February 17, 2017, 10:17 am
An investor group comprised of Bain Capital Private Equity, Bow Street and Adama Partners completed the acquisition of online diamond and jewelry retailer Blue Nile Friday, paying $40.75 per share in cash. A Securities and Exchange Commission document said the total amount paid for the Seattle-based company was $520 million.
The transaction was first announced on Nov. 7, 2016, and was approved by Blue Nile's shareholders on February 2. Trading in Blue Nile’s common stock on NASDAQ will end February 21.
“Blue Nile has disrupted and transformed the way consumers shop for and purchase diamonds and fine jewelry by creating price transparency while simultaneously providing value to suppliers,” said Blue Nile Chairman, CEO and President Harvey Kanter. “As we enter the next phase of growth, Blue Nile will continue to expand our vision and focus on putting the customer first by reaching them the way they prefer to shop whether it's a computer, mobile device, or in one of our Webrooms.”
Blue Nile was founded in 1999 by Mark Vadon after he had a less than satisfying experience shopping for a diamond engagement ring through traditional retail routes.
The company was created during the infancy of the Web with the premise that choosing an engagement ring can be a simple process and can be done online. Education and disclosure helped consumers make informed decisions when choosing a diamond engagement ring.
Within 10 years it became one of the largest diamond and diamond engagement ring retailers in the U.S. and one of the early high-growth eCommerce darlings.
The company has an inventory of more than 200,000 diamonds with grading reports from the Gemological Institute of America or the American Gem Society. They can be paired with more than 200 settings. The overall result is that, according to company officials, Blue Nile provides more options and sells their jewels for less than traditional retail jewelers.
Since its founding the company says it has served more than 1.7 million customers and sold more than 1 million engagement rings and wedding bands, combined.
However, 18 years later Vadon is no longer with the company, and more recently it is showing signs that its robust growth in the U.S. is waning (The company sales are growing at a strong pace at its two international hubs in Europe and China). On the same day the acquisition was announced, Blue Nile released its third-quarter earnings report, which showed a year-over-year net sales decrease of 4.3 percent to $105.1 million for the period ended Oct. 2, 2016.However, in a statement the new investors believe there is still room for growth.
“Blue Nile is a unique business with a strong platform in an industry that is rapidly evolving and migrating online," said Ryan Cotton, a managing director at Bain Capital Private Equity. "We are excited to … help Blue Nile continue to lead the transformation of the customer purchase experience in engagement rings and fine jewelry.”
In an October interview, Katner told me that he too believes there is plenty of room to diversify and grow in the U.S. and abroad. In the U.S., while Blue Nile is by far the largest Internet diamond jewelry retailer in the U.S. (and the world) with 50 percent of the market, he believes it has only 5 percent of the overall jewelry market.
To capture more market share, Katner said the company is working to enhance their mobile capabilities, reach consumers through retail outlets, known as Webrooms, and enhance how it digitally displays their products. ![]() |
| Blue Nile Webroom Roosevelt Field Mall |
“Today’s consumer or the millennial consumer really requires choice,” he said in October. “The way we look at our business, it is no longer an eCommerce business or an Omni-channel business. It’s a business about commerce,” he said in October. “We believe that as we continue to engage the millennial customer, we can get more people to have the trust and confidence, and understand all of the benefits of buying from someone like Blue Nile online. The Webroom is an example of that. Enhancements to the phone or tablet or PC, which is ultimately the digital experience, are examples of that. Those are all important elements that actually accelerate our business.”
BofA Merrill Lynch served as exclusive financial advisor to Blue Nile, and Wilson Sonsini Goodrich & Rosati served as its legal advisor. Goldman Sachs & Co provided debt for the transaction, and Kirkland & Ellis LLP served as legal advisor to the Investor Group.
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February 17, 2017, 10:37 am
Luxury diamond jeweler, Nirav Modi, named Priyanka Chopra the brand’s global ambassador. The Bollywood star will appear in a global photo and video advertising campaign for the high jewelry house.
The Indian actress, model, singer, film producer, philanthropist and Miss World 2000, is described by the Indian-based high jeweler as “a symbol for today’s women, inspiring them to be the best version of themselves.” In the U.S. she is known for her role as Alex Parrish, an FBI recruit in the TV drama Quantico. She is a regular on fashion catwalks, magazine covers and international red carpets. Nirav Modi is global high jewelry house, specializing in diamond jewels. It is named after its billionaire founder and creative director. ![]() |
| Priyanka Chopra and Nirav Modi |
“Priyanka Chopra embodies all the symbols of modern India while paving her own path, which also represents the ethos of our brand,” Modi said. “She strives to not only achieve, but also master, the unexpected, unheard of.… There is perfection in every aspect of her work. An inspirational icon, she shares a distinct spirit similar Nirav Modi–taking Indian excellence to the international stage.” Chopra added, “My association with Nirav Modi is like a meeting of minds in many ways. We are both fiercely proud of our heritage and are united by the idea of bringing a modern India to the global forefront. His jewels are one of a kind and effortless, with an understated elegance. I have worn the brand on many occasions and have always been impressed with the exquisite designs, the finesse, the clarity and femininity of the jewels. I’m looking forward to a wonderful association.”
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February 20, 2017, 1:52 am
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| Montblanc CEO Jérôme Lambert (letf) with brand ambassadors Guey Lun Mei, Charlotte Casiraghi and Hugh Jackman at the Montblanc gala dinner in Geneva |
The rows of tables that make up the seating arrangement at the Brasserie Des Halles de L’Ile for Montblanc’s annual gala dinner is just one of the signature trademarks of Jérôme Lambert that displays his attention to detail.
In less than four years the engaging French CEO of the German luxury brand has managed to make his mark in many ways. Among them:
* He created consistent storylines based on Montblanc’s heritage over multiple product categories and produced innovative products that adhered to brand’s legacy. For example, a year ago, Montblanc celebrated its 110th anniversary with a wide collection of writing instruments, timepieces, leather goods, cufflinks and jewelry called “Montblanc Heritage Collection, Rouge & Noir” that took design inspiration from various periods of the brand’s history.
* He championed the first design partnership in Montblanc’s history, working with contemporary designer, Marc Newson, for the Montblanc M collection of writing instruments.
* He named contemporary art curators, Sam Bardaouil and Till Fellrath, as co-chairs of the Montblanc de la Culture Arts Patronage Awards, also a first for the brand and the 25-year history of the awards program.
* He was instrumental in merging the talents of its two watchmaking operations: Villeret (formerly known as Minerva), a watchmaking workshop in the town of the same name that produces a limited number of timepieces with hand-made chronograph movements; and the Montblanc Le Locle watch manufacturing operation. The two facilities produced separate products until Lambert arrived. In less than a year Montblanc began producing familiar and new Montblanc chronographs with Villeret movements at a broader range of prices and styles.
Now it was time for Lambert to say goodbye. His success at Montblanc and an equally successful stint at luxury watch brand Jaeger-LeCoultre has earned him a corporate position at Compagnie Financière Richemont, which owns both brands. He moves into a new title April 1 as head of Operations responsible for central and regional services for all brands with the exception of jewelry and watchmaking. He is being replaced by Nicolas Baretzki, currently Montblanc’s executive VP of sales.
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| The seating arrangement of rows of tables at the Montblanc annual gala dinner. Photo by Anthony DeMarco |
The January 16 dinner during the Salon International Haute Horlogerie (SIHH) watch trade show was the last chance Lambert had to publicly address his top-line staff, many of whom he hired, and the international celebrities associated with the brand, many of whom he recruited. His energetic ad-libbed remarks were often interrupted by cheers and applause—overshadowing the celebrities at the event, including Hugh Jackman, Montblanc’s international brand ambassador.
“Every time it’s a little bit of an adventure so it looks good on Monday morning,” he said about preparing the luxurious exhibition space at SIHH, the luxury watch trade show. “There’s a lot of people involved and a lot of stories.”![]() |
| Jérôme Lambert addresses his guests at the Montblanc gala dinner.Photo by Anthony DeMarco |
He added, “For many of you who started on the very first days, weeks and months of our history. I remember the tough nights. Thanks for the good energy, investment and strong belief that everything was functioning perfectly.… Thank you for the amazing time. Thank you for being our partners, brand ambassadors, friends and sources of inspiration.”
Those sitting on the rows of tables cheered.
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February 20, 2017, 2:21 pm
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| The Montblanc watchmaking facility in Villeret in 2012.Photo by Anthony DeMarco |
What’s in a name?
Once there was a company named Minerva in the picturesque Swiss town of Villeret whose history can be traced back to 1858. For most of the 20th Century it was known for producing high-performance hand-made chronograph movements. Then the 21st Century came along. In 2000 Italian investor Emilio Gnutti purchased the company and changed its mission to produce haute horlogerie timepieces using the same hand-made techniques and the philosophy of the brand. The new owner brought in Demetrio Cabiddu as its technical director.
In 2006 Compagnie Financière Richemont acquired Minerva and turned it over to Montblanc to add a bit of Swiss heritage to its young watchmaking operation, which began in 1997 in Le Locle. Soon afterwards the name was changed to Villeret, after the town. The decision was either Montblanc's under the leadership of Lutz Bethge at the time, or Richemont's. ![]() |
| Handmade movement components. Photo by Anthony DeMarco |
In a 2012 interview when I visited the facility, Cabiddu, who protects the heritage of Minerva like it was his child was concerned about the name change. “Today I laugh about it a lot more. I used to cringe (when hearing the new name). In hindsight it was probably the right thing to do as we move into the future.”
Montblanc renamed the watchmaking workshop the “Institut Minerva de Recherche en Haute Horlogerie” (Minerva Institute for Research in High Quality Watchmaking) and created a foundation under the same name. However, it was never clear how this institute or foundation operates.![]() |
| A skilled watchmaker attaches the balance spring to the balance wheel and then sets it over a timing device with a reference balance. She checks the difference in beats and bends the spring until they match. Photo by Anthony DeMarco |
Despite this corporate takeover and name change the company still operated much the same way, as a separate workshop of about 40 workers producing about 200 limited-edition hand-made timepieces per year under the Villeret name.
In 2013 Jérôme Lambert became the CEO of Montblanc and change came quickly. In less than a year Montblanc-branded watches appeared with Villeret movements at a broader range of prices and styles. ![]() |
| The company, formerly called Minerva, was known for its chronograph movements. Here is some the company's earlier chronograph pocket watches. Photo by Anthony DeMarco |
In January at the Salon International Haute Horlogerie (SIHH) in Geneva, Montblanc introduced two full collections and one limited edition piece. In form and function the new models pay tribute to the heritage of Minvera. In fact, the Villeret name is almost never used. Has Montblanc chosen to return the Minerva name to the watchmaking facility? I asked a spokesperson and the response I received is as follows [emphasis mine]:
“The Manufacture in Villeret, Montblanc’s Movement & Innovation Excellence Center, is located in the same building in which the legendary Minerva Manufacture was founded in 1858 and focuses on the development, prototyping and assembly of all in-house movements from innovative and groundbreaking high-complications to small highly functional complications."
This is so confusing.
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February 20, 2017, 4:43 pm
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| Montblanc Heritage Chronométrie ExoTourbillon Rattrapante Limited Edition 8 |
Montblanc introduced two full watch collections and a limited edition timepiece at the recently concluded Salon International Haute Horlogerie (SIHH) in Geneva. In form and function the models pay tribute to the watchmaking heritage of Minerva, known for its handmade chronograph movements. Montblanc (through its parent company, Richemont) acquired the specialist watchmaking workshop and renamed it Villeret after the town where it resides. More about the watchmaking workshop and Montblanc’s relation to it can be found here.
The limited-edition standalone piece is a highly functional chronograph with a tourbillon, dual time zone and other complications. The new TimeWalker collection references motorsports and the new Montblanc 1858 Collection uses bronze, a first for Montblanc. The new models are as follows:Montblanc Heritage Chronométrie ExoTourbillon Rattrapante Limited Edition 8This is a watch produced entirely in Villeret with its Minerva heritage intact. The movement was inspired by the rattrapante watches by Minerva in the 1930s and the design motif was taken from the Minerva Pythagore timepiece developed in 1948.
The 47mm 18k red gold case houses a dial with a well-balanced display despite many indicators. The ExoTourbillon at 12 o’clock is highlighted by an exterior double infinity tourbillon bridge. Raised counters and subdials have different finishes. The small seconds subdial and the 30-minute counter have an azuré motif in the center and an opaline decoration on the external ring; while the second time zone and day/night subdials are embellished with a sunray pattern. Faceted sword-shaped hands are used for the hours, minutes, seconds, second time zone and chronograph minutes. Baton-shaped hands are used for the day/night and chronograph seconds hands. A grey satin-finished flange is calibrated with a fifth-of-a second scale for the chronograph while showing the running minutes.
The local time is indicated in the center (hour and minute hands) with the small seconds in a subdial at 9 o’clock. Home time is shown in hours in the subdial at 6 o’clock, and is linked to the day/night indication displayed between 4 and 5 o’clock. A subdial at 3 o’clock displays the 30-minute chronograph counter; while the chronograph’s seconds and split-second times are recorded by chronograph hands in the center.
When travelling, the new local time is set by pressing on the corrector at 8 o’clock, which advances the central hour hand in hourly increments without affecting the minute hand or the home time at 6 o’clock. “Exo” (derived from Greek meaning external or outside) refers to the screwed balance wheel positioned outside the tourbillon’s rotating cage. It allows the cage to be smaller in size and free of the weight of the balance wheel, saving 30 percent more energy than a conventional tourbillon, the company said.
Rattrapante (from the French word “to catch up”) refers to chronographs with a split-second function that allows a watch to measure two separate events of different durations. All functions of the chronograph complication are activated through the pusher within the crown.
The watch is powered by the Villeret in-house manually wound caliber MB M16.62 with a 50-hour power reserve. 2017 Montblanc TimeWalker CollectionThis was the big release of Montblanc for SIHH 2017. The collection takes its inspiration from the pioneering work of Minerva in the development of chronographs that could record in 1/100th of a second as early as 1916. The collection consists of five professional motorsport watches. They all feature satin-finished black cases and semi-skeletonized horns with architecturally carved flanks, inspired by the aerodynamic lines of the bodywork of classic cars. Details include knurled finishes on the flank of the black ceramic bezel, crowns and pushers, which are reminiscent of vintage car caps; smoked glass case backs inspired by the glass windows that reveal V12 engines; and strap holes similar to vintage leather racing gloves. Black, white and red color contrasts and three-dimensional counters are inspired by vintage dashboards. Most of the TimeWalker timepieces feature an iconic central seconds hand coated in red with the tip crafted in the shape of the Minerva arrow.
The collection consist of the Montblanc TimeWalker Chronograph 1000 Limited Edition 18, Montblanc TimeWalker Chronograph Rally Timer Counter Limited Edition 100, Montblanc TimeWalker Chronograph UTC, Montblanc TimeWalker Chronograph Automatic and Montblanc TimeWalker Automatic DateMontblanc TimeWalker Chronograph 1000 Limited Edition 18The 46.4mm chronograph with a case made of Black DLC titanium contains a high-frequency Villeret in-house movement with two patents and 22 auxiliary patents that measures elapsed to 1/1,000th of a second.
The chronograph power reserve indicator on the black dial is inspired by old fuel gauges, while the black and red details and the 1/100th of a second indication are reminiscent of early car dashboards. It also has a high-frequency balance wheel and a titanium monopusher chronograph at 12 o’clock, which mirrors the Minerva stopwatches that were used for timing car races.
The Villeret in-house MB M66.26 manually wound monopusher chronograph uses two balance wheels. The hours and minutes are at the center of the dial with a small seconds counter with a rhodium-plated hand at 9 o’clock are regulated by a large balance with 18 screws. The chronograph’s small balance can be seen at 10 o’clock and beats at a rate of 360,000 semi-oscillations per hour (50 Hz). For finer adjustment and to further improve its precision, the chronograph’s small balance wheel is equipped with two hairsprings fixed on top of each other.The chronograph is controlled by a two-level column-wheel: one level controls the whip to start, stop and reset the seconds, minutes and the 1,000th-of-a-second; and the other level guides the hammers to reset the seconds and the minutes.
The chronograph function is powered by its own barrel, which stores enough energy to measure intervals of up to 45 minutes.
The black dial contains a lot of information but it’s surprisingly easy to read. A double counter at 6 o’clock has a long, red-tipped hand to tally seconds from 1 to 60, as well as a shorter, all-red hand to count a maximum of 15 minutes. The chronograph’s large red center hand rotates once per second indicating hundreds-of-a-second through a scale on the dial’s periphery. The thousandths of a second is displayed at 12 o’clock along a 0 to 9 scale. It engages when the chronograph is stopped, pointing to the proper 1/1,000th of a second. The resting position is indicated by the letter “N” (for neutral).
Turning the crown clockwise operates the normal clock functions. A counter-clockwise turn powers the chronograph functions. A display at 3 o’clock indicates the 45-minute power reserve for the chronograph movement. To tally lengthier intervals, power can be conveyed to the chronograph’s barrel by turning the crown while the chronograph is running.Montblanc TimeWalker Chronograph Rally Timer Counter Limited Edition 100This wristwatch with its black leather calf strap can be converted into a pocket watch by folding the strap attachments under the case and turning the case from 0 to 180 degrees. The pocket watch can then be either placed on a table, resting on two arms that come out of the caseback, used as a stopwatch with the strap as a handle, or clipped into a metal plate covered with leather that attaches to a car’s dashboard.
The 50mm case with tachymeter scale is crafted out of grade-two titanium. The middle section of the case is knurled and coated with black DLC. Satin-finished titanium is also the material for the vintage-inspired knurled monopusher, crown and strap attachments. The open caseback is in the shape of a car grill.
On the dial the chronograph’s 30-minute counter at 12 o’clock is vertically aligned with the small seconds subdial at 6 o’clock, reminiscent of the original Minerva Rally Timer.
The watch is powered by the Villeret in-house manually wound monopusher chronograph caliber MB M16.29 that features a column wheel, horizontal coupling and a power reserve of 50 hours. The caliber takes its inspiration from the original Minerva caliber 17.29 developed in the 1930s, used for both pocket watches and wristwatches. This new version adds Côtes de Genève stripes, inner angles, circular graining and beveling, the iconic Minerva arrow, a chronograph bridge shaped in the form of a “V” (patented in 1912), and a large screwed balance with a frequency of 18,000 semi-oscillations per hour.Montblanc TimeWalker Chronograph UTCThe 43mm black case is topped with a unidirectional rotating black ceramic bezel with a silvery-white engraved 24-hour scale.
Strong color contrasts with silver and red elements and three-dimensional counters resemble vintage car dashboards. The chronograph seconds are indicated with the red central hand with the tip shaped in the form of the Minerva arrow. The chronograph hours are displayed in a subdial at 6 o’clock and the 30-minute chronograph counter is at 12 o’clock.
The watch is powered by the Montblanc automatic caliber MB.25.03 that shows the time in three different time zones. Local time is indicated with rhodium-plated hands, and the home time can be read via a central hand enhanced with a red arrow. The local time is set by the crown. The date is synchronized with the local time. A third time zone can be added by turning the unidirectional rotating bezel to the new time zone with the 24-hour hand being the point of reference.Montblanc TimeWalker Chronograph AutomaticThe 43mm satin-finished stainless steel case contains a black dial with a red chronograph seconds hand in the center, chronograph hours displayed in a subdial at 6 o’clock, and a 30-minute chronograph counter at 12 o’clock. All the readings are legible due to black rhodium-plated dauphine hands injected with SuperLuminova, and a silvery-white minute track also enhanced with SuperLuminova and red markers for the 15-minute marks.
The watch is powered by the automatic caliber MB 25.07 and comes with a choice of three different strap options: perforated leather, perforated rubber, and a metal bracelet with three links.Montblanc TimeWalker Automatic DateThe 41 mm stainless steel case with unidirectional rotating black bezel allows users to track a second time zone. Powered by the automatic caliber MB 24.17, the indications include hours, minutes and seconds in the center and a date display at 3 o’clock. The dial with its scale from 5 to 60 is reminiscent of the Minerva stopwatch dials from the beginning of the 20th century. Montblanc 1858 CollectionThis year’s Montblanc 1858 Collection is highlighted by the use of bronze—a first for the luxury brand—giving this watch a vintage appeal. Two models feature a bronze bezel mounted on a steel case, which the brand claims is a first in the history of watchmaking. This particular bronze alloy is designed to develop its own patina as it worn over the years, the company said.
They are modeled after Minerva chronographs from the 1930s. The use of bronze complements the colors of the dials, antique-styled straps, 1930s Montblanc logo with its historical font and emblem of the Mont Blanc Mountain in the center, and other vintage elements.
Large cathedral hands, with their cloisonné design filled with beige SuperLuminova, Arabic numerals, vintage shaped crowns and classic minute railway tracks that encircle the dials are taken from the 1930s Minerva chronographs. Other vintage codes include the original Montblanc logo from the 1930s era with its historical font and cognac colored calfskin and alligator straps that were given an aged look by the artisans at the Montblanc leather goods facility in Florence.
The three bronze models that make up the collection are: the Montblanc 1858 Chronograph Tachymeter Limited Edition 100, the Montblanc 1858 Automatic Dual Time and the Montblanc 1858 Automatic.The 1858 Chronograph Tachymeter Limited Edition 100This 44mm watch houses a champagne-colored dial with a sunray finish that matches the bronze color of the case. The bronze case is backed with titanium to avoid allergic reactions. It is powered by a traditional manual monopusher chronograph movement, the Villeret in-house caliber MB M16.29, with a column wheel mechanism, horizontal coupling, chronograph bridge in a "V" shape, a large screwed balance wheel vibrating at a frequency of 18,000 semi-oscillations per hour and a 50-hour power reserve. It was inspired by the original caliber 17.29 designed for pocket watches and wristwatches in the 1930s, but features different finishes, such as inside angles, Côtes de Genève stripes and circular graining. For the first time, the caliber bears red gold-colored components that match the bronze material. As with all the Minerva calibers, one of the movement’s components is shaped into the form of the Minerva arrow.Montblanc 1858 Automatic Dual TimeHoused in a 44mm stainless steel case with a bronze bezel and crown, this watch is powered by the caliber MB 29.19 automatic movement with a dual time complication. A skeletonized home time hand is positioned in the center with a touch of Super-LumiNova on its tip to distinguish it from the local hour hand, which is completely filled with Super-LumiNova. The user can set the local time hour hand to the new destination time zone without affecting the home time hour hand. The minute and second hands run without interruption during this setting process. A day/night indicator connected to the central home time hand, is visible at 12 o’clock. At six o’clock, a subdial indicates the small seconds and the date, which is linked to the local time. Montblanc 1858 AutomaticThis watch features all of the same vintage design details of the Dual Time piece on the front, including the bronze bezel with stainless steel case. The caseback reveals an engraving of the Minerva Manufacture in Villeret, with the Jura Mountains in the background with the Villeret logo, the historic Minerva logo, the Montblanc name and the arrow from the Goddess Minerva’s spear. The timepiece is powered by the caliber MB 24.16.
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February 21, 2017, 10:52 am
Tiffany & Co. will add three members to its board of directors in an agreement with investment management firm JANA Partners LLC. The new members include Francesco Trapani, the former CEO of Bulgari.
JANA, led by activist investor Barry Rosenstein, and Trapani own approximately 5.1 percent of Tiffany's outstanding shares, Tiffany said in a statement Tuesday. The other new members are also associated with high profile companies: Roger Farah, the co-CEO of the fashion brand, Tory Burch, and James Lillie, the former CEO of the former consumer products conglomerate, Jarden Corp.
In addition, Michael J. Kowalski, plans to step down as board chairman, Tiffany said.
The new board members will be in place no later than March 6, according to the agreement. Trapani also will join the board's nominating and corporate governance committee and the search committee formed by Tiffany’s board of directors to oversee its search for a new CEO to replace Frederic Cumenal who resigned February 5.
Tiffany also said Tuesday it will be limiting waivers under the company’s retirement age provisions for board members. So one board member will relinquish his seat in 2017 and two board members will do the same in 2018.
“We are pleased to have worked cooperatively with JANA Partners to have met our objective,” said Kowalski, who also serves as Tiffany’s interim CEO until a replacement is found. “These three new directors are all accomplished executives with a broad range of relevant experience and skills that will benefit all shareholders as we focus on accelerating the execution of our core business strategies. We also believe the strength of our Board will be an asset in our ongoing CEO search process.”
Kowalski adds, “I look forward to completing that process and welcoming our new CEO to our board and, after an appropriate period, I anticipate being able to relinquish my responsibilities as chairman to a successor.”
As part of the agreement, JANA and Trapani have agreed to abide by customary standstill and voting commitments and agree to be “independent of each other going forward.”
“We are very pleased to have worked constructively with Tiffany & Co. to appoint Roger, James and Francesco to the Board,” Rosenstein said. “Their fresh perspective and unique insight will be invaluable as the Board keeps working to improve performance and create shareholder value.”
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February 21, 2017, 4:56 pm
Best selling author Jackie Collins lived a life that was as big and bold as the characters in her romance novels. Her jewelry of diamonds and colorful gems that included pieces by Cartier and Nardi reflected this attitude.
These jewels are part of the “Jackie Collins: A Life in Chapters” auction at Bonhams Los Angeles. The $3 million, 1,000-lot sale of her Beverly Hills estate will be held May 16 and 17.
The British native moved to Los Angeles on a full time basis in 1980s. It is here she thrived as both a writer and part of the Hollywood social scene until her death from breast cancer in 2015 at the age of 77.
Among the top lots are signed jewels by Cartier and Nardi and watches by Patek Philippe, Harry Winston, Chanel and Chopard. They include the following: * A 6.04-carat diamond solitaire ring with an estimate of $100,000 - 150,000; * A diamond, emerald, stone and platinum necklace, estimate $40,000 - 60,000;* An emerald, diamond and platinum plaque clip brooch, estimate, $20,000 - 30,000;* A diamond, emerald, white gold and platinum ear pendants, estimate $8,000 - 12,000;
* An Art Deco diamond, black Onyx and platinum bracelet, estimate, $7,000 - 9,000;* A Cartier 18k bi-color gold, “Panthere” collar, estimate $10,000 - 15,000.
In addition, the sale will include several works by the English painter, Beryl Cook, including Tango in Bar Sur ($20,000 - 30,000) and Train Station Café ($20,000 - 30,000); Collin’s bespoke special edition 2002 Jaguar XKR Sports car, fittingly finished in metallic gold; estimated at $15,000 - 20,000; a selection of entertainment and career-related memorabilia taking in first editions of her works and a selection of her designer clothes.
A portion of the proceeds will be donated to support the empowerment of young women in the arts and education.
Collins published her first novel, The World is Full of Married Men, in 1968, marking the start of a 47-year writing career. The book was a bestseller, as were her next 31 novels which together sold more than 500 million copies in 40 countries worldwide.
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February 23, 2017, 10:00 am
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| Jamie Colby (left), host of the FOX Business Network |
Literary giant, meets pop star, meets British law, meets Jewelry News Network, meets television series.
It’s a strangely connected world we live in. Sometimes it reads like a novel.
“American Idol” winner Kelly Clarkson is a fan of Jane Austen, the 19th Century English novelist whose own star shines to this day. Clarkson, who collects Austin items, successfully bid for a turquoise and gold ring owned by the writer at a Sotheby’s London auction in 2012. She paid 152,450 pounds ($235,654 at the time of sale), approximately five times the high estimate.![]() |
| The Jane Austen turquoise and gold ring that became the subject of an ownership war |
However, before she could take the ring to her home in Texas the British government stepped in, declaring the ring a national treasure and imposing a temporary export ban. This allowed time for the Jane Austen’s House Museum to match the bid. Clarkson, who originally outbid the museum for the ring, was forced to sell it to them. I wrote about the story in 2013 when the museum was in the process of raising the funds (which included an anonymous donation of 100,000 pounds). The ring is now on permanent public display.
The story that never seems to die is being revived by the show, “Strange Inheritance,” on the FOX Business Network, hosted by Jamie Colby. It will air February 27 at 9 p.m. EST.
In the episode Colby goes to Oxfordshire, England, to visit Nicky Gottelier, the fifth generation descendant of Austen who inherited the ring. Together they travel to the museum to view the ring on display and discuss her story. Nicky and her husband David were happy to cash in on their inheritance. Little did they know that the modest ring would be subject of an international dispute.
It certainly appears the couple and museum came out ahead. While Clarkson, according to reports, was gracious in relinquishing its ownership.
All's well that ends well. Until the next chapter....
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February 26, 2017, 9:01 am
For the first time in the long history of VicenzaOro, the January edition of the jewelry trade show provided a dedicated space for a dozen international designers. By all accounts it was a welcome and successful addition to the fair.
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| "Winged Beauty" earrings by Magerit |
Branded as “The Design Room” and located in the main hall of the large fair, the area was defined by neutral colors and wood tones with each designer’s space being identical. Black chairs and couches lined the edges giving people a reason to linger. The finishing touch was a logo with “The Design Room” name partially enclosed on two sides by a white line to create an open-square shape. To fill the space the fair curated a diverse group of 12 designers from different parts of the world. Some already have an international reputation while others are either newer to the industry or have regional followings. All produce innovative designs, a well-defined aesthetic and have the potential to widespread market potential.
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| 18k rose gold earrings by Sutra with pink spinel, garnets and diamonds |
The designers were Netali Nissim, Federica Rettore and Qayten from Italy, Rodney Rayner, Sarah Ho and Zara Simon from the United Kingdom, Nikos Koulis from Greece, Magerit from Spain, Daniela Villegas and Sutra from the USA, Fernando Jorge from Brazil who now lives in London and Elie Top from France. ![]() |
| Colorful Laguna rings by Rodney Rayner |
Rodney Rayner, a veteran award-winning jewelry designer, not only participated in the area but helped to curate the designers. He then worked with the trade fair to convince them to participate.
“We have exhibited in the past at Vicenza in the main halls, but this new concept got us much more attention,” said Rayner, who specializes in colored gemstone jewelry. “Everyone walking around took the time to look in every showcase. As an example, we personally met a new customer who asked if it was our first time to exhibit at VicenzaOro. I explained that it wasn't but in previous years they had simply walked past my booth. All the designers had a very good reaction from both press and retailers.”![]() |
| Lily Rose ring by Sarah Ho in 18k white gold with a 3.84 carat pear-shape rubellite center stone surrounded by brilliant and baguette diamonds and emeralds |
Sarah Ho didn’t need much convincing and was happy she made the decision to exhibit.
“I love the way all the booths look the same,” said Ho, whose work tells her personal story. “We felt the buyers were generally intrigued by The Design Room and wanted to see what new and exciting products are available. They really spent time looking around.”
For Italian jeweler, Qayten, it was the first time exhibiting at Vicenza for the Bologna-based brand founded in 2012.![]() |
| Qayten Happy Hours 18k rose gold and diamond earrings |
“I liked the idea of sharing a space with different companies and designers from different countries and styles, said Maddalena Allegretti, Qayten marketing and sales manager. “We received the interest of many retailers and press. It definitely was a positive experience and we’d like to do it again.”
The designers were also feted by the fair organizers. They had the opportunity to participate in the Andrea Palladio International Jewellery Awards, which were presented in the auditorium inside Fiera di Vicenza, where VicenzaOro January was held and attended a dinner at a Michelin star restaurant hosted by Matteo Marzotto, executive VP of Italian Exhibition Group, the organizer of VicenzaOro.![]() |
| Niki Lalioti, marketing and communications manager for jewelry designer Nikos Koulis, models one his earrings at their booth during VicenzaOro. Photo by Anthony DeMarco |
One of the award winners was Greek designer Nikos Koulis.
“I believe that the creation of a dedicated space for contemporary designers to showcase their collections is more efficient for buyers, media representatives and visitors since there is a coherent approach while our styles are distinct and complementary,” he said. “The outcome for my brand was positive and we met our goals for this show.”Parisian jewelry designer, Elie Top, demonstrates one of his spherical jewel creations in his booth during the VicenzaOro trade showElie Top is new to fine jewelry but his name is well known in the fashion world, particularly in Paris where he was a designer of costume jewelry for Lanvin for 15 years. He describes his first collection as Mécaniques Célestes, globe-shaped pieces that open, revealing a centerpiece set with pavé diamonds, which he compares to a sparkling sun.
“It was an honor to be chosen and invited to participate,” he said. “It was very interesting to be placed close to other talented designers. The Design Room gave a true overview of jewelry creation for today. All are very différent because they are personal and pretty radical in creative integrity. It gave us the chance for great exposure, meeting journalist from everywhere, and internationals buyers. It is an important and new step in my own story.”
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February 28, 2017, 8:29 am
Bombshell may be the proper word to describe Monday’s story in The Washington Post regarding Kay Jewelers and Jared The Galleria of Jewelry. Devastating may be the proper adjective.
Since 2008 there’s been an ongoing arbitration case between Sterling Jewelers (which is the parent division of Kay and Jared), by former female employees of the company who allege they were victims of sexual harassment and discrimination, dating back to the 1990s. It began with about a dozen former employees. It has now grown to approximately 69,000 men and women employed at the two jewelry chains, according to the Post.
Update: Signet Jewelers (the parent company of Sterling Jewelers) just issued a response to what it terms “distorted and inaccurate media reports.”
It reads in part, “It's critical to understand that an arbitration claim was brought against Sterling in 2008 that alleged gender discrimination in pay and promotion. None of the 69,000 class members have brought legal claims in this arbitration for sexual harassment or sexual impropriety. Since its filing, it has never included legal claims of sexual harassment or hostile work environment discrimination. The only claims certified to proceed on a class wide basis relate to alleged gender pay and promotions discrimination. Despite years of litigation, millions of pages of documentation and numerous depositions, claimants' counsel have chosen not to file sexual harassment claims. These allegations publicized by claimants' counsel and reported in the media create a distorted, negative image of the company.”
The full statement is at the end of the story
Over the years I remember this case appearing in public every so often and then disappearing again. Under arbitration rules, there is little transparency. So knowing the extent of what is being alleged was difficult to determine.
Now we know and it isn’t pretty.
More than 1,300 pages of sworn statements were released Sunday due to requests from the Post and lawyers representing the employees. Names of the executives being accused were redacted under the agreement to release the documents. However, through memorandums one of the executives was identified: Mark Light, now CEO of Sterling’s parent company, Signet Jewelers. He is among those accused of “having sex with female employees and promoting women based upon how they responded to sexual demands,” the Post reports.
Most damning is this: “Multiple witnesses told attorneys that they saw Light ‘being entertained’ as he watched and joined nude and partially undressed female employees in a swimming pool,” according to the 2013 memorandum.”
About 250 women and men who worked at Sterling “allege that female employees at the company throughout the late 1990s and 2000s were routinely groped, demeaned and urged to sexually cater to their bosses to stay employed,” according to the Post. “Sterling disputes the allegations.”
The others accuse the company of discriminatory practices in regards to pay and promotion.
Many of the most striking allegations, according to the Post, stem from the company’s annual managers meetings, “which former employees described as a boozy, no-spouses-allowed ‘sex-fest’ where attendance was mandatory and women were aggressively pursued, grabbed and harassed.”
The Post backs the testimony with interviews of a few of the accusers.
Signet Jewelers, as previously mentioned, is the parent company of Sterling Jewelers, which consists of Kay, Jared (two chains in this legal battle) and regional jewelry store chains. Signet is one of the two largest jewelry retailers in the world (depending on how it’s determined). It has operations in the U.S., Canada, Puerto Rico and the U.K. In 2014, Signet acquired Zales Jewelers.
Signet’s sales were approximately $6.5 billion, according to its fiscal 2016 financial report. Kay and Jared make up about 58 percent of total sales.
This is not only a public relations nightmare but it also has potential to have a devastating effect on Signet's balance sheet. Company sales have already struggled this year.
Signet scheduled its fiscal 2017 and fourth earnings release and conference call for March 9. This should be some presentation.
In case you haven’t clicked on the link yet here it is again.
Signet's statement:
Sterling Jewelers Statement on Ongoing ArbitrationMisleading media reports mischaracterize arbitration
Akron, Ohio, Feb. 28 - In response to the distorted and inaccurate media reports, Sterling Jewelers released the following statement:
It's critical to understand that an arbitration claim was brought against Sterling in 2008 that alleged gender discrimination in pay and promotion. None of the 69,000 class members have brought legal claims in this arbitration for sexual harassment or sexual impropriety. Since its filing, it has never included legal claims of sexual harassment or hostile work environment discrimination. The only claims certified to proceed on a class wide basis relate to alleged gender pay and promotions discrimination. Despite years of litigation, millions of pages of documentation and numerous depositions, claimants' counsel have chosen not to file sexual harassment claims. These allegations publicized by claimants' counsel and reported in the media create a distorted, negative image of the company.
Indeed, the distorted and inaccurate picture of our company presented in these allegations does not represent who we are. They involve a very small number of individuals in a workforce of more than 84,000 during the class period, and many allegations go back decades. The company takes any concerns seriously and had - and continues to have - multiple processes in place to receive and investigate allegations of misconduct. We continue to encourage all employees to use these processes to raise any workplace concerns so we can investigate and take appropriate action.
Regarding the alleged gender discrimination in pay and promotion allegations, our company is guided by our core values of fairness, opportunity, integrity and respect and has created strong career opportunities for many thousands of women working at our stores nationwide. As a result of our employment and advancement programs, as well as our culture, more than 68 percent of all our store management staff are female, and female participation in management positions continues to grow.
Because of our long-term commitment to equal opportunity, we have taken the allegations of pay and promotions discrimination raised in this case very seriously. We have thoroughly investigated the allegations and have concluded they are not substantiated by the facts and certainly do not reflect our culture.
Source: Signet Jewelers
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| The Verdura and Belperron exhibition space at the 2016 TEFAF Maastricht |
Prior to my first trip to Maastricht last year to attend The European Fine Art Fair (more commonly known as TEFAF) I wrote this: “Everyone who’s been there (Maastricht) tells me it’s really nice.”
None other than Camille Oostwegel Jr., director of Business Development of the Oostwegel Collection, a group of luxury hotels and restaurants in Maastricht area, read this. In fact, while giving the group of journalists I was with a tour of his properties, the impeccably dressed and polished hospitality professional made it a point to memorize our names ahead of time, read our work and present each of us with a personalized hand-written letter based on what he read. For my note he made a point to say that he hoped I would agree that Maastricht is really nice. ![]() |
| Dinner at Chateau Neercanne during TEFAF Maastricht 2016 |
Yes Camille, the picturesque medieval town surrounded by waterways and rolling hills is very nice, much nicer than I expected and I had high expectations. It’s made for strolling, which I did every chance I had, and it has more cultural activities than a town of its size should be allowed to have.
Your properties and restaurants we toured are exceptional as well. You don’t know this, Camille, but I was in Amsterdam when the crown jewel of your restaurants, Chateau Neercanne, celebrated 60 years of Michelin Star excellence. I saw you accept the special recognition from the Michelin Star organization. I still remember the wonderful meal we had within the colorfully lit interiors of the 17th Century castle and seeing the signatures of those who signed the Maastricht Treaty (the document that created the European Union) embedded into the old castle walls. ![]() |
| The signatures of the Maastricht Treaty document inside Chateau Neercanne |
But I digress.
This is supposed to be a preview of the upcoming high jewels at TEFAF Masstrict. The world renowned art, antiques and design fair will be held March 10 – 19. Among the 275 dealers and designers from 20 countries there will be contemporary high jewelry artists, a couple of internationally known high jewelry and watch brands and dealers of antique and period jewels. Among the best are the following: ![]() |
| Birth and Blossom Earrings by Wallace Chan |
Wallace Chan is a favorite of JNN. Not just because he endorsed this publication but because he is among the most creative and technically sound jewelry artists in the world. And, he too is an extremely hospitable and open person. His pieces are reported to sell for upwards of tens of millions of dollars (he never talks price) and for good reason. One way he separates himself from his peers is that he does nearly everything himself. He’s a master gem carver and one of the early adapters to using titanium for jewels. He often develops his own techniques and builds his own tools to make his creations. Among his new pieces for the show are the “Birth and Blossom Earrings.” Chan hollowed out two pearls and set inside them diamonds and sapphires in a colorful spiral arrangement. Titanium stems reach out and sprawl downwards, depicting the growth of a magical blossom with pieces of conch shell turned into petals, echoing the pearls’ smooth texture. The pistils are surrounded by diamond sparkles. Dangling underneath the flowers are two pieces of green emeralds, totaling more than 30 carats. It is both an accurate depiction of nature and an imaginative artistic creation. Meaning it’s typically Wallace Chan.![]() |
| Hemmerle bangle |
Hemmerle, known for using traditional and unorthodox materials to create artistic bespoke pieces, has new set of wearable art for TEFAF including a bangle crafted out of sapphires, aquamarines and aluminum presents that are inspired by the ornamentation seen on the capitals of columns of the 2,000-year-old temple of Karnak in ancient Egypt.![]() |
| Otto Jakob Xuanas |
The self-taught German jewelry artist, Otto Jakob, creates art in miniature inspired by Etruscan, Celtic and Hellenic masterpieces. Among the items he will be displaying is his 2016 creation, Xuanas, which consists of yellow gold casts of St. John’s Wort petals, the ovaries made of white gold, set with micro pavé diamonds and surrounded by stamens and pollen grains covered with dark red enamel.![]() |
| The Verdura Medusa ring |
Ward and Nico Landrigan, the father and son team that owns the historic brands, Verdura and Belperron, will be exhibiting antique pieces and those recreated from the original drawings of the famed mid-20th Century jewelry artists, Duke Fulco di Verdura and Suzanne Belperron. ![]() |
| The Belperron Congo Cuff |
Among the pieces are the Verdura Medusa Ring made of gold and ruby, created during Verdura’s 1941 collaboration with Salvador Dali; and the Belperron Congo Cuff, made of ebony wood and 18k gold. ![]() |
| Reza Délhéa necklace |
The Place Vendôme high jewelry house, Reza, will return with its well designed and crafted gem-focused jewels. Among them is the Délhéa necklace featuring a 30.34-carat yellow cabochon Ceylon sapphire, a 5.76-carat Troidia Brazilian emerald, 11 yellow oval cabochon sapphires, 103 princess-cut diamonds weighing 16.17 carats and 28 brilliant-cut, diamonds, all set in white browned gold. The necklace converts into a bracelet.![]() |
| Cleef & Arpels Édaillons necklace and Etoiles earrings |
The Parisian luxury jewelry house, Van Cleef & Arpels, will present its delicate artistic creations that include “Édaillons necklace (1968) and Etoiles” earrings (1971) featuring round diamonds and sapphires with cabochon-cut turquoises. The motifs and the association of precious and hard stones reveal an Indian influence. The necklace is transformable and can be worn in a shorter version with a matching bracelet. ![]() |
| Chopard L.U.C. Full Strike |
Swiss luxury brand, Chopard, will be exhibiting jewelry and watches. Among them is the L.U.C. Full Strike, which strikes the hours, quarters and minutes on transparent sapphire crystal gongs. The 42.5 mm case is made of Fairmined rose gold and an open worked dial. ![]() |
| Chopard emerald ring |
One of Chopard’s premiere jewelry pieces for the fair is a ring in a flower motif set at the center with a 19-carat heart-shaped emerald within colorful overlapping gemstone.![]() |
| The Spencer family tiara |
There will be a number of antique jewelry dealers. Among them is Hancocks. Within the 100 or so items being exhibited by the London firm is an Edwardian diamond tiara that belonged to the Spencer family. It was given to Lady Delia Spencer, great aunt to Princess Diana, by her father the 6th Earl Spencer, on her wedding day on February 18, 1914. Set with more than 800 old cut diamonds, estimated to weigh a total of 48 carats, the tiara can be transformed into a choker necklace and bracelet.![]() |
| Enamel fringe necklace |
Another London mainstay, Wartski, known as specialists in the works by Carl Faberge, will include a gold and enamel fringe necklace by highly collectible jewelry artist, Giacinto Melillo of Naples, circa 1875.![]() |
| Enamel archaeological style bracelet |
Dutch antique silver and jewelry firm, A. Aardewerk Antiquair Juwelier, is also featuring a work designed by Giacinto Melillo: A gold, pearls and enamel archaeological style bracelet is designed, circa 1870. Seven heavy, square panels are joined by gold hinges with semicircular end plaques. Each panel is decorated with motifs in the Etruscan style executed in fine granulation and wirework with applied florets. The reverse of the plaque is decorated with a four-petal motif in applied wirework. ![]() |
| Gold and diamond earrings, circa 1870 |
Véronique Bamps of Monaco, who specializes in European and American jewels, will present a cross section of jewels from many periods, including these gold and diamonds earrings, circa 1870.
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Jérôme Lambert, in his last act as Montblanc’s CEO, unveiled the luxury brand's first smartwatch in collaboration with digital giant, Google, during an event Thursday in London.
The Montblanc Summit smartwatch features a slightly curved sapphire glass, which the company claims is a “world first” in smartwatches, steel and titanium cases, a choice of straps in a variety of materials and colors, a responsive and fluid user interface using Google Android Wear 2.0 that is compatible with iOS and Android smartphones, the ability to download thousands of apps, and the Qualcomm Snapdragon Wear 2100 processor designed specifically for wearables, providing what Lambert says is at least 20 hours of battery life. This includes blue tooth compatibility with smartphones, which users of smart watches complain is a drain on the batteries of both the smartwatch and smartphone.
One of the most important aspects of the Montblanc Summit is its classic analog design, modeled after the Montblanc 1858 Collection. It is targeted toward millennial consumers with a taste toward a vintage watch look. The price also is geared toward younger and entry-level watch consumers at 890 euros ($956). A personalized dial can be created for a minimum of 15,000 euros.
The Montblanc Summit will first be launched in May exclusively on the online men’s fashion eCommerce website, Mr Porter for two weeks before being available on the Montblanc website and all Montblanc retail stores.![]() |
| Photo by Anthony DeMarco |
Lambert said with this new watch, the Montblanc Timewalker e-strap, the brand’s first entry into the digital wearable category in 2015, will be phased out. “It was a first generation connected product. Now I’d say we are entering fully in this new direction.”
Lambert says the Montblanc Summit, with its pre-installed apps and functions, makes life easier for business, fitness and travel. The avid runner, fast-paced executive and a global traveler says he been using the new watch to measure his heart rate and endurance as well as for business and travel needs, such as quick access to his schedule, a worldtime function for different time zones and a barcode integrated function that can scan digital boarding passes at airports.
He suggests it could do the work of the watches he now uses in his world travels.“I’m moving around with three watches out of my fine watchmaking timepieces, he said in an interview Friday. “When I’m running, I need something to run with; and when we go to places that are a little bit more casual I need something other than my expensive watch or a very high complicated watch. That’s a dilemma that fits me. There are some elements I don’t want on the phone and I don’t want to open from the phone so I direct that to my watch.”
He says the watch also is handy to find information quickly when traveling to places that aren’t familiar; and in keeping information available while on the phone, instead of pausing the call to search for it on the phone.![]() |
| Side view of the Montblanc Summit smartwatch |
Lambert says its “quality perspective,” with its curved sapphire glass, case finishes, and dyes and materials used for the straps are all compatible with traditional fine watchmaking. This, he says, differentiates it from its competitors. This is in addition to the personalization features in terms of its look (a choice of dials) and functionality.
“It’s a very addictive watch,” he said. “It’s very easy to have the full calendar in front of your eyes and your hands and know when your meeting is and what it is about and not lose phone contact.”
The Montblanc Summit is large at 46mm but its very light on the wrist. It comes with a choice of four different materials and sizes: black PVD coated stainless steel, a bi-color stainless steel case with a black PVD coated stainless steel bezel, stainless steel case with satin finish and a grade 5 titanium case also with a satin finish. Each timepiece is fitted with a pusher in the design of the crown from the 1858 Collection. The classic watch faces are a digital representation of the 1858 Collection. They include complications like an automatic with date, small seconds or chronograph. The small seconds and chronograph can be combined with digital complications providing information, such as appointments or fitness goals. For those who prefer a sportier look, there’s a TimeWalker Urban Speed watch face with an automatic date or chronograph complication. The dial also comes with color options.![]() |
| The Montblanc Summit is available with interchangeable straps in a variety of colors and materials |
The watch comes with eight removable straps. The rubber NATO strap is available in black, blue, green or red. I tried this on and it had a very light nylon feel. There’s also a black calfskin leather strap, a brown or navy blue Sfumato calfskin leather strap from the Montblanc leather factory in Florence, and an alligator strap.
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| Courtesy of Sotheby's |
“The Pink Star” diamond will be given a second chance to smash world auction records. The Largest Internally Flawless Fancy Vivid Pink diamond ever graded by the Gemological Institute of America will be placed on the auction block for the second time at Sotheby’s Hong Kong Magnificent Jewels and Jadeite sale on April 4.
The 59.60-carat oval-cut diamond has an estimate is more than $60 million, which, if matched, will be a world auction record.
The diamond first sold for a remarkable $83 million at Sotheby’s Geneva in November 2013, a figure that remains the highest ever for a diamond to this day. However, in February 2014, in its annual report, Sotheby’s said the consortium of buyers, led by diamond cutter Isaac Wolf, had defaulted on the sale. The diamond was placed in its inventory valued at approximately $72 million. The auction house reportedly had to buy back the diamond for $60 million because it had guaranteed that price to the original seller of the diamond.![]() |
| Courtesy of Sotheby's |
In June 2016 Sotheby’s announced it has entered into a partnership with two other firms, Diacore and Mellen Inc., for the diamond.
Diacore is a multi-national company that specializes in the manufacturing of large, fancy colored and rare stones. The company said it was the original owner of the 132.50-carat rough diamond that created the Pink Star.
Mellen Inc. is a third generation, family run private jeweler based in New York.
View a video of The Pink Star diamond on Sotheby's website.
“At a time of unprecedented demand for the finest in colored diamonds, I am delighted to be bringing this magnificent stone back to the market,” David Bennett, worldwide chairman of Sotheby’s Jewellery Division, said in a statement. “The extraordinary size of this 59.60-carat diamond, paired with its richness of color, surpasses any known pink diamond recorded in history.”
Currently, the world’s most valuable diamond sold at auction is the 14.62-carat “Oppenheimer Blue,” which sold for more than $57.5 million at Christie’s Geneva sale held May 18, 2016. The Pink Star has the possibility of not only breaking the record but shattering it. ![]() |
| Courtesy of Sotheby's |
The Pink Star is graded as Type IIa, which is rare for any pink diamond, much less one of this size and color. It originated from a 132.5-carat rough mined by De Beers in 1999 and was cut and polished over a period of two years. The Pink Star is more than twice the size of the Graff Pink—a 24.78-carat fancy intense pink diamond that established a world auction record for any pink diamond sold at auction. It sold for $46.2 million, at Sotheby’s Geneva in 2010.
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| Wallace Chan introduces a group tour at TEFAF to his dreamlike world |
From the dreamlike world of Wallace Chan to the precise jewelry art of Hemmerle, the high jewelry area of TEFAF Maastricht, though small, contained a wealth of variety. And from the moment the show started, the jewelry lovers who came to the small out-of-the-way city of Maastricht, Netherlands, to attend The European Fine Arts Fair (more commonly known as TEFAF) started buying.![]() |
| The bamboo framed exhibition space of Hemmerle |
On the March 9 preview day, moments after the doors opened at the Maastricht Exhibition and Congress Centre (MECC) for the VIP buyers, I was inside the bamboo framed Hemmerle exhibition space when a woman came in, tried on a pair of one-of-a-kind gold earrings made with a wax process that created gold strands in a basket-like weave. She walked back and forth briefly looking in the mirror and bought them on the spot. I took a picture before they were whisked away.![]() |
| Hemmerle earrings that sold within minutes after TEFAF opened. Old mine cut diamonds appear to be floating inside gold strands that looked as if they were weaved |
“The fair is our first public presentation each year and we are glad to report strong consistent sales from the first 10 minutes of day 1,” said Christian Hemmerle at the close of the 10-day fair.![]() |
| These earrings from Wallace Chan have everything: wood and titanium; emeralds, sapphires and diamonds; shadows and light |
Before I had a chance to enter Wallace Chan’s booth, the famed Hong Kong jewelry artist sold one of his elaborate titanium and colored-gem brooches. Chan, who always is in a good frame of mind, was particularly happy at this year’s show, saying he loves seeing old friends here.![]() |
Belperron diamond and ruby necklace. the center stone is a
rare star ruby |
Meanwhile, Ward and Nico Landrigan, the father and son team that own the mid-20th Century brands, Verdura and Belperron, also were in good spirits after selling a circa 1960 yellow gold and diamond Verdura brooch. ![]() |
| A Verdura bird clutching a natural pearl with diamond and emerald wings. |
I was trying to have lunch with the public relations representative of Hancocks of London and couple of other jewelry writers (I said trying because the restaurant was so full they stopped serving food, giving an idea of how crowded it was), when the PR rep looked at her phone and suddenly said, “I have to go the tiara’s been sold.” The “tiara” is the Spencer family Edwardian diamond tiara. It was given to Lady Delia Spencer, great aunt to Princess Diana, by her father the 6th Earl Spencer, on her wedding day in 1914. Set with more than 800 old cut diamonds, estimated to weigh a total of 48 carats, the tiara can be transformed into a choker necklace and bracelet.![]() |
| The Spencer Tiara sold by Hancocks of London |
Very few of the prices of these sales were revealed but these are not typical impulse purchases. These are items that sell from tens of thousands of dollars to the stratosphere. One price that was revealed was the “Nef” necklace, from German high jeweler Otto Jakob that sold for €142,000 ($153,580).![]() |
| An emerald ring by Reza |
I had to cancel an appointment with Olivier Reza, the head of the Parisian jewelry brand, Reza, because the jeweler’s booth was too crowded with customers. ![]() |
| Van Cleef & Arpels transformable necklace and earrings, 1959, made of emeralds, yellow and blue sapphires, and diamonds |
Van Cleef & Arpels and Chopard, the two largest brands in the high jewelry section, brought combinations of vintage and new jewels. ![]() |
| Chopard L.U.C. XPS made with Fairmined gold |
Opening day, March 10, was more manageable but still very crowded. I spoke to one woman lived about an hour away in Germany who said it was the first time she attended an art fair. She came to see Wallace Chan’s exhibit and was so amazed and astounded by what he presented that she returned to the booth seven times. She purchased Chan’s book “Dream Light Water” and had the artist sign it. ![]() |
| Honcocks of London's booth |
Final numbers released by TEFAF show that the fair was very active with more than 71,000 visitors, from more than 60 nations visiting the 275 dealers during the 10-day fair. This includes approximately 200 museums. ![]() |
| The bust Verdura and Belperron booth |
High jewelry amounts to one of nine art categories that TEFAF offers. The others are Antiques, Classical Antiquities, Curated, Design, Modern, Paintings, Paper, and Showcase. Trade fair officials were touting some of the larger sales. Among them:* Antiquariat Bibermuehle AG Heribert Tenschert sold a 12-volume series of books, Historia naturalis, originally created for Emperor Rudolph II of Habsburg, 1596-1610, to a private collector. The series came to market for the first time in 25 year and was sold for a seven-figure sum. * Tomasso Brothers Fine Art sold an important work by the Renaissance master Giambologna (1529-1608). It is the earliest recorded work by the artist and the only surviving sculpture that he carved in wood. The carving was acquired by a new client, described as an important European private collector, and was priced at about €1.5million ($1.62 million). * Antiques dealer Les Enluminures sold the 1,000-year-old Gospel Book of Liesborn Abbey in Westphalia to the German government for more than $3 million.
* Ben Janssens Oriental Art Ltd said he sold more than 70 items by the mid-point of the fair, including a set of four iron paintings, Tiehua, China, Qing dynasty, 18th Century, which had an asking price of €50,000 ($54,000).
Rossi & Rossi sold a colorful Tibetan cloth painting, “Sabzang Pakpa Zhonnu Lodro” (1358-1412/24) for approximately $400,000.
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| The artwork at the entrance of TEFAF Maastricht |
* Emanuel von Baeyer sold 12 works to private collectors with further works on reserve with museums. A key work that sold was The Signboard of the Gersaint Gallery, 1732, the very rare engraving after Jean-Antoine Watteau (1684-1721).
* James Butterwick sold more than €180,000 worth of works, including Still Life with Carafe and Glass on a Mirror, 1915 by Alexander Bogomazov (1880-1930) to a private Swiss collector.
* Landau Fine Art, Inc. had one of the biggest sales of the Fair, selling the monumental work “Henri Michaux acteur Japonais,” 1946 by Jean Dubuffet (1901-1985), which had an asking price of $6.5 million, to a private collector.
* Bernard de Grunne sold 11 Sepik works from Papua New Guinea to one private collector. The pieces ranged from €80,000 to €250,000 ($86,500 to $270,000).
* Classical antiquities sold at Charles Ede included a statuette of the “Apis bull, Late Dynastic Period,” 26th Dynasty, circa 664-525 BC, which had an asking price of £65,000 ($81,100), as well as a Graeco-Roman large footed basin, circa 2nd-century BC, with an asking price of £160,000 ($199,650).
The talk prior to the fair was that art and jewelry sales are down. This is either an exception or the beginning of a new dawn for both the art and jewelry markets.
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Swiss watch brand, Raymond Weil, has unveiled the limited edition freelancer “David Bowie” as a tribute to the life and musical career of one of the most influential artists of all time..
The release of the watch, created in collaboration with the David Bowie Estate, is timed to celebrate what would have been Bowie's 70th birthday. The timepiece is dedicated to a few of the many personas created by the five-time Grammy Winner.
To honor Bowie, Raymond Weil chose its most free-spirited model: freelancer. The 42mm case contains a dial resembling a vinyl record featuring some of the most emblematic design cues of the British artist. A stylized version of the lightning bolt painted across his face that first appeared on the cover of the “Aladdin Sane” album in 1973 is detailed in red at 12 o’clock. The pop art logo "Bowie," revealed on the cover of the album “Diamond Dogs” in 1974 is located above 6 o’clock. The sapphire caseback has a portrait of David Bowie, immortalized in 1974 by photographer Terry O’Neill.
The watch is powered by the RW4200 automatic movement with a 38-hour power reserve.
“He was an artist in a league of his own, a visionary, multi-faceted icon whose work is testimony to an exceptional career as a musician and a creative,” said Elie Bernheim, Raymond Weil CEO. “His metamorphoses both in terms of style and music studded his career, catapulting both himself and his characters to legendary status.”
Bowie, a prominent figure in popular music for more than five decades, received acclaim as an innovator whose career was marked by reinvention. His visual presentation, music and stagecraft significantly influenced popular music. His record sales, estimated at 140 million worldwide, made him one of the world's best-selling music artists. He was inducted into the Rock and Roll Hall of Fame in 1996.Bowie died on Jan. 10, 2016, of liver cancer, two after his 69th birthday and the release of the album "Blackstar."
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In a series of firsts, Piaget will be adding color to its Possession jewels for the first time in its 25-year history, and it will for the first time unveil the collection on a third-party eCommerce website: Net-A-Porter.
In addition, the brand is unveiling an advertising campaign featuring style icon, Olivia Palermo. The campaign is shot by her husband and friend of the brand, model Johannes Huebl. It is the second consecutive year that Olivia Palermo is serving as the face of the campaign.The Possession collection includes rings, necklaces and bracelets in 18k white and pink gold variations, with some new creations featuring vibrant colored stones and brilliant diamonds. Two watches accompany the assortment in white and rose gold diamond styles.
Gold and sparkling diamonds has been the trademark of the Possession collection since its inception but the collection will soon be available in lapis lazuli, black onyx, turquoise, green malachite, red carnelian and gold. Possession is a delicate, versatile collection defined by its unmistakable rotating rings that can be worn throughout the day. Spherical shaped colored gems encircled by a gold ring hang as pendants from long yellow-gold chains that can also be wrapped twice to make a shorter necklace. The same colored stone spheres wrapped with the Possession ring design are set, like charms, along a delicate chain bracelet. The same spherical shapes adorn the ends of gold bangels, accompanied by the turning ring of Possession.
A sprinkling of pavé diamonds is noticeable throughout the collection.
The collection will be launched on April 3 on Net-A-Porter.“Net-A-Porter is the ideal partner for Piaget’s first foray outside of the Maison’s own channels,” Chabi Nouri, who will be Piaget’s CEO on April 1, said in a statement. “We are delighted to bring the Piaget Possession collection to the Net-A-Porter client as she shares many of the same values as Piaget: audacious creativity, elegant style and positive energy.”
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Graff Diamonds took a traditional theme and used it to take a newer approach to its jewelry designs.
The “Princess Butterfly Secret Watch,” unveiled moments ago at Baselworld 2017, is certainly gem-centric, which in line with the luxury brand, but it also shows a more artistic approach to its offerings.
The motif for Graff’s new women’s watch, the butterfly, is certainly within the brand’s traditional approach to its creations and to bejeweled creations in general. But this creature is highlighted by sensual curves as opposed to bold gemstone statements.
Diamonds and gemstones that pave the wings of the butterfly and the bracelet use the invisible set technique. First invented in the 1930s, small grooves are cut in the underside of each diamond or gemstone allowing them to slide onto a grid hidden beneath the stones. To achieve a finish of pure color the chosen stones must be color-matched, before being cut to fit tightly against one another as if made exactly for the delicate curvature of the butterfly wings.I saw this piece a week ago in Graff’s London boutique. While the focus is on the butterfly wings, equally impressive is the curvature of the bracelet itself, which is showing artistic details not always prevalent in Graff’s pieces.
One can’t forget that beneath the jewels is the “secret” watch. To see the time, the owner pushes on one of the center round diamonds and the wings slide apart to reveal the watch dial. Each “Princess Butterfly Secret Watch” case is set in white gold with 66 baguette diamonds. The butterfly wings are available in four different variations: full diamond, ruby, sapphire, and diamonds with sapphire detail.Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet, the Forbes website and on Instagram @JewelryNewsNetwork
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| Entering Baselworld 2016 on opening day. Photo by Anthony DeMarco |
Officials said Wednesday they “turned away” exhibitors at the 2017 edition of Baselworld, set to open tomorrow, as the show is focusing “quality over quantity.”
“We decided to turn away exhibitors this year. It’s our choice. It’s our choice,” said a defiant Sylvie Ritter managing director of Baselworld, during the annual preopening press conference. The world’s largest watch and jewelry fair opens Thursday and runs till March 30.
This quality over quantity theme was repeated by the four speakers who took a unified stance against criticism the show has received from many jewelry and watch exhibitors based on price increases, demands to acquire more space and a decline in buyers. The show itself has seen a decline in exhibitors the past few years.
This stance went to an absurd level when François Thiébaud, president of the Baselworld Swiss Exhibitors Committee, rehashing the decline in Swiss watch exports (9.9 percent year-over-year), said at one point, “We don’t want to produce that many watches we want to produce quality watches.”
This year's fair has a year-over-year decline in exhibitors of 13.3 percent, from 1,500 to 1,300, Ritter said. This follows two consecutive years of 3 percent declines in exhibitors and buyers.
Eric Bertrand, president of the Baselworld Exhibitors’ Committee, leveled the harshest criticism toward those exhibitors who have left or were forced out (depending on who you talk to).
“In the past I have been surprised by the popularity of certain brands, some quite famous, but really unrelated to our watchmaking industry,” he said. “And when the winds start to blow harshly so does reality become harsh. We have observed that some brands have had to backtrack while those who have always focused on their knowhow are still around.”
He added, “This market consolidation—even in watchmaking, even in jewelry making—will be a benefit to the entire industry the day economic recovery is fully primed. The recovery will afford the best prepared players to gain market share and to be even more successful than ever before.”
After some pointed questions from journalists (a welcomed change) Ritter said the brands that are no longer at Baselworld failed to meet a criteria that she refused to specify.
“We have turned away exhibitors who are not in line with our concept and do not meet the criteria for Baselworld. We do not publish this (criterion). They differ depending on the product and the markets.”
It seems a bit remarkable at a time when the luxury market has been democratized through digital media, more access to world travel and brands owned by conglomerates looking for endless growth through the mass market, that Baselworld officials seem to be touting a call for old-world exclusivity.
But really the claim isn’t believable. If it is, they should look at the conglomerate-owned watch and jewelry brands who were willing to pay huge increases for prime real estate in Hall 1.0 and which Baselworld officials were more than happy to accept. These increases spread to the rest of the halls which led to smaller watch and jewelry brands being priced out of the fair.
In addition, when Baselworld went on this luxury strategy following a renovation a few years ago, the market was led by a boom in China that has largely leveled off. Now with a myriad of geopolitical and economic challenges throughout the world, consumers are not buying like they used to.
It seems obvious to me the only criteria that matters is money.
Bertrand singled out fashion watch brands as those who failed to meet this mysterious criteria.
“The reason is and you must have read about it and know a certain number of brands that are fashion related took watches to get into the industry and they treat it like an accessory … like glasses and spectacles and other components (it) becomes an element (that) adds value to the image but are not related to our industry,” he said. “Now I believe these people did not obtain the results they planned and have given up producing such products.”
One former exhibitor that went public with criticisms of Baselworld and publicly left was the Timex Group Swiss Luxury Division, a division of the Timex Group, which manages the watch business for luxury fashion brands Salvatore Ferragamo, Versace, Versus and Nautica.
Paolo Marai, president and CEO said in a recent Jewelry News Network story, the $3 million investment into the show could be better spent in other areas of its global business. The four brands occupied Hall 1.1, the second floor of the hall dedicated to “global” watch and jewelry brands.
The watches are made in Lugano, Switzerland, in line with "Swiss Made" quality standards.
Another high profile company that left Baselworld (or didn’t meet the “criteria”) was Bremont, which had the largest space in a separate area for independent watch brands, known as “The Palace.”
The Palace is no more; instead it is replaced by a new area called, “Les Ateliers,” in Hall 1.2, described by Baselworld as the place for “the most successful” independent watch brands. Bertrand and the others treated the change as an accomplishment rather than a symbol of the fair’s decline, which others have argued.
Despite the controversies of the past year, Ritter’s defiance was clear with her last statement at the press conference.
“I went through the halls last evening and I can tell you that I slept very well.”
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| Patek Philippe Ref. 3514 18k gold automatic watch. Photo by Heritage Auctions |
Four watches forgotten in a vault owned by the Horological Society of New York for 40 years have been rediscovered and are now being sold at a charity auction.
Bidding for the four timepieces has already begun online on the Heritage Auctions website, which is partnering with HSNY for the auction. Final bids will be conducted live during the HSNY’s 151st annual Gala & Charity Auction, being held April 3 at the General Society Library in New York.
The four watches are: a Patek Philippe Ref. 3514 18k gold automatic watch; an Audemars Piguet 18k gold ultra-thin pocket watch Signed Tiffany & Co., circa 1959; an Audemars Piguet 18k Gold Square watch, Ref. 5128BA, signed Tiffany & Co. circa 1960; and a Piaget $20 Saint Gaudens Gold Coin Pocket Watch signed Cartier. There’s also an enamel HSNY pin that was not in the vault with the four timepieces but is one of the few remaining vintage enamel pins from the society.
They are expected to fetch $10,000 with proceeds going toward HSNY's educational programs and endowment fund.
HSNY said the board “rediscovered” these watches and decided to use them to fund a new annual charity auction tradition. “It’s a remarkable find,” said Michael Fossner, Heritage Auctions watch expert. “These great watches … were of modest value when donated to the Society, where they were consigned to a vault and forgotten, oblivious to the skyrocketing market outside.” All five items are offered without a buyer’s premium and online bidding will take place until the day of the HSNY’s gala and charity auction. The auction will conclude with final bidding commencing live during the Gala, which begins at 6 p.m.
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| Rolex Reference 6062 “Bao Dai.” All photos courtesy of Phillips |
The iconic Rolex Reference 6062, “Bao Dai,” will lead a sale of no fewer than seven Rolex watches by Phillips auction house in association with Bacs & Russo. The auction, which will include timepieces from many other luxury watch brands, will be held May 13 and 14 at the Hôtel La Réserve in Geneva.
The Bao Dai chronograph is among the “most valuable and desirable Rolexes” and the “most complicated and iconic Oyster-cased model” ever made by the Swiss watch manufacturer, the auction house said. In addition to its rarity, this particular model also has imperial provenance. It has a pre-sale estimate of more than $1.5 million.
This Rolex triple calendar with moonphase in yellow gold is one of three black dial models known to exist with diamond markers, the auction house said in a statement. Of the three, the Bao Dai, is the only one to feature diamond markers at the even hours.
The watch belonged to Bảo Đại, the last emperor of Vietnam. According to family legend, Đại (the 13th and last emperor of the Nguyễn Dynasty) purchased the watch in Geneva in 1954, while he attended a conference seeking peace in Indochina.
The “Bao Dai” first appeared on the market in 2002 and was sold by Phillips for what was at the time the most expensive Rolex ever, according to the auction house. A private collector was winning bidder and it had stayed in private hands since.
Aurel Bacs, senior consultant at Phillips, sold the watch at that time.
“It is an absolute privilege to offer the Rolex 6062 ‘Bao Dai’ for the second time in my career,” Bacs said. “With its incredible imperial provenance, stunning condition, and exceptional rarity, it’s a mythical watch that occupies the dreams of scholars, collectors, and enthusiasts all over the world.”
Other Rolex watches to be sold at the two-day auction include the following: The Gold Oyster Paul Newman Chronograph, Reference 6263The yellow gold Rolex chronograph with "lemon" dial, white graphics and bracelet, circa 1969, is the third known yellow gold Paul Newman Daytona with screw down pushers to appear on the market, according to the auction house. Its estimate is $815,000 - $1.6 million.The Neptune, Reference 8382This 37mm yellow gold Rolex watch, circa 1953, is one of two reference 8382s to feature a cloisonné enamel dial depicting Neptune riding the sea. The dial was created by acclaimed enamel artist, Nelly Richard. Its estimate is $305,000 to $610,000.Stainless Steel, Reference 6062This triple calendar Rolex watch, circa 1953, with two-tone dial, moonphase and bracelet, and Arabic numerals at 3 and 9 o'clock is among a handful of examples to survive in original condition, the auction house said. Its estimate is $610,000 - $1.2 million.Tiffany & Co. John Player Special Paul Newman Daytona, Reference 6241Described by the auction house as “fine, rare, important and probably unique,” this 14k yellow gold Rolex chronograph, retailed by Tiffany & Co, , circa 1968. This is the only known and correct “John Player Special” Paul Newman Daytona retailed by Tiffany & Co, featuring the retailer’s signature on the dial. Its moniker is derived from the color scheme of the iconic “John Player Special” Formula One automobile. Its estimate is $406,000 - $813,000.The Only Gold ‘Qaboos’ Daytona, Reference 6265This yellow gold Rolex chronograph with champagne dial and bracelet, especially made for the Sultan Qaboos bin Said al Saided of Oman, circa 1973. This watch is the only known example of a reference 6265 in yellow gold to feature the red Qaboos signature, according to the auction house. Its estimate is $203,000 - $406,000.The Pre-Daytona Chronograph with Black Galvanic Dial, Reference 6238This 14k yellow gold Rolex chronograph watch with black galvanic dial and bracelet, circa 1967, is the second known example to appear on the market, which highlights its rarity, the auction house says. Its estimate is $254,000 to $508,000.
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