Platinum today: News/Jewellery

29th August 2008: European and Asian markets boost Tiffany

Tiffany has reported very strong second quarter profits on the back of high demand from Europe and Asia.

Sales in Europe increased due to local demand with increases of 35 per cent alongside 17 per cent rises in the Asia-Pacific region during the second quarter.

The firm is launching a new advertising campaign including magazines, newspaper, online and outdoor marketing and it will increase the number of stores in China, Belgium, Ireland and Spain.

Tiffany spokesman Mark Aaron said that rising platinum and silver prices have forced the firm to increase its prices.

"We've selectively increased retail prices to address these rising costs," he was reported by Bloomberg as saying.

Tiffany revealed that demand for jewellery was strong with engagement rings, fashion jewellery and designer pieces all performing well.

Meanwhile, rival firm Zale saw smaller than expected losses in its fourth quarter.

It said that it was simplifying its offering to reduce its inventory by $100 million.

Source:

Tiffany profit shines on strength in Asia, Europe, 28/08/08
http://www.marketwatch.com/news/story/tiffany-profit-sparkles-gains-europe/story.aspx?guid={5BFF9A12-D201-48F4-A404-2952C6DACC29}&dist=msr_5

Tiffany, Zale Surge on Higher Annual Forecasts, 28/08/08
http://www.bloomberg.com/apps/news?pid=20601103&sid=aM.nyFLkl_Is&refer=us

26th August 2008: Jewellery organisations oppose platinum marketing plans

Jewellery organisations from the US have opposed the Federal Trade Commission's (FTC) proposed amendment to the platinum section of its guidelines.

The changes would allow jewellery to be marked as "platinum" to describe platinum and non-platinum group metal alloy products.

But the plans have led to objections from the Jewelers Vigilance Committee (JVC), Manufacturing Jewelers and Suppliers of America (MJSA), Jewelers of America (JA) and American Gem Society (AGS).

They do not want the word "platinum" to be associated with an alloy combining platinum with non-platinum group metals.

Cecilia Gardner, President of JVC, said that the organisations have been working closely to ensure all the views within the industry are being taken into account.

"We look forward to an early response from the FTC," she added.

The objection comes as a result of a consultation with the Platinum Task Force which puts forward industry opinions to issues posed by the FTC.

Source:
Industry Organizations Say No to FTC Plan to Broaden Platinum Definition, 26/08/08
http://www.idexonline.com/portal_FullNews.asp?id=31036
FTC Approves Federal Register Notice Seeking Comments on Platinum Section of Jewelry Guides, 20/02/08
http://www.ftc.gov/opa/2008/02/fyi08004.shtm

15th August 2008: Jewellery Roundup August 2008

Leonardo DiCaprio has been in partnership with Jaeger Le-Coultre as part of a fund-raising programme. This autumn, two watches will be auctioned off to raise money for the Leonardo DiCaprio Fund and one of them is crafted in platinum. Containing a 50-hour power reserve, the Reverso Gyrotourbillion 2 is valued at $400,000.

http://www.nationaljewelernetwork.com/njn/content_display/watches/e3if9ee4a7ba69317816fb1f95f4710e73e

Elizabeth Berkley was the latest television star to sparkle in platinum when she attended the 'Academy of Television Arts & Sciences Presents TV Moves' event in Los Angeles. A pair of long platinum and diamond earrings and a wide platinum bracelet completed her black dress outfit.

According to reports in the Daily Telegraph, platinum and gold linings are used in a box of Harrods chocolates to separate the exclusive delicacies. Inside the box, platinum and gold linings surrounded the 49 hand wrapped chocolates which lie on suede leather. They are made from cocoa and decorated with gold and a Swarowski crystal flower or hand made silk rose.

http://www.telegraph.co.uk/news/newstopics/howaboutthat/2309733/Harrods-to-sell-andpound5,000-box-of-chocolates.html

Emma Stone was the next celebrity to showcase her platinum fashions. The star wore a platinum pendant and a cocktail ring by Neil Lane at the Los Angeles premiere of 'Pineapple Express'.

A report this month revealed that there has been an increase in the amount people are prepared to spend on fine jewellery. Rings and necklaces made of platinum are seeing increased sales according to consumer analyst Mintel. Katrin Magnussen, who analyses fashion, said that platinum jewellery was a "shining star".

http://www.mns.co.uk/0121244.html

As Xstrata's proposed bid for Lonmin rolls on, the Daily Telegraph examined the reasons behind the popularity of platinum. The newspaper said that eye jewellery items, such as a platinum piece in the shape of a heart, can be implanted in the eye. Fashion is also a big use for the metal, the newspaper citing a one-off diamond and platinum handbag created by Ginza Tanaka as a great example.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/06/bcnplat106.xml

The Popley Group, India's leading manufacturer of jewellery, has launched a new collection of Disney jewellery pieces. Neck pieces, earrings and rings are embedded into platinum and gold and feature the designs of famous Disney characters. Each collection contains between eight and 88 pieces.

http://diamondworld.net/contentview.aspx?item=2898

Platinum Guild International (PGI) advised jewellers that the market for platinum baubles should focus on bridal jewellery. Encouraging brides and grooms to get platinum wedding bands will increase sales. Reports from National Jeweller Network revealed that jewellers sticking to Best Practice sales advice had a 92 per cent chance of selling platinum products.

http://www.platinumguild.co.uk/output/page3187.asp