 2014 to 2017,
the JAA had four consecutive years of losses totalling
more than $350,000. The average annual membership
income for the same period was $328,000.
However, as previously reported in detail, the
board’s decision in May 2016 to terminate a 25-year
sponsorship deal with Expertise Events – a move
supported and spearheaded by Brandt – had an
impact on the JAA that is still felt today.
The association’s additional income, including thirdparty
sponsorship from Expertise Events, Marsh
Insurance, and other companies, including Jeweller,
all but vanished. Annual revenue went into freefall,
and the JAA office was closed as costs were slashed.
As was reported in the SOIR for the first time, over
ten years prior to making its decision to walk away
from the sponsorship agreement and to run its own
(competing) event, the JAA received $1.2 million in
cash and an additional $100,000 in non-cash support
from Expertise Events. The sponsorship agreement
was for the JAA to effectively lend its name to the
Sydney trade fair.
There were other adjacent controversies during
Brandt’s time as president. In October 2017, the board
signed off on a financial report riddled with errors.
It was also discovered that Brandt’s trading company
– Australian Jewellery Supplies – was not supporting
the JAA’s new jewellery fair – even though he had
spearheaded the JAA's walk away from the annual
sponsorship income. It was also discovered that AJS
was not a JAA member during his tenure as president!
Leadership under crisis
Brandt stood down from the board in December 2018,
and Tory assumed the presidency in January 2019.
The first financial statements under her presidency
showed a $48,000 loss; however, by the following year,
Tory had the JAA back in the black, to the tune of
CHART 2: JAA MEMBERSHIP DECLINE FROM 2010 - 2023
1000
900
800
700
600
500
400
300
200
100
0
960
867
854
791
768
744
$70,000, mainly by slashing $43,000 of staffing costs
(from $132,000 to $89,000).
At the time of its decision to cancel its agreement with
Expertise Events (2016), the JAA’s staffing costs were
$300,000 per annum, which included an annual salary
of $150,000 to its executive director.
It should be noted that 12 months after becoming
president, Tory was faced with the global COVID
pandemic – a time of relentless uncertainty for
jewellery retailers and suppliers.
It was a trading environment unlike any other faced by
previous JAA presidents – with Tory forced to navigate
an unprecedented event as both the leader of the JAA
and as a business owner herself.
Her time as president was impacted by the
continuing backlash over the 2016 decision to end the
sponsorship agreement with Expertise Events.
For example, by the time Tory had decided to take on
the presidency, the JAA’s membership had already
fallen by 30 per cent since Brandt’s board voted to
commence a rival trade show.
As a result, membership and income suffered – so
returning the JAA to profitability by her second year
(2020) was a notable accomplishment.
These things considered, it was also a time of missed
opportunities for the new president. Tory had a chance
to ‘heal the wounds’ caused by the failed attempt to
launch a new jewellery fair.
Of particular interest was the JAA’s relationship with
Nationwide Jewellers, Australia’s largest buying
group.
The buying group withdrew from the JAA after Brandt
– along with vice-president Laura Moore (nee Sawade)
and executive director Amanda Trotman (nee Hunter)
signed a media release in September 2016 that
alleged a “conflict of interest” by Nationwide Jewellers
managing director Colin Pocklington.
In fact, in the seven years since that media
release was published, no member of the JAA
board has ever contacted Pocklington to discuss
the events, let alone apologise.
It is worth noting that when Nationwide Jewellers
‘10 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23
The chart shows the decline of JAA membership from 2010 to 2023. The 2023 membership figure is a calculation because
the association could not, or was incapable of supplying its membership number. Jeweller used the JAA’s membership
directory page and other information to arrive at the December 2023 information, which has not been disputed by the JAA.
605
514 521
413
439
400
316
February 2024 | 31

2024 STATE OF THE INDUSTRY REPORT
JAA - WHO REALLY BENEFITS?
The Jewellers Association of Australia is
my first point of contact for business advice
and retail best practice.
Membership to a buying group offers
more benefits than membership to the
Jewellers Association of Australia.
43.69%
Retailer Survey
The retailer survey was undertaken using
Survey Monkey, a digital research platform
and emailed using Jeweller’s comprehensive
database.
It began on 31 October and ended on 17
November with more than 200 independent
retailers responding, which is estimated to
be around 10 per cent of the market.
Interestingly, while the JAA represents
less than 10 per cent of the entire market
(all jewellery stores including chains) its
members were overrepresented in the
survey at 29 per cent of participants.
40%
30%
20%
10%
0%
1.46%
7.28%
32.52% 33.98% 24.76%
Strongly
Agree
Agree
Neither agree
nor disagree
Disagree
Strongly
Disagree
40%
30%
20%
10%
0%
18.45%
25.24%
5.83% 6.80%
Strongly
Agree
Agree
Neither agree
nor disagree
Disagree
Strongly
Disagree
quit the JAA after a 25-year relationship, it had
469 members (391 Australian) and 511 stores (427
Australian), more than the total number of JAA
members and stores today.
Indeed, during Tory’s time as president, no
discernable effort was made to ‘extend an olive
branch’ to anyone impacted by what was arguably the
most shocking time in the JAA’s history.
Therefore, her presidential legacy remains mixed.
Perhaps it will be remembered for its impressive
achievement of steadying the JAA’s finances during
a global pandemic while continuing the disunity and
division by choosing not to deal with the past - which
she could argue was not her doing.
It is hard to imagine that the damage inflicted on the
industry by Brandt, Moore and Trotman’s decision to
issue a media release with false allegations can ever
be overcome without an apology in the very least.
While making these observations, it is important to
note that the president or CEO is just one person
on a larger board of directors who makes the final
decision and for which the actions and outcomes
should be attributed to the organisation itself and not
any single person.
However, just like the buck stops with the coach of a
sports team, the CEO or president is remembered for
their legacy, whether positive or negative.
It should be noted that Karen Denaro of Brilliamo
Designer Jewellery served less than one year as JAA
president after quitting the role in October 2022 under
unamiable circumstances.
Following her resignation, she expressed concern
about the board's governance and suggested she was
prevented from meeting with Expertise Events before
the 2022 International Jewellery Fair.
Obligations presented as accomplishments
This leads us to the JAA’s list of recent
‘accomplishments and achievements’ provided by
Sharp on 25 October.
It states: “The Jewellers Association of Australia (JAA)
has made meaningful achievements and progress in
2023, demonstrating its commitment to supporting
and advancing the Australian jewellery industry.”
Apart from listing items that cannot reasonably be
described or even viewed as accomplishments, the
document also includes ‘everyday’ responsibilities
that are expected and for which it is legally obliged to
undertake.
For example, the sixth item listed is the appointment
of a board member: “New Board Director: JAA
welcomed a new Board director, Daniel Anania, to
contribute fresh perspectives and expertise. The
association continues to seek out additional director
candidates, who can contribute to its mission and
vision for a stronger industry.”
The JAA is legally obliged to have board members
and, therefore, must manage the issue. The
appointment of a new board member to replace
another is a duty and obligation; it cannot be rightfully
described as an accomplishment.
“Should you wish to write
an article and scrutinise
the information, I will leave
that to your creativity.”
Joshua Sharp
JAA President
The same can be said of the tenth item on the list –
handling consumer complaints - and the following
statement: “The day-to-day administration of the
Association has been efficiently managed …”
JAA members rightfully expect their annual fees to be
“efficiently managed”.
In addition, for something to be described as an
‘achievement’ or ‘accomplishment’, it is reasonable to
assume it has concluded. Something you are thinking
of undertaking, exploring and/or are still negotiating
- and has not been finalised - cannot be called an
‘achievement’.
The JAA lists two expectations as accomplishments:
“the promise of future benefits like messaging services
and fuel card programs currently in the works” and
“investigations into shared workspace and insurance.”
The third item listed is “re-contract with JewelCover”.
The JAA announced its partnership with JewelCover
in February 2018, meaning that a commitment to
continue offering an existing service could hardly be
described as an accomplishment. It should be noted
that the JAA receives income from JewelCover.
Is it reasonable to describe a contract renewal from
which you benefit financially as an ‘accomplishment’?
The alternative was to stop receiving financial
payments from JewelCover.
One of the ten items listed could be described as an
accomplishment: “maintaining a profitable status.”
Given the previously documented financial freefall
and the JAA’s continuing membership decline, it is a
notable achievement for the JAA to stay in the black.
With that said, the real issue is not the JAA’s attempts
to present its duties and obligations and future
expectations as achievements. The real problem is a
question of membership benefits.
Who benefits?
The pragmatic issue the JAA board faces moving
forward is as follows: What value or benefit does a
business receive from becoming a JAA member?
If membership in any trade association offers little or
no benefit, it will struggle to attract members.
The issue is complex because there are core benefits
(which all members enjoy) and ancillary benefits
(which some members enjoy).
Herein lies another problem with the JAA in 2024.
Because it attempts to represent retailers and
suppliers simultaneously, something that might be
viewed as a benefit to a retailer may not be used by
suppliers, and vice versa.
For example, the JAA listed renewing the contract
with Jewelcover as an ‘achievement’. In truth, this
‘service’ is not a core retailer benefit – the product is
for their customers - but regardless, it has nothing to
do with suppliers.
Another example is the first item listed – the
JAA Australasian Jewellery Awards. While it is
undoubtedly exciting for the 10-20 jewellery
designers who participate, it is of little interest to
suppliers who may consider joining the association.
It cannot be described as a core benefit from which
all members will gain.
32 | February 2024

2024 STATE OF THE INDUSTRY REPORT
JAA - WHO REALLY BENEFITS?
The Jewellers Association of Australia’s
support and promotion of industry
wholesalers and suppliers is:
The Jewellers Association of Australia
is my first point of contact for business advice
and wholesaling best practice.
40%
30%
20%
40.38%
19.23%
25.00%
Excellent
Above average
Average
Below Average
Very Poor
40%
30%
20%
28.85%
36.54%
28.58%
Strongly
Agree
Agree
Neither agree
nor disagree
Disagree
Strongly
Disagree
Supplier Survey
The supplier survey was opened on
9 November and closed on 17
November. While the exact number
of jewellery suppliers (wholesalers) is
unknown because of the complexities of
various business models, it is estimated
to be somewhere between 500-750.
The survey received 52 responses, which
is estimated to be between 8-10 per cent
of the market.
10%
0%
5.77%
9.62%
10%
0%
5.77%
Interestingly, even though the JAA has
been led by supplier presidents for 10
of the past 13 years, suppliers appear to
have little regard for the JAA’s support
of the wholesaler sector, with around 85
per cent saying it is average to very poor.
The same could be said of many other
accomplishments listed in the document – they
cannot be seen as a core or ancillary member
benefit, which leads to retailers and suppliers
questioning the reason to join the JAA. Jeweller
contacted Sharp to clarify which accomplishments
could be described as a core benefit to jewellery
retailers and supplier members.
An example of a fuel card was provided. Members
could benefit from a fuel card supplied by the JAA;
however, they could also acquire a fuel card from
various sources, and thus, it’s not an outright
motivation to join the association. Sharp opted not to
discuss the matter further.
“It was a general document listing achievements and
progress. You mention that you cannot report certain
parts as an accomplishment. We are certainly not
holding you to any news report,” he said.
“Should you wish to write an article and scrutinise
the information, I will leave that to your creativity.”
Public perception challenges
At one time, membership with the JAA was perceived
to offer great value to retailers and suppliers,
reflected in strong membership figures.
As the recent survey results demonstrated, the
perception of the JAA among retailers and suppliers
is negative – despite members of the association
being overrepresented among the respondents! The
2023 industry surveys reflect the same data as a
similar study completed in 2017.
This point to be emphasised is that this is not the
‘editorial’ opinion of Jeweller – this was feedback
from current JAA members.
The following was put forward: Membership to a
buying group offers more benefits than membership
to the JAA.
More than 43 per cent of retail respondents said they
‘strongly agreed’ or ‘agreed’ while only 12.5 per cent
said they ‘strongly disagreed’ or ‘disagreed’. It would
appear Australian jewellery retailers do not see
much benefit in the JAA compared to buying group
membership.
Suppliers were asked a similar question: The JAA
is my first point of contact for business advice and
wholesaling best practice.
More than 65 per cent of supplier respondents said
they ‘strongly disagreed’ or ‘disagreed’ while a mere
five per cent ‘agreed’. Around 24 per cent of supplier
respondents were JAA members.
If the JAA intends to resurrect its membership
figures and represent a large percentage of the
industry in the future, this perception must be
addressed.
What has the past taught us?
As previously noted, the JAA has always been a
trade association dominated by retailers (70-80 per
cent). Yet, for 10 of the past 13 years, it was ‘led’
by presidents who owned wholesale businesses -
suppliers serving retailers.
When Sharp was announced as president in October
2022, there was a suggestion that change was in
the air – as he comes from a retail background as
general manager of Ian Sharp Jewellery. The last
retail president was Peter Beever in 2012.
That said, Sharp has held the position for more than
one year, and the JAA appears to be maintaining the
same trajectory it held under previous leadership.
In November 2022, it was reported that Sharp had
contacted Expertise Events managing director Gary
Fitz-Roy. The telephone call occurred after JAA vice
president Ronnie Bauer created another controversy
by making statements about Expertise Events.
Only one month into his tenure as president,
Sharp found himself issuing a media release titled
‘Retraction on comments made by Ronnie Bauer, JAA
Director and Vice President’. Bauer apologised to
Fitz-Roy and retracted four comments he had made.
Sharp later told Jeweller, “The JAA is looking to
assist in uniting the industry and ensure it prospers
in the future. We will work with whomever is willing
to help our industry prosper”.
Seven years since the industry JAA divided the
industry - and more than one year since Sharp called
Fitz-Roy - there has yet to be any indication that
industry unity is coming anytime soon.
Like Tory before him, Sharp has also made no
attempt to contact Pocklington or resurrect the
JAA’s relationship with Nationwide Jewellers.
During the extensive six-month research for the
SOIR, Jeweller uncovered other information that
indicates the JAA’s focus remains on industry politics
rather than benefits for members.It would seem
that listing legal obligations and expectations as
achievements is merely the tip of the iceberg.
As previously observed, it’s arguable that a State
of the Industry Report is a project the JAA itself
should be undertaking. With that said, two former
presidents opted to remain silent rather than accept
an invitation to reflect on the past 13 years so that
the industry could better prepare for the future.
It is not possible to solve problems with the same type
of thinking that created them. Mistakes have been
made; however, the industry will remain divided until
the JAA attempts to resolve the conflict it created with
Nationwide Jewellers and Expertise Events.
Perhaps the one decision made by the JAA that is
supported by this study was the choice to no longer
refer to itself as ‘the peak industry body’.
SOIR ADDENDUM EXPLAINED
This article is an addendum to the State of the Industry
Report published in December 2023. The purpose of the
six-month study into the Australian jewellery industry is
two-fold – it’s a historical document offering an in-depth
examination of the trade from which a glimpse of the future
may be obtained.
As is often the case with studies of this nature, the research
often uncovers unexpected insights. These include significant
changes due to advances in technology, the evolution of
consumer habits and expectations, and the unforeseen
impact of an unprecedented global pandemic.
In some cases, the space allocated to specific sections of
the report was insufficient because of the additional detail
and information obtained. This article is one such case where
it was noted that although the JAA has historically been a
member-based trade association of retailers (buyers), it was
found that in the past 13 years, it had been led by presidents
from the wholesale channel (sellers). This was deemed
worthy of further analysis.
There is a host of additional information uncovered during
the SOIR research period, which was also unable to be
included in the initial report due to space and time limitations.
Jeweller will continue to publish addendums to the SOIR to
analyse and clarify an ever-changing industry.
February 2024 | 33

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34 | February 2024

Lab Grown Diamonds
A Glimmering Future
or Hidden Ethical Dilemma?
There’s a sweeping wave of change in the global diamond
market, and it’s sparking both interest and scrutiny. Consumers
are flocking to lab-grown diamonds, lauded for their nonmined
origins and identical physical properties to their mined
counterparts. However, a lingering question refuses to fade:
What about the energy used to produce them?
February 2024 | 35

Introducing
Clear Neutral
In an age where every consumer choice carries weight, the
jewellery industry faces the essential task of aligning with ethical
standards and environmental consciousness. Enter Clear Neutral.

The quest for
truly ethical
diamonds starts
beyond the lab.
PHIL PRESTON
CLEAR NEUTRAL
While lab-grown diamonds
are heralded as a modern
alternative, they also
cast a shadow on environmental
sustainability.
Cultivating these diamonds in a
laboratory is an energy-intensive
process. A single carat might
consume over 200 kWh of energy,
equivalent to a family’s entire
weekly consumption.
Indeed, lab-grown diamonds have
merits such as higher accessibility,
quality, and yield. But we can’t
ignore the environmental costs.
This complexity reveals a nuanced
landscape with its own challenges,
with some viewing lab-grown
diamonds as an ethical solution and
others questioning that very ethics.
This has led to more interest
in carbon offsetting, which
helps reduce the harm diamond
production can do to the
environment.
This approach helps build trust with
buyers, showing them that their
jewellery purchases are responsible
and not just about looking good.
As sustainability gains momentum,
companies like Clear Neutral are
leading the way. By specialising
in making lab-grown diamonds
carbon neutral, Clear Neutral offers
a precise solution that integrates
seamlessly with existing suppliers.
Clear Neutral uses extensive
research and a proprietary
system to accurately assess a
diamond’s carbon footprint
through its growing, cutting,
and polishing stages.
Considering factors like stone size,
country of origin, and growth type,
they offset emissions conservatively,
ensuring no negative impact is
overlooked. Investments in projects
such as renewable energy and
waste management underline
their commitment to ethical
responsibility.
“We believe the quest for truly
ethical diamonds starts beyond
the lab. By looking at the entire
February 2024 | 37

production chain we can begin to
see the effect our choices have on
the environment,” says Phil Preston
from Clear Neutral. “Clear Neutral’s
mission is to make a clear path
towards the sustainability that
we all want. Our goal is to make it
accessible, easy and transparent for
both retailers and customers alike.”
The consumer market is growing
increasingly discerning. Recent
studies indicate that a staggering
90%* of global consumers express a
preference for responsibly sourced
products. Moreover, 83%* are willing
to dig a little deeper into their pockets
for ethically produced merchandise.
When it comes to the jewellery sector,
the statistics are equally revealing.
An impressive 68% of Millennial and
Generation Z consumers say that
sustainability concerns could be a
deal-breaker in purchasing diamond
jewellery, according to a recent Bain
& Company survey on the global
diamond industry.
Embracing sustainable practices
isn’t just about saving the planet;
Ultimately, the journey
towards ethical
perfection is far from
over. Clear Neutral and
other initiatives like
it offer an incredible
opportunity for the
jewellery industry to
embrace responsible
practices.
it’s good for business. A 2023
Deloitte report revealed that 72% of
employees in retail organisations with
leading sustainability programs are
committed to their current jobs.
Buyers like Jake Goodwin also
appreciate an ethically sound supply
chain. “It’s more than just a gem;
it’s a statement of who I am,” he
says. The sentiment echoes among
consumers like Ainsley Caulfield, who
notes, “I love the idea of wearing a
diamond that’s not only beautiful but
also kinder to our planet.”
Jewellers themselves are taking
notice of the growing ethical
concerns. “More and more people
are asking about lab-grown
diamonds. They love that they’re
more sustainable, but they’re also
concerned about the energy used to
produce them,” says Jordan Cullen,
Managing Director of Cullen Jewellery.
“We need to ensure we’re addressing
those concerns head-on.”
Ultimately, the journey towards
ethical perfection is far from over.
Clear Neutral and other initiatives
like it offer an incredible opportunity
for the jewellery industry to embrace
responsible practices. The opaquely
symbiotic relationship between
jewellers, consumers, and the
environment will continue to evolve.
What seems clear, though, is that the
path towards ethical consumption
and responsible retailing is not just a
trend. It’s a necessary evolution that
resonates deeply with the buyers,
employees, and society at large.

Carbon Neutrality for
Modern Jewellers
Join the Movement
Millennials and conscious buyers are demanding more. Don’t miss the
opportunity to align your business with their values and stand out.
Only Offset as You Sell. (No Upfront Cost!)
Your investment in sustainability doesn’t have to be burdensome.
Clear Neutral’s unique model allows you to offset as you sell. No
hidden fees, no initial investments – only pay for what you need,
when you need it.
Use Your Current Supplier
Stick with your trusted suppliers. Clear Neutral works alongside your
existing supply chain, providing carbon neutrality solutions without
the need to switch suppliers.
Pricing to Fit Your Business
Starting from just 2% of the diamond’s value, carbon neutrality is
accessible. Your customers will likely not even notice the price
difference, but the planet surely will.
Boost Employee Retention
A commitment to ethical sourcing aligns with staff values, enhancing
satisfaction and retention.
Future-Proof Your Brand
Aligning with sustainability and ethics ensures that your brand stays
relevant, respected, and ahead of the regulatory curve.

Clear
Neutral?
It’s your Path to
Sustainable Luxury
Carbon Offsetting, Simplified for You
Using existing identifiers, we measure the carbon footprint of
each lab-grown diamond through all phases: growing, cutting,
and polishing. We then offset it by investing in environmental
projects like renewable energy. This requires experience and
expertise; let us handle the complexities for you.
Carbon Credits Verification
Clear Neutral only purchases internationally-recognised
carbon credits. They all meet the following requirements: real,
measurable, additional, permanent, and independently verified.
A Partner in Authenticity
Our physical reports provide tangible proof of your ethical
sourcing. Authenticity is key to building customer trust.
Not-For-Profit
We’re transitioning to a non-profit model to further our
dedication to responsible sourcing and environmental
stewardship.
Online and In-Store Marketing Materials
Provided
We provide professional marketing materials, customised for
your store and website, that highlight your commitment to
sustainability.
Transform Your Jewellery Business
with Clear Neutral Today.
Your customers want this.
Your business needs this.
With Clear Neutral, the path is clear,
and the future is bright.
40 | February 2024
CONTACT US TODAY
1300 208 897
www.clearneutral.com
@clearneutralofficial
info@clearneutral.com

BRIDAL FEATURE
Open Your Mind
Experimental
Engagement
Jean Dousset
Change is in the air, and the jewellery industry faces a
momentous year ahead. SAMUEL ORD examines the
latest trends in bridal and engagement jewellery.
February 2024 | 41

Breaking Tradition | BRIDAL FEATURE
Sapphire Dreams
B
ridal and engagement jewellery is the
backbone of the business for so many
Australian retailers. Change is in the air,
and jewellers must be prepared for what lies ahead.
After the doldrums of the COVID years and a gruelling
post-pandemic economic recovery dominated by cost-ofliving
pressures and weakened consumer confidence, this
coming year is expected to be highlighted by an influx of
engagements and marriages.
According to the Australian Bureau of Statistics, while the
national population has more than doubled since the 1970s,
the number of marriages occurring each year has not
changed significantly.
The number of marriages consistently fluctuated between
100,000 and 120,000 before the pandemic. There were
89,164 marriages in 2021, followed by a significant spike the
following year, reaching 127,161, which indicates that ‘postpandemic
unions’ began to arrive.
Should this trend continue, this year is an important
opportunity for budding young couples and jewellery
retailers.
Easy Weddings, an events management company based in
Victoria, publishes an annual report that includes survey
responses from more than 4,000 engaged and newlywed
couples. The report provides data on everything from budgets
to demographics and supplier preferences.
The 2024 Australian Wedding Industry Report has
forecasted 131,280 marriages in Australia this year, a
subtle decline from the 134,370 marriages estimated to
have occurred in 2023.
The report expects marriages to rise again in 2025, with
133,582 weddings expected to occur.
“We’ve seen the impact of cost-of-living pressures not only
on everyday expenses but also a slight dip in overall wedding
NUMBERS DEEP DIVE
Engagement
Boom
131,280
Expected weddings in
Australia in 2024.
33%
Percentage of couples
experiencing a longer
engagement due to
budget concerns.
3.25
Estimated time between
engagement and marriage
according to Signet
Jewelers.
79%
Percentage of couples
that say cost-of-living
pressures have reduced
their wedding budget.
spending. The challenge of staying within a budget remains
the number one source of stress for couples, prompting
them to prioritise their non-negotiables and make budgetconscious
decisions,” writes CEO Matt Butterworth.
“Despite these challenges, one thing is clear — love endures,
and the wedding industry continues to be a source of hope
and inspiration. Even as more Australian couples start their
families before marriage, the value of matrimony and the
dream of a grand wedding remain as strong as ever.
He added: “The average planning cycle remains consistent,
but we’ve noted a steady increase in the average age of
couples, suggesting longer engagement periods and more
thoughtful, deliberate planning.”
This is not a phenomenon that is restricted to Australia.
In the US, Signet Jewelers, the world’s largest retailer of
diamond jewellery, has identified 2024 as a year that will
bring an engagement and wedding ‘boom’.
Research from the retailer has suggested that because of
the pandemic’s impact on dating, there was a ‘delay’ in the
engagement process.
Signet suggests that couples date for an average of 3.25
years before engagement, making 2024 the year postpandemic
proposals are expected to surface.
CEO Virgina Drosos says that her company expects
between 2.4 and 2.5 million engagements in the US this
year. This is crucial for Signet as bridal jewellery accounts
for approximately 50 per cent of sales.
“Why are we confident that engagements will recover?
Our confidence is based on 45 proprietary milestones we
track to measure a couple’s journey toward engagement,”
she explains.
“Not every couple experiences all of the 45 milestones we
track, but we know that once they reach 25 to 30 of these
milestones, they become, statistically, significantly more
likely to move on to engagement.”
76%
Percentage of jewellers who
stated that custom-made
jewellery is increasingly
important to their business.
Ellendale Diamonds
Sapphire Dreams
Soklich & Co.
Stuller
42 | February 2024

Order our famous Lava rings now for the year ahead!
For all wholesale queries and orders, call us on +61 8 9367 7712 or email
workshop@soklichco.com | Shop 2, 61 Angelo Street, South Perth WA 6151
soklichco.com
February 2024 | 43

Open Your Mind | BRIDAL FEATURE
Calleija
Calleija
Emily Ratajowski
Scarlett Johansson
So, what does this mean for your business? You’ll
need to be prepared to take advantage of a possible
spike in customers looking for engagement and
bridal jewellery.
What do we know about the couples getting
married? According to research from Easy
Weddings, the average age of both bride and groom
is rising. The average age of a bride in 2023 was 32,
while for grooms, it was 35.
“In 2019, the average couple was a 28-year-old
bride and 29-year-old groom,” the report states.
“While the marrying age of couples followed an
upward trend for many years, contributed to by
COVID postponements during 2020-2022, cost of
living pressures have now impacted engagement
lengths and extended marrying ages further as a
result. A third of couples (33 per cent) are having a
longer engagement due to budget concerns.”
Cost-of-living pressures have reduced budgets for
79 per cent of couples and have led to a change in
approach towards ‘the big day’.
Experimenting
Due to these budget constraints, couples are
experimenting with cost-cutting measures and new
ways to celebrate with friends and family that don’t
break the bank.
Regarding jewellery, these pressures have been
paired with another interesting phenomenon
in style and fashion – the increasing desire for
personalisation.
Younger consumers increasingly seek clothing
and jewellery with a personalised touch, which
suggests that the adornment is unique to them.
When paired with budget pressures, this thirst for
personalisation is encouraging young couples to
explore non-traditional engagement and bridal
jewellery.
“While sentimental value can be imbued in a
favourite pair of jeans, a signature scent, or a
treasured knickknack unearthed at a thrift shop,
there’s no denying that an engagement ring holds
more emotional weight than any other item a
person owns,” writes Shelby Wax of Vogue.
“Should this trend continue, this year
is an important opportunity for budding
young couples and jewellery retailers.”
“Given as a promise of love, loyalty, and
partnership, an engagement ring is a piece of
jewellery often worn every single day to honour
one’s commitment to a spouse or spouse-to-be.
Since this investment piece might feel as much
a part of you as the hair on your head, having a
ring design that feels authentic to you and your
style is absolutely essential.”
She adds: “That’s why creating a bespoke
engagement ring is a must for many couples
looking to tie the knot. Luckily, the process of
going custom has become much simpler in the
modern era.”
Jeweller surveyed more than 200 independent
jewellery retailers in Australia as part of its
research for the 2024 State of the Industry Report.
Retailers were asked if custom-made or bespoke
jewellery has become increasingly important in
their business in the past 5-10 years.
More than 76 per cent of responses either ‘strongly
agreed’ or ‘agreed’ to that statement, suggesting
that personalisation is more appealing than ever for
Australian consumers.
Overwhelming options
When it comes to experimental engagement ring
options, there are many options to consider for
consumers and retailers.
• Emerald: With mesmerising green hues,
emeralds are an enticing alternative to diamond
jewellery. The best emerald is neither too deep nor
too light in colour, striking a balanced intensity that
is highly transparent.
In recent years, few engagement rings have been
as heavily discussed online as that of US actress
Megan Fox. Following her engagement to rapper
Machine Gun Kelly, Fox showcased a ring with two
interlocking bands held together by a magnet.
One band holds a pear-shaped diamond, while the
other features a pear-shaped Colombian emerald,
with both stones resting on an 18-carat white gold
pavé set.
• Ruby: Rubies are a popular alternative
to a traditional engagement ring because
they’re both bold while maintaining an aura of
sophistication and class.
Rubies come in a wide range of tones, from deep
pink to dark red, and strike an impressive contrast
against white and yellow precious metals.
“The average planning cycle
remains consistent, but we’ve
noted a steady increase in
the average age of couples,
suggesting longer engagement
periods and more thoughtful,
deliberate planning.”
“Not every couple
experiences all of the 45
milestones we track, but we
know that once they reach
25 to 30 of these milestones,
they become, statistically,
significantly more likely to
move on to engagement.”
“That’s why creating a
bespoke engagement ring is
a must for many couples
looking to tie the knot. Luckily,
the process of going custom
has become much simpler in
the modern era.”
“Typically, when a woman
hopes to wear a piece of
jewellery for the rest of her
life, she chooses a more
traditional path and a ‘safe’
design, such as a classic round
brilliant-cut solitaire.”
Matt Butterworth
Easy Weddings
Virgina Drosos
Signet Jewelers
Shelby Wax
Vogue
Katerina Perez
Natural Diamond Council
44 | February 2024

Ellendale Diamonds
Linneys
Among the more iconic ruby engagement rings is that of US actress
Eva Longoria, who married Mexican film producer José Bastón in 2016.
Longoria’s engagement ring features an eight-carat ruby halo set with
diamonds in a platinum band.
• Sapphire: Sapphire is a popular choice for engagement rings for various
reasons. The gemstone comes in many colours and is one of the hardest
alternative stones, which is ideal for everyday wear.
Sapphires are not only durable, but they’re also versatile. They mix well with
other gemstones and diamonds and can be worn alone. They pair well with
silver, gold, and platinum and can be featured in classic and contemporary
designs.
In 2018, Princess Eugenie of York was engaged to boyfriend Jack
Brooksbank, an English businessman. Princess Eugenie’s engagement
ring features a rare padparadscha sapphire, displaying a unique pinkorange
shade that highlights the wide range of colours the gemstone is
capable of.
• Opal: Opal jewellery might be the right choice for consumers looking for
an engagement ring with a more vintage or ‘heirloom’ feel.
With tightened discretionary spending in mind, opal rings are also a
budget-friendly alternative for young couples amid the pressure of
wedding expenses.
Most of the world’s gemstone-quality opal is sourced from Australia,
an additional advantage for consumers hoping to purchase something
‘homegrown’.
Gossip columns and tabloid magazines in the US have been dominated by
the relationship between singer Taylor Swift and NFL star Travis Kelce over
the past year.
In December, speculation ignited about an opal ring the Kansas City Chiefs
player had gifted the singer, suggesting that it was symbolic of a planned
engagement.
• Morganite: Morganite is another gemstone that has grown in popularity
“I remember looking for
jewellery for my own wedding
and struggling to find
beautiful pieces that aligned
with both my budget and
vision for the big day.”
Lauren Sommer
Moi Moi Jewellery
Moi Moi
Our new Sapphire Dreams Autumn Edit is full of unforgettable
jewellery designs crafted in premium 9ct or 18ct gold, centred
around unique, one-of-a-kind Australian Sapphires. The
pieces in this range showcase the beautiful colour range of
these natural Australian gemstones, crafted into luxurious
rings, pendants and earrings.
SapphireDreams.com.au
Become a stockist today 02 9290 2199

Open Your Mind | BRIDAL FEATURE
Hailey Bieber
Pink Kimberley Diamonds
Musson
over the past decade for consumers looking for an
engagement ring that can withstand everyday wear.
Morganite is found in shades of orange and pink and is
often paired with rose gold for a feminine look.
British actress Lily Collins was engaged to boyfriend
Charlie McDowell in 2020, and the pair sealed the
commitment with a three-carat cushion cut morganite
stone set in a yellow gold band.
Old faithful
While consumers have a wide variety of gemstones
to choose from when selecting an engagement ring,
diamonds still reign supreme as a symbol of luxury.
Whether it be because of the cultural dominance of diamonds
over the past century or the innate beauty of the stone,
consumers still overwhelmingly choose diamonds first when
planning for an engagement or wedding.
That said, there’s always room for innovation, particularly in
design. Reflecting on notable changes in jewellery design over
the past decade, Katerina Perez says that young couples are
more willing to experiment than ever.
“To really see experimentation, however, one needs
to look to the most reserved of natural diamond
categories: engagement rings,” she writes for the Natural
Diamond Council.
“Typically, when a woman hopes to wear a piece of
jewellery for the rest of her life, she chooses a more
traditional path and a ‘safe’ design, such as a classic
round brilliant-cut solitaire.
“However, over the last ten years, I’ve seen engagement
rings that defy all expectations: fancy-cut diamonds, bezel
settings rather than traditional claws, blackened 18-carat
gold at Jessica McCormack, asymmetric styles, portraitcut
diamonds, bridal stacks, engagement ring jackets, I
could go on.”
Perez also drew attention to fancy-cut and fancy-shape
diamonds, such as carré, bullet cuts, briolettes, rose cuts,
half-moons, trilliant, and kites.
These diamonds are no longer restricted to the work of
elusive private jewellers. They appear in collections from
some of the world’s biggest jewellery brands, such as
Chopard and Chanel.
“Technologies are rapidly changing the cutting landscape, and
TOP 6 STONES TO ENGAGE
Alternative Approach
Emerald
Mesmerising green gemstone
that is best when striking a
balanced intensity.
Sapphire
Pairs well with silver, gold, and
platinum and can be featured in
classic and contemporary styles.
Ruby
Sophisticated and traditional, and
available in a wide range of colour
from deep pink to bright red.
Opal
Ideal for consumers looking
for a vintage style and is
popular with Australians.
Morganite
Increasingly popular in recent
years because it’s durable and
can withstand everyday wear
and tear.
Aquamarine
The most-sought variations
carry a dark blue tone with high
intensity, owing to its rarity.
soon, customers may be able to have any type of diamond they
wish in whatever shape they demand,” she said.
“I believe we are entering a period of profound innovation and
creativity – one that rips up the rule book and takes natural
diamonds into a new and exciting era.”
Thinking outside the box
Preparing for an incoming wave of weddings and
engagements doesn’t just mean focusing on offering
alternative gemstones and designs.
There are many other ways retailers can meet and exceed
consumers’ desires.
In November, Australian jewellery retailer Moi Moi – with
stores in Melbourne and Sydney – announced the launch of
the ‘Bridal Borrow’ program, signifying a shift in approach
to wedding and engagement jewellery.
The program allows customers to reserve pieces from Moi
Moi’s collection as a rental.
Customers who spend $10,000 in a single transaction,
including the purchase of an engagement ring, are eligible for
the program.
“I remember looking for jewellery for my own wedding and
struggling to find beautiful pieces that aligned with both
my budget and vision for the big day," explains founder
Lauren Sommer.
"I was reluctant to invest a huge amount into jewellery
when I had our wedding and other expenses to think of.
“As a family business, we feel privileged to be part of our
clients’ special days. We believe that every milestone deserves
to be celebrated in style, and this program empowers brides
to do just that.”
Borrowed pieces are available to purchase from Moi Moi after
the rental for an ‘exclusive’ price.
Fashion rental companies became increasingly popular
during the pandemic, and the Bridal Borrow program is
one example of retailers experimenting with new services
to appeal to the next generation of consumers.
If modern consumers are increasingly thinking outside the box
when it comes to jewellery, retailers must meet these needs
by showcasing adaptability to the latest trends and designs
to ensure that they have an important role to play in the most
significant day of many people’s lives.
46 | February 2024

FEATURE
Pearl Perfection
PEARLS
Once confined to only the most formal occasions, pearl
jewellery has become an everyday staple. SAMUEL ORD
explores fascinating changes in the world of pearl jewellery.
Autore
February 2024 | 47

La Peregrina
Elizabeth Taylor wearing La Peregrina
Anne Boleyn
(Natalie Dormer)
Diamonds may be forever; however, when
making a statement, few gemstones can
match the intensity of pearl jewellery.
Whether in necklaces, bracelets, earrings, or rings, pearls
offer a timeless allure and an enchanting glow that has
captivated hearts and minds for centuries.
That said, the majesty and beauty of pearl jewellery once
presented a double-edged sword for consumers and
retailers alike.
Because pearl jewellery is precious, it was reserved for only
the most formal of occasions – weddings and funerals, for
example – and, as a result, developed a reputation for being
impractical.
If pearl jewellery is only reserved for rare occasions,
it becomes impractical to own for consumers – and
challenging to sell for retailers.
After all, consumers purchase jewellery with the intention
of actually wearing it!
The good news is that there’s been a significant shift in recent
years.
Designers are increasingly pushing the envelope and creating
practical, everyday jewellery using pearls.
This improvement in design, when paired with wave after wave
of celebrity endorsement for high-profile pieces and everyday
adornments, has led to a revitalisation of the category.
“I recently asked a twenty-something shop assistant where
her pearls were from (a short necklace nestled above a
few chains and pendants), and she answered bashfully:
Oh, they’re my mum’s. She’s not happy I’ve pinched them!”
writes Shane Watson for The Daily Mail.
“And that nicely sums up the new position of pearls. Twelve
months ago, her mum couldn’t have cared less if her daughter
had pinched her pearls. Last year, pearls were for the kids to
layer, boys included.”
He continues: “But now pearl necklaces are like colourful
Gazelle suede trainers — great whatever your age, and the
detail that makes you look a bit in-the-know.
"Pearls are flattering, too, somehow lighting up your face,
which is probably the reason pearl drop earrings have been
the hottest jewellery item of the past couple of years.”
PEARL SPOTLIGHT
Everyday
Beauty
Shane Watson
The Daily Mail
"Pearls are flattering, too,
somehow lighting up your face,
which is probably the reason
pearl drop earrings have been
the hottest jewellery item of the
past couple of years.”
Rosie Davenport
Harper’s Bazaar
“Whether you’re looking for
traditional jewellery that’ll
stand the test of time,
something more modern, or a
dramatic look for party season,
this semi-precious stone is the
perfect choice."
Allure
Icons of yesterday
While pearls have never reached the popularity of
diamonds or other gemstones such as rubies, emeralds,
and sapphires, one thing is clear – when worn as jewellery,
pearls exude prestige.
“What’s not to love about pearls? They’re versatile, they’re
elegant, and they’re timeless. As a renowned fail-safe
in the jewellery world, they’re appropriate for weddings,
funerals, and all the mundane life events in between,”
writes Hana Tilksew for Evie Magazine.
“Throughout history, pearls have been so desirable that
kings and emperors have passed laws dictating who was
allowed to wear them.
"Thankfully, in today’s day and age, everyone has the right
to adorn themselves with as many pearls as their heart
desires. Don’t let this right go to waste by thinking pearls
belong to a bygone era – they’ll be relevant forever.”
“If pearl jewellery is only reserved for rare occasions,
it becomes impractical to own for consumers –
and challenging to sell for retailers. ”
The historical importance of pearl jewellery is well known
- pearls have been worn to symbolise status and wealth for
thousands of years.
Glowing strands of oceanic treasures have adorned the
hands, ears, necklines and heads of kings, queens, and
emperors worldwide.
Egyptian Queen Cleopatra famously wore earrings, which
were believed to feature the largest pearls ever discovered
at the time.
During her relationship with Roman General Marcus
Antonius, she famously dissolved one of the pearls into a
cup of vinegar, drinking the concoction after it dissolved.
Cleopatra’s toast to Anthony was considered
an aphrodisiac.
It was only fitting then that when British-American actress
Elizabeth Taylor appeared in Joseph Mankiewicz’s 1963
film ‘Cleopatra’, she was adorned in remarkable pearls.
48 | February 2024

Jacqueline
Kennedy
Diana of Wales
Grace Kelly
Ikecho
Angelina Jolie
In the film, Taylor wears a necklace featuring the legendary
La Peregrina pearl, a gemstone with a fascinating history.
The pearl was discovered in the early 1500s in Panama and
was worn by royalty for hundreds of years.
It was placed at auction at Sotheby’s in 1969 and was
purchased by none other than Richard Burton, husband of
Elizabeth Taylor, who starred opposite her in ‘Cleopatra’.
Burton had purchased the pearl as a Valentine’s Day gift.
After Taylor’s death, La Peregrina returned to
auction in 2011. The pearl was expected to return around
$US3 million; however, it generated an unprecedented
$US11.8 million.
Queen of England Anne Boleyn adored pearl jewellery. The
details of her marriage to King Henry VIII are well known,
and while it was a short relationship, her legacy as an
ardent supporter of pearl jewellery lives on.
Boleyn’s royal portrait includes a remarkable 37-inch rope
of large nature pearls, and her gown is decorated with even
more aquatic treasures. Her daughter, Queen Elizabeth I,
reportedly had hundreds of dresses decorated with pearls.
In the television series ‘The Tudors’, actress Natalie
Dormer portrays Anne Boylen in a performance fondly
remembered for the portrayal of the infamous initial ‘B’
pendant hung with three drop-shaped natural pearls
suspended from a natural pearl necklace.
When reflecting on the relationship between power,
influence, and pearl jewellery, it’s impossible to look past
perpetual trend-setter Princess Diana.
In 1997, Princess Diana wore the ‘Swan Lake Suite’ at the
gala opening of the Swan Lake ballet at London’s Royal
Albert Hall, just months before her untimely death in Paris.
Former British Crown Jeweller Garrard created the piece.
The platinum necklace is mounted with brilliant-cut
diamonds in a scroll motif. Five cultured South Sea pearls
and seven marquise diamonds in a fringe drop design are
suspended from the necklace.
Princess Diana’s pearl jewellery was expected to be
auctioned in May and to return around $US15 million;
however, the sale was cancelled after a mystery buyer
purchased the collection.
Princess Diana is far from the only contemporary royal
figure to showcase pearls. Queen Elizabeth II and Princess
Hana Tilksew
Evie Magazine
"As a renowned fail-safe in the
jewellery world, they’re appropriate
for weddings, funerals, and all the
mundane life events in between."
Louisa Chan
Phillips Jewels- Hong Kong
“Since more men are sporting
jewels on the red carpet, pearl
jewels such as chokers and
long necklaces are also coming
back, but for men.”
Claire Hammon
Meadowlark
"Just because something is
classic doesn’t mean it’s old. For
me, they finish an outfit so well.
Pearls with jeans and a T-shirt
– that, to me, is beautiful and
really, really cool."
of Wales Kate Middleton have shared a necklace featuring
four strands of perfectly matched saltwater Akoya pearls
finished with a sparkling diamond-accented centrepiece
doubling as a clasp.
Influencers of today
With this historical perspective in mind, it should come as
no surprise that influential trendsetters have attempted to
replicate the timeless popularity of these figures and their
jewellery by endorsing pearl jewellery.
In fashion, Rihanna is the so-called ‘Queen of Reinvention’,
and the pop musician has long endorsed pearl jewellery.
During Paris Fashion Week in 2022, Rihanna was draped
in a multi-strand choker-style necklace — an archival
Christian Dior piece from John Galliano’s Spring 1997
Haute Couture show.
Rihanna was spotted again in New York the following year
wearing the same Dior choker, this time joined by a multilayered
Briony Raymond estate necklace studded with
pearls, emeralds, diamonds, and rubies.
While these are two recent examples, Rihanna’s love
of pearls is hardly new. While performing at the 2012
Victoria’s Secret Fashion Show, the singer wore Chanel
sunglasses framed with pearls and a pearl necklace by
Vivienne Westwood Couture.
While these statement pieces showcased the
‘wow factor’ of pearl jewellery, many other celebrities
have also taken the time to highlight the gemstone's
elegant, understated nature.
Actress Angelia Jolie is well-known for her resistance
to ‘maximalist’ trends, favouring simple staples for a
subtle look.
On a trip to Washington DC in 2021, Jolie wore a strand of
luxurious pearls with matching earrings that appeared to
be a nod to the many influential women in politics who have
favoured pearl jewellery – whether it be Kamala Harris, Jill
Biden, or even Jackie Kennedy.
“Elegant, timeless and surprisingly versatile, pearl earrings
are always a good investment. Whether you’re looking
for traditional jewellery that’ll stand the test of time,
something more modern, or a dramatic look for party
season, this semi-precious stone is the perfect choice,”
writes Rosie Davenport for Harper’s Bazaar.
February 2024 | 49

Soklich & Co
Rihanna
Ikecho
Autore
“When accessorising ball gowns and off-duty
wardrobes, Sarah Jessica Parker, Zendaya,
and Angelina Jolie have all made a case for the
timeless pearl stud – proof that this simple design
is the quiet luxury item of the jewellery world.”
In recent years, pearls have become
increasingly popular with male celebrities.
If you were to pin this resurgence on any
single figure, it would be singer and songwriter
Harry Styles of One Direction fame.
Since 2019, Styles has often worn them
at red-carpet events, while performing on
stage, and in his music videos. These pearls
are often oversized and luxurious; however,
photographers have also snapped him in public
with a more casual look.
Timothée Chalamet is another high-profile
pearl devotee and was recently photographed at
the launch of the film ‘Bones And All’ wearing a
pearl and bone choker.
It’s become a particularly popular look in the
music scene, no doubt in part driven by Rihanna’s
relentless advocacy.
Rapper Kendrick Lamar attended a Chanel
fashion show with a long pearl tassel necklace
to complete his outfit. A$AP Rocky was an
early adopter of pearl jewellery, undoubtedly
encouraged by his relationship with Rihanna.
The rapper first wore pearls in 2019, and since
then, they’ve been part of his regular rotation,
whether for formal events or casual streetwear.
Changing course
Whether you believe that celebrities set the
course that consumers will follow in the form
of trends or are sceptical of the influence
‘A-Listers’ wield, one thing is for sure: pearl
jewellery has proven itself to be iconic time and
time again.
Fortunately for retailers and consumers,
jewellery designs have become far more
accessible in recent years. Consumers no
longer need to break the bank to purchase
show-stopping pieces, and retailers no longer
need to fear that pearl jewellery will sit on
shelves unloved.
Designers have become increasingly
experimental with pearls to ensure that while
the appeal of the elegance and class of the
gemstone is preserved, it’s also jewellery that
can be worn every day and doesn’t end up
locked in a jewellery box, gathering dust.
Louisa Chan, head of sales at Phillips
Jewels in Hong Kong, says that the ability of
pearls to blend into classic and contemporary
designs means pearls are no longer reserved
for formal events.
“Current pearl jewellery designs exude the
same elegance, but designers are more
experimental and no longer conform to the
tradition that pearls should always be strung,”
she tells the South Morning China Post.
“Ethereal pearls are juxtaposed with heavy metal
chains; they are used to highlight a thick ear cuff,
and thin strands of pearl bracelets are stacked
with gold bangles. Since more men are sporting
jewels on the red carpet, pearl jewels such as
chokers and long necklaces are also coming back,
but for men.”
New Zealand jewellery brand Meadowlark was
launched in 2006 by Claire Hammon and he
partner Greg Fromont.
Hammon told The Australian Financial Review
that she never set out to work with pearls;
however, based on their popularity with
customers, she had no choice but to continue.
“We started working with pearls a long time
ago. I thought we would do them once and never
again, but everyone loves them,” she said.
“They almost design themselves. And each
pearl is completely unique, so the jewellery is
also unique.”
Hammon’s work aims to achieve a harmony
between casual and elegant. She says the days
of younger consumers viewing pearl jewellery
as ‘old-fashioned’ are over.
“Just because something is classic doesn’t
mean it’s old. For me, they finish an outfit so
well. Pearls with jeans and a T-shirt – that, to
me, is beautiful and really, really cool.”
Jackie Kennedy once famously said that “pearls
are always appropriate.” Today, that statement
has never beenmore accurate.
Pearl jewellery has never been more accessible.
This opens the door for retailers to offer
consumers the opportunity to recreate the
iconic looks of yesterday’s influential figures,
and to emulate the appearance of today’s
trendsetting men and women.
50 | February 2024

LUXURY PEARL & OPAL JEWELLERY
02 9266 0636 • ENQUIRIES@IKECHO.COM.AU • WHOLESALE.IKECHO.COM.AU
February 2024 | 51

BUSINESS
Strategy
Are you too optimistic about the
future of your business?
Looking on the bright side of life is pleasant. GRAHAM JONES explains
how unrealistic positivity can harm your business.
Not too long ago, a student popped into my
office for an interesting chat. The student
was a little nervous about her impending
assessment, but I tried to be reassuring.
After speaking for a few minutes, she
said, “I always enjoy coming to speak with
you. You are always so positive.”
I hope I did not show it; however, that
comment slightly worried me because
I had just been reading some research
that made a rather negative connection
between positivity and cognitive ability.
Research from the University of Bath has
found a link between unrealistic optimism
and cognitive skills. The report suggested
that the most optimistic people tend
to have lower cognitive skills, such as
analytical thinking.
The study looked at people’s financial
predictions. Those who made the most
optimistic forecasts had lower cognitive
skills than those who were ‘realistic’ or
pessimistic. In other words, it looks like
optimists do not think as deeply as those
who are realistic.
This is not news in psychology. The
‘optimism bias’ is well established. Indeed,
it is easily visible in the workplace when
you use ‘SMART’ goal setting. These are
specific, measurable, achievable, relevant,
and time-bound goals.
In fact, it is anything but SMART, and
there is a vast body of evidence that
shows that such goal-setting just doesn’t
work. One reason is the optimism bias I
mentioned earlier.
People tend to think they can achieve
more than they can or believe they can
do it faster than possible. The result is
that they do not achieve their so-called
SMART goals!
Part of the reason for an optimism bias is
thought to be our desire to control our own
lives. Pessimistic thinking makes us realise
we are not in control. Lack of control is
frightening for us because it could mean a
potential threat to our survival.
Bias in action
Consider the following example in a retail
environment. A salesperson offers you
jewellery and asks if you would like it to be
covered with insurance, and you decline.
If you accept the insurance, you are
pessimistic as you will accept that
something could go wrong. Instead, your
survival instinct kicks in, telling you that
you are in control and nothing will break,
so you don’t need the insurance. You
reassure yourself by thinking that other
people probably need insurance - but it’s
not for the likes of you!
The need for our brain to convince us we
are in control forces us to be optimistic.
As a result, we stop thinking. The study
from the University of Bath shows that
people who do not analyse things deeply
make the most optimistic predictions.
Their brains have fallen into the ‘everything
is going to be okay’ frame of mind. That’s
If we do not
think deeply
enough, we
tend to be overoptimistic.
So
how can you
prevent the
‘optimism bias’
from affecting
your work and
business?
the territory inhabited by many politicians
right now. “I’m not going to lose my seat
in an election next year; it’s the other MPs
who need to worry.”
Indeed, many Western politicians may
now be concerned about their optimism
bias and lack of depth of thought about
the war in Ukraine. Right at the start,
Vladimir Putin said that the West would
eventually give up supporting Ukraine,
allowing him to waltz right in. Nobody
believed him.
Indeed, we had Western politicians
lining up to say the war would be over in
weeks. Their lack of analytical thinking
back at the start of 2022 did not prepare
them for Putin's patience.
Remember at the beginning of 2020
when we were told that the COVID
pandemic would be over in a matter
of weeks? Pundits predicted we’d only
need three weeks of lockdowns, and
then life would return to normal.
Once again, the optimism bias kicked in
and did not allow for adequate critical
analysis of the situation.
How can we avoid the trap?
Depth of thought and other associated
cognitive skills appear to be linked to
our ability to be realistic. If we do not
think deeply enough, we tend to be overoptimistic.
So, how can you prevent the
‘optimism bias’ from affecting your work
and your business?
52 2 | | November February 2024 2023

One thing that helps is to start with the
assumption that whatever task or project
you are working on has failed. Then, you
try to consider all the reasons it could
have failed. This allows you to work out
the potential pitfalls in advance, thereby
having a more realistic idea of what is
possible.
The trick here is not to start looking
forward. You need to start your thinking
at the end of the project when it ‘has
failed’. Think about that happening and
what caused it.
Another way of dealing with the optimism
bias is to consider the ‘availability heuristic’.
A heuristic is a shortcut way of thinking.
The availability heuristic suggests that if
we can easily recall something because it
is easily available to our brain, then it must
occur more often.
This means we tend to believe something
is more likely to happen because we can
more easily recall similar events. For
example, it is easy to recall news stories
of plane crashes because they are so
dramatic.
Hence, when we get on a plane, we tend
to worry about it crashing because we
can recall an example of that happening.
Our ability to remember something is
disproportionate to the actual risk.
In the office, this means analysing things
based on availability heuristics. Do we
think something is likely to occur simply
because we can easily recall an instance?
Considering this, we can avoid the
optimism that such thinking leads to.
Techniques like this can help you avoid
the optimism bias in the workplace. They
encourage deeper thinking and taking a
more analytical approach.
As the research at the University of Bath
shows, without this level of analysis, we
could end up being more optimistic than
is healthy for our business.
It’s a common problem that can be
avoided with just a little extra thought.
When your brain tries to come up with
an answer and signals to you, it’s time
to stop thinking; that’s the danger point
leading to excessive optimism.
Don’t let your brain fool you into avoiding
extra thought.
That’s the way that many men go
when thinking about buying Christmas
presents. Their optimism bias suggests
‘it will be fine’ to leave the shopping until
the afternoon of Christmas Eve – and we
all know how that usually ends!
What are you missing?
Excessive optimism is an issue that’s
closely related to another problem that
business owners routinely face – wilful
ignorance.
Indeed, in a recent analysis involving
more than 30,000 people, researchers
from the University of Amsterdam have
discovered that four out of ten people will
set aside troublesome information.
These people were even prepared to pay
money to remain ignorant of information
that would mean their decisions would
cause harm to others.
This is all related to our survival instincts
and many aspects of our behaviour.
Dealing with issues that could affect
HOW DO YOU
AVOID THE
OPTIMISM
BIAS?
Think ahead
Consider the
possibility of
failure and
consider how it
might occur.
Question
the past
Just because
something has
happened before
doesn’t mean
it will happen
again.
Avoid loss
aversion
Accept the
possibility
of failure –
everyone
experiences it.
Learn from
the mistakes
of others
Reflect on
the negative
experiences of
other businesses.
others can lead to conflict.
We do not want confrontation; we try to
avoid it. That’s because the conflict can
lead to a threat to us. Conflicts could get
out of hand, so we avoid arguments to
prevent any potential danger.
This means we must be ignorant of
certain information; otherwise, it will lead
to conflict.
There’s another reason for remaining
wilfully ignorant – selfishness. Knowing that
a decision you take could affect other people
means you may not make that choice.
So, how can we avoid the problems created
by the natural tendency to be wilfully
ignorant in business? One way is to think
like a scientist – always assume there is an
alternative answer to any question.
Another way is to create a culture of
acceptance of ‘being wrong’. Allow staff to
be wrong, to share with each other that they
were wrong about something they did.
Perhaps you can have a weekly ‘I made
a mistake’ session where people openly
admit their errors.
In that way, you create a culture that
accepts that decisions and choices have
consequences.
It becomes ‘acceptable’ to be wrong. In
that culture, people will be less willing to
be wilfully ignorant as they know it won’t
be a problem if they make a mistake.
GRAHAM JONES studies online
behaviour and consumer psychology
to help businesses improve website
success. Visit: grahamones.o.
November February 2024 2023 | | 533

BUSINESS
Selling
What does quality mean to your customers?
Most businesses believe they offer customers a quality experience.
JEANNIE WALTERS encourages you to question how true that is.
Quality is an interesting word in
business. We toss it around when
discussing products, describing them as
‘high quality’ or lacking it altogether. But
what is the meaning of quality?
Where does quality fit in the context
of customer experience? Well, I’m
betting your definition of what quality
means to your customers might differ
from their version.
For example, when you ask people what
they want from a bank, they often say
things like ‘security’, but they really want
convenience. Today’s assumption is that if
you are a reputable bank, you offer good
security. So, is that quality?
Maybe, but when customers discuss
a ‘great’ experience, they often mention
things like convenience, communication
and feeling ‘cared about’ by their
banks. So, what’s the definition of a
‘quality’ customer experience for these
banking customers?
Like it or not, much of what was
considered high-quality in terms of
customer experience in the past is what’s
considered the status quo today.
That means that while you may think a
customer’s perception of your business
is based on the quality of your products,
privately, they may have other ideas.
The trap we tend to fall into repeatedly is
considering what we assume is important
to us within a business is what’s important
to the customers we think we serve.
Defining an experience around a product
being of ‘high quality’ is an excellent
example of that kind of mindset.
When you start identifying this type of
thinking in your own business, I challenge
you to ask a few questions.
Who cares about your product?
If you answer this question with something
like “young couples preparing for
marriage”, you’re way off the mark. They
don’t care about your product; they care
about what they can do with it.
Instead, listen to your customers' stories
and consider where your product might
make their narrative more interesting. My
favourite example is ‘your product/service
helped us to do X’. The explanation usually
involves some feeling.
As an example, a technical repair shop
might be told by a customer, “Your
technician helped save my daughter's
wedding. All the planning information was
on the computer he repaired.”
Think about that! These didn’t go into
specifics about the product or service.
They describe how the product or service
delivered actual, emotionally charged
human outcomes.
You can safely assume these same
customers believe they are
high-quality products and services,
but I’d bet they also think that about
some of your competitors.
What makes your business better than
a competitor?
This is where many businesses love to
drink the Kool-Aid. ‘We were the first’ is
not a good answer to this question.
Make sure
you and your
customers are
aligned on the
meaning of
quality before
you claim
you’re the best
on offer.
Another answer I’ve heard is as follows:
“While the others are less expensive, we feel
ours is much higher quality.”
This answer might sound better, but what
does it mean? If the product is excellent
but getting help is painful, is it a quality
experience for the customer? This is where
you hear the opposite from customers
regarding the experience.
• “We love the products, but customer
service is terrible.”
• “We used to be loyal customers, but the last
time we tried to get help was a disaster.”
Don’t become complacent because you
believe you have the ‘best’ product on the
market. It’s only the best if your customers
believe it, along with the entire experience,
really is.
How do you keep up?
Like it or not, your competitors are setting
expectations for your customers.
Make sure you and your customers are
aligned on the meaning of quality before you
claim you’re the best on offer.
Overall, it’s also important to note that
gathering customer feedback on this means
going beyond questions that only concern
your products.
Someone can answer that they believe your
product is ‘high quality’ as a rating but still be
frustrated with the experience.
Keep that in mind when asking your
customers what they think of your
business.
Getting richer and more in-depth
responses requires extra effort, whether
via customer interviews, focus groups, or
other similar programs.
Are you wondering where you should start?
Address where you are today and build
the ideal journey for tomorrow. Don’t wait
because tomorrow is here.
JEANNIE WALTERS is founder and
CEO of Experience Investigators.
Learn more: eerieneinvestigators.om
54
2 |
|
November
February 2024
2023

BUSINESS
Management
Purpose: What does your business stand for?
If you don’t stand for something, you’ll fall for anything.
MALCOLM SCRYMGEOUR asks an important question – what is your purpose?
In 1860, the Royal Society of Victoria
organised an expedition to find a route from
Melbourne to the Gulf of Carpentaria.
Almost surprisingly, at the time,
Melbourne was the second-largest city
in the British Empire. Establishing a
telegraph cable would give the city great
economic benefits.
With the single-minded purpose of
establishing a telegraph cable to the rest of
the world, the Society selected Robert Burke
and William Wills to lead the expedition. They
didn’t do exceptionally well!
The expedition of 19 men set off in midwinter,
and their wagons broke down at
Essendon, on the outskirts of Melbourne,
on the first day. Their equipment included
essential items such as a cedar-topped
camp table, a stationary table with
matching chairs, a Chinese gong, and 270
litres of rum to be fed to their camels to
prevent scurvy.
After two months, they had progressed
750 kilometres, a journey the mail coach
completed in a week.
The hapless Burke and Wills fascinated
the local Indigenous people, who often
came to watch their ineptitude. Burke
and Wills came to an unfortunate end and
didn’t survive the expedition. While their
purpose was clear, their execution of the
plan was disastrous.
When confronted with the question about
their purpose, most jewellery store owners
don’t have an answer other than to make
money. Making money isn’t a purpose. As
a suggestion for a draft purpose, perhaps
consider ‘we create life memories.’
Whenever you consider purpose - look at
each word:
• ‘We’ means the entire business, not just
the owner or the jeweller. Each employee.
• ‘Create’ refers not just to the product but
the experience in the store.
• ‘Life’ means important events in
consumers' lives, such as weddings,
anniversaries, celebrations, and other
recognitions of love.
• ‘Memories’ is the experience of
collecting the jewellery and the
cherished moment when it is gifted to
the recipient.
It doesn’t mean ‘we create life memories’
should be your purpose, but instead of
anything else, it is a starting point to
improve upon! The essence of purpose
is best defined by English author Simon
Sinek, who said, “People don’t buy what
you do; they buy why you do it”.
A group of jewellers I was with recently
answered this question by saying
‘we exist to make money’. Profit is an
outcome of purpose. The better you are
at your purpose, the better the financial
result tends to be.
Passionate and focused jewellers
who are clear on their purpose and
supported with quality business advice
are typically the most successful. Those
who muddy the waters and focus on
chasing the money are not as profitable.
A clear purpose has the potential to set
the shape for decision-making. Once the
purpose is decided, it follows a strategic
plan that behoves the owner and the
staff to work towards implementation
and execution.
A common problem with purpose
Profit is an
outcome of
purpose. The
better you
are at your
purpose, the
better the
financial result
tends to be.
is that many owners and businesses
cannot implement the agreed strategies,
meaning the purpose statement is just a
meaningless ‘waffle.’
As Burke and Wills discovered, a good
idea needs the support of a great plan.
The most common reason a plan fails is
the difficulty of seriously committing to
implement the strategies.
Often, they conflict with the old setin-stone
habits and beliefs, years and
sometimes decades in the making. These
cultures, roles and behaviours, and
collective mindsets reinforce the ‘forprofit’
purpose of many jewellery stores.
Businesses — principally individual and
independent groups — with a genuine
sense of purpose drive far better results.
Success results from sticking to the plan
with a staff where everyone is clear on the
purpose, the strategies, the importance of
their role and why they will be better off.
Otherwise, making the right decisions to
achieve the desired purpose is impossible.
If you adopt a clear purpose, then everything
you do needs to support it. Your store layout,
your product range, your team culture and
training, and your store presentation –
should all follow the same plan.
As Burke and Wills instead painfully
discovered, a great plan must be
supported by an outstanding plan to
execute that vision.
With that said, your business should have a
purpose and a plan. That plan should then
be executed, which is done by taking the
right advice to help you achieve those goals.
From there, you can enjoy the
superior results that a well-executed
purpose delivers.
MALCOLM SCRYMGEOUR is a business
advisor with Retail Edge Consultants,
working hand-in-hand with retailers
in pursuit of efficent practices and
improved sales.
Visit: retaiegeonstants.om.a
February November 2024 2023 | | 55 3

BUSINESS
Marketing & PR
Content marketing strategies you
can’t afford to ignore
There are so many marketing strategies and so little time.
BETH WALKER offers advice on where to begin your marketing strategy.
One habit that isn’t changing anytime
soon is that most consumers research
a business, product, or service on the
internet before making a purchase.
Digital marketing is a necessity for
businesses. Often, your website is your
first opportunity to impress potential
customers. For today’s consumer,
around 80 per cent of the ‘buyer’s
journey’ is digital.
if it's not optimised for mobile phones!
Social media marketing
As you strive to extend your digital returns,
leveraging social media is helpful.
Social media channels like Instagram,
YouTube, Facebook, Pinterest, Twitter, and
LinkedIn are excellent places to connect
with your target audience, share content,
and answer questions.
A well-rounded content marketing strategy
will help you connect with your ideal
customers and delight your audience to
improve retention.
A well-written blog article will convey
your message to your readers and search
engines. It’s important to understand the
context of your content.
By utilising SEO best practices, you will
increase your content’s opportunities to
appear in search queries for keywords
relevant to your industry or niche.
It takes time and money to develop
high-quality content. However, it’s the
cornerstone of every digital marketing
strategy because of all the different
ways you can repurpose a long-form
piece of content.
Research suggests that businesses with a
blog receive 55 per cent more visitors than
rivals that don’t. More than 75 per cent of
people regularly read blog posts.
Furthermore, 61 per cent of consumers
in the US have completed a purchase
after reading a blog post. It’s time to
start writing!
Video content
Adding a video is one of the quickest
ways to enhance your written content and
significantly improve your opportunities to
rank in search.
There are two ways to include written
and video content together in a blog post.
If you start with the video, you can add a
transcript of the video’s spoken words.
Need a simple video editor? Type Studio
enables you to edit videos simply by editing
the transcribed text.
If you start with the written content,
you can add a video to provide deeper
content on a topic. This may draw in
visual learners who don’t have the time or
patience for longer blog posts.
Another great way to use video marketing
is on social media. Instagram Stories,
Facebook Stories, and Google web stories
offer visual opportunities to connect with
potential leads uniquely.
In 2022, streaming online videos and
downloads accounted for 82 per cent of
all internet traffic and more than threequarters
of those videos were viewed on
mobile devices.
Email marketing
Email marketing is vital to a complete
content marketing strategy because it
allows you to personalise and target your
communication with each contact.
Email is used for every aspect of a
customer’s buyer’s journey, starting
with lead generation. You can continue
to engage your customers and delight
them by offering insider discounts on new
products or services.
Remember that consumers prefer to open
emails on mobile devices. More than 40
per cent of consumers will delete an email
A well-rounded
content
marketing
strategy will
help you
connect with
your ideal
customers
and delight
your audience
to improve
retention.
It’s worthwhile to spend time developing
a ‘consumer persona’. This way, you
will know which social media platforms
will best connect your brand with your
target buyer.
You will want to plan out your social media
posts and look ahead and consider ways
you can incorporate interactive content
such as polls.
More than three-quarters of the world’s
population (older than 13) uses some form
of social media. While planning your social
media strategy, remember that visual
content is vital.
Include visual content in your content
marketing, such as infographics, photos,
graphs, charts, slide decks, and web
stories. One easy way to incorporate visual
content is to have a custom image with
every blog post.
Research suggests that readers retain
65 per cent more information when
written content is paired with a relevant
infographic. Regarding e-commerce,
online consumers are 30 times more likely
to initiate a payment when prompted to do
so by visuals.
As you develop your content marketing
strategy, consider how to incorporate each
of these aspects into your overall digital
marketing efforts.
It’s never too late to get started, and
there’s an effective strategy for every
business owner's preference.
BETH WALKER writes for US-based
SMA Marketing, which specialises
in digital marketing strategies for
businesses. Visit: smamareting.net
56 2 | | November February 2024 2023

BUSINESS
Logged On
Shaping your business around customer experience
The relationship your customers have with your business is crucial.
MICHAEL HINSHAW encourages you to refine your approach to this relationship.
Learning how to be more customercentric
sounds good; however, based on
the structure of your business, you may
have some work to do.
The list of potential opportunities to improve
is long; however, this article's ideas are
not complex. That’s because it’s meant to
get you thinking and developing solutions
specific to your business.
• Listen to your customers: I’m not talking
about satisfaction surveys or any other
sophisticated approach to the problem.
The issue with these fancy solutions is that
they don’t point toward the problems or
delights that drive the results.
Listening to your customers is as simple
as asking them what they think — and why
- and then acting on the information if it’s
valuable. It’s essential to reflect on your
business and the data it collects
and question whether you’re acting on
these insights.
• Customer perception is reality: The
quality of your customer experience lives in
one place - your customer's mind.
No matter how well you think your business
is doing, the gap between customer
expectations of experience and their
perceptions of experience is the reality you
need to understand and address.
In this regard, you should aim to make
your customers a part of the ‘solution’.
Involving customers in the experience
design process — whether it be your
approach to products, services, or even
the physical layout of your store – has
been used effectively for a long time.
It boils down to this: Take your customers’
points of view into account before you start
making decisions about what they might
want or need.
• Map your customer’s journey: A journey
map allows you to ‘walk in the shoes’ of your
customers by travelling with them as they
interact with your business.
Research-based and focused on desired
outcomes from the customer’s perspective,
you’ll see their needs at each stage and
point of interaction.
You’ll understand how well your business
meets their expectations and identify the
areas where you’re either exceeding or
falling short. This is where opportunities
for improvement are found.
• Monitor customer interactions:
Monitoring customer interactions is
critical because only you know all your
touchpoints. This includes transactional
surveys, phone calls, complaints, general
feedback, and social media commentary
for a jewellery business. When you
monitor the performance of your business
in all of these places, you may be
surprised at what you learn.
Set key performance indicators based on
customers' expectations and your planned
experience, and monitor how well you do.
• Get your data together: Most
established businesses keep customer
data in silos across the enterprise: sales
data in one bucket, marketing data in
another, product and service somewhere
else, and digital data in another entirely.
This customer data must be integrated
and easily accessible across your
business. This allows employees to
truly ‘see’ the relationship between your
business and your customers and make
informed decisions. This is one of the most
significant challenges businesses face and
one of the most important to solve.
• ‘See’ your customers digitally: Every
transaction between your business and
your customers generates data.
Each online or mobile interaction
generates ‘digital data trails’ to be stored
No matter how
well you think
your business
is doing, the
gap between
customer
expectations
of experience
and their
perceptions
of experience
is the reality
you need to
understand and
address.
and analysed. Looking at your customers
through the lens of your digital relationship
will provide valuable insights into behaviour
that can help you radically improve
customer experience.
• Define your strategy: Customer
experience strategy flows from your
business and brand strategy.
Just as brand strategy creates and
manages customer expectations of a
brand, your customer experience strategy
is your plan to meet or exceed those
expectations.
With implications for virtually every aspect
of your business, it’s the vehicle through
which you can turn customer expectations
into reality.
• Empower and reward your employees:
In the quest to be more customer-centric,
your employees are the frontline. They
boast a wealth of insight about customers
and internal operations and can quickly
improve customer experience through oneon-one
interactions and behind-the-scenes
decision-making.
Yet many companies have reward
structures tied only to revenue,
compared with meeting the needs
of customers. They don’t empower
employees to make the decisions
required to meet those customer needs.
Now that you’ve considered these ideas,
where can you take advantage of these
opportunities in your business? And what
further ideas can you add to this list?
Keep this in mind: The secret to customercentricity
is based on designing your
world around an understanding of your
customer’s needs and then focusing on
meeting those requirements.
This core idea relates to everything on this
list — and should relate to everything in
yours.
MICHAEL HINSHAW is president of
McorpCX, which focuses on customer
experience management.
Learn more:www.mor.
November 2023 | 3
February 2024 | 57

My Bench
Sarah Lim
Windfall Jewellery
• AGE: 37 • YEARS IN TRADE 6 • TRAINING: Short courses - no formal qualifications. • FIRST JOB: Retail • OTHER QUALIFICATIONS: Sales and insurance.
SIGNATURE STYLE
The Black Diamond Coffin Halo stacked with our Crown
Stacker and Ritual Band is quite a signature Windfall
Jewellery look. From the black diamond centrestone
to the coffin shape, to the stacking set - these are all
aesthetics that have become a staple of our brand.
4FAVOURITE GEMSTONE This is difficult!
Any colour-changing or bi-colour gemstone is
fascinating. I also love vibrant parti sapphires and
champagne salt and pepper diamonds.
4FAVOURITE METAL 18-carat yellow gold.
4FAVOURITE TOOL Polishing machine – I find it so
therapeutic.
4BEST NEW TOOL DISCOVERY Dedeco radial disks.
4BEST PART OF THE JOB Finding the dream
gemstone for a customer and making their dream
design come to life.
4WORST PART OF THE JOB A sore back when
you’re not mindful of your posture while working.
4BEST TIP FROM A JEWELLER Be yourself, stay
true to yourself, and do business your way!
4BEST TIP TO A JEWELLER Don’t worry about
what anyone else is doing.
4BIGGEST HEALTH CONCERN ON THE BENCH:
Breathing in toxic particles long term.
4LOVE JEWELLERY BECAUSE The rich history of
jewellery dating back to ancient times. I also love
being able to create tangible things that represent
and celebrate such important milestones and
connections in people's lives.
58 | February 2024

February 2024 | 59

OPINION
Soapbox
Are you ready for the Year of the Dragon?
What you think, you create. What you feel, you attract. RITA PRICE encourages
you to make the most of the new opportunities 2024 will bring.
With a new year comes new opportunities
in the jewellery industry – and your
business needs to be ready to capitalise on
what’s shaping up for a productive year.
In the Chinese lunar calendar, 2024 is the
Year of the Dragon – the fifth of the 12-year
cycle of animals that appear in the Zodiac.
This is one of the oldest systems of astrology
in the world.
There is a widespread belief among those
who follow the system that individuals
born in the Year of the Dragon are destined
for good fortune. In many Asian cultures,
fertility rates even increase during Dragon
years as families hope to coincide birth with
specific star signs.
Quite generally, many people believe that
the Year of the Dragon brings prosperity and
good fortune – and based on what I’ve seen
and heard from my customers so far, I’m
one of them.
This year brings promising opportunities for
jewellery businesses across Australia.
From personal experience, customers have
never been more interested in custom-made
and bespoke jewellery. The passion for
quality craftsmanship is strong, and
consumers are willing to pay more for
jewellery that carries personal meaning.
There’s no doubt that economic pressures
are affecting personal budgets; earlier this
month, I was working with a customer who
told me of the many ways rising interest
rates are impacting his family and the
stress that brings.
Still, he was taking the time to purchase
custom-made jewellery because it brings
him happiness.
Jewellery that comes straight off the shelf,
which consumers know thousands of other
people are wearing simultaneously, can’t
offer this kind of emotional attachment.
This desire for custom-made jewellery
presents an exciting opportunity for
jewellers to showcase their talents and
abilities. People love personalised
jewellery that helps them ‘grab a
moment’ and transform those
feelings into a design they can wear.
We learned during the pandemic that
people like to spend money on personal
adornments to reward themselves for
enduring challenges during hard times.
Even with recent economic challenges,
customers are still willing to spend, which
is a timely reminder that you cannot take
them for granted.
You cannot cut corners with your
customers. You can’t use inferior products
and materials. You should use the highest
quality materials to reward your customers
for their faith in your business.
Local consumers love wearing jewellery
made from Australian materials, whether
it be gemstones, gold, or other metals.
Consumers know bespoke jewellery is of
a higher quality than mass manufactured
products and understand the price and
guarantee differences. They will happily
pay extra if the jewellery is of the highest
possible standard.
Giving your customers a high standard of
service is also an important point of
difference in retail.
In the first week of this year, a customer
entered my studio in tears. It was completely
unexpected. She had visited another jeweller
hoping to get a ring resized.
When she explained the issue to the
jeweller, he made an off-handed personal
comment about her. She was devastated –
and so was I!
Given my positive interactions with my
customers daily, I couldn’t believe someone
could be so blase and hurtful.
Then there’s the business ramifications –
"This means
that you should
be giving your
customers the
highest possible
standard of
service, too
– and that
doesn’t just
mean quality
jewellery."
of course, there’s the lost sale - but also
consider all the people she will tell about
this terrible experience. The impact a simple,
off-handed comment can have on a business
long-term can be severe.
As of late, I’m encountering more and more
customers with older jewellery they would
like to see restored or repurposed. Whether
it’s something from their parents or
grandparents or just a beautiful old piece
they’ve found, I think it’s fantastic.
Giving life and new meaning to old designs is
terrific, and as every jeweller knows, the best
part of the job is handing over the final piece
to the customer.
Returning a restored ring to a family that’s
owned the piece for a century and knowing it
will stay with them for another hundred years
is a great feeling.
I firmly believe that what you put into the
world is returned to you. You get out what
you put in. If you’re kind to people, you’ll get
kindness back. If you work with integrity,
you’ll be rewarded with customers who
appreciate your creations.
Conversely, if you cut corners and produce
work you’re not proud of, that energy will
return to your business.
The nature of the jewellery industry is
changing. Many older jewellers are retiring
and young apprentices are stepping into their
place. It is important that we uphold these
standards to ensure success in the future.
To make the most of this year, consistently
exceed customer expectations. If you always
work to the highest possible standard and
offer a service better than expected,
trust me, the rewards will come.
ame Rita Price
Business: Tindrah of Sweden
Position: Owner & Jeweller
Location: New South Wales
Years in the instry 25
60 | February 2024

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