Jeweller - June 2024

VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY JUNE 2024
Golden Grifters
AUTHORITIES INVESTIGATE
$1 BILLION GOLD SCAM
Rings of Distinction
STANDING OUT IN A COMPETITIVE
JEWELLERY MARKET
Chart a Course
WHERE WILL THE DIAMOND
INDUSTRY BE IN 12 MONTHS?

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Rosé is a new wholesale range of Argyle pink and blue diamond jewellery from Nina’s Coloured Diamond Jewellery.
Become a stockist, visit ninasjewellerywholesale.com.au email wholesale@ninas.co

A new range
of Argyle pink and blue
diamond jewellery
Rosé is a new wholesale range of Argyle pink and blue diamond jewellery from Nina’s Coloured Diamond Jewellery.
Become a stockist, visit ninasjewellerywholesale.com.au email wholesale@ninas.co

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AUTHORITIES INVESTIGATE
$1 BILLION GOLD SCAM
VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY JUNE 2024
STANDING OUT IN A COMPETITIVE
JEWELLERY MARKET
WHERE WILL THE DIAMOND
INDUSTRY BE IN 12 MONTHS?
JUNE 2024
Contents
This Month
Industry Facets
13 Editorial
14 Upfront
22
25
10 YEARS AGO
Time Machine: June 2014
LEARN ABOUT GEMS
Game-changing Gemmologists: X
41 RINGS OF DISTINCTION
Making the right call
Rings are a critical component of jewellery
stores sales; however, being confident
that you're offering the right products is a
challenge for many business owners.
16 News
Features
26
64
66
MY BENCH
Peter Gertler
SOAPBOX
Nicole Bender
STATE OF THE INDUSTRY REPORT - ADDENDUM
Anti-money laundering and counter-terrorism laws
29 WHITE DIAMOND REPORT
Where do we go
from here?
The announcement that the De Beers
Group is available for sale has rocked the
diamond industry. ROBERT BOUQUET explores
the ramifications of this development.
29
33
41
ANNUAL WHITE DIAMOND REPORT
Where will the diamond industry be in 12 months?
INSURANCE
Reflecting on changes to jewellery insurance
RINGS OF DISTINCTION
How can jewellers be sure they've made the right choice?
Better Your Business
26 2024 SOIR - ADDENDUM
Gold scammers
As Jeweller's 2024 State of the Industry
Report continues, learn more about proposed
changes to anti-money laundering and
counter-terrorism laws.
58
60
61
62
63
BUSINESS STRATEGY
Improving consumer loyalty is advantageous. ANASTASIA LLOYD-WALLIS explains how.
SELLING
MICHAEL HINSHAW believes there is one key to nailing the sale - understanding.
MANAGEMENT
Succession can be a complex process. DAVID BROWN encourages you to be ready.
MARKETING & PR
ALEX FETANAT details the importance of customer engagement in marketing.
LOGGED ON
BARRY URQUHART discusses recent developments in Artificial Intelligence.
33 INSURANCE REPORT
Peace of mind
Australia's leading jewellery
insurance providers discuss changes
in the market over the past decade.
FRONT COVER
For more than 60 years,
Nina's Jewellery has been creating
Australian fine diamond jewellery,
specialising in natural coloured diamonds.
This winter, they are proud to share this
expertise with retailers everywhere,
with the launch of their first wholesale
collection in 30 years. Learn more:
ninasjewellerywholesale.com.au
Golden Grifters
Rings of Distinction
Chart a Course
June 2024 | 11

LAB
DIAMONDS
BY DGA
Since 1962, Duraflex Group Australia have been proudly distributing international
jewellery and watch brands. (02) 9417 0177 | www.dgau.com.au
12 | June 2024

Editor’s Desk
Spare a thought for your sales staff
Has there ever been a more challenging time to be employed in retail sales?
SAMUEL ORD reflects on the rise of anti-social shoppers.
A recent retail experience and a healthy
dose of reflection have led me to realise
that there’s probably never been a more
challenging time to work in sales.
My wife and her best friend have a shared
birthday – I suppose that's one of life’s
happy little coincidences.
Following the conventions of a sitcom
husband, I found myself and a friend
(her husband) at a shopping centre
on the hunt for last-minute gifts.
As we stepped into the shopping centre,
my friend unveiled a pair of headphones.
He's deeply engrossed by murder mysteries,
especially when dissected through podcasts.
People are fascinated by morbidity for
many reasons. For him, it’s akin to solving
a puzzle – he enjoys the logic behind the
investigations, and an unsolved case can
leave you thinking for weeks.
We went our separate ways for about an
hour, meeting up at the car later, gifts in
hand, ready for the day ahead.
He was bemused. I asked him how he
went, and he told me an interesting story.
In the first jewellery store, he browsed
for a short while before feeling a gentle tap
on his shoulder from behind.
Spinning around, he was greeted by a
young woman addressing him, but his
headphones muffled her words.
Removing the headphones, he asked her
to repeat the question. She introduced
herself and offered assistance in
locating any specific jewellery.
Politely declining, he mentioned he was
merely looking, and she excused herself.
Resuming his podcast, he repositioned
the headphones, rewinding to catch up on
whatever gory detail he had missed.
Leaving that store, he ventured to another
nearby. This time, he explored a bit longer
before a man emerged from behind the
counter, extending a greeting. Once again,
my friend halted his podcast.
The man inquired if there was a specific
occasion for this shopping trip. After a
second polite decline, the man offered his
assistance if necessary.
My friend returned to his podcast,
growing frustrated at losing his place
in the story once more.
He left that store and headed to another,
where he finally found what he was
looking for — peace!
He browsed for around 15 minutes,
found the ideal pair of earrings,
and headed to the counter to pay.
His only interaction with the staff
at this store was when he was asked
if he was paying with cash or a card.
During the drive home, my friend expressed
frustration at repeatedly losing his place
in the podcast because the sales staff
‘interrupted’ his shopping.
I analysed this experience with him
like you might unwind a murder mystery
and helped him realise that this was a
classic case of 'mistaken identity'.
He was the villain after all.
Indeed, according to traditional sales
conventions, the employees at the first
two stores adhered to proper etiquette.
They were courteous, introduced
themselves, offered assistance, and
gracefully accepted rejection.
Despite their commendable efforts,
however, my friend did not opt to
make a purchase from either store.
He seemed inconvenienced by them
doing their jobs - offering assistance!
Surprisingly, it was the store where the
staff seemingly overlooked his presence
that secured the sale.
This outcome defies traditional sales
wisdom, challenging the idea that
attentive service always leads to success.
It also underscores the evolving
unpredictability of consumer behaviour
and highlights the many factors that can
influence purchasing patterns - and not all
of them are logical or fair.
I suppose it could be said that this is another
example of the increasing preference for
personalisation among consumers.
While his behaviour was clearly ‘anti-social’,
sales staff must tailor their actions to
respect preferences in pursuit of a sale.
I analysed this
experience with
him like you
might unwind a
murder mystery
and helped him
realise that this
was a classic
case of 'mistaken
identity'.
With that said, it’s essential to acknowledge
the challenges these new ‘battlegrounds’
pose for sales staff.
The inability to engage with customers
crushes their ability to communicate the
significance and value of products.
After all, my friend was a stranger in
a store where they worked.
What consumer is correct in saying the
employees are wrong for introducing
themselves – even if it was a good podcast?
Heaven forbid they ask him if he would like
any help finding a gift for his wife.
Striking a balance between respecting
consumers' wishes and plying the trade
of a salesperson is incredibly difficult.
These new conventions rob staff of the
opportunity to do what they do best -
or to at least try.
The good news is that my friend is very
open-minded, and it didn’t take much
convincing to see the error in his ways.
In the future, I don’t think he’ll listen to
murder mysteries while he browses
jewellery stores.
He’ll save himself the interruptions to a
fascinating story and spare the need for
sales staff to repeat themselves when
making a simple introduction.
The bad news is that it was my position at
Jeweller that prompted him to self-reflect
on his behaviour.
Unfortunately, I can’t be friends with every
other unwitting husband walking the
floors and strolling the aisles of Australia’s
shopping centres in search of a last-minute
birthday present for a loved one.
For that reason, thousands of other
distraction-addicted consumers will
not see any reason to change.
Indeed, this behaviour will only become
more common if recent trends are
anything to go by.
And so, for that reason, spare a thought
for sales staff – many modern consumers
are a pain in the ass.
SAMUEL ORD
EDITOR
June 2024 | 13

Upfront
Stranger Things
Rewind: Best Bench Tip
Image: JCK
Weird, wacky and wonderful
jewellery news from around the world
MARCH 2016
Titanic treasures
A pocket watch carried by US
business magnate John Jacob Astor
IV has sold to an unnamed collector
for £1.2 million. One of the world’s
wealthiest men at the time of his death
on April 15, 1912, Astor was a first-class
passenger on the maiden voyage of the
Titanic when it hit an iceberg and sank.
His body was found a week after the
disaster. The 14-carat gold Waltham
pocket watch is engraved on the case
with his initials. The auction was hosted
by Henry Aldridge & Sons.
Expensive mistake
Cartier has honoured an expensive
mistake after a customer in Mexico
noticed an error in pricing online.
Rogelio Villarreal noticed a pair of
Cartier diamond-encrusted earrings
priced at 237 Mexican pesos, or about
$USD13. He ordered two pairs, and
the jeweller realised the error and
changed the price online. The company
tried to cancel the order, offering a
complimentary bottle of champagne
and a leather item as compensation.
Villarreal filed a complaint with Mexico’s
consumer protection agency.
“Going slow is still
quicker than starting
again.”
BRETT STEWART
BRETT STEWART JEWELLERY
HISTORIC GEMSTONE
Star of the South
The Star of the South, known as
'Limar', is a diamond unearthed in
Brazil in July 1853. The stone was
found by Madi Magassa in 1853 at the
Bagagem River. It was handed over
to Casimiro de Moraes, who rewarded
her for finding the diamond by granting
her freedom and a pension for life. The
type IIa diamond is cut into a cushion
shape and weighs 128.48 carats (25.696
g), with a colour grading of fancy light
pinkish-brown. The stone has had
many owners, including the Maharaja
of Baroda State. Its last known
purchase was by Cartier in 2002.
Timeless Trends
A tennis bracelet is synonymous
with an eternity strand of diamonds
worn on the wrist. The term came
about when Chris Evert lost a string
of diamonds during a competitive
match in the 1987 US Open. Tennis
bracelets are classic pieces that pair
versatility with sparkle.
Image: Tiffany & Co.
Deception discovered
US jeweller William David Leavitt,
53, has been charged with two felony
counts for allegedly selling labcreated
diamond jewellery that he
misrepresented as natural. According
to prosecutors, a man who said he’d
purchased more than $USD200,000 of
jewellery was later told that the stones
were, in fact, lab-created as part of an
appraisal. The pieces included a heartshaped
diamond earring set and a ruby
and diamond ring.
Customer experience and
data analytics booster
Retailers are beginning to benefit
from the vast amount of data routinely
collected from consumers using AIdriven
data analysis to personalise
the shopping experience. Research
has suggested that an essential
component of retail in the future will
be the frequent generation of unique
messages and offers from customers.
These messages will be generated
using the customer’s historical, current,
and predicted purchasing patterns.
Campaign Watch
Tiffany & Co. has launched a
new marketing campaign paying
homage to its heritage and impact on
luxury culture. The campaign – With
Love, Since 1837 - features images
inspired by the displays of former
artistic director and vice Gene Moore
(1910-1998). The campaign uses
pieces from the HardWear and Lock
collections and Jean Schlumberger's
Sixteen Stone ring.
VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY
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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
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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
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News
Major Australian retail
associations merge
The Australian Retailers Association (ARA) and the
National Retail Association (NRA) have announced
plans for an amalgamation.
The two not-for-profit trade associations have
signed a heads of agreement. If members approve,
the organisations will be combined into a single
unified body.
An amalgamation of the two associations was
attempted in 2019, before being abandoned due
to concerns about the representation of small and
medium sized retailers, and the financial viability
of the entity. At the time, the ARA had around 8,000
members while the NRA had 4,000.
The ARA began as the Master Retailers Association
of NSW in 1903, and has undergone several name
changes and amalgamations over the past century.
President Nicole Sheffield said unification was in
the best interest of Australia’s retail industry.
“The ARA has been on a mission to unify the
industry in recent years, and today’s announcement
is the result of significant discussions over time
between our two organisations,” she said.
“It makes absolute sense to create one voice
for retail and to combine our strengths to support
the growth of this vital sector, which employs one in
ten Australians.”
NRA chair Tim Schaafsma said that ‘strength
in numbers’ was a message the industry could rally
behind.
“Retail contributes enormously to our country’s
economic success and social wellbeing and
a strong retail sector is in the interests of all
Australians,” he said.
"Our two organisations are aligned in our focus, and
we come together in the spirit of doing what’s in the
best interests of our retail community."
He continued: “There’s great strength in numbers
and we are confident our members and the sector as
a whole will appreciate and embrace this progression
towards a unified voice for retail. The merged entity
will truly represent the whole Australian retail sector,
irrespective of size, segment or geographic location.”
The ARA and NRA will now begin formalising the
amalgamation with the Fair Work Commission.
Watches of Switzerland finishes financial year on a high
Watches of Switzerland has ended the financial
year on a positive note, reporting double-digit
sales increases in the US in the fourth quarter.
For the quarter ending 28 April, Watches of
Switzerland recorded £380 million ($AUD720
million) in revenue, an increase of 3 per cent on
a year-on-year comparison. In the US, revenue
increased by 10 per cent in the fourth quarter.
Revenue was flat for the fiscal year, reaching
£1.54 billion ($AUD2.92 billion). Full-year
revenue in the US increased by 6 per cent.
CEO Brian Duffy said the company is optimistic
about the year ahead.
“We finished the year strongly, with Q4 sales
in line with guidance and ahead of consensus,”
he said.
“We are confident that our strategy,
exceptional client service and strong brand
relationships enable us to continue to drive
growth and gain market share.”
For the full year, jewellery revenue decreased
14 per cent, with sales strongest in the fourth
quarter. The company drew attention to the
popularity of branded jewellery in the report.
Across the coming year, the company is
forecasting a revenue increase of between
9-12 per cent.
“The inherent strength of the categories we
operate in, coupled with our superior business
model and retail expertise, continues to set us
apart,” Duffy added.
Watches of Switzerland recently announced
the acquisition of Roberto Coin. As of April, the
company has more than 220 stores across the
UK, US, and Europe, including more than 90
brand-only stores.
Increasing jewellery sales: Richemont announces new CEO
Jewellery sales at Richemont increased by six per
cent for the past financial year, driven by strong
demand in Asia.
The Swiss luxury goods company reported sales
of €14.24 billion ($AUD21.13 billion) for the 12
months ending 31 March.
The improvement was driven by demand in Hong
Kong and Macau, each experiencing significant
increases in sales. The company’s core jewellery
brands – Cartier, Van Cleef & Arpels, and
Buccellati – enjoyed healthy sales.
Sales in the watch division decreased by
3 per cent. The company’s watch brands
include Piaget, Vacheron Constantin, and
IWC Schaffhausen.
“Sales at the group’s three jewellery
maisons [brands] reached a new threshold,”
the company said.
“Jewelry and watch sales benefited from
the successful launches of high jewellery
collections and continued outperformance of
iconic collections.”
Group sales increased by 3 per cent, reaching
€20.62 billion ($AUD33.48 billion), which the
statement described as the company’s highestever
revenue. Richemont recently announced the
purchase of Italian jewellery brand Vhernier.
Changing faces
Richemont has also announced that Nicolas Bos
of Van Cleef & Arpels will be instated as CEO as
of 1 June.
Chairman Johann Rupert said that Bos would
oversee a significant period of change for the
company.
“I am truly delighted that Nicolas has accepted to
assume the reestablished role of CEO,” he said.
“His vision and ability to uphold Van Cleef &
Arpels’s tradition of excellence and creativity have
been critical to the maison’s remarkable growth.
“Building on Richemont’s expanded scale and
a stronger focus on retail and jewellery, Nicolas
will steer the group through the next phase of
its evolution.”
Bos, who has served as Van Cleef & Arpels
CEO since 2012, will also join the senior
executive committee.
Richemont’s current CEO, Jérôme Lambert,
will serve as chief operating officer and remain
on the board.
Johann Rupert remains chair and controlling
shareholder.
16 | June 2024

News
Fancy colour diamonds: Aussie supplier has big plans
Intriguing insights for
Australian jewellery retailers
The latest sales analysis at Australia’s independent
jewellery stores revealed a modest decline on a
year-on-year comparison in May.
Nina’s Jewellery has launched its first
wholesale range in more than 50 years.
The data, compiled by Retail Edge Consultants from
more than 400 independent stores, documented a
decline of 1.3 per cent compared with the previous
year.
Founded in 1965, Nina's Jewellery began
in Kununurra, Western Australia, near the
Argyle Mine, the source of the world’s finest
pink diamonds.
The company is now headquartered in
Dunsborough, around three hours from
Perth. It has a showroom and workshop
that produces fine jewellery using fancy
colour diamonds and pearls.
Shivangi Modi, general manager of product
and finance, said expanding the business
into wholesale marked a return to the
company's origins.
"We will, of course, retain our retail arm, as
it is pivotal in helping us understand and
meet the needs of retailers just like us - and
our customers just wouldn't let us go!" she
told Jeweller.
"But wholesale is a return to our CEO Stephen
Turner's roots - he specialised in Argyle and
colour diamond wholesale jewellery in the
1980s. In a way, this evolution of our business
is actually us coming full circle.”
Nina's Coloured Diamond Jewellery range
features fancy colour diamonds sourced from
around the world, including Australian Argyle
pink and blue diamonds.
Other launch ranges include Spectrum and
Rosé, featuring fancy colour diamonds, and
a new collection of South Sea pearls named
Lustre.
"Our strength comes from our close bond with
our manufacturing facility and our Australianbased
designers and master jewellers,” Modi
added.
"We travel to Mumbai every year to provide
additional training to our team based over
there and hand-select every stone ourselves.
Every piece is inspected for quality by our
Master Jewellers in Dunsborough.”
She continued, "No two colour diamond pieces
are alike, so there's a real challenge and so
much excitement to offering such a unique
and consistent product to the market."
For additional information, visit
ninasjewellerywholesale.com.au
Unit sales declined by 9 per cent, continuing a trend
in recent years of jewellers selling fewer items at a
higher price during this period.
The average retail sale price remained strong,
reaching $236, a notable 15 per cent improvement
from $205 in 2023.
General manager Leon Van Megen's advice
remained the same.
“Managing aged stock with a plan and buying items
with a sales strategy in mind will help jewellers
avoid a cashflow squeeze.”
Regarding product categories, diamond-set
precious metal jewellery declined by 5 per cent on
a year-on-year comparison and 10 per cent when
compared with 2022.
“This decline in the largest jewellery category
continues to impact the total performance of
jewellery businesses,” Van Megen added.
“Managing diamond inventory remains critical to
managing your total inventory, which continues to
be the single biggest driver of the accumulation of
aged stock.”
Colour gemstone precious metal jewellery increased
by 11 per cent on a year-on-year comparison, while
silver and alternative metal jewellery was likewise
positive, rising by 9 per cent.
Precious metal jewellery that does not feature a
diamond or gemstone increased by 8 per cent.
Regarding laybys, analysis detailed a 4.8 per cent
decline in dollar terms between new orders and
pickups and/or cancellations. The pattern in services,
including repairs, revealed a decrease of 26.2 per cent
by the same metrics.
Finally, special orders decreased by 7.4 per cent
in dollar terms between new orders and pickups and/
or cancellations.
MORE BREAKING NEWS
JEWELLERMAGAZINE.COM
June 2024 | 17

News
IGI introduces new light performance grading reports
producers, empowering them to target the best
results.”
Two decades in the making
Holloway has been in discussions with IGI on
various topics for more than 20 years and was
pleased to see the institute’s gemologists and
educators implementing his approach to light
performance grading.
ENJOY
TIME WITH
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TIMEPIECES.
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info@clocks.com.au
The International Gemological Institute (IGI) is
offering new light performance grading reports
– which wouldn’t be possible without the helping
hand of an Australian inventor.
The light performance grading system
calculates values for each diamond to
provide an overall score.
The stones are graded based on the overall
strength of light performance, along with
sub-component scores for brightness, fire,
and contrast.
‘Brightness’ refers to reflected and refracted
white light, while ‘fire’ is flashes of colour.
‘Contrast’ is defined as the balance and
intensity of the light and dark areas, while ‘light
performance’ is an assessment of all three
factors in conjunction with one another.
In a statement, IGI CEO Tehmasp Printer said
this report was introduced due to increasing
industry demand.
“In recent years, we have seen increasing interest
in expanded performance analysis,” he said.
“IGI has responded by creating an easy-tounderstand,
science-based light performance
report along with cutting guidelines for diamond
Australian jewellers tee off for a charitable cause
Anticipation is building for the annual New South
Wales Jewellers Golf Day, scheduled to take
place on Tuesday, 30 July.
This year’s meeting will be hosted at the Moore
Park Golf Club. Registration and a light breakfast
will begin at 7:30 a.m., and the tee-off time will
be 8:30 a.m.
It’s an opportunity to network and socialise
with fellow members of the jewellery industry,
with meals and drinks provided throughout
the day. An Ambrose competition will be one
highlight of the day, with no golfing experience
required.
The NSW Jewellers Golf Day has been well
supported in the past, with more than 80 people
participating in the most recent event.
Organiser Ray Pontifex of Pontifex Jewellers
in Sydney said it was an occasion not to be
missed.
“Other reports favour deeper proportions than
those which I believe are optimum. This has
come about because people are always looking
closely at diamonds for clarity and inclusions,”
he told Jeweller.
“It’s rare to look at a stone from closer than
40 centimetres when people show off diamond
jewellery.
"For example, looking at a woman’s
engagement ring, you see it at arm's length.”
Holloway explains that 50-60 per cent of
diamonds (in dollar value) are set in rings. The
rest are set in earrings, pendants, and bracelets,
typically viewed from an even further distance.
“Everything I’ve done concerning grading has
been based on that longer focal distance. It
makes sense to me that shallower proportions
are more favourable when the viewing distance
is accounted for.
“I’ve been saying this for a very long time,
more than 25 years, and I think it’s great that
the IGI has decided this is a very effective way
to grade diamonds.”
The majority of IGI’s operations are based
in India. It specialises in grading finished
jewellery and lab-created diamonds.
“It’s always a great time; it’s an ideal chance
to unwind and spend some time meeting and
networking with people from the jewellery
industry,” he told Jeweller.
“We also raise money for two very worthy
causes, and it’s great to think that a fun
event like this can make a positive impact on
people’s lives.”
Registration is $195 per person, and the
money raised will benefit jewellery students
studying at TAFE. As an added bonus, a portion
of the proceeds will be donated to the Sala Bai
Family Association in Cambodia.
The school was established in 2002 to fight
poverty and crime in Cambodia. More than 1,600
students have been trained so far.
For more information or to register, email
Graham Easy of NCJV NSW at nsw@ncjv.com.au
or call Ray Pontifex at 0418 066 897.
18 | June 2024

News
Erwin Sattler headed to Australian stores
German Cuckoo Clock Nest (GCCN) has acquired distribution rights for
the luxury clock brand Erwin Sattler.
Erwin Sattler began in 1958 in Germany, earning a reputation for sophisticated
designs. The brand offers a range of watches and clocks, including classic
pendulum clocks, contemporary designs, and watch winders.
Based in Queensland, GCCN distributes a range of European brands to
retail partners nationwide via its distribution network.
Managing director Stefanie Wernekinck said the company will supply
select Erwin Sattler timepieces.
"We are thrilled to join forces with Erwin Sattler, a brand synonymous
with luxury and precision," she told Jeweller.
"This partnership represents a fusion of tradition and innovation,
allowing us to offer our customers an unparalleled selection of
exquisite timepieces."
Wernekinck drew attention to two pieces in particular – the first being
the Trojan Lunaris, a grandfather clock that opens its sides in ‘James
Bond style’ to reveal 20 integrated watch winders and a safe.
The second was the Rotalis 60, an integrated wall cabinet that opens
by fingerprint to reveal 60 controlled electric watch winders.
GCCN recently announced a distribution partnership with French
watch brand Pierre Lannier, which will be unveiled at the International
Jewellery Fair in August.
The IJF will take place at the International Convention and Exhibition Centre
in Darling Harbour on 17-19 August. For more information about Erwin
Sattler and Pierre Lannier, visit www.clocks.com.au.
Personalised Catalogues, Social Media Content,
Website Assets, Price Tickets, Posters, Banners,
and more.
Sweet treats: Thomas Sabo announces
surprising new collaboration
9ct gold
diamond set ring
$000
M500
142107_LC Spring 2024_Poster_495x745.in d 1 1/5/2024 1:39 PM
142107_LC Spring 2024_35x55mm_Ticket.indd 2/5/2024 11:09 2
AM
Thomas SABO has released a new collection as part of an unexpected
collaboration with a confectionery company.
Thomas SABO x HARIBO has been launched – a new jewellery collection
showcasing the iconic ‘Goldbears’ fruit gummies in unique and colourful
designs. It’s a collaboration between two well-known German companies, with
HARIBO beginning in 1920 and Thomas SABO in 1984.
Crafted from lightly frosted crystal glass that mimics the characteristics of
confectionery, these creations are available in red, yellow, green, orange, white,
and blue.
Paired with recycled 925 silver, some pieces are embellished with pavé-set
zirconia and cultured freshwater pearls.
The Goldbears can be featured on rings, earrings, necklaces, and bracelets and
can be combined in different colours. The use of a classic lobster clasp means
they can be attached to a personalised charm bracelet or necklace.
The THOMAS SABO x HARIBO collection will be available in stores worldwide.
Duraflex Group Australia distributes the brand in Australia and New Zealand.
142107_LC Spring 2024_950x240_Ba ner.in d 1
Please check content of this digital proof carefu ly.
See last page for acknowledgement of approval.
INTEREST FREE TERMS
Available for approved customers
lacouronnejewellery.com.au
03 9764 2165 ◆ sales@lacouronnejwl.com.au
June 2024 | 19

News
Sanctions stall over concerns about
the viability of tracing programs
The US Government is reportedly softening its stance on the Russian
diamond industry and the associated punitive sanctions since the
invasion of Ukraine in 2022.
According to reporting by Reuters, the US government is ‘re-evaluating
the strictest elements’ of the sanctions scheme and may not introduce
a traceability scheme.
The about-face has been prompted by backlash from critical diamond
industry contributors.
In February, the presidents of Angola, Botswana, and Namibia wrote to
the G7 explaining that a pre-determined entry point for the G7 market
would negatively impact the international diamond industry.
“The United States is re-evaluating the strictest elements of a ban on
Russian diamonds from the Group of Seven major democracies, after
opposition from African countries, Indian gem polishers and New York
jewellers, seven sources said,” the article explained.
“The sanctions package, agreed in December and including a ban across
the European Union, represents one of the industry's biggest shakeups in
decades.”
It continued: “Two of the sources familiar with the negotiations said the
Americans had disconnected from G7 working groups on the stringent
controls, with one describing them as there but not engaging.”
A senior Biden official told the media the government had not changed its
position and that the US would continue working with the G7 on sanctions
about the Russian diamond industry.
Lightbox confirms changes to pricing
Lab-created diamond brand Lightbox Jewelry has lowered its prices in response
to changes in the market.
In March, it was announced that the De Beers Group-owned diamond and
jewellery brand would ‘experiment’ with reduced prices due to challenging
economic conditions.
The brand has confirmed that the standard line of diamonds with I-J colour will
retail at $USD500 ($AUD757) per carat, a reduction of more than 37 per cent.
When the brand launched in 2018, its strategy was based on a fixed price of
$USD800 ($AUD1,212) per carat.
The CEO of De Beers Brands, Sandrine Conseiller, said that the price difference
between natural and lab-created diamonds is increasing quickly and that this
has improved consumers' understanding of their differences.
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20 | June 2024
“The wholesale prices of lab-grown diamonds in the jewellery sector
continue to decline, and we are pleased to pass on these savings to
our customers,” she said.
“Lightbox has always been committed to linear pricing, reflecting the
linear cost of production, and to being transparent about what lab-grown
diamonds are – and just as importantly – what they are not.”
She added: “We believe that it is vital that jewellery consumers understand
that lab-grown diamonds are a distinct product category, as they do not have
the same enduring value as natural diamonds.”
Diamonds with a D-F colour, VS clarity and excellent cut will be sold at
$USD900 per carat, a 40 per cent decrease in price.
The price of diamonds with a colour of G-F has been reduced by 25 per cent and
will be sold at $USD600 ($AUD909) per carat.

News
Acquisition of Roberto Coin completed
Watches of Switzerland has acquired distribution rights for jewellery brand
Roberto Coin in the US.
Following a $USD130 million ($AUD196.42 million) deal, the group has
announced plans to expand the Italian jewellery brand’s wholesale
business to independent retailers.
In a statement, Watches of Switzerland said it would explore the international
market and increase the number of its own stores carrying the brand —
currently 16. Additionally, it plans to open brand-only stores.
Roberto Coin will operate as a standalone company within the Watches of
Switzerland Group. The Coin family will retain a seat on the board of directors,
and co-founder Peter Webster will remain president of the brand.
Roberto Coin is sold through 400 points of sale in the US. Brian Duffy, CEO of
Watches of Switzerland, said it was an exciting opportunity.
“It is a hugely popular, growing brand, occupying a strong position in the
market,” he said.
“We believe there is a significant opportunity to leverage our proven retail
expertise in luxury branded jewellery.
He added: “The luxury branded jewellery category has consistently
outperformed the wider jewellery sector, and we see further strategic and
operational opportunities for the business within the broader group.”
In the statement, Roberto Coin was listed as the sixth largest jewellery brand in
the US – trailing only Tiffany & Co., Cartier, David Yurman, Van Cleef & Arpels,
and Bulgari.
The statement noted that preliminary financial results indicate the brand's
revenue of $USD138.7 million ($AUD209.57 million) in the past year.
Hong Kong jewellery fair just weeks away
Online registration is now open for trade buyers ahead of the Jewellery and
Gem Asia (JGA) Hong Kong show, which will begin on 20 June.
Event organisers Informa Markets are anticipating more than 1,700 exhibitors
will participate, travelling from more than 30 countries and occupying 30
pavillions based on products and categories.
The fair will be held from 20 to 23 June at the Hong Kong Convention and
Exhibition Centre (HKCEC). Senior vice president David Bondi said that for
those hoping to stay on top of evolving industry trends, nothing beats walking
the floor of the fair in person.
“In an ever-changing business landscape, our community stays nimble,
consistently adjusting to challenges and embracing opportunities for growth,”
he said.
“That’s precisely why it’s important to have a physical presence in live events
like JGA. Nothing compares to being right where the action is.”
In a change of pace, event organisers have launched a new competition
evaluating sustainability initiatives across the industry.
Director of jewellery fairs Celine Lau advised that planning was the key to
making the most of major industry events.
“I strongly advise the buying community to plan ahead for JGA, since this will
enhance their chances of having a successful visit,” she said.
“JGA is the place where industry professionals can make new business
connections and explore valuable market resources.”
The fair offers an expansive range of products, including fine jewellery,
diamonds, pearls, and colour gemstones, as well as dedicated sections for
equipment, packaging, and technology.
June 2024 | 21

10 Years Ago
Time Machine: June 2014
A snapshot of the industry events making headlines this time 10 years ago in Jeweller.
Historic Headlines
Jeweller caught trading $2 million of stolen goods
Maleficent inspires bewitching jewellery range
Jewellers buy and sell on new Facebook group
Record-breaking jewellery sales at conference
Call for more diamond brands to increase demand
Cricket hits Indian diamond
industry for six!
At the same time that the Indian jewellery
industry is reeling over the government’s
stance on gold imports and credit issues,
it has again been belted; this time from an
unlikely source – cricket!
Media reports last week claimed that at
least nine Indian diamond traders had
recently defaulted on payments to diamond
manufacturers and rough diamond dealers
because they had lost large amounts of money
betting on Indian Premier League (IPL) cricket
matches.
According to The Times of India article, the
Surat Diamond Association (SDA) confirmed
the involvement of diamond traders in
cricket betting, stating that payment defaults
occurred every year around the time that the
IPL ended.
Merger approved for world’s
largest jewellery retailer
Following months of deliberation, Signet Jewelers
has finally completed its acquisition of Zale
Corporation to create one of the largest specialty
jewellery retailers in the world.
Despite opposition from a number of Zale
shareholders who argued that Signet’s proposed
purchase price undervalued the company, the
majority of shareholders voted in favour of the deal
during a meeting held last week.
The North American jewellery retailer was
acquired for US$21 (AU$22.7) per share, or a total
consideration of US$1.46 billion (AU$1.6 b).
Revenue of the new entity is expected to reach
US$6.2 billion (AU$6.7 b) annually, with Signet now
operating in more than 3,600 locations under the
retail store brands of Kay, Jared, and Zales in the
US; H.Samuel and Ernest Jones in the UK; and
Peoples in Canada.
June 2014
ON THE COVER COEUR DE LION
Editor’s Desk
It’s all in the numbers!
“When it comes to Chadstone Shopping
Centre, Bevilles will still be just one of
more than 30 stores selling watches and
jewellery.
And, in many of the other 16 shopping
centres where Bevilles will operate, it
will be one jeweller among more than 20
other jewellery stores.
It is, and will remain a highly competitive
market.”
Soapbox
Warning: undisclosed synthetics have landed
“For this reason, these stones are now
starting to creep into the Australian
marketplace and, as time goes by, their
prevalence will presumably only increase.
While the above issues are arguably
much more prominent in larger overseas
markets, it would be a mistake to assume
that the local industry is a safe retreat.
The good news is that such occurrences
are rare at the moment so let’s use this
time to become more educated and make
the necessary investments to ensure we’re
ready for combat.”
Bill Sechos, Gem Studies Laboratory
Australia
STILL RELEVANT 10 YEARS ON
“Unless you run a large retail operation,
you may only bring new employees into a
business a couple of times a year. Because
you don’t do it that often, you may not do
it as well as you’d like. I know because I’ve
started my fair share of new employees
and, more often than not, the experience
wasn’t up to the standards I had expected.”
Showcase Jewellers CEO
asked to stand aside
READ ALL HEADLINES IN FULL ON
JEWELLERMAGAZINE.COM
Michael Mishevski, CEO Showcase Jewellers,
has been asked to stand aside while an
investigation is conducted into matters
relating to the buying group’s operations.
In an email obtained by Jeweller, George
Proszkowiec, chairman JIMACO, the operating
company for Showcase Jewellers, has advised
its key suppliers that the board has asked chief
executive officer Michael Mishevski to stand aside
on full pay while an investigation is conducted
into “certain matters relating to JIMACO’s
operations”.
The matter seems to have been precipitated by
issues raised by the group’s external auditors,
though Proszkowiec’s email emphasised,
“that pending the results of the investigation,
no adverse inferences should be drawn as to
Michael's role, or indeed any other person’s role,
in the matters under review”.
Google Glass could
revolutionise diamond industry
A diamond sourcing business has
demonstrated how Google Glass could be
used by jewellery stores to engage with
diamond suppliers and consumers; also
claiming it could assist in fighting back
against online competitors.
Ron Khordi, founder of New York-based
Diamond Concierge Service (DCS), is
promoting the new Google Glass wearable
technology as an innovative way to sell
jewellery.
Wearable technology is the new buzz term in the
IT industry, with Google Glass arguably being the
most high profile.
22 | June 2024

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Gemmologist and Diamond Technologist
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Passionately educating the industry, gem enthusiasts
and consumers about gemstones

REVIEW
Gems
Gemmologists who changed the game:
Corinne Sutherland
Corinne Sutherland's passion and dedication
to gemmology helped shape many educational
pathways from which the industry benefits
today.
Sutherland graduated from the University of
Melbourne with a science degree. She then
began working in research and development
for food used to aid troops serving overseas in
World War II.
She moved to England for a few years before
returning to Australia to raise her family
and work alongside her husband, Dr Geoffrey
Sutherland, at the Eye and Ear Hospital
in Melbourne.
During this time, Sutherland developed an
interest in gemstones and, in the 1950s,
applied to the Gemmological Association of
Australia’s Victorian Division to complete her
Diploma in Gemmology.
At the time, this was no small venture, as study
at the GAA was reserved solely for people within
the gemstone and jewellery trade.
Sutherland challenged this tradition by
persuading the GAA that education in
gemmology should be open to all.
Successful at this task, she was the first nontrade
person to complete the Diploma Course.
Due to her tenacious nature, education in
gemmology studies through the GAA is available
to both 'trade' and 'non-trade' people.
Sutherland proved adept in gemmology,
graduating with her diploma in 1960 and
winning the Lustre Prize for the highest
practical results in Australia.
She was fascinated by and loved diamonds and
was instrumental in setting up the Diploma in
Diamond Technology course.
She completed the course in 1967, gaining
her Diploma in Diamond Technology with
distinction.
During her GAA studies, Sutherland met Julia
Myers, the owner of Sydney-based gemstone
wholesale company Affiliated Importers Pty
Ltd. Sutherland convinced Myers to expand the
business.
Corrine Sutherland (1917-2013) made a lasting impact on
the world of gemmology. The Sutherland Prize (bottom) was
introduced the GAA in 1971 and later renamed the Sutherland
Diamond Award. Source: The Australian Gemmologist
In 1969, Sutherland opened and managed a
Melbourne branch.
That position wouldn’t last long, however, as
Sutherland wanted to be more involved in the
educational side of gemmology.
According to an article published in The
Australian Gemmologist in 2013, she resigned
early in 1970 to devote more time to the GAA.
Sutherland dedicated herself to the GAA
as a lecturer for gemmology and diamond
technology courses. She also accepted an
invitation to teach basic gemmology to gold and
silversmith students at the RMIT School of Art.
The Sutherland Prize, founded at the GAA in
1971, was to be awarded to the student who
achieved the highest marks in the Diamond
Technology course.
In 1983, it became known as the Sutherland
Diamond Award. A special silver medallion was
awarded in perpetuity to the student gaining the
highest marks in Australia in the Diploma of
Diamond Technology course, providing that they
attained a distinction.
Her involvement with the GAA continued late
into her life; she contributed an enormous
amount of time and effort to the organisation
and served in various capacities at the divisional
and federal levels.
Due to her immense contribution to the
organisation, Sutherland was made an
Honorary Life Member of
the GAA in 1980.
Outside of the GAA, she was well-known in
the gemstone trade. She returned to work
at Affiliated Importers in the mid-1980s and
in an article published in The Australian
Gemmologist, was described as an 'institution'
by friend and colleague Christine Diorietes:
“People from all parts of the industry would
seek her out for all sorts of advice.”
Her strong will and dedication opened
educational pathways in gemmology to people
outside the trade. Her contributions to the
organisation made the GAA what it is today.
She was highly regarded by her peers and left a
tremendous legacy.
The author would like to acknowledge the
personal accounts of Christine Diorietes,
Terry Coldham and Ronnie Bauer used in the
preparation of this article.
Teaghan Hall is a fine art graduate with a
specialised interest in antique jewellery. She works
in the antique jewellery trade and has written for
various industry publications while studying with
the Gemmological Association of Australia.
For more information on gems and gemmology,
visit www.gem.org.au
JUNE 2024 | 25

ADDENDUM TO THE
2024 STATE OF THE INDUSTRY REPORT
Money Laundering &
Counter-Terrorism Financing: Part One
When the first rumours emerged around 2013 about a legal dispute concerning Australian Taxation
Office payments in the gold sector, most people assumed it was merely around confusion about GST
law. No one could have predicted what it led to.
10%
Tax paid by the gold
buyer and pocketed by
the seller, who did not
make a tax declaration.
KEY FINDINGS: AT A GLANCE
Authorities alleged that
criminals were purchasing
GST-free gold, defacing
it, and then selling the
gold to refiners as scrap.
Proposed changes to
anti-money laundering
and counter-terrorism
financing laws will
significantly impact the
jewellery industry.
$1b+
Estimated loss of tax
revenue as a result of the
gold GST scam.
ooking back over the past decade, one of the
Llargest blights in the Australian jewellery industry
is undoubtedly the controversy that became known
as the gold GST fraud.
The scam was surprisingly simple.
According to the Goods and Services Tax Act 1999,
gold transformed into bars, coins, or investmentgrade
bullion is considered currency and, therefore,
exempt from GST.
On the other hand, scrap gold, gold that has been
defaced or damaged, or second-hand gold in the
form of jewellery sold to refiners attracts GST.
The Australian Taxation Office (ATO) discovered the
scam and concluded that criminals were buying
GST-free bullion, ‘defacing’ it and then selling it to
refiners as scrap gold.
The ATO alleged that the criminals' sale included a
GST component paid by the refinery but collected
by the criminals, for which the refinery should have
remitted the GST to the ATO.
However, the criminals pocketed the GST component
under the scheme and vanished.
The refiners who purchased the scrap claimed back
the GST in the business activity statement (BAS) and
were paid by the ATO, which is legal.
That said, the scheme became illegal because,
from around 2010, the same gold started going
around and around, recycled from bullion to scrap to
bullion again. Each time, the scheme’s participants
collected 10 per cent GST that wasn't remitted to the
ATO, but the refiners claimed the GST and were paid
by the ATO.
It was, effectively, a guaranteed 10 per cent return
on every transaction, courtesy of the Australian
government.
The ATO says it was a fraud, pure and simple, and
it presented evidence that one refinery’s turnover
increased by $600 million in only two years, rising
from around $130 million to $746 million.
This enormous surge in gold activity from 2010 led
the ATO to conclude that some refiners were part of
the GST scam. In court documents, they described it
as a gold tax carousel fraud arrangement "aimed at
manipulating the GST treatment of gold."
So, where was all this gold coming from? Well, police
eventually discovered criminal gangs operating in
various states committing robberies, with the stolen
goods turning up in pawn shops and gold buyers.
Now, the Australian government has concerns about
money laundering and the proceeds being used to
finance terrorism!
Recent developments
Fast forward to the 2023 International Jewellery Fair,
where the Attorney General’s Department hosted
a presentation on proposed reforms to laws that
significantly impact the local jewellery industry.
The presentation covered the purpose of the reforms,
the consultation process and timing, how the
proposed regulation may impact jewellery retailers
and suppliers, and what it would look like to be
regulated under the anti-money laundering and
counter-terrorism financing regime.
It was a presentation that foreshadowed significant
change in the Australian jewellery industry, and in
the year that followed, key steps were taken to bring
these reforms to fruition.
The department recently released a consultation
paper for the jewellery industry outlining its
anti-money laundering and counter-terrorism
financing regime, which will impact all sectors of the
Australian jewellery industry.
Five papers have been published, each addressing
a specific industry of interest. These include real
estate, professional services, digital currency
exchanges, and dealers of precious metals and
gemstones.
According to the department, “Each year billions
of dollars of illicit funds are generated from illegal
activities such as drug trafficking, tax evasion, people
smuggling, cybercrime, arms trafficking and other
illegal and corrupt practices.
“Money laundering is not a victimless crime. It is
a critical facilitator of most serious crimes and
undermines the rule of law globally.”
In April 2023, the department announced it would
conduct industry consultation on reforms to
the regime. The reforms aim to ensure that the
department continues to effectively deter, detect,
and disrupt money laundering and terrorism
financing and meets international standards set by
the Financial Action Task Force (FATF), the global
financial crime watchdog.
The third paper specifically addresses the jewellery
industry, asking the following question: Why should
certain high-risk services provided by dealers in
precious metals and precious stones be regulated?
It goes on to explain that the buying and selling of
precious metals (other than bullion) and gemstones
is not currently regulated under Australia’s antimoney
laundering (AML) and counter-terrorism
financing (CTF) regime; however, it is recognised
internationally as a major avenue for money
laundering activity.
Regulating dealers in precious metals and
gemstones for AML/CTF purposes will enable these
businesses to play an essential role in detecting
and investigating money laundering and terrorism
financing offences.
Regulation will allow risks to be identified and
suspicious transactions and/or behaviours to be
reported to authorities. This would provide earlier
opportunities for law enforcement to detect and
disrupt criminal activities and prevent criminals from
enjoying the proceeds of their offending.
What is the issue?
For many reasons, precious metals and
precious gemstones are internationally recognised
as vulnerable to money laundering and terrorism
financing.
26 | June 2024

2024 STATE OF THE INDUSTRY REPORT
MONEY LAUNDERING & COUNTER-TERRORISM
Who
does
this
impact?
Jewellery businesses impacted by changes to the AML/CTF regime
Retailers & Sellers
Gemstone & Precious Metals Importers
Manufacturing Jewellers
Gemstone & Precious Metals Miners
Intermediate Buyers & Brokers
Cutters & Polishers
Buyers & Sellers in Secondary Markets
Precious Metals Refiners
For example, precious metals and gemstones are
readily purchased and sold anonymously using large
sums of cash or digital assets.
They can also be purchased directly from the general
public at below-market cost — from individuals
who do not have to prove ownership of second-hand
precious metals and gemstones presented for sale.
Precious metals and gemstones can be used as an
alternative currency to make untraceable payments
for illicit goods and services.
They can also be a reliable investment with a
stable return. These products can be easily moved
domestically and offshore, as individual items may
be small yet very high in value.
Precious metals and gemstones are difficult to trade
and detect. To avoid detection, they can be reshaped,
altered, or hidden in common objects.
They are also undervalued or overvalued to disguise
the movement of crime proceeds.
What is the proposed solution?
The department has proposed designating nine
jewellery industry activities as services listed under
the Anti-Money Laundering and Counter Terrorism
Financing Act (2006).
These include the following:
• Selling or offering the sale of any precious
gemstone or precious metal
• Importing or possessing for sale, any precious
gemstone or precious metal
• Manufacturing jewellery with precious metals
and precious gemstones
• Producing precious gemstones or precious
metals at mining operations
• Intermediate buying and brokering
• Cutting and polishing precious gemstones
and metals
• Manufacturing any precious gemstone
or precious metal
• Refining precious metals
• Buying and selling in the secondary and scrap
markets
The first jewellery industry activity listed applies to
retail jewellers and watch dealers.
The ninth activity listed applies to pawnbrokers and
antique jewellery dealers.
This means that businesses such as jewellery stores,
watch retailers, and bench jewellers that provide
‘designated services’ are regulated under the regime
regardless of how they brand their business or
identify themselves.
Under the Act, they would be known as ‘reporting
entities’ and would have obligations to manage
and mitigate the risk of money laundering and
terrorism funding.
How would this operate?
As an example of these changes in effect, a retail
jewellery store may decide to implement an internal
policy of not accepting payments of $10,000 or more
in cash or digital assets.
This would mean that the store would not be
providing services that are regulated by the AML/CTF
regime.
On the other hand, if a customer requests to pay
for a $25,000 engagement ring with Bitcoin, the
jewellery store would only be able to accept this form
of payment if it met all the requirements under the
Act.
These include enrolling with AUSTRAC, an AML/CTF
program, and customer due diligence measures.
If the proposed legislation is enacted, the jewellery
industry will need to come to terms with its
operation.
A 16-page document addressing the jewellery
industry specifically outlines when the proposed
changes would take effect and how they will affect
businesses.
The department explains the reasoning behind
these proposed reforms using a case study on which
Jeweller has extensively reported.
In August 2020, Chey Tenenboim, Alejandro Mendieta
Blanco, and Julio Mendieta Blanco were sentenced
for charges related to the purchase of stolen goods
through a Melbourne-based gold-buying business.
The accused were brothers, and the third was an
employee of their gold-buying business.
The stolen goods were jewellery acquired during
armed robberies of Victorian jewellers committed by
youth gang members.
The jewellery was then sold to the gold-buying
business through a criminal intermediary.
Following the Victoria Police interdiction, the
syndicate expanded to Western Australia,
establishing several companies linked to a
common business address.
The relocation was believed to be an attempt to
establish a presence in a new jurisdiction where
they were unknown to law enforcement.
WA Police commenced Operation B in January
2023, investigating the syndicate’s suspected money
laundering using several Perth-based businesses,
including a registered pawnbroker and secondhand
dealer specialising in precious metals and
gemstones.
"The stolen goods were jewellery acquired during
armed robberies of Victorian jewellers committed
by youth gang members."
During a search warrant executed at a precious
metals and gemstones business, police seized items
of jewellery that were purchased under a license
issued pursuant to WA’s Pawnbrokers and Secondhand
Dealers Act 1994.
A portion of this jewellery was confirmed to be stolen
property.
Evidence seized identified jewellery purchased in WA
had been sent to Victoria and smelted into bullion.
The requirement in WA to register for this license
and report transactions simplified efforts to
identify business staff and customers involved in
suspect transactions.
These laws require businesses to undertake
customer due diligence when purchasing secondhand
goods (including jewellery) and report
transactions, regardless of the value of the goods.
Other government departments
The Attorney General’s Department is not the only
government department focusing on the jewellery
industry.
June 2024 | 27

2024 STATE OF THE INDUSTRY REPORT
MONEY LAUNDERING & COUNTER-TERRORISM
IN A NUTSHELL
4 Critical Reasons
Why the jewellery industry is vulnerable to money laundering
Anonymous
transactions
Discrete
transportation
Vaguery &
valuations
Transformation
& deception
Precious metals and gemstones
are readily purchased and sold
anonymously using large sums
of cash or digital assets.
Precious metals and gemstones can
be easily moved domestically and
internationally as individual items
may be small yet very high in value.
Precious metals and gemstones
can be undervalued or overvalued
to disguise the movement of money
and proceeds of crime.
Precious metals and gemstones are difficult
to trace and detect. They can be reshaped,
altered, or hidden in common objects
to avoid detection by authorities.
Mendieta Blanco was also the subject of a significant
investigation by the Australian Taxation Office (ATO)
for his alleged participation in the goods and services
tax (GST) fraud scheme involving the gold bullion and
precious metals industries.
In October 2017, The Age reported that the ATO had
been investigating Mendieta Blanco’s tax affairs for
more than six months.
It was believed the audit came after a business
activity statement was submitted for his Sell Your
Gold business that requested a GST refund of
approximately $1 million.
The ‘GST scam’ involves gold traders exploiting
a loophole in the way GST was applied to scrap
gold rather than gold bullion. The ATO alleged that
individuals and businesses were refining GST-free
gold bullion into scrap gold, making it eligible for GST
when sold to precious metal dealers and jewellers.
The 10 per cent tax was paid by the new buyer
and pocketed by the seller, who did not make a
declaration to the ATO.
GST gold fraud cases continue
In December, the ATO reported that the Supreme
Court of NSW had convicted and sentenced two men
to jail for conspiring to cause the Commonwealth a
loss of approximately $40 million.
Cedric Adrian Millner and Jonatan Kelu were
convicted of two offences of conspiring to dishonestly
cause a loss to the Commonwealth contrary to the
Criminal Code Act 1995.
The co-conspirators were each sentenced to eight
years imprisonment.
The ATO-led investigation, known as Operation
Nosean, found the men purchased GST-free gold
bullion, refashioned it into scrap and then sold it
inclusive of GST to a gold refiner.
"Kelu and Millner were then refunded more than $40
million in tax offsets before they were arrested and
charged in 2018."
Investrix Pty Ltd, of which Kelu was the sole director,
then claimed GST input tax credits in business activity
statements.
This was done by falsely stating that the GST-free
gold bullion was purchased inclusive of GST under the
second-hand dealers rules, resulting in approximately
$40 million in lost revenue.
Reports indicate that the scheme began around 2012
when Kelu and Millner purchased millions of dollars
of ‘pure’ gold, which is GST-exempt.
The duo then melted the gold and resold it to Focus
Gold, a Melbourne company. They claimed they had
paid GST on the initial purchase and requested a tax
offset from the ATO.
Later that year, the pair roped in family and friends
to be placed between themselves and the pure gold
sellers to avoid suspicion.
The aim was to make it appear as if they were buying
secondhand/scrap - therefore being forced to pay tax
on the gold.
The scheme took a different approach in 2013 when
the pair recruited people they referred to as ‘Koreans’
or backpackers on working visas to be the middlemen
between them and the sellers.
Kelu and Millner were then refunded more than $40
million in tax offsets before they were arrested and
charged in 2018.
Serious Financial Crime Taskforce (SFCT) chief John
Ford said investigators had been concerned about
precious metal fraud for some time.
“In this case, these individuals thought they were
clever and could get away with rorting Australians
out of revenue that could ultimately have been
put towards essential services such as health and
education,” Mr Ford said.
“This outcome sends a clear message to the
community that we have robust systems in place to
stop all forms of financial crime, including those that
involve gold bullion. Those who try to exploit the tax
and super system will be brought to account for their
actions by our dedicated team of experts.”
He continued: “Our message is clear to those
who seek to evade or cheat the tax system;
there is no place for you to hide, and we will not
tolerate this behaviour.”
Rampant exploitation
Operation Nosean was established to combat fraud
involving gold recycling arrangements, exploiting the
GST rules regarding precious metals.
Refiners, bullion dealers, gold kiosks, dealers, and
buyers, including 'missing traders, ' have been
identified as participants in gold bullion fraud.
The fraud sometimes involves multiple participants
in the supply chain being complicit and benefiting to
different degrees and other times; innocent parties
are exploited without their knowledge.
While the gold GST fraud concerns the ATO, at least
one previous case involved money laundering, which
can have links to terrorism financing and which
explains the Attorney General’s Department’s focus
on the jewellery industry.
In the next issue of Jeweller, this 2024 State of
the Industry Report Addendum will continue with
part two.
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 the Attorney General Department's proposed
changes to anti-money laundering and counter-terrorism
financing laws would have a significant impact on the
jewellery industry.
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.
28 | June 2024

DIAMOND FEATURE
Does Anything Last Forever?
Where will the diamond
industry be in 12 months?
The diamond industry faces an uncertain
future. ROBERT BOUQUET details the
many challenges the trade faces and
proposes potential solutions.
Where will the diamond industry be in 12 months? Given the
intricate and ever-changing dynamics of the market, it's an
increasingly difficult question to answer.
In April, news broke that mining behemoth BHP Group Limited had set its
sights on Anglo American for a potential takeover. While not unprecedented,
this development could reshape the landscape of the mining and diamond
industries.
The board of Anglo American has since unanimously rejected three bids,
suggesting they undervalue the company.
Rival parties such as Glencore and Rio Tinto have been predicted to enter the
fray with their offers. When these bids occur, there are always many different
moving parts and other potentially interested parties also tend to surface. So
far, no other party has made a public move.
A third bid valued at around $USD49 billion was tabled on the deadline. This
bid was also immediately rejected. However, Anglo American agreed to extend
the deadline by another week and is now discussing potential terms.
The latest twist before publication is that Anglo-American refused to extend
talks further, and BHP confirmed it would not make a formal bid. It seems the
takeover attempt has collapsed - for now.
What happens next between BHP Group and Anglo American remains to be
seen. BHP is principally interested in copper assets in Chile and Peru and not
in the South African iron ore or platinum assets.
South Africa faces challenges with a troubled economy, rampant
unemployment, political strife, and elections are days away. Anglo American
has been the backbone of the South African corporate world for more than a
century.
De Beers, as the owner of the Venetia mine in the Limpopo Province in South
Africa - among other mines in its portfolio located elsewhere — is also directly
involved in the mix.
BHP exited the diamond industry willingly in 2012 when it sold its 80 per cent
share of the Ekati mine in Canada, which accounted for 6 per cent of global
diamond supply, for $USD500 million. A decision was made at the time to
focus on larger, longer-life assets.
It is, therefore, difficult to imagine BHP retaining the world’s most important
diamond producer, which the company has indicated would be subject to a
strategic review following a possible takeover. Right now; however, nothing is
certain.
Ironically, De Beers has among the best long-life diamond assets in
production volumes, reserves, and position on the cost curve.
These would typically be seen as a prized asset; however, it is complicated by
producer government shareholdings, declining profit arrangements with its
local partners, and increasing beneficiation pressures.
Meanwhile Anglo American has announced that, as part of its standalone
strategy, it will slash its portfolio to focus on copper, iron ore and polyhalite (a
form of potash) and confirmed that, among others, De Beers will be either
sold or spun off to unlock value.
So, regardless of what happens to Anglo American, the next phase in De
Beers's fabled history is about to unfold.
And so this immediately begs the question: what will happen to De Beers?
Most observers seem to think De Beers will be sold. Will it be spun separately
and listed? Will another company acquire De Beers?
De Beers would like to push for an IPO and keep control of its destiny. An
announcement of a new De Beers strategy is now slated for JCK.
There have already been many interesting suggestions. These include
acquisition by the Botswana government, which is a 15 per cent owner of De
Beers and 50 per cent owner of Debswana.
Botswana is arguably the stakeholder with the most to lose or gain. This will
be a critical piece of the next stage of the story.
June 2024 | 29

DE BEERS
L TO R: AMBASSADOR LUPITA NYONG'O; 2023 MARKETING CAMPAIGN; TENNIS NECKLACE
President Masisi said Botswana does not want
a hostile owner of De Beers and wants Anglo
American to separate quickly. Other mining
companies, as well as Gulf sovereign wealth funds
and luxury companies, have also been mooted as
possible suitors.
The Botswana government has been eager to
diversify from its significant reliance on diamonds;
however, it may feel compelled to invest in
protecting its future.
Diamonds have been increasingly volatile in
recent years, so only a committed player will have
a reason to make a move. Many would see an
independent or new benevolent owner of De Beers
as a positive for the diamond industry juggernaut.
At this point, nothing is inevitable; however, it’s
a development that has shaken the diamond
industry. It is undoubtedly the hottest topic of
conversation in the cutting centres as the industry
waits for further news.
Who would have imagined De Beers potentially
becoming a ‘transactional orphan’ in a battle
between major mining companies? And yet, that is
what is on the cards here.
There are strong rumours that Anglo American
has already spoken with potential buyers about an
exchange of De Beers’ assets.
Timing is everything
It must be said that this news comes at an
inopportune time for the diamond trade.
In the past, when I was asked what I expected from
the diamond market in the first half of this year, I
said that I thought “stability would be a success”.
The sudden potential change in ownership or
structure of De Beers is not exactly what I would
call industry stability!
The past year was terrible for the rough diamond
market.
Many issues of late have badly buffeted it, and
sentiment is extremely cautious.
The following were key developments:
Oversupply of rough: There was simply too much
rough available on the market, more than the trade
required.
Decline in demand: A decrease in natural polished
demand was caused by global
macro-economics.
Rivals gaining momentum: The increased
production and marketing of lab-created diamonds
has generated a significant
consumer uptake.
This is particularly true in the US, which is by far
the world’s largest diamond jewellery market. This
has created a gaping hole in the natural diamond
industry.
Falling rough prices: This was a natural effect of
the oversupply and stagnant polished situation.
Decreasing polished prices: Bloated polished
stocks encouraged discounting in the competitive
polished environment.
The chart from I. Hennig, the diamond broker,
shows the average polished diamond price index
has decreased by around a one-third in the past
two years.
China’s changing priorities: An important market
for polished diamonds, China, has seen demand
decrease due to a shift in consumer interest in gold
jewellery.
India’s import ban: An informal two-month rough
import ban until mid-December gave India’s
polishing industry breathing space. This was the
third time this had occurred in 15 years.
Rough market paralysis: The two-month rough
import ban forced all producers and suppliers –
both large and small – to cease selling rough until
‘better times’ in 2024.
The above developments understandably impacted
mining companies' results. De Beers announced
a sizable decrease in annual sales, from $USD6
billion to $USD3.6 billion.
Profitability decreased from $USD1.41 billion to
$USD72 million, followed by $USD100 million in
cost-cutting and a reduction in budgeted 2024
production from 29-32 million to 26-29 million
carats.
While this unfolded, Russian diamond producer
Alrosa announced a 9.2 per cent increase in
turnover, as well as a 15 per cent decrease in profit
to $USD925 million.
This included its first shareholder dividend in two
years.
Rough diamond import ban
The rough diamond ban in India is significant and
should be put into context.
This is the third such ban in recent memory. The
first was during the Global Financial Crisis of
2008-09, and the second was during the COVID-19
pandemic.
It is an unofficial trade-led strategy to block rough
imports, which signals the upstream to temporarily
cease supplying rough.
This acts as a ‘pressure release’ for India’s trade
by removing the excessive build-up of rough
in manufacturing centres and decreasing the
pressure to purchase rough. It is a short-term,
immediate fix.
However, it also holds the rough upstream in the
hands of the miners, suppliers such as Okavango
Diamond, and also the secondary trading market.
An added consequence is that this strategy creates
liquidity in the middle market due to the lack of
purchasing, which leads to a renewed demand for
goods once the ban is concluded.
This is a logical strategy; however, there is one
fundamental long-term problem.
Unless rough production is aligned with demand,
the market will experience continued stagnation.
This phenomenon may be a coincidence or a sign
of a fundamental imbalance in the industry.
30 | June 2024

DIAMMOND FEATURE | Does Anything Last Forever?
CHART 1: AVERAGE POLISHED INDEX
105
100
95
90
85
80
75
70
65
60
2020-01
2020-02
2020-03
2020 +0.2% 2021 +11.3% 2022 -1.1% 2023 -23.8% 2024 -2.1%
2020-04
2020-05
2020-06
2020-07
The market recovered quickly after the Global
Financial Crisis and the COVID-19 pandemic -
within six months. No one expects a dramatic
improvement this time.
Even by conservative estimates, over-production
is 25 per cent higher than the current demand for
polished diamonds.
If the market does not improve in demand for
polished diamonds, it is only logical that the more
marginal mines should be placed on care and
maintenance or sold.
This subject is not often discussed, but it is
poignant. Rough prices are currently very low, and
not all mines are operating at a profit. Diamond
mining assets, for those who may be in acquisition
mode, are inexpensive right now.
An impossible problem to fix
Complexity in the diamond industry continues
with the ‘Russian issue’ following the invasion of
Ukraine in February 2022.
Despite attempts to restrict the flow of proceeds
to Russia through various sanctions, diamonds
continue to be sold and manufactured, destined for
jewellery consumer markets worldwide.
While this has occurred on a smaller scale than we
have seen with Russia’s oil and gas industries, all
attempts to block Russian diamonds have failed.
That said, the latest moves driven by the G7 have
caused significant disruption and consternation in
the global diamond trade.
In December, the G7 introduced a new sanctions
regime based on technological traceability. The
EU adopted these rules and handed Belgium
(Antwerp) a leading role in its implementation.
Since 1 January, import restrictions have been
in place for non-industrial diamonds mined,
processed, or produced in Russia. These apply to
diamonds of any size when imported directly or via
a third country without transformation.
Under these sanctions, Russia cannot export
2020-08
2020-09
2020-10
2021-01
2021-02
2021-03
2021-04
2021-05
2021-06
2021-07
2021-08
2021-09
diamonds directly or indirectly to G7 markets,
including the EU. This step did not include rough
that was ‘transformed’ in a third-party country to
become a polished diamond.
The G7 went a step further on 1 March, introducing
indirect import restrictions on all Russian
diamonds above one carat – polished or rough.
This was intended to be a ‘staggered’ import ban
on Russian diamonds from third-party countries.
Importers must now prove that diamonds do
not have a Russian origin through documentary
evidence during a six-month transition period.
A verification and certification system using
traceability technologies monitors compliance with
this ‘indirect’ import ban.
The plan is that diamonds could be traced from
‘mine to finger’; theoretically, Russian diamonds
would be excluded from this chain.
The implementation of the traceability systems is
due to be complete by 1 September.
In recent months, it has become clear that this
roadmap was utterly unworkable. On 1 March,
there were no monitoring systems in place, and
the industry moved to a flimsy ‘self-verification
process’ — which was not what was intended.
When this plan was announced, it was suggested
that these decisions had been made in close
consultation with the broader diamond industry.
The industry has vehemently disputed this.
Over the past two months, the diamond industry
has been up in arms about what’s occurred so far.
The industry wrote to the Antwerp World Diamond
Council to object to the sanctions.
The letter argued that while the industry applauds
the objective of blocking Russian goods and
understands the importance of provenance and
transparency, the measures implemented will
adversely impact the competitiveness of the
Antwerp diamond industry.
This contributed to Ari Epstein's recent resignation
as CEO of the Antwerp World Diamond Council.
2021-10
2022-01
2022-02
2022-03
2022-04
2022-05
2022-06
2022-07
2022-08
2022-09
2022-10
2023-01
2023-02
2023-03
2023-04
2023-05
2023-06
2023-07
2023-08
2023-09
2023-10
2024-01
2024-02
2024-03
Chart 1 shows the
average polished
diamond price from
January 2020 onwards.
Bloated polished
diamond stocks lead
to discounting in a
competitive market, and
this chart demonstrates
the significant fall in
prices over the past
two years. This data was
compiled by I. Hennig and
Co Ltd from a number
of proprietary and public
sources.
Other trade associations have followed suit,
registering their disapproval of the new measures.
It’s important to note that these measures only
relate to the production of ‘new’ diamonds.
They do not apply to previously mined diamonds;
significant polished stock sits in consumer
markets. Some estimates place this stock at
$USD10 billion alone.
Of course, the diamond industry is not localised – it
is global – and other diamond centres have rightly
expressed frustration at their exclusion from this
system.
The sentiment is that these centres were not
considered legitimate additional nodes when the
diamond verification and certification scheme was
designed.
What happens next regarding the ‘Russia issue’
is anyone’s guess — we will have to wait and see.
That said, the current plan has glaring issues.
Russian diamonds can simply stay outside of the
G7 and continue to be processed. India, Dubai, and
China are not members of the G7.
Furthermore, sanctions are broken by parties
that relabel Russian diamonds as coming from
alternative sources, whether mines or countries.
Finally, it must be remembered that Russia is the
largest producer of high-quality small diamonds.
While crucial for specific categories, such as the
watch sector, these diamonds do not fall under any
planned measures and will continue to be used in
the G7 markets.
There are reports that the European Union plans to
exclude 'grandfathered' goods from its sanctions
on Russian diamonds. This means rough diamonds
imported from Russia before January 1, 2024, and
polished diamonds imported before March 1 — or
September 1 for stones under 0.50 carats — will
be exempt from the ban. This has not yet been
confirmed.
Sanctions targeting Russian diamonds are not
likely to end any time soon.
June 2024 | 31

IN A NUTSHELL
State of the Diamond Industry in 2024
The rebalancing
of rough prices
Gears are
slowly turning
Polished prices
show signs
Industry caution
remains widespread
In January, the rough market stabilised
at new levels. The De Beers Group
decreased its prices to better align
with these new conditions.
Rough sales started to return to
relatively healthy levels and the
market began to move and absorb
rough.
Sales of polished diamonds have improved
slightly from 2023. In response, prices have
more or less stabilised.
Despite signs that the diamond market
began to recover, industry stakeholders
remain cautious due to widespread
uncertainty about future developments.
The proposed solution is a flawed, unbalanced, and
ill-fitting attempt to stop a single problem, creating
a new series of issues for an unprepared industry.
There are emerging rumours that the US may
reconsider its position on diamond sanctions.
The impracticality of the current approach may
have become apparent to certain lawmakers and
politicians. This potential shift in strategy could
mark a significant change in the global diamond
trade landscape.
Let’s talk about lab-created diamonds
By now, most people have accepted that labcreated
diamonds have eaten into the natural
diamond business.
The damage this category has caused is significant
and continues to contribute to issues with natural
rough demand and prices.
As recently as one year ago, I heard prominent
trade members still disagreeing with the assertion
that lab-created diamonds were cannibalising the
natural diamond trade.
By this, I mean eating into natural diamond sales
and altering the image and perception of diamonds
among consumers.
As technology has rapidly improved and economies
of scale have taken effect, the emergence of larger,
better-coloured, and higher-quality lab-created
diamonds has accelerated. Today, most polished
lab-created stones weigh between .5 and 3 carats.
This directly impacts the 1-5 carat natural diamond
market and has been a significant factor in the
decline of rough prices.
It must be remembered that lab-created diamonds
are polished to the same exacting standards and
have all the fire and brilliance of their natural
counterparts.
In recent years, lab-created diamonds have
strengthened their position in the market and are
now prominent in consumers' minds.
Lab-created diamonds now account for almost half
of all engagement rings in the US, and there’s little
reason to believe this figure won’t increase in the
future.
The most significant risk is that this demand shifts
further away from natural diamonds at either the
retail or luxury level, exacerbating the issue.
Some analysts suggest that these new lab-created
diamond consumers will eventually become
natural diamond consumers later in life.
While I understand the logic behind this argument,
I am not convinced.
Consumers who purchase lab-created diamonds
are not guaranteed to ‘shift up’. It’s equally possible
they have their ‘diamond needs’ met with an initial
lab-created diamond and move on.
With that said, all is not lost. In the trade, labcreated
diamond prices have fallen significantly,
and you can now buy a G colour VS1 of any size for
$USD250 per carat.
Imagine this for a moment – a high-quality twocarat
lab-created brilliant round triple ex with no
flu – readily available in unlimited quantity for just
$USD500.
This price drop has not yet happened fully at the
retail level. Consumers are still paying a significant
markup for lab-created diamond jewellery.
For the natural diamond market to recover,
consumers must make a stark distinction between
lab-created and natural diamonds.
With that said, ‘praying’ that lab-created
diamond pricing will fall at the retail level and
that consumers will develop an understanding of
the distinction between the two categories is not
enough. Hope is not a strategy!
Natural diamond marketing needs to ‘step up’ in
this regard.
If lab-created diamond retail prices continue
declining, however, retailers may decide to shift
the focus of their business away from lab-created
diamonds because there simply isn’t enough
money to be made.
Shortly before publication, Lightbox Jewelry
announced it was lowering the price of its labcreated
stones by around 40 per cent.
This is a step in the right direction, as it will
undoubtedly show the consumer that lab-created
products are a less expensive product in a separate
category; however, more is needed.
Lab-created diamonds are here to stay; let’s be
clear about that. However, they will be at a much
lower retail price point.
The category will unavoidably take away a tangible
market share from natural diamonds, which, as
premium products, still have a position to defend.
The announcement of a marketing campaign
between De Beers and Signet promoting natural
diamonds to 'Zillenials', especially in the bridal
segment, is a welcome new initiative.
The industry started this year in a ‘better mood’
than it finished 2023 with. The rough moratorium
had its desired short-term effect.
• The rough market stabilised at new levels in
January, with De Beers dropping its prices to align
more with the market.
• Sales returned to relatively healthy levels, and
the market started to move and absorb rough
again.
• Polished sales have been slightly better, and
prices have more or less stabilised.
Thinking back to my mantra for the first half of
this year – stability would be a success – these
developments suggest that the industry has found
surer footing.
The industry is now entering the seasonally quiet
period, and demand is expected to decrease
slightly over the coming months — this is not
cause for alarm. Casting aside the issue of BHP
and Anglo American and what may happen next,
the natural diamond industry needs to fight back.
The industry's leadership must resolve the
‘Russian issue’ to the best of its abilities and
position natural diamonds more advantageously
against lab-created diamonds. Rebalancing the
rough production profile against demand is also
required to drive demand.
To achieve these objectives, the industry needs
leadership, vision, and positive tailwinds from
factors outside of its control. De Beers's
importance to the industry in this regard should
not be underestimated.
Many people may not agree with De Beers’
approach to the challenge of lab-created
diamonds; however, no other company comes
close to attempting to lead the diamond industry.
A break-up of De Beers, a possibility that looms
over the already struggling diamond industry,
would be nothing short of traumatic. The irony of
this situation is significant for those who have been
around a long time in the business.
Marketing remains critical; however, this expensive
strategy requires much effort and time. India and
China remain the markets where I see the best
opportunity.
These markets are still capable of driving
additional demand for natural diamonds.
Structural changes in the diamond industry are
inevitable. One thing is certain — we need more
than just hope.
32 | June 2024

INSURANCE FEATURE
Protecting Precious Assets
Insurance might seem like a mundane
administrative task to many business
owners. SAMUEL ORD explains why it’s
an important part of successful trading.
Jewellery is used to memorialise significant
events, mark important personal milestones,
and symbolise life-changing relationships.
Understandably, many people experience
emotional devastation when an important piece
of jewellery is lost or damaged. That damage is
magnified further when a significant financial
loss is factored into the equation.
It’s an unfortunate fact of life that many people will
experience this at one stage or another.
Similarly, the businesses that create and sell these
personal treasures — jewellery retailers — are also
susceptible to an emotional and financial ordeal in
the unlikely event of a robbery, property damage, or
unforeseen misfortune.
Over the past six months, Jeweller has extensively
documented changes in the Australian jewellery
industry over the past decade.
These changes have not only impacted businesses
and consumers. They’ve also transformed
the relationship between businesses and/or
consumers and insurance providers.
Said another way, traditional forms of risk
management have evolved for jewellery
retailers and business owners.
When it comes to insurance, jewellers have
been forced to rethink their financial safeguards
— whether it be accounting for the coverage
associated with staff working from home more
often or remaining conscious of the impact of an
increased digital presence on their business.
Under-insurance remains a significant risk for
jewellery stores.
In simple terms, under-insurance occurs when
you don’t have enough insurance to cover the
replacement value of the insured items.
Most people and/or businesses that have found
themselves under-insured do so because they
haven’t appropriately calculated the current
replacement value of their property and revenue.
Kalin Insurance Services provides Jewellers
Block Insurance, offering businesses coverage
in a range of areas.
Discussing the evolving relationship between
jewellery and insurance, Account Manager Sophie
Hudson believes that with inflation driving up the
cost of raw materials and rebuilding expenses
soaring, businesses need to ensure that their
sums insured are adequate in the event of a loss.
“If a business does not have adequate insurance
coverage, they risk closure of their store after
a loss. Jewellers also need to ensure that their
security is being updated with modern technology
and is not falling behind,” she says.
June 2024 | 33

INSURANCE FEATURE
Protecting Precious Assets
FOR CONSUMERS
Take photographs
of insured items
Store items safely
when not being worn
Complete a professional
appraisal to determine
value
Keep all documentation
and paperwork
“During economic downturns or periods of
financial instability, an increase in theft and
property crimes occur as individuals seek ways to
obtain quick cash or valuable items; being aware of
the current financial climate is a critical aspect of
any risk management plan.”
Crime and punishment
Surprisingly, studies about the connection between
periods of economic downturn and crime have
produced mixed results.
A study by the Congressional Research Service in
the US analysed the relationship between crime
and the economic downturn since 1960 and found
no indisputable correlation.
With that said, the logic is difficult to refute: in
times of economic turmoil, people will turn to illicit
means of income out of desperation.
This was particularly evident during the COVID-19
pandemic when incidents of crimes targeting retail
businesses and employees consistently made
national headlines.
As recently as March, a Victoria Police
spokesperson attributed a significant increase in
retail thefts to rising cost-of-living pressures.
Alexander Thornton is the founder of Quantum
Underwriting Agencies, offering Jewellers Block
Insurance and coverage for private collections. He
is also conscious of the impact crime can have on
business owners.
“Jewellers face constant threats from crime,
from small snatch-and-grabs to full-scale armed
robberies,” he explains.
“We have a dedicated claims team in Australia, and
with our network of assessors, we do our very best
to help our clients get back on their feet as quickly
as possible.”
Jacqui Thompson, managing principal of PSC
WSC Insurance Brokers, which has been offering
Jewellers Block Insurance for more than 30 years,
also raised this topic.
Despite being an unfortunate fact of life, many
business owners are unprepared for the full impact
of crime, and Thompson says maintaining a strong
relationship with an insurance broker can soften
the blow.
“A significant loss can be a very stressful and
disruptive time for a business. We assist with the
claim preparation process to help take away this
burden from businesses,” she explains.
“We advocate for the client in order to reach the
best possible result and work closely with insurers
to facilitate an efficient outcome with minimal
impact on the business.”
It’s important to note that protecting your
jewellery business is difficult with a ‘one-size
fits all’ approach. For example, jewellery stores
in shopping centres should be considered in
comparison with stores in high streets.
Shopping centres are an appealing prospect
for jewellers for many apparent reasons. They
provide a steady stream of shoppers and potential
customers who may roam the store.
These centres also offer other benefits greatly
desired by jewellery businesses when compared
with other retail operations – security.
Due to the nature of the high-value product,
a jeweller on a suburban high street is more
susceptible to burglary and robbery than a store in
a large suburban shopping centre.
This is an important factor to consider when
determining insurance requirements, and Hudson
says it’s an equation that serves as a good reminder
that insurance should be tailored appropriately.
“Both store models have different restrictions on
security. Street front jewellers face the risk of ram
raids, smashed shop front windows, no centre
security,” she explains.
“Shopping centre jewellers have high foot traffic,
making it more difficult to identify casing; there are
plenty of escape options for thieves.”
Hudson suggests that maintaining a strong
relationship with security providers and insurance
brokers is essential to weathering an unforeseen
storm.
“Having a strong relationship with your security
provider and insurance broker is invaluable.
Reviewing your security and record-keeping
processes regularly ensures you and your staff
are constantly operating from a risk management
frame of mind,” she continues.
“Having an insurance broker who can assist you
in identifying your major risk, transferring some of
that risk to an insurance policy and ensuring your
coverage is adequate is essential.”
Positive signs
When discussing the relationship between jewellery
and insurance, it’s easy to focus on the negatives.
With that said, insurance has evolved in recent
years in a way that mirrors developments in the
retail sector.
In recent years, Artificial Intelligence (AI) has been
a passionately debated topic in the broader retail
sector. The promises of enhanced efficiency and
effectiveness have enchanted business owners.
The hope is that new technologies will improve
outcomes and benefits for businesses and
consumers.
When is anything ever that simple? Implementing
these new tools will increase the need to account
for employee morale and cohesion, job security,
and customer service.
Just as retailers are juggling the implementation
of AI, insurance companies are, too. Algorithms
can be trained to detect fraud patterns in claims,
helping companies identify fraudulent activities
before they result in financial losses.
By leveraging customer data, insurers can use AI
to develop personalised products and services that
better meet individual customer needs.
The tools can also automate customer inquiries
and claims processing, allowing brokers to provide
faster service.
Thornton says it’s fascinating to witness a range
of sectors simultaneously tackle and embrace the
impact of emerging technologies.
“The insurance industry, like many others, is facing
enormous change with AI and other emerging
technologies,” Thornton explains.
“I’m sure the same could be said for any industry.
In service industries such as insurance, you can’t
afford not to pay attention to these developments
as you strive to be as efficient and effective as
possible.”
He explained that, as is always the case when
industries undergo significant periods of change,
patience and strategic implementation are crucial
to success.
“When you’re dealing with a physical product –
such as jewellery sales – you’re less vulnerable to
being replaced, so to speak, by an AI program, but
when it comes to the little things, like processing
emails, new opportunities are being presented to
businesses all the time,” he said.
“It’s something we are keeping a close eye on;
however, for now, our focus is on growing our team
of wonderful human underwriters and claims
specialists.”
34 | June 2024

Wear the jewellery confidently
with peace of mind
Avoid travelling with
irreplaceable jewellery
Education and expertise
Another critical change to consumer expectations
of retailers in recent years is that now, more than
ever, consumers are looking for an educational
experience when dealing with businesses.
It’s often difficult for jewellers to remember that just
because they may be knowledgeable about
the topic, their customers may not be.
Recent research has suggested that consumers
are more likely to purchase from a business if they
engage with ‘early-stage’ educational content.
Said another way, customers enjoy dealing with a
business where they feel they learned something
important from the experience.
Centrestone Jewellery Insurance offers
comprehensive policies tailored to consumers’
needs.
The company emphasises the importance of
providing a like-for-like replacement and no cash
settlements, meaning customers will return to the
original jeweller for a replacement.
Managing director Lachlan Renshaw says that even
a casual conversation about insurance between
customers and jewellery store employees can
strengthen business and consumer relationships.
“Offering insurance [to your customers] is an
additional service that can differentiate a jeweller
from competitors, adding value to the customer’s
purchase experience,” he explains.
“By introducing insurance, jewellers educate
customers about the importance of protecting
their valuable possessions, fostering a sense of
responsibility and care for their items.”
It’s unfortunately easy to imagine the inverse of
this situation – and some jewellery businesses
have been left dealing with unhappy customers
after an unsatisfactory claim on stolen or damaged
jewellery.
For example, if a customer doesn’t explore
insurance options and adds a new diamond
necklace to the home and contents coverage,
Tragedy strikes, and the customer discovers that
a piece with tremendous sentimental value is only
covered for $1,500.
It’s a natural reaction to want to ‘pass the blame’ in
these circumstances.
Some consumers have been quick to judge their
jeweller for not warning them of the intricacies of
insurance.
Renshaw says that educating consumers is a
simple, often-overlooked tool in the arsenal of
many jewellery retailers.
“When you look at some of the most successful
jewellery businesses in Australia, something they
often share in common is that they’ve emphasised
their expertise with consumers,” he explains.
“They’ve educated the market and made it clear
that they are experts, and as a result, they’re in
high demand.
“Taking the time to talk with your customers about
some of the important details of insurance is one
of the many easy ways that any jeweller can build
a stronger relationship with their customers.”
Closing remarks
The relationship between jewellery and insurance is
complicated for consumers and business owners.
That said, it is clear that, as is the case with so
many things in life, understanding the importance
of a measured approach matters more than
anything else.
It’s important for consumers to guarantee that
jewellery is covered to an appropriate degree.
This can be achieved with professional appraisals,
market research, gemstone evaluations, metal
assessments, and thorough documentation.
For business owners, determining an appropriate
level of insurance is achieved by taking the
‘guessing work’ out of calculations by documenting
all assets and the cost of their replacement and by
consistently accounting for the unique intricacies of
the business.
Things like risk management and insurance
are seen as administrative tasks that aren’t that
important - they’re done in between selling more
jewellery.
The reality is that because of jewellery’s high retail
value, these ‘administrative tasks’ are crucial to a
successful business.
As detailed above, an important factor in the
evolution of the relationship between jewellery and
insurance is that these products have also become
a valuable marketing tool for business owners.
It’s an additional opportunity to emphasise
expertise and fostering familiarity and
confidence among consumers.
These are crucial practices for both business
owners and insurance companies, as no one wants
to be left empty-handed when tragedy strikes.
INSURANCE EXPERTS
JEWELLERS BLOCK &
POINT OF SALE
With over 40 years of
experience in securing
bespoke insurance
solutions for Jewellers, we
are experts in our field.
Contact our team for guidance and
advice, tailored to your specific needs.
SARAH RICHER | SOPHIE HUDSON
02 8350 9999
www.kalins.com.au
June 2024 | 35

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CENTRESTONE.COM.AU • @CentrestoneJewelleryInsurance • @Centrestone_AUS
Lachlan Renshaw
MANAGING DIRECTOR
1300 356 680
CENTRESTONE’S
Top 3
Advantages
Centrestone has written in
their PDS that in the event
of a claim, the customer gets
to go back to their preferred
jeweller, giving peace of mind
to the customer and jeweller.
Unlike many other insurers,
Centrestone does not charge
an excess on claims. This can
significantly reduce expenses
in the event of loss or damage.
Centrestone provides up to
150 per cent of the insured
value to account for price
increases, ensuring that any
fluctuations in replacement
costs are covered.
Centrestone Jewellery Insurance is the
premier speciality jewellery insurer that
serves its customers within Australia,
offering the most comprehensive
insurance in the market for precious
jewellery and timepieces. Underwritten
by Berkley Insurance Company.
Why should retailers consider using
your company?
Centrestone offers insurance
specifically designed for jewellery,
ensuring that clients’ valuable
pieces are comprehensively protected
against damage, loss and theft.
With a technology driven platform that
seamlessly integrates with jewellers
normal sales processes, Centrestone
is built for jewellers who want to provide
the best after sales service
for customers.
Centrestone provides the most
comprehensive jewellery insurance
policy in Australia including worldwide
cover for accidental damage, loss and
theft. The policy also includes 150 per
cent cover of the insured amount to
protect customers from increases in
replacement costs, and a $0 excess
in the event of a claim.
The question isn’t so much why should
jewellers introduce Centrestone to their
customers, but what happens if they
don’t? If specialised jewellery insurance
is not introduced to the customer,
most customers will end up either not
insuring their jewellery or insure it under
home and contents.
This results in poor outcomes for the
customer in the event that they suffer
any damage, loss or theft of their
jewellery, as even under home and
contents insurance it is rare that the
customer will be fully covered.
Centrestone has written in the PDS that
in the event of a claim the customer can
receive the repair or replacement from
their preferred jeweller, meaning all
claims go back to the referring jeweller.
Introducing Centrestone Jewellery
Insurance to customers is a premium
add on service that provides the
customer exceptional after sales care
and gives them the option of protecting
their jewellery comprehensively.
Why do customers want to be introduced
to Centrestone Jewellery Insurance?
The proof is in the data. Centrestone is
offered to customers through hundreds
of jewellery retailers across Australia,
and of all the customers
who are sent the quote information
about Centrestone by their jeweller,
67 per cent of customers end of
proceeding with the cover.
Centrestone gives customers peace of
mind knowing their jewellery is covered
and that in the event of a claim, they
can go back to their preferred jeweller.
By offering an insurance option,
jewellers demonstrate a customer
service commitment to their clients
long-term satisfaction, and goes a
long way to retaining customers for
repeat sales.
Insured jewellery can protect jewellers
from potential disputes or dissatisfaction
if a customer’s uninsured item is lost
or damaged.
Jewellers often bear the brunt of
customers dissatisfaction when an
item is damaged. If the item is insured,
the cost of repair is then covered under
the policy instead of becoming an issue
that the customer claims is a jewellers
manufacturing default.
Centrestone is known for its streamlined
and efficient claims process, making it
easier for customers to recover their
losses quickly and without hassle.
Claim invoices are paid to jewellers
in advance of the repair or replacement
being completed, a stark contrast to
the normal insurance practice of forcing
jewellers to complete the repair or
replacement and then get paid
months later.
Offering insurance is an additional
service that can differentiate a jeweller
from competitors, adding value to the
customer’s purchase experience.
What unique benefits does your business
offer?
Centrestone Jewellery Insurance offers
several unique benefits that distinguish
it from its competitors.
Centrestone provides every customer
of partner jewellers with four days of
free cover of their jewellery, so they are
covered before they walk out the door.
It’s free cover, meaning a $0 premium
and $0 excess if there is a claim in the
first 4 days.
Centrestone guarantees a like-forlike
replacement from the customers
preferred jeweller, meaning peace
of mind for the customer (that they
get their jewellery item back) and the
jeweller (that they retain their customer
and get to complete the claim).
Centrestone also provides up to 150 per
cent of the insured value to account for
price increases in the replacement cost,
ensuring that any fluctuations in costs
are covered. This means customers
won’t be out of pocket if the cost to
replace their jewellery has increased
since you insured it.
Unlike many insurers, Centrestone does
not charge an excess on claims. When
it comes claim time, the customer is
already hurting when their item has
been damaged or lost, so no excess to
make a claim streamlines the process.
This can significantly reduce out of
pocket expenses in the event of a loss
or damage as often the excess under
home and contents can be anywhere
from $500 to thousands of dollars to
make a claim.
Centrestone offers policies specifically
tailored for jewellery and luxury watches,
including free annual revaluations to
ensure the items are insured for their
correct replacement value. This level of
specialisation is not typically found in
standard home and contents insurance
policies.
Centrestone’s quick and efficient claims
process means claims are settled within
days, not months.
The value of insurers is only shown
when it comes time to make a claim,
and Centrestone prides itself of having
an average claim turnaround time of
less than 24 hours between receiving
all the requested claim information
from the customer and providing the
claim outcome.
36 | June 2024

THE JEWELLERY INSURANCE SPECIALIST
4 DAYS
FREE COVER
Partner with us today
CENTRESTONE BENEFITS
WORLDWIDE COVER
ANYWHERE, ANYTIME
YOUR CLIENTS’ CLAIMS
COME BACK TO YOU
INSTANT COVER,
NO WAITING PERIODS
UP TO 150% COVER OF THE
INSURED AMOUNT
AGREED VALUE AND LIKE-
FOR-LIKE REPLACEMENT
NO EXCESS ON ALL CLAIMS
COVER FOR ACCIDENTAL
DAMAGE, LOSS &THEFT
ANNUAL REVALUATIONS TO
MATCH REPLACEMENT COST
Our Mission.
Offer the best product & service,
and implement seamless solutions
for jewellery insurance.
Our Solutions.
Implementing frictionless deployment
of jewellery insurance with technology
led innovation and solutions.
Your Success.
Fast, efficient and easy to use.
Build your customer loyalty and
additional revenue.
JOIN AS A PARTNER JEWELLER
CALL NOW
1300 356 680
Centrestone Jewellery Insurance
Lvl 28, 88 Phillip Street, Sydney 2000 NSW
Info@centrestone.com.au
www.centrestone.com.au
June 2024 | 37

SPONSORED CONTENT
JEWELLERSBUSINESSINSURANCE.COM.AU
With an experienced team and specialist partners,
PSC WSC Insurance Brokers subscribes to an adamant
philosophy that providing sound advice and service and
obtaining competitive premiums is the core value that a
client places on their broker.
Why should jewellery retailers consider your company?
Jacqui Thompson
MANAGING PRINCIPAL
1300 733 476
PSC WSC INSURANCE
BROKERS
Top 3
Advantages
PSC WSC Insurance
Brokers can provide
bespoke insurance
solutions tailored
specifically to your
needs and use
specialist insurers
who understand your
industry.
Understands the
jewellery industry
and is a specialist in
Jewellers Business
Insurance, having
provided Jewellers
Block Insurance
coverage for more
than 35 years.
PSC WSC Insurance
Brokers can provide
cover for sendings,
personal conveyance,
and exhibitions
anywhere in the
world.
PSC WSC Insurance brokers are a friendly and
approachable team with a combined 30 years of
insurance experience within this niche industry.
Our dedicated in-house team is passionate about
ensuring businesses are adequately protected. We
do this by leveraging our knowledge and accessing
specialty markets specific to the jewellery industry.
What insurance products do you specialise in?
PSC WSC Insurance brokers can offer all types of
tailored insurance products within the jewellery industry.
A Jewellers Block insurance product can cover a
number of different business specialties such as retail,
wholesale and manufacturing jewellers, watch dealers/
traders, and bullion dealers/traders, to name a few.
Additionally, we offer specialised products like Private
Jewellery Insurance, Vault Owners Insurance, and Fine
Arts policies, ensuring all aspects of your business are
covered.
What is the difference between a traditional Business
Insurance Policy and a Jewellers Block Policy?
Jewellers Block policies are a specific product to the
jewellery industry. They offer additional cover sections
that cannot be obtained under a traditional business
package policy.
Unlike a Business Policy, theft cover is automatically
included. This is a significant benefit, as crime-related
claims are by far the most common, given the highvalue
nature of the goods being sold.
Other cover options include travel risk, parcel sendings,
cover for goods while being worked on, exhibition cover,
and much more.
What claims assistance does your company offer?
A significant loss can be a very stressful and disruptive
time for a business. We assist with the claim preparation
process to help take away this burden from businesses.
We advocate for the client in order to reach the best
possible result and work closely with insurers to facilitate
an efficient outcome with minimal impact on the business.
What other services does your company offer?
PSC WSC Insurance brokers can also offer risk
management and sound advice on all types of commercial
insurance products.
We thrive on delivering tailored solutions that meet the
specific needs of each client so that they have peace of
mind at the time of a loss.
38 | June 2024
The information above is of a general nature and has been prepared for
information purposes only. You should consider the information in the
Product Disclosure Statement (PDS) before making a decision about
whether to purchase this product.

SPONSORED CONTENT
QUA.NET.AU • @Quantum Underwriting Agencies • @QuantumUA
Innovation, customer service, and a close-knit
family business model have been key to the success
of Quantum Underwriting Agencies since founder
Alexander Thornton launched the company in 2004.
Why should jewellery retailers consider your company?
Quantum is a leading specialist insurer of the jewellery
trade in Australia. Established in 2004, we underwrite
across the Asia Pacific region, covering jewellers in
Australia, New Zealand, Hong Kong, Malaysia, Thailand,
Indonesia and further afield.
As a specialist in the field, our company understands the
jewellery trade and the daily challenges its members
have to face.
Through a network of highly skilled insurance brokers,
we strive to provide our jeweller clients with the most
comprehensive coverage at the most competitive rates
in the market.
What else should jewellers know about your company?
We examine every client in detail, working with the broker
to understand their client’s jewellery business, whether
it is a retailer, wholesaler, distributor, manufacturer, or a
combination of all four.
We ensure that the cover is tailored to the individual
risk and appropriate for the client’s needs. If there is a
claim, our team in Australia will work with the client’s
broker to ensure a speedy and satisfactory resolution
so the jeweller can get back into business as quickly as
possible.
Quantum’s policies are backed by Lloyd’s of London, the
world’s leading insurance and reinsurance marketplace.
What insurance products do you specialise in?
All our products focus on insuring jewellery, watches,
diamonds, bullion, art, money and collectibles.
We offer products to trade customers and private
individuals who wish to insure their precious items,
from a single engagement ring to huge collections
worth tens of millions of dollars.
What other services does your company offer?
Working in partnership with our brokers, Quantum also
provides tailored insurance advice for customers. We
also work with risk advisers who can help clients with
security advice and risk management.
Can you describe your claims process?
In the unfortunate event of a loss, our clients are advised
to contact their insurance broker as their first point of
contact.
Once notified, we promptly assign an assessor, if
necessary, to expedite the recovery process and get our
clients back in business as soon as possible.
With a network of independent loss assessors across
Australia, we can typically have someone on-site within
24 hours, or even sooner for major or complex losses
requiring immediate support.
Alexander Thornton
FOUNDER &
EXECUTIVE DIRECTOR
1300 974 095
QUANTUM’S
Top 3
Advantages
Quantum is a wholly
independent, 100
per cent Australianowned
business.
The company works
with more than 400
brokers and broker
affinity groups
across Australia, and
the list is growing.
A personal,
close-knit team
of insurance
professionals are
the company’s
strength when it
comes to providing
personalised,
innovative services
in niche insurance
markets.
From their offices in
Perth, Sydney and
London, Quantum
insures businesses
throughout the Asia
Pacific region and is
now expanding in to
Europe.
Proudly serving
the Jewellery
Trade for 20 Years
JEWELLERS BLOCK INSURANCE
For Wholesalers, Retailers, Manufacturers, Artisans,
Valuers, Contractors, Setters & Polishers.
Full Theft Cover - Full AD Cover
Worldwide Cover
Individually Tailored Policies
JEWELLERY | GOLD & SILVER | BULLION
DIAMONDS | GEMSTONES | OPALS
PEARLS | WATCHES | CRYSTAL & GIFTWARE
• Stock
• Contents
• Fixtures & Fittings
• Glass & Signs
• Equipment
• Sendings
• Exhibitions
• Travel
• Wearing Risk
• Home Risk
• Entrustments
• Out of Safe
• Outside Showcases
• Public & Product
• Liability
• Business
• Interruption
Quantum proudly supports the insurance brokers who support us.
If you would like further information about us, or would like to obtain
a quote from us, please contact your insurance broker.
UniqueRisk
UniqueInsurance
1300 974 095
www.qua.net.au
June 2024 |
Coverholder
39
at

40 | June 2024

SPOTLIGHT
FEATURE
Supreme XXXBeauty
Rings of
Consumers are spoiled for choice regarding rings;
however, deciding what to offer can be a headache
for retailers. SAMUEL ORD explains the importance
of getting it right when it comes to rings.
L TO R: MARK MCASKILL; NINA'S JEWELLERY; GERRIM; ORANGE RIVER DIAMONDS; ELLENDALE DIAMONDS
Ring selection is incredibly important
for jewellery retailers; however,
ensuring that your business offers the
right product is quite the conundrum.
Indeed, it’s difficult not to be amazed by the
human capacity to take a simple concept and
envelop it in countless emotional meanings.
On the surface, a ring is a basic concept: a
round band, usually crafted from some precious
metal, worn as jewellery.
When is anything ever that simple?
Wedding rings are worn to symbolise love
and commitment, certain organisations
bestow rings to symbolise membership
and professional athletes are honoured
with championship rings to acknowledge
accomplishment.
There’s a ring to celebrate all of life’s most
important milestones. The endless versatility
and flexibility of rings are a blessing for
consumers — there’s something to mark every
occasion.
That said, this blessing can become a curse for
retailers. With so many products on offer and trends
that come and go, how much display area and floor
space should be devoted to this category?
Then, one considers weekly/monthly category
sales to stock level - it isn’t easy to know where
to begin and to be confident that what’s being
offered is suitable.
The cure for this headache is rings of distinction
— special pieces of jewellery that are not only
beautifully crafted but also capable of opening
the door to human attachment and sales!
How do you define a ‘ring of distinction’? It’s
pretty simple. The specifics are never important
– it doesn’t need to be made of any particular
precious metal or feature any particular
diamond or gemstone.
Instead, it needs to be a piece that consumers
can connect with emotionally.
For example, when I was 16, I gifted my
girlfriend jewellery for the first time — a silver
ring with a field mouse on top, his tail snaking
its way along the band.
It came from a local jeweller, and I had to spend
a few weeks saving money from a ‘paper round’
to buy it.
More than a decade later, the woman with the
silver mouse ring is now my wife. Over the past
decade, I have presented her with jewellery
marking every birthday, anniversary, and
Valentine’s Day; however, she still wears that
little silver ring most days.
It wasn’t the most expensive ring the jeweller
offered and wasn’t the flashiest. That said, it was
well-made and exactly what I was looking for.
In the years that followed, every time that ring
was cleaned and resized, it was always at the
same jeweller — even though we no longer live
nearby.
We also purchased our wedding bands from
the same jeweller, proving that the benefits of
offering a ring of distinction extend beyond that
initial transaction.
These pieces can establish lifelong connections
between consumers and businesses.
Breaking down the numbers
The 2024 State of the Industry Report
documented 2,010 independent jewellery
retailers in Australia.
Among these jewellers, more than 400 work
hand-in-hand with Retail Edge Consultants,
providing detailed sales data.
When it comes to the ring category, general
manager Leon Van Megen provided sales
analysis for more than 190 stores across
Australia and New Zealand.
This data revealed important insights into the
nature of jewellery sales.
The Retail Edge data showed that rings
accounted for 32.8 per cent of total sales across
these stores over the past 12 months, further
June 2024 | 41

highlighting the category's importance for
retailers.
Diamond rings accounted for 16 per cent of
total store sales, while colour gemstone rings
offered a further 6 per cent.
Anniversary rings and wedders combined for
more than 6 per cent, with silver (2.5 per cent)
and gold rings (1.5 per cent) bringing up the rear.
These results reflect similar findings from
data provided by the Independent Jewellers
Collective (IJC), representing 69 members and
85 stores in Australia.
IJC provided sales data over the past 12 months
for 40-45 stores, showing that diamond rings
accounted for around 13 per cent of total store
sales.
Anniversary rings and wedders accounted for a
little under 4 per cent of total sales, while silver
rings accounted for 3 per cent of overall sales,
and gold just 1 per cent.
Unsurprisingly, given the price point, silver
rings dominated in terms of units sold, with
more than 10 times as many transactions as
the second category (diamond rings).
That said, in terms of sales dollars, diamond
rings were the clear leader—with sales from
rings priced above between $5,000 and $10,000
accounting for more than half of sales dollars.
Diving deeper
Showcase Jewellers is Australia’s secondlargest
buying group, representing 134
members and 164 stores.
VIBRANT WING RING
GÜBELIN
42 | June 2024
The group also provided data from precious
metal rings which showed that 13 per cent
of sales in engagement rings were rose gold.
Unsurprisingly, the dominant preferences
were yellow gold (49 per cent) and white
gold (38 per cent).
Regarding diamond selection, 78 per cent of
dollar value came from solitaire rings, while
22 per cent were from multi-stone rings.
Showcase Jewellers also provided a detailed
breakdown of unit sales and sales value,
revealing that 44 per cent of units sold at under
$5,000, with a further 34 per cent of units sold
valued at between $5,000 and $10,000.
The remaining 21 per cent of units sold were
above $10,000.
In terms of sales dollars, 24 per cent were
generated from rings valued at under $5,000,
with a further 34 per cent between $5,000 and
$10,000.
The remaining 43 per cent of sales value comes
from rings valued at more than $10,000.
Nationwide Jewellers is Australia’s largest
buying group, representing 299 members and
337 stores.
While the group does not collect consolidated
data, managing director Colin Pocklington was
able to reveal insights gleaned from individual
reports from members.
He explained that in terms of sales dollars,
custom-made and colour gemstone rings are
dominant categories among most jewellers.
In terms of units, however, silver rings
consistently lead by a significant margin.
What does that tell us?
What insights can we draw from this data?
Well, it’s a matter of perspective.
Consider the Pareto Principle, commonly
known as the 80/20 Principle. It originated from
the work of Italian economist Vilfredo Pareto
and suggests that 80 per cent of outcomes
stem from 20 per cent of causes.
MILA RING
MUZO
In business, this principle is leveraged by
identifying the vital 20 per cent of activities
driving 80 per cent of sales and making them a
priority.
Given this framework, there are two plausible
applications. Firstly, and unsurprisingly,
diamond rings significantly outperform other
categories in terms of revenue for retailers.
Thus, it's imperative for retailers to emphasise
the selection of diamond jewellery.
While selling an expensive diamond ring every
day might not be feasible, even a few such sales
throughout the year can substantially impact
the bottom line.
Furthermore, in terms of resource allocation,
selling a single $10,000 diamond ring is more
achievable than selling a dozen $1,000 rings.
Looking at the data from another angle, we
observe that most unit sales come from silver
rings – the metaphorical '80 per cent' in the
context of customers visiting stores.
With this degree of consumer interest, it's
crucial not to overlook this accessible price
point. Silver rings may not yield overnight
riches; however, they do sustain consistent
business.
Said another way, each silver ring sold not only
provides revenue but also fosters customer
familiarity and loyalty.
Even a seemingly minor sale, such as a simple
silver ring to a teenager, can lay the foundation
for future transactions.
That same teenager may return years later as an
adult seeking an expensive diamond ring, drawn
back to where the jewellery journey began.
Considering these dynamics, a store's
positioning is paramount. Retailers marketed
as purveyors of luxury obviously shouldn't
prioritise simple silver rings.
Customer preferences also evolve, with some
valuing the sentimental touch of a local jeweller
catering to teenage romance, while others seek
upscale offerings.

Since 1962, Duraflex Group Australia have been proudly distributing international
jewellery and watch brands. (02) 9417 0177 | www.dgau.com.au
June 2024 | 43

44 | June 2024

ADVERTISING FEATURE | SUPPLIER SHOWCASE
ART NOUVEAU COLLECTION
PLANET ALMAS
planetalmas.com.au
The Art Nouveau Collection features ninecarat
rose gold with fancy cut London
blue topaz highlighted with natural rubies
and diamonds.
AUSTRALIAN
SAPPHIRES &
DIAMOND
BECKS
becksgroup.au
ART DECO COLLECTION
PLANET ALMAS
planetalmas.com.au
Welcome to the perfect fusion
between a love for Australian
metals and fine craftsmanship by
BECKS' South Australian studio.
This collection of sapphire and
diamond rings epitomises the
unique beauty of Australia’s natural
treasures.
The Art Deco Collection features
nine-carat white gold set with natural
sapphires, emeralds, and black onyx
highlighted with natural diamonds.
BUYERS CATALOGUE
Rings of
distinction
Forge a life-long connection between your
customers and your business with these
memorable and well-crafted pieces.
BLUSH PINK DIAMONDS
SAMS GROUP AUSTRALIA
pinkkimberley.com.au
AUTORE BUTTERFLY RING
AUTORE PEARLS
autorepearls.com.au
Dazzling 18-carat yellow gold with diamonds
and a white South Sea Keshi pearl.
The Blush Pink collection by Pink Kimberley seamlessly pairs
the rare allure of Argyle pink diamonds with effortless glamour
and comfort. Drawing inspiration from timeless elegance, each
piece adds a touch of enchantment to daily attire.
BUBBLES
NINA'S JEWELLERY
ninasjewellerywholesale.com.au
Over the past twenty years, the Bubbles Ring has been
made in countless variations, including Argyle pink,
champagne, and yellow fancy-colour diamonds. The
most recent rainbow version is already turning heads
and was snapped up by a customer within days.
BYZANCE
POIX & TROY
poixandtroy.com.au
This elegant ring is inspired by the Orient and
Occident regions. During this fabulous Byzantine
era, intricate mosaic designs and patterns were in
fashion. This exquisite ring is made with tsavorites
and diamonds on 18-carat yellow gold.
June 2024 | 45

SUPPLIER SHOWCASE | ADVERTISING FEATURE
CLASSIC COLLECTION
PLANET ALMAS
planetalmas.com.au
CHAMPAGNE DIAMOND
AUSTRALIAN DIAMOND
TRADING CORPORATION
adtc.com.au
The classic collection features nine-carat
white gold and Swiss blue and light blue
topaz set with natural diamonds.
This Argyle near colourless halo from
the Aussie Collection is set in 18-carat
yellow gold and features round and
fancy-cut Australian Argyle champagne
and centre stones.
COCKTAIL STYLE SET
ORANGE RIVER
orangeriver.com.au
DESERT ROSE
ELLENDALE DIAMONDS
ellendalediamonds.com.au
A classic trilogy, 18-carat white and
rose gold, claw set with 0.50 carats of
white round brilliant cut diamond and
0.086 carats of round pink diamonds
from the Argyle diamond mine.
Proudly presented by Orange River, this
18-carat white gold cocktail-style ring is
set with 2.23-carat oval Ceylon sapphire
and round brilliant cut natural diamonds.
COMET
POIX & TROY
poixandtroy.com.au
Inspired by the French 1920 Parisian 'Annees Folles'
era of social, artistic and cultural collaborations.
This era was dedicated to fun, and this magnificent
emerald and diamond joyous ring is in perfect
harmony in 18-carat yellow gold.
ESTELLE –
AQUAMARINE &
TSAVORITE
MARK MCASKILL
markmcaskill.com.au
ESMERALDA
ELLENDALE DIAMONDS
ellendalediamonds.com.au
Esmeralda is a blend of elegance and
significance. Crafted in white and
rose gold, this piece captivates with a
central emerald embraced by delicate
pink diamonds from the Argyle mine.
Green and blue hues delight
in this oval aquamarine and
trilliant tsavorite dress ring.
Featuring halos of sapphire
and diamond halos, the ring is
set in 9-carat yellow and white
gold and is part of the Estelle
Collection by Mark McAskill.
46 | June 2024

RING OF DISTINCTION | 2024
ESTELLE – SAPPHIRE, BLUE
& WHITE DIAMOND
MARK MCASKILL
markmcaskill.com.au
Make a statement with this mesmerising
mint tourmaline, Ceylon sapphire, blue
diamond and white diamond halo dress
ring. Part of the Estelle Collection by
Mark MacAskill, the ring is set in 9-carat
yellow and white gold.
EVIA
NINA'S JEWELLERY
ninasjewellerywholesale.com.au
New this year and already flying off the shelf,
this bandeau tiara-inspired ring is an instant
favourite. A matching pendant and earrings
are now in the works to accompany it, with 12
Argyle pink diamonds and 74 white diamonds
attracting admiration.
FRENCH ROCCOCO
POIX & TROY
poixandtroy.com.au
'Un Bouquet de Couleurs',
inspired by the Rococo era, is a
fabulous ring of pastel tones and
vibrant colours to surprise and
create the illusion of motion and
drama. The ring is made with a
Cognac citrine centre stone, pink
tourmalines, mint quartz and
diamonds.
GEMSTONE COLLECTION
SOKLICH & CO.
soklichco.com
A collection of radiant pieces that
are all handmade and customdesigned
in Australia. Showcasing a
rhodolite garnet and diamond ring,
with modern lines that capture the
essence of this exquisite collection.
Featuring delicate pink tones of
Argyle pink diamonds
PinkKimberley.com.au
Become a stockist today 02 9290 2199
June 2024 | 47

SUPPLIER SHOWCASE | ADVERTISING FEATURE
GREEN TOURMALINE
SAI IMPORTS
saiimports.com.au
A stunning round green
tourmaline surrounded by
dazzling diamonds and London
blue topaz embraced in a circle
is a correct choice to highlight
any occasion.
JARDIN DE VERSAILLES
POIX & TROY
poixandtroy.com.au
This elegant, extremely refined ring is a piece of art
representing silky, flowing bows and the gardens of Chateau de
Versailles, created by the King of Sun. This unique ring is made
from diamonds and tsavorite baguettes on 18-carat yellow gold.
HALF ROUND AUSTRALIAN OPAL
AND ARGYLE DIAMONDS
BECKS
becksgroup.au
Step into the extraordinary realm of Australian opals
by BECKS. Meticulously fashioned in the South
Australian studio, this collection of opal rings captures
the mesmerising luminescence of the nation’s prized
treasure, seamlessly intertwined with dazzling diamonds.
GUESS
DESIGNA ACCESSORIES
designaaccessories.com.au/brands/guess
HALO SOLITAIRE
DSM PACIFIC
dsmpacific.com
This ring from GUESS exudes fierce masculinity.
An 18mm gold and silver tone ring with a lion's
head centred on a black coin motif will have you
feeling like a king.
With one of the largest stocks of
diamonds in Australia, DSM Pacific is
confident in its ability to find you the
perfect product. These stunning halo
solitaire diamond rings are available in
18-carat yellow gold and white gold.
48 | June 2024

We Are Here For You
June 2024 | 49

2024 | RING OF DISTINCTION
SUPPLIER SHOWCASE | ADVERTISING FEATURE
HONEY HEX COLLECTION
SOKLICH & CO.
soklichco.com
A contemporary collection taking
inspiration from nature and the
honeybee. Featuring a Tanzanite and
diamond halo ring set in 18-carat white
and yellow gold. Also available with other
gemstones, including ruby, aquamarine,
emerald, sapphire and amethyst.
LAVA COLLECTION
SOKLICH & CO.
soklichco.com
Lava Collection is inspired by the isolated beauty
of lush Australian rainforests and islands and the
explosive allure of ocean volcanoes. Experience
stunning rings with organic lines made in 18-carat
yellow, rose or white gold, with Australian diamonds.
JOSEPHINE
IKECHO
ikecho.com.au
Elevate your style with Ikecho's sterling silver
ring boasting a timeless design. Featuring a
lustrous single-button pearl set at its centre,
accented by sparkling cubic zirconia on each
side, this piece exudes sophistication.
Think ORANGE
For an extensive inventory comprising
natural diamonds, lab-grown,
gemstones and 18k jewellery
— Think Orange River.
Explore our inventory online or visit us
in person to discover the Orange River
difference.
MORGANITE
GERRIM
gerrim.com
A luxurious 5.52 carat Asscher-cut
Morganite exhibits a soft pink to
peach colour, accompanied by a
halo of smaller sapphires, and
tsavorite garnets contrasting
with the centre stone. Deep blue,
pink and white gemstones are
designed to radiate opulence.
Adelaide | Brisbane
50 | June 2024
orangeriver.com.au

RING OF DISTINCTION | 2024
PEARL & DIAMOND
BLOOM RING
ALLURE SOUTH SEA PEARLS
alluresouthseapearls.com.au
Handcrafted with precision, this
cocktail ring features a lustrous
15.5mm Australian South Sea
cultured pearl set upon an
18-carat yellow gold band. The
pearl is surrounded by three
18-carat white gold petals that
include 75x pave set diamonds.
PEARL SUNDOWNER
ALLURE SOUTH SEA PEARLS
alluresouthseapearls.com.au
Designed to be cherished, the Pearl
Sundowner Ring is handcrafted 18-carat
yellow gold with a lustrous 12.5mm
Australian South Sea cultured pearl. Each
diamond has been set to ensure that the
halo reflects the pearl's luminosity.
PINK KIMBERLEY
SAMS GROUP AUSTRALIA
pinkkimberley.com.au
Pink Kimberley jewellery celebrates the rarity and uniqueness of
Argyle pink diamonds, expertly crafted and designed to showcase
the unparalleled beauty of these exquisite gemstones. The latest
collection introduces a range of elevated, modern designs, from
lavish engagement ring styles to subtle stacker rings, ensuring
there's a perfect piece for every occasion and preference.
June 2024 | 51

SUPPLIER SHOWCASE | ADVERTISING FEATURE
SAPPHIRE DREAMS
SAMS GROUP AUSTRALIA
sapphiredreams.com.au
The latest additions to the Sapphire Dreams
collection showcase impeccable craftsmanship,
paying homage to the beauty and uniqueness of
Australian Sapphires. With a blend of elegance
and opulence, every jewellery piece seamlessly
combines timeless allure with contemporary
flair. From chić rings to statement necklaces,
each piece offers a touch of luxury that
effortlessly elevates any look.
THE CLASSIC COLLOCETION
THE AVALON
NINA'S JEWELLERY
ninasjewellerywholesale.com.au
The Avalon is one of ten spectacular
pieces that represent a celebration of
Argyle pink diamonds, carefully crafted
with details and hidden surprises. The
marquise diamonds in the halo took 14
hours to select and match alone.
TIMELESS ALLURE
ELLENDALE DIAMONDS
ellendalediamonds.com.au
THE ART DECO COLLECTION
Presenting the timeless allure
of this exquisite 18-carat white
and rose gold diamond ring,
highlighted by enchanting pink
diamonds from the Argyle mine.
THE ART NOUVEAU COLLECTION
Comes in 9K,14K and 18K in Yellow, White
and Rose Gold with Mined Diamonds
THOMAS SABO
DURAFLEX GROUP AUSTRALIA
dgau.com.au/thomas-sabo
Reminiscent of the Victorian age, this
crown ring adds a royal flair to everyday
life. Depending on preference, there are
two variants of the crown ring – either pure
sterling silver or yellow-gold plating. Both
options are complemented by tiny black
Zirconia stones in round and cubic shapes.
PO BOX 174 EDENSOR PARK NSW 2176
0422 204 307
info@planetalmas.com.au
F52 O L L O W | UJune S 2024

TWO-TONE ROSE & WHITE GOLD
KL DIAMONDS
kldiamonds.com.au
A two-tone 18-carat rose and white gold ring
made in Australia with Argyle pink and white
diamonds. It features three rows of diamonds,
two on the sides, each set with twelve round
brilliant cut white diamonds in 18-carat white
gold, and the middle row pops with the 5P
Argyle pink within 18-carat rose gold settings.
TWO-TONE ENGAGEMENT
KL DIAMONDS
kldiamonds.com.au
Featuring Argyle pink and white diamonds, the two-tone
engagement ring in 18-carat rose and white gold has a
centre of a 0.50-carat round brilliant cut diamond, dressed
with a halo of twelve pinks in colour 6P and graduating
white diamonds set down the shank of the ring.
VINTAGE DIAMONDS
MARK MCASKILL
markmcaskill.com.au
From Mark McAskill, explore this
show-stopping vintage-inspired
ring featuring dazzling round
brilliant-cut natural diamonds set
in 9-carat gold. It's a treasure to
stand the test of time.
100’s of amazing designs are
now available at the click of a
button for overnight delivery!
WEDDING BANDS
AUSTRALIAN DIAMOND
TRADING CORPORATION
adtc.com.au
ADTC presents a variety of stunning wedding bands featuring
round brilliant and fancy-cut diamonds. The selection provides
retailers with exquisite options and hassle-free service.
June 2024 | 53

SUPPLIER SHOWCASE | ADVERTISING FEATURE
BUBBLE RING
KL DIAMONDS
kldiamonds.com.au
The bubble ring from KL Diamonds
features 18-carat rose gold bezels
all the way around, with five pieces
of round brilliant cut Argyle pink
diamond in 5P colour set at the
front. Proudly Australian made with
Australian gold and diamonds.
ANIA HAIE
DURAFLEX GROUP AUSTRALIA
dgau.com.au/ania-haie
Add a statement spike ring to your collection.
Crafted in 14 carat gold-plated silver with cubic
zirconia, pair it with simple rings for a chic look.
Adjustable fit, perfect for everyday sparkle.
BUYERS CATALOGUE
SIMPLE
&SLEEK
Looking for something simple and elegant?
You've come to the right place.
Jeweller presents a collection of
pieces that exude sophistication.
DANIEL WELLINGTON
DURAFLEX GROUP AUSTRALIA
dgau.com.au/daniel-wellington
BLACK & WHITE ZIRCONIUM
WORTH & DOUGLAS
wdrings.com
A mix of industrial elements and refined crystal
details take this gold link ring way beyond your
basic chain. Can be worned with the rest of the
Crystal Link collection or alone as a statement
piece —this chunky ring is a stunner either way.
Worth & Douglas designs include new signet rings
crafted with timeless elegance and black-and-white
zirconium styles with flair. These collections blend classic
aesthetics with modern twists, creating a versatile range
for enduring tradition and stylish innovation.
54 | June 2024

FINE DIAMOND
COLLECTION
SOKLICH & CO.
soklichco.com
Experience the classic beauty of
Australian diamonds from the Argyle
diamond mine. All of these pieces
from Soklich & Co are crafted using
Australian gold and labour and
exude elegance and luxury.
FLAME STYLE BAND
FULL ETERNITY
ORANGE RIVER
orangeriver.com.au
An eye-catching piece from
Orange River, this 18-carat yellow
gold flame-style fully eternity
band makes a statement with 0.63
carats of white diamonds.
FRESHWATER PEARLS
STONES & SILVER
stonesandsilver.com.au
Stones & Silver proudly
presents a stunning .925
sterling silver with yellow gold
plating ring, featuring four eyecatching
freshwater pearls.
FURLA
DESIGNA ACCESSORIES
designaaccessories.com.au/brands/furla/
The wide rose-gold plated band is engraved with
the Furla 1927 logo, paired with a narrow band
encrusted with pave-set white round European
crystal. This ring elegantly elevates any outfit and
is perfect for all occasions.
LUXURY PEARL & OPAL JEWELLERY
02 9266 0636 • ENQUIRIES@IKECHO.COM.AU
WHOLESALE.IKECHO.COM.AU
June 2024 | 55

SUPPLIER SHOWCASE | ADVERTISING FEATURE
LA COURONNE'S GOLD
DIAMOND DRESS COLLECTION
LA COURONNE
lacouronnejewellery.com.au
La Couronne's collection of nine-carat
gold diamond dress rings is the epitome of
timeless elegance and sophistication. Crafted
with exquisite attention to detail, each ring
showcases the brilliance of carefully selected
diamonds set within nine-carat gold bands.
MOONSTONE &
ENCHANTING ROSE
STONES & SILVER
stonesandsilver.com.au
A gorgeous Stones & Silver
.925 sterling silver ring
with yellow gold plating.
Highlighted by remarkable
moonstone or enchanting
rose quartz stone.
LAYLA
IKECHO
ikecho.com.au
Level up any customer's look with an
Ikecho sterling silver ring, showcasing
three bands. The central band gracefully
tapers towards a radiant white button
freshwater pearl, accentuated by
sparkling cubic zirconias.
56 | June 2024

ADVERTISING FEATURE | SUPPLIER SHOWCASE
S&S
STONES& SILVER
STERLING SILVER JEWELLERY
FESTIVA
NINA'S JEWELLERY
ninasjewellerywholesale.com.au
Orange, yellow, green, champagne, and
even Argyle pink and blue diamonds
combine in this colourful cluster ring.
Made of diamonds from five different
countries, the Festiva ring has become
the standout of Nina’s Rainbow Collection.
SIGNET
WORTH & DOUGLAS
wdrings.com
Worth & Douglas signet rings blend
classic aesthetics with modern twists,
creating a versatile range for enduring
tradition and stylish innovation.
Our best selling
Spin, Anxiety or Meditation Rings.
SYBIL
IKECHO
ikecho.com.au
Ikecho's Sybil Ring is where elegance
meets simplicity. Crafted from sterling
silver, this ring features a single band that
wraps around a lustrous white freshwater
button pearl, offering an understated
elegance suitable for any occasion.
TANTALUM AND BLACK DIAMOND
BECKS
becksgroup.au
Hypoallergenic, scratch-resistant and exuding
robust durability, each ring promises enduring
allure. Embrace the dark distinctive aesthetic
of Tantalum, confident in the knowledge that
this ring will withstand the test of time with
unwavering resilience.
Ph: +61 458 339 004
stonesandsilver.com.au
June 2024 | 57

BUSINESS
Strategy
Consumer insights:
Customer loyalty has changed
How can your business benefit from a loyalty program?
ANASTASIA LLOYD-WALLIS discusses the evolving nature of loyalty programs.
There’s been a significant shift in the focus
of loyalty in the retail sector.
Customers want to create an emotional
connection with a business. They want to
interact with brands, to be ‘part of the tribe
and part of the team’. In essence, they’re
becoming brand advocates.
What does this mean for you as a retailer?
How do you build that emotional connection
with your customers and get them to be
your loyal advocates?
Let’s start by looking at what loyalty means
to customers. What are they looking for?
And what’s going to make them loyal to you
and your brand?
One of the obvious first steps is
implementing a loyalty program. Do you
have a loyalty scheme in place? What is
your database? How do you interact with
customers regarding this?
Our Retail Doctor Group Insights Research
shows that loyalty schemes significantly
influence one in five customers.
This research found that 92 per cent
of women and 86 per cent of men are
members of loyalty schemes.
So, we see this large proportion of people
who are members of retail programs and
want to interact with businesses personally.
However, the offer needs to be correct.
So, let’s take a closer look at those pesky
Millennials and Gen Zs because one of the
things that has been the ‘talk of the town’
regarding retail sentiment is that younger
consumers are somehow less influenced
by loyalty.
This sentiment is quite the contrast to what
we are seeing in our research.
We’re finding that those younger
demographics can be more loyal - they can
be more vocal, and they can be the most
prominent advocates of your business.
This is only true if the offer is correct and
you have the brand they want to connect
with.
Our research shows that loyalty programs
influence three-quarters of consumers aged
between 25 and 34 in all sectors.
Loyalty schemes influence Gen Z and
Millennials more than any other segment!
But just how are they influenced?
The findings below will help you understand
why you must fine-tune your approach to
loyalty programs and younger customers.
Spending in different groups
First and foremost, loyalty schemes
influence customers to visit stores more
often.
Research has found that 38 per cent of
consumers reported that loyalty programs
influence them to visit a particular store or
retailer more frequently.
Almost one in three consumers spend more
every time they visit because they are a
member of that program.
It’s also been discovered that consumers
aged 25-44 are significantly more likely to
spend more when they’re members of a
retail loyalty scheme.
This demographic outperforms all others
regarding retail spending based on loyalty.
It’s obvious
that having
the right offer
and creating
an emotional
connection
through your
loyalty scheme
can develop a
large return on
investment for
you and your
store.
It’s evident that having the right offer
and creating an emotional connection
through your loyalty scheme can develop
a significant return on investment for you
and your store.
A key question is who you aimfor in
your loyalty scheme. What segment of
consumers do you want to interact with?
And what does this all mean for you as a
retailer?
This is an integral part of your customer
behaviour journey and a key area of your
customer loyalty loop.
These four steps in the process will help
you revamp your customer loyalty scheme
strategies:
• Review your existing loyalty scheme to
determine your unique demographic.
• Compare your demographic data to
your target customer profile. How do they
match up?
• Determine ways to align your current
loyalty scheme demographics to your
target customer.
• Ask yourself the following question –
what will influence their purchase?
Initiate loyalty scheme rewards that
influence repeat purchase behaviour
and result in word-of-mouth
recommendations.
It’s not really about what you’re offering.
It’s more about why they want to interact
with you.
Our Consumer Insights data below can
help you understand what your consumers
like about loyalty schemes.
58 | June 2024

The most important takeaway from this
data is that consumers are looking for
various options. There is no one-size-fitsall.
It’s been found that 50 per cent of
consumers are looking to redeem points,
aiming to collect points quickly, and are
actively searching for exclusive discounts.
Once again, who are you targeting with your
loyalty scheme, and what do they want?
This will differ depending on their
personality types and demographics.
This is why loyalty schemes should be as
individualised as possible.
Our research has found that different
personalities have very different loyalty
drivers.
Below is a list of groups to consider when
assessing your customers.
Group one: These consumers want to be
rewarded with discounts, promotions, and
exclusive offers.
Group two: Performers looking for status
tiers and VIP omni products. These
consumers expect to feel important.
Group three: Consumers seeking
gamification, precisely excitement, fun, and
competition. They expect your business to
make shopping exciting and engaging for
them and will remain loyal if you do so.
Group four: Bored consumers searching
for new and exciting products. This group
is excited by the launch of new products,
particularly when they’re available to them
exclusively.
Group five: Consumers searching for openminded
pleasure.
They expect products and services to make
their life easier and more enjoyable.
Group six: Harmonisers looking for a
business to relay to their friends and family.
They expect to be a part of a community
with family discounts, linked rewards, and
club memberships.
This is Australia's largest segment, around
one-third of all consumers.
Group seven: Traditionalists who are eager
to feel pampered. These consumers are
seeking help with production decisions
and expect great personalised customer
service. They should also be offered a
warranty and given any other appropriate
general guidance.
This is another significant segment of
Australian retail consumers, comprising
around one-fifth of all shoppers.
So, keeping loyalty scheme spending
behaviour in mind, we come back to the
question of who our consumers are.
If you’ve previously read about consumer
personalities, you’ll understand just
how much this aspect drives consumer
behaviour.
How does personality influence loyalty?
We know 95 per cent of consumer decisionmaking
happens in the emotional brain.
This is the limbic part of the brain.
The limbic system is the part of the
brain involved in our behavioural and
emotional responses, especially concerning
behaviours we need for survival.
These include feeding, reproduction, caring
for our young, and fight-or-flight responses.
FOUR STEPS
TO CREATE
A LOYALTY
SCHEME
Review
Reflect and
evaluate any preexisting
loyalty
programs your
business has in
place.
Compare
Document
any important
demographic data
you have on your
target market.
Determine
Ensure that
any new loyalty
schemes match
the needs of this
target market.
The Big
Question
What’s going to
influence their
purchase?
We also know that emotional decisionmaking
drives sales, but why?
Understanding why customers pick your
brand over your competitors is vital to your
brand’s longevity.
The rational brain is involved in just five per
cent of decision-making scenarios.
This involvement includes the how and the
what of the purchase, as well as the point
collection, discounts, and other rewards in a
loyalty decision.
However, the rational brain has very little say
beyond this, relying instead on the emotional
brain to complete the decision.
Retailers need to understand the emotional
driving power behind purchasing decisions
and behaviours, specifically wanting to feel
special, to be part of the community, and to
be entertained.
What are your consumers driven by? By
understanding this, you can determine the
type of loyalty scheme and its offerings.
Until recently, that driving influence was
thought to be driven by demographic
segmentation.
We consider our consumers through a
demographic lens in fictional retailing.
Whereas now it’s more important to think
about the consumer’s driving-why through
an emotional lens.
ANASTASIA LLOYD WALLIS is the head
of consumer insights at Retail Doctor
Group. Learn more: retaildoctor.com.au
June 2024 | 59

BUSINESS
Selling
Want to make more sales?
Understand your customers!
How well do you really understand your customers?
MICHAEL HINSHAW encourages you to ask the big questions about your business.
There are many reasons why businesses
treat customers poorly. One of the
most common and costly explanations
– and the easiest to fix – is a lack of
understanding of the customers.
This gets at the core of two basic business
questions that many businesses either
don’t ask or don’t share effectively across
the workforce.
• Who is our customer? Knowing your
customers means having a clear picture
of who they are. This includes information
such as age, income, expectations, and
beliefs.
This should all be articulated in your
customer experience strategy and be
understood by your employees.
Not knowing who your customers are
means that you are consistently positioned
to fail when asked to give them what they
want at any given time. Your business will
fail to grasp opportunities to satisfy or
delight them – and you can forget about
increasing sales.
One tool that can help create this ‘vivid
picture’ of your customer is researchbased
personas. Long used in software
design, companies such as Best Buy use
clearly defined personas to significantly
change customer experience in areas
such as store design, products, employee
training and more.
• What are they worth to us? Most
businesses have customers that fall
into one of a series of ‘value buckets’ or
segments.
Typically, the top 20 per cent will deliver
the lion’s share of profit, just as the bottom
20 per cent will consistently cost you more
to serve than the profit you can make on
them.
Then, falling into two or three ‘middle’
buckets, you’ll have customers that could
be worth more – some, a much more. Not
knowing this means you’ll unknowingly
push your most valuable customers away
while potentially expending massive
resources to keep a customer you’re losing
money on.
There are some critical questions you
should ask of your business. Are you
spending too much to better serve your
least valuable customers? Who exactly is
your customer? And what precisely is their
value to you over time?
Without definitive answers to these
questions, everyone in your business is
‘flying blind’ when it comes to increasing
profits and delivering quality customer
experiences.
Failure to effectively answer these
questions means a few things, and none
are good. The most obvious is an inability
to keep the customers you’ve worked so
hard to acquire.
In short, a lack of customer understanding
at the individual level makes it hard for
your business to effectively give your
customers what they need when they need
it.
This means consistently failing to give
customers what they want at any given
point and failing to grasp opportunities to
satisfy or delight them.
We know that not all customers are
created equally. Some are worth more
than others; that’s why it’s so essential for
a business to answer these questions.
Failure to
effectively
answer these
questions
means a few
things, and
none are good.
little value but those whose value to your
business is significant. Alternatively, you’ll
over-invest in delivering experience to
customers you’ll never make money on.
If your business is experiencing these
issues, you’ll need to take on an outside-in
approach, focusing on the perception of
your business among customers. Once you
understand where you’re failing to meet
their expectations, you’ll find that issues
are easier to resolve.
With that said, you need to start by
understanding who your customers are.
Not just in a broad sense but also in a
segmented, prioritised sense.
Many businesses have a hard time
answering these questions – many of which
have the resources and data to figure it
out. I’m constantly surprised by how many
businesses I encounter falling short in this
vital area.
Maybe marketing is using segments to
target promotions, or personas are being
used to design websites – sometimes
finance tracks customer value.
While your business may be getting it right
in a few specific areas, when it comes
to a shared view of how to serve critical
customers across groups or divisions,
sadly, there’s often no clear picture.
Even though not all customers are created
equally, they all have high expectations and
strong opinions. Effectively managing their
expectations can only occur after a clear
understanding of what those expectations
are is articulated.
There’s little argument to be had regarding
the importance of improving and better
managing the customer experience. But
when it comes to doing so, looking at your
customers through the dual lenses of
‘inside-out’ and ‘outside-in’ is where you
need to start.
After all, if you don’t know who your
customers are, you won’t know what they
need. And if you don’t know what they need,
you can’t give it to them.
Segmentation strategy through the lens of
‘customer lifetime value’ is one of the most
common approaches to understanding
customer value.
Not knowing which customers are in
which buckets means that you might
indiscriminately dissatisfy all your
customers, not just those who may have
MICHAEL HINSHAW is president of
McorpCX, which focuses on customer
experience management.
Learn more: www.mcorp.cx
60 | June 2024

BUSINESS
Management
Planning for the future:
The secret to successful succession
Who will sit on the throne when you’re gone?
DAVID BROWN explains the importance of a smooth transition.
There’s an old saying – ‘shirt sleeves to
shirt sleeves in three generations.’
It refers to the tendency for the first
generation to build an empire, the second
generation to maintain it, and the third
generation to squander it.
You may not feel like an empire builder,
or perhaps you aren’t the first-generation
owner of your business.
However, chances are you want to see
some legacy passed on to the next
generation.
It’s about providing those we care about
the start they need to build their future
wealth.
Passing a business comes with many
challenges, and it’s just a matter of your
successors' competence or spending
habits.
Changing markets, emerging technology,
and the arrival of unexpected competitors
can all eat away at your opportunity for
long-term success.
Studies suggest that 70 per cent of
businesses won’t survive to the second
generation.
A further 90 per cent won’t make it until
the third - and that’s assuming you have
someone interested in taking it over!
If you are fortunate to have a successorin-waiting,
there are steps you can put in
place to make the transition as smooth as
possible.
These practices serve both for the
successor and other family members who
may have a vested interest in the outcome.
Explore all options
There is always more than one way to
work through the process of who gets
what and how the value of your business is
determined.
Dealing with family members will bring
more than its fair share of additional
baggage - so that is something all parties
should appropriately prepare for.
The emotional interaction beyond the
straight analysis of numbers and assets
will complicate the process.
Keeping everyone happy will be a complex
process.
Consider finding an independent
consultant to help remove some of the
emotion from the process.
Establish a constitution
Outlining the rules and determining the
powers that various family members
will have during the process ensures
everyone is on the same page.
In a similar vein, consider creating a
shareholder agreement. Regardless
of who may take over the business,
other family members may still retain a
shareholding and that is a factor which
must be considered. An outline of how
they will interact is the cornerstone of a
solid arrangement in the future.
Fine-tune the arrangement
Consider the uniqueness of your individual
circumstances. Many standard agreement
templates exist; however, chances are
your family will be unique and have needs
that must be respected. Predetermining
how disagreements will be resolved in
advance is crucial to ensuring a smooth
transition for all parties invested in the
process.
There will be times when stakeholders
disagree, and resolution will be needed.
• How will these scenarios be resolved?
• Who will be responsible for this process?
• Will someone have a casting vote?
Like it or not,
you and your
business will
need to part
company one
day. How you
prepare for
this will greatly
impact how
smoothly it
goes.
How will the business be valued?
A business valuation process can produce
multiple answers depending on the
method used.
The price will be what both buyer and
seller are happy with.
Regardless, valuations will still provide a
worthwhile guideline based on which the
pricing process will be based.
Full disclosure of all methods used must
be part of this process.
Transparency
Not only is honest communication
important during the valuation process, it
should go without saying that it's critical to
all aspects of the transition.
Consider the needs of broader family
members.
Are there others dependent on the
business's income going forward who
won’t be part of the succession process?
Will the older generations involved in
setting up the current business still need
to earn from it in the future?
Good luck
Succession may seem daunting; however,
it's not one you can’t ignore.
Perhaps Anne Mulcahy, former CEO of
Xerox, said it best.
“One of the things we often miss in
succession planning is that it should
be gradual and thoughtful, with lots of
sharing of information and knowledge and
perspective, so that it’s almost a non-event
when it happens.”
Like it or not, you and your business will
need to part company one day.
How you prepare for this process will
greatly impact how smoothly it goes.
Pay attention to the detail required to make
the outcome satisfactory for everyone.
DAVID BROWN is co-founder
and business mentor with Retail
Edge Consultants. Learn more:
retailedgeconsultants.com
June 2024 | 61

BUSINESS
Marketing & PR
The importance of customer
engagement in digital marketing
Reluctant to take your business online? ALEX FETANAT offers advice on how
your business can benefit from well-thought-out digital marketing.
In the ultra-competitive world of
jewellery sales and marketing,
stores are always looking for new and
innovative strategies to stay one step
ahead of their competitors.
give customers an inside look at new
pieces or try designing their own custom
jewellery, all while creating greater
brand awareness and recognition of
your business.
One of the best steps you can take to
promote your jewellery business is to
nurture your customer relationships.
For many customers, buying jewellery
is a significant purchase. They may be
celebrating a birth, a wedding or another
cherished milestone and are looking for
a captivating piece to commemorate the
event.
To engage these customers and stay frontof-mind
with them before, during and even
after the sale, it’s important to engage
them at every stage of the process. Here
are the steps I recommend to keep your
customers interested.
Repeat sales are, after all, the lifeblood of
jewellery retail – you need to keep them
coming back again and again.
Create a personalised experience
One of the best ways to make shopping
for jewellery a memorable experience
for each customer is to personalise the
process.
That doesn’t just mean engraving a ring
with their name; instead, it refers to
creating experiences that show customers
how important their business is to you.
For a jewellery store, whether online
or offline (or both), that means taking
the time to understand what they like,
what they’re looking for, and what kind of
results they hope to achieve.
For someone searching for a unique
engagement ring, for example, a
custom design featuring their ideas and
suggestions may resonate with them
more than designer diamond engagement
rings, which are more common.
Delivering a personalised experience
creates a personal connection and makes
the customer feel you truly ‘get’ them. It
also helps cultivate greater brand loyalty,
which brings us to our next point:
Cultivating trust and brand loyalty
How do you stay in your customers’ minds
when there’s so much online and offline
competition?
When you communicate regularly with
your customers, respond quickly to their
inquiries, and help them find the perfect
piece, it helps create a sense of trust,
which, when cultivated over time, creates
greater brand loyalty.
As you continue nurturing these
relationships, your happy customers will
become unofficial brand ambassadors,
helping to spread the word to their friends
and family.
Cross-sells and upsells
Another excellent method to increase
customer engagement in jewellery
marketing is to leverage cross-sells and
upsells.
Engaged customers tend to be more
receptive to new product launches, limited
edition showcases and designer trends.
An engagement ring purchase could
lead to purchases for the bridal party,
commemorative items and much more.
Always look for ways to add value to every
sale and create a memorable experience
for every customer.
Don’t neglect social media
Although few customers will buy
jewellery directly through social media, it
nevertheless is a powerful marketing tool,
especially for generating enthusiasm and
engaging with customers in a more open
and conversational atmosphere.
Beautiful, high-quality images and videos,
live streaming announcements and even
interactive tools can be a great way to
One of the best
ways to make
shopping for
jewellery a
memorable
experience for
each customer
is to personalise
the process.
Now more than ever, niche-based
communities are on fire. Connecting
with those who share similar interests,
not just in terms of jewellery but also
with those who love looking good, will be
a focus for jewellers in the coming year.
Imagine building a community around
buying the perfect engagement ring. You
might get eager brides-to-be who are
all too happy to show off their wishlist or
nervous grooms who still need to pop
the question and are browsing.
As the content creator, you could
mention some of your best-selling
designs, popular trends and much more
to get people excited and engaged.
People are hungry for visually bitesized
content in the form of short video
snippets. This approach to content
creation started gaining traction in 2022
and is only forecast to grow in 2023, even
though the concept of it has been around
for years.
Although TikTok is the king of the hill in
this regard, Facebook, Instagram and
even Pinterest and YouTube are looking
to unseat TikTok with their flavour of
short-form videos. Brainstorm short
videos your online jewellery store can
create to attract your ideal customer;
the possibilities are endless!
With so many options for engaging with
customers, it’s worth formulating a
detailed plan of action on how you plan
to launch your brand and be seen in
front of your target audience.
While these tips are a great starting
point to increase customer engagement
in jewellery marketing, it pays to
work with a company that specialises
in helping jewellery stores market
themselves and connect with customers
online.
ALEX FETANAT is founder and CEO of
the GemFind Network, a US-based digital
marketing firm for the jewellery industry.
Visit: gemfind.com
62 | June 2024

BUSINESS
Logged On
Artificial Intelligence:
Over-capitalised and under-utilised
Interested in introducing Artificial Business to your business but need help figuring out where to begin?
BARRY URQUHART explains the importance of strategy.
Productivity shortfalls prevail with
Artificial Intelligence (AI) applications.
Investments in new AI hardware, systems
and processes over the past 48 months
have exceeded outlays for enhancing
and introducing internal and external
resources for the optimal use of that
capacity.
Business owners and managers
sense and suspect that inadequate
and inappropriate internal skills
are contributing to AI's sub-optimal
performance and a lack of improvements
in productivity, competitiveness, and
customer service.
The arcane appears appropriate for AI
in many Australian businesses, that is,
“known and understood by few.”
An overwhelming majority of business
owners, managers, and company
directors are aware of AI's rapidly
evolving capacities and the prospective
advantages, benefits, and rewards of
investing in it.
However, quantifying improvements in
outputs have been and currently are
limited. Verifying data is situational and
tactical rather than strategic.
A majority of businesses that have
invested $10,000 or more in artificial
intelligence since January 2020 stated that
they had not documented their strategic
plans, outlays, or specifically defined
goals, forecasts, and budgets.
Conflicted needs and priorities
A consensus among the owners and
managers of small to medium-sized
enterprises (that is, employing fewer than
120 people) is that commitments to the
introduction of more artificial AI were in
competition with investments.
The areas of particular concern in
terms of business needs are Premises
presentations, supply chains, warehouse/
fulfilment centres, inventory levels, cash
flow protection and growth, and resource
(people) allocation.
The business fraternity is generally aware
of the presence, needs for, and advantages
of rapidly evolving modes of artificial
intelligence.
The pressing, competing needs and
priorities, together with contacting capital
resources and sensitivities about the
costs of doing business, are impeding
and limiting the introduction of artificial
intelligence in business operations.
There is little evidence of verifiable
improvements in performance,
competitiveness and productivity among
peer and associate entities.
Not surprisingly, the small and medium
sized enterprise sector is currently
hesitant to make substantial investments
in artificial intelligence.
Extensive and intensive education is
required to overcome important barriers.
Few managers doubt the potential of AI.
Realising that potential is a fundamental
issue.
Not one participating business owner,
manager, or company involved in a
recent study directly declared that
their corporate literature, advertising,
merchandising, and websites detailed the
advantages, benefits, and rewards that AI
provides or promises existing prospective
clients and customers. Opportunities
forsaken!
Emphasis on processes and efficiency
tends to provide internal upsides.
Conspicuously lacking is the profiling
of enticing and compelling outcomes
that satisfy and fulfil customer needs,
wants, and desires. The latter relates to
effectiveness.
On balance, AI seems to have established
prospective or existing efficiencies;
however, it lacks the recognition,
appreciation, and value associated with
effectiveness.
Structure,
discipline,
understanding,
and
commitment
are imperatives
for the effective
introduction
and
deployment of
AI programs in
your business.
AI investment template
Detailed below are some but not all
sequential procedures that could
reasonably be deemed imperative for the
investment decisions related to AI.
• Conduct an audit of existing technologies,
innovations and AI programs.
• Identify, analyse, and prioritise strengths
and deficiencies.
• Seek, isolate, and evaluate available,
evolving and pending complementary AI
modes.
• Determine internal resources, expertise,
training, and experience in deploying AI.
• Investigate available resources from
suppliers and external consultants
for formulating, documenting and
implementing AI.
• Liaise with suppliers, associates, staff,
clients, and customers to educate them
about and use AI enhancement offerings.
• Schedule and conduct periodic
performance, productivity, and customer
satisfaction reviews, seeking to identify
possible refinements and enhancements.
• Refine recruitment, induction, training
and development procedures to include the
integration of AI.
• Integrate the goals, objectives, and tactics
for artificial intelligence into the company's
strategic plan.
Structure, discipline, understanding, and
commitment are imperatives for effectively
introducing and deployingAI programs in
your business.
As I have written before, AI works best from
an extensive existing database.
The benefits are immense when perceived
through customer perspectives,
particularly in terms of personalised
customer service.
As with all things strategic, time and timing
are fundamentals and should be respected.
BARRY URQUHART is managing
director of Marketing Focus. He has been
a consultant to the retail industry since
1980. Visit: marketingfocus.net.au
June 2024 | 63

My Bench
Peter Gertler
Peter Gertler Gold and Silversmith
Age 72 Royal Melbourne Institute of Technology Gold and Silversmithing Fellowship Diploma 1971-1974
• First job Self-employed
STERLING SILVER
Mace for St Michael's Uniting Church Melbourne. A sterling
silver orb with various enamel panels signifying life, cleft rock
on apex and opals with sterling silver and amethysts entwined
vine on the shaft of staff.
FAVOURITE GEMSTONE Star sapphire.
FAVOURITE METAL 18-carat yellow gold. In
terms of silversmithing, sterling silver.
FAVOURITE TOOL Planishing hammer.
BEST NEW TOOL DISCOVERY Micro torches and
micro welders.
BEST PART OF THE JOB The variety of
commissions and interaction with customers.
WORST PART OF THE JOB Time pressure, loss
of colleagues and skills.
BEST TIP FROM A JEWELLER Keep loose
gemstones on the bench in a tray.
BEST TIP TO A JEWELLER Don’t repair
silverware with lead solder. Also acknowledge
that there is always team effort involved in any
successful business. I'm very appreciative of the
support of my wife Marion, and Glenn Busch,
who began with us as an apprentice.
BIGGEST HEALTH CONCERN ON THE BENCH
Loss of dexterity and eyesight.
LOVE JEWELLERY BECAUSE All jewellery and
trophies have emotion at their core. The reason it
is given or awarded is relived over many years.
64 | June 2024

June 2024 | 65

OPINION
Soapbox
To improve is to change;
to be perfect is to change often
The jewellery industry is blessed with a rich history; however, when you rely on convention it’s easy
to get stuck in your ways. NICOLE BENDER encourages you to embrace change within your business.
Embarking on a new adventure can be
unnerving and challenging at the best of
times. If we’ve learned anything over the
past few years, it’s that embracing change
in the jewellery business is crucial.
This was particularly true during the
COVID-19 pandemic when businesses
learned that surviving and thriving by
pivoting and embracing change is not a
choice; it’s a necessity.
Before joining Dialog and stepping into the
wonderful world of diamonds, I worked in
the pearl industry for 30 years – spending
time with Kailis Jewellery, Australian Pearl
Centre and Autore.
Ten years ago, if someone had suggested
you could buy pearls from a supplier over
the Internet or even by simply viewing a
video, people would have laughed at you.
Veterans of the industry would’ve been quick
to list the many reasons why people would
never do that.
You’d even hear those dreaded words —
"that’s just not how things are done!"
Fast-forward to 2020 and beyond, and all
the major pearl farmers are hosting online
auctions. It’s become an industry standard.
The pearl industry is thriving at the
moment, and the important players have
all embraced the need for online sales. The
industry was ‘pushed’ into this practice by
the pandemic, but we understand today that
it was necessary.
I recently embarked on my own personal
change, making the decision to move out
of pearls and into diamonds. One thing I’ve
noticed is that while the product is obviously
different, there are many similarities
between these two industries.
The foundation of this industry is based on
relationships and trust. Mutually beneficial
relationships are worth their weight in gold –
no pun intended - and it’s important to build
strong personal connections with the people
you work with and your customers.
These character traits are the most valuable
resources in business and are certainly
transferable skills regardless of the
difference in products and companies.
That said, the desire for trust can be a
double-edged sword. How often do you
dismiss an interesting idea out of the gate
because "it’s too good to be true"?
How often have you been presented with
a solution to a problem faced by your
business, only to stop and ask yourself,
"what’s the catch?"
It’s healthy to be cautious – there’s a great
deal at stake; however, we can’t close the
door to new opportunities simultaneously.
When speaking with retailers in recent
months, I’ve heard similar pain points that
affect their ability to compete and remain
profitable in an evolving industry.
These include issues with dead inventory,
declining margins, and the impact of
increasing e-commerce rivals.
These are just a handful of problems
impacting independent retailers.
While I would never claim to have the
solution to all these problems, one
suggestion is that you invest time into
exploring new opportunities and ways
to do something differently.
To fix an issue, you need to understand it,
and by exploring the data your store collects,
you might be surprised by what you find.
During the downtime of the pandemic, many
retailers and suppliers began to experiment
with sales analysis, searching for ways to
refine their business.
Yes, it can be time-intensive; however,
discerning the cause of issues in your
business can be challenging when you’re
working at the coalface daily. It can be
difficult to see the forest for the trees.
I’ve seen this many times – particularly
during sales and production meetings.
We can only
truly grow if
we’re willing to
try something
new and push
ourselves
outside of our
comfort zone.
Forecasts are reviewed in preparation for
upcoming orders, and more often than not,
the products the sales team thinks are the
best-sellers are, in fact, not!
When we look at the data and break down
the actual number, we’re often surprised at
how much our perception can differ from
the cold, hard facts.
Since joining Dialog, the world’s first
diamond subscription service provider, I’ve
come to deeply appreciate this approach to
business.
It’s just one of the services we provide;
however, taking this dedicated approach to
analytics is something I’ve enjoyed.
And that’s something I never would’ve
learned if I hadn’t been willing to make the
leap from pearls to diamonds!
Only through a thorough analysis can you
make informed decisions, and it’s only
when we challenge ourselves and push the
boundaries of what is achievable that great
things can happen.
Of course, some people are quicker than
others to embrace change or try something
new, and that’s completely fine – that’s
human nature and what makes us all so
different and unique.
For the rest of us, however, often taking
the first leap of faith is the hardest. It was
daunting to make the transition from pearls
to diamonds after three decades; however;
it was a change I’m so glad I made.
We can only truly grow if we’re willing to try
something new and push ourselves outside
of our comfort zone.
Embracing change is always daunting;
however, I promise it will be worth it.
Name: Nicole Bender
Business: Dialog/HRA Group
Position: Sales director
Location: Sydney, NSW
Years in the industry: 31
66 | June 2024

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