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Citi upgrades Signet to "buy"

I've been writing about growing momentum in the good news category of late--finally. Today, more to add. 

Signet, parent of Sterling Jewelers, the largest U.S. jewelry-specific retailer and operator of the Kay Jewelers and Jared chains, has had its stock upgraded by Citigroup from "hold" to "buy."

Speaking of improving market conditions in the UK, Citi analysts said earnings now "look to have an upside forecast risk."

"Until now, with macro conditions progressively deteriorating, we have argued that weak comparatives will have little traction with a heavily indebted consumer, a declining housing market and rising unemployment. However, there is growing evidence to change this stance," they said.

In the United States, they added, while the timing of a full-scale recovery for the fine jewelry market remains uncertain, a relatively strong first quarter, amid other factors, makes the company more attractive as an investment.

This is more good news for all of us, as the stock market crash last fall saw even the blue chips of our industry tumble. This onset of renewed interest is grounds for good cheer, signaling that the very bleakest times may be behind us.

Hats off to Signet Group Chief Executive Terry Burman, Sterling President and CEO Mark Light and the rest of the team in the Akron headquarters and the 1,401 stores across the country.

Feeling generous?

I have blogged before about the importance of giving in tough times, and I stick by my belief that donating to charitable causes becomes even more important in a bad economy.

I signed up here at work today to take part in "Skip Lunch Fight Hunger," an initiative of New York food bank City Harvest.

Basically, I'll be donating what I would normally spend on lunch in a day to City Harvest so they, in turn, can make sure people don’t go hungry.

On that note, if this blog has you feeling charitable, here are a few ways to give back that have popped up lately:

The Legacy Group. This is a new organization involving three extraordinary women that launched on Tuesday here in New York.

Headed by jewelry industry veteran Ralph Destino Sr., the organization has partnered with eighth-generation Vanderbilt Consuelo Vanderbilt Costin; Kick Kennedy, granddaughter of the late Sen. Robert F. Kennedy and daughter of environmental activist Robert F. Kennedy Jr.; and Sara Delano Roosevelt, great-granddaughter of President Franklin D. Roosevelt.

What these women want to do is put their legendary family names to good use.

They are seeking to partner with manufacturers and retailers to develop and endorse consumer products, including jewelry, and then donate the proceeds to their respective charities.

Costin’s supports the Ovarian Cancer Research Fund (she sadly lost her mother to the disease), while Kennedy backs the Waterkeeper Alliance, and Roosevelt is an advocate of the Boys and Girls Clubs of America.

For more information, visit the group’s Web site.

Heart U Back. This is a really cute collection of fine fashion jewelry from family-owned manufacturer IBB International created in conjunction with the American Society for the Prevention of Cruelty to Animals (ASPCA).

The pieces are for both pets and people, are relatively inexpensive and, best of all, a portion of the proceeds go to the ASPCA.  

For more information about the jewelry, visit HeartUBack.com. To learn more about the ASPCA’s mission, visit its Web site.

Diamonds for a Cure. This one got lost in the sea of paperwork on my desk, but is no less worthy.

Renowned jewelry designer and breast cancer survivor Neda Behnam has created four lines of diamond jewelry—“Hope,” “Faith,” “Charity,” and “Love”—to benefit Stand Up to Cancer.

Flipping through the photos, the collection, which has a Web site, looks like it has a little something for everyone.

I hope you find something you like.

Don't mix your greens

My father was a naturalist for the National Park Service, intimately involved in the birth and growth of the primacy of the discipline of ecology in our nation's approach to its natural resources and heritage that began in the 1950s. 

I was born in a one-room "hospital" on the South Rim of the Grand Canyon and moved subsequently to live in a permanent tent in the Yosemite Valley and cabins in Yellowstone before my father was appointed as the first chief naturalist for the newly created National Seashore of Fire island off the coast of New York's Long Island.

My parents instilled an ethic in all of their children early by such things as being among the first wave of recyclers back in the 1960s. Though I've not had my father's professional ties to nature and the environment, I certainly was raised with a consciousness of nature, have a significant connection to and my own love and respect for it. 

And there are many others like me out there, a demographic group I would describe as having a true concern and understanding of issues affecting our earth. Moreover, people in this group tend to be skeptical of the current hyping of "green" issues. 

Basically, we're very receptive to developments that can have a true positive impact on the earth and our environment. But we're also very quick to smell out the BS and those whose only interest is to leech on and suck whatever they can out of the trend for their personal benefit.

Ok, some strong language. But it needs to be emphasized that this group does tend to be highly politicized and passionate. The bottom line is, marketers who are purely self-motivated and whose "green" programs and activities are empty of real value to the environment are quickly discerned and, rather than benefitting from their efforts, will actually suffer the opposite.

An interesting subject line in an e-mail I received from Dick's Sporting Goods this morning was a good example: "Save some green this Earth Day." What a marketing mistake. The pun connecting money to the environment is not only in poor taste but trivializes the significance of the Earth Day concept.

The point is, the business of business is business. Nobody has a fault with that. But jumping on the green bandwagon, if there's not real value involved, is a bad idea, seen as hypocritical and self-serving. Don't do it if you don't mean it.

Designer Spotlight: Ray Griffiths

I don’t love to admit it, but I cannot stop watching Bravo’s Real Housewives show. All the dramas of Atlanta? Yep, tuned in for that season. The O.C.? Of course. And now I’m onto New York City, faithfully setting my DVR each Tuesday night to see what catfights the housewives have lately gotten themselves into.

But this last week, it wasn’t squabbling that kept me guiltily tuned in. It was a pair of stunning earrings by Ray Griffiths, an Australian jewelry designer who’s based in the Big Apple.

“Housewives” husband Simon takes his wife Alex on a surprise birthday mission to Griffiths’ midtown studio, where the lucky lady finds that she’s turning one year older with earrings that could be the very definition of statement-making. Truly spectacular on all ends, the pair features emerald-cut white topaz, a triple diamond drop and an 18-karat yellow gold teardrop. And then—last but not least—there’s the gorgeous crown-work bezel, intricate metalwork for which Griffiths is quite an expert, having begun his training fabricating the substructure of tiaras and crowns.

And lucky for Alex, this won’t be her last such piece. Doting Simon gifts her a Ray Griffiths design for each year she blows out another birthday candle. Of course, you know I’ll be tuning in to see what’s next.

To see more, visit RayGriffiths.com.

De Beers leaving London?

De Beers spokeswoman Lynette Gould confirmed last week that the diamond giant is slashing 25 percent of its U.K. staff, cutting down the number of employees for the Diamond Trading Co. (DTC), Forevermark and "De Beers Group functions," from about 420 to 320.

Not having covered this industry all that long, the gravity of this statement did not hit me fully until one of our readers pointed out (via the virtual comments section of the National Jeweler Web site) that the DTC alone used to employ about 1,000 people in London.

Now they have less than half that amount for three operations.

Checking this figure with Gould, I found out that our reader's observation was indeed correct: The DTC had about 1,000 employees in London in the mid 1990s.

Since that time, however, that number has been dwindling, not because of De Beers shifting sorting operations to Africa—aggregation to Botswana, Gould told me, accounted for only about 30 job losses in London—but rather to "streamlined efficiencies."

All of this begs the question: Will there come a time, perhaps sooner than some have predicted, that we will see the last of De Beers in London?

Star Sighting: Miley Cyrus

Attempting to pair face-framing gemstone jewelry with an already embellished top or frock can inspire a bit of a wardrobing conundrum, but teen sensation Miley Cyrus pulled off the look with aplomb for her appearance at the Academy of Country Music Awards held on Sunday. 

The singer, Disney queen and soon-to-be movie star—with Hannah Montana: The Movie on the verge of hitting big screens—showed up on the red carpet in earrings from the Diane von Furstenberg by H. Stern collection. Crafted in yellow gold and set with diamonds and assorted gemstones, the earrings are the perfect complement to the multicolored beads on Cyrus’ Monique Lhuillier gown.  

Designer Spotlight: Atelier Minyon

Back in January at the JA New York Show, one of the new kids on the block that drew my attention was Atelier Minyon. The designer is a newcomer to the States, having opened up shop just this past winter in New York’s Soho neighborhood, but the company’s roots are based in Turkey, where its gorgeous high-karat gold designs have long been renowned.

While the aesthetics and the craftsmanship of the pieces (which have a wonderful movement and fluidity to them) were what first caught my eye, it was the story behind stunners such as this 22-karat woven gold bracelet, featuring diamonds and rubies, that kept me captivated.

According to Elizabeth Genel, one of the partners in Atelier Minyon, it’s a Turkish tradition for pieces such as these to be thought of as “wedding bracelets.” A mother-in-law will typically gift such a design to her new daughter as a show of solidarity for the nuptials.

Isn’t that a great tradition? A gorgeous piece of jewelry makes quite a statement on its own, and when one can not only pass that piece on as an heirloom but also impart a personal story behind it, that makes for jewelry that just can’t be beat.

To see more, visit AtelierMinyon.com.

Diamonds phone home

Looking for a diamond that's simply out of this world?

Well, New York diamond dealer Nilesh Sheth, president of Nice Diamonds, might have just what you need.

Some time ago, Sheth purchased two strange stones from a rough diamond dealer here in the United States. After purchasing the stones, Sheth, who admits to having a keen interest in the science behind diamonds, submitted them as a scientific experiment of sorts to the Gemological Institute of America (GIA).

Even though the stones, to me, look like the ones my dad used to spread around our shrubs at home, the GIA determined that they were actually carbonado, an aggregate of small, polycrystalline diamonds that have a porous structure and are opaque.

The exact origin of carbonado is unknown, but one of the theories is that it is formed with "extraterrestrial" materials.

That's right--there's a chance Sheth's "diamonds" came from outer space, just like the diamonds described in this recent story from The Associated Press. (Don't quit reading until you get to the part about engagement rings for bacteria.)

At this point, the stones' future seems just as cloudy as their past.

Sheth said he bought the stones as a curiosity, a "collector's item" if you will.

"It's something different and unusual," he said.

And though he won't disclose how much he paid for the two large rocks, he's not ruling out selling the stones if he finds the right buyer.

Anyone with interest in seeing these stones can drop by Nice Diamond's booth at the upcoming jewelry shows in Las Vegas. Or check out more about Sheth's company here.

The artistry of science

Two nights ago, I was whisked off to Philadelphia for a private tour of “Galileo, the Medici and the Age of Astronomy,” a fascinating exhibit opening tomorrow at the Franklin Institute science museum. More than 100 artifacts, including gilded 16th century sundials and delicately engraved compasses, on loan from the Institute and Museum of the History of Science in Florence will be on display through Sept. 7. The highlight, without doubt, is a 400-year-old telescope used by Galileo Galilei, the man whose observations of the sky revolutionized the study of astronomy and, it’s safe to say, changed the course of science.

Following the guided tour, I sat down to a sumptuous meal of Renaissance-era Tuscan cuisine prepared by a chef flown in from Florence, all generously underwritten by Officine Panerai, the Swiss watch brand sponsoring the exhibit.

Citing the brand’s origins in Florence, Galileo’s adopted city and the cradle of the Renaissance, Panerai CEO Angelo Bonati said that his precision watches, once used by the Italian navy’s elite frogmen, are the product of scientific knowledge derived from Galileo.

“This man made a study of time measurement, invented the modern telescope and contributed decisively to the definition of terrestrial longitude,” Bonati writes in the introduction to the book accompanying the exhibit. “By studying the isochronism of the pendulum he opened the way to precision in the art of horology. It is to this genius that we are proud to pay tribute…”

What I found so remarkable about the evening—beyond the distinguished setting, delicious and unusual cuisine and the historical significance of seeing Galileo’s rather humble-looking wooden instrument on its first trip outside of Florence—was the idea the Italian curators impressed upon us throughout the tour: during the Renaissance, inventors such as Galileo and his patrons, the Medici family, made no distinctions between the disciplines of art and science. Fine art and valuable scientific discoveries went hand in hand.

It’s helpful to remember this in the context of today’s high-end watch business. While the technically advanced, über-complicated timepieces manufactured in workshops around Switzerland may bear the imprimatur of pure science, they also satisfy the most basic definition of art: the quality, production, expression, or realm, according to aesthetic principles, of what is beautiful, appealing, or of more than ordinary significance.