On Monday, August 19th, DCWC member David Klass went to make a deposit inside a Wells Fargo bank branch. While finishing his transaction with the teller, he was distracted by a friend calling out his name. The moment he turned to reply, someone grabbed his bag of jewelry left on the counter beside him. David filed a police report which immediately received a detectives attention.
The next day, LAPD Senior Lead Officer Frank Martinez, who oversees the jewelry district, provided instrumental support to help track down the suspect. By 7am Wednesday, the suspect had been apprehended and the stolen jewelry was recovered. David Klass stated he was “very impressed with the prudent response of LAPD Central.”
DCWC has long maintained unwavering support of our local LAPD station. This is another incident that proves LAPD’s intention to pursue crime and ensure that justice is served. DCWC is grateful for Captain Harrelson’s leadership, Officer Martinez’s dedication to our district, and the whole LAPD’s team commitment to protecting and serving all of Downtown, Los Angeles.
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There are two main issues that I wish to speak about this week. The first is the ongoing situation in Hong Kong where the huge September Gem and Jewellery Fair is just a few weeks away.
As most people in the industry will be aware, there is considerable uncertainty about safety as well as insurance concerns. As you will have seen, I wrote to the show organizers at the end of last week outlining the concerns of WFDB members
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Wednesday Afternoon Tea Trading
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Join us Tomorrow
Wednesday, August 28, 2019 at 2:30 pm
for Afternoon Tea and Trading Session.
Following members will bring these merchandise ( in alphabetical order):
- Nicholas Aboufadel: Rose cuts
- Kalpesh Jhaveri: Encourages the members to bring their 'old dogs' to see if they can be revived into Eighternity goods.
- Tanya Parikh: Jewelry
- Alpesh Ramani: CVD Goods
- Samir Sangani: Fancy cut Diamonds
- Lisa Wiener: Jewelry
- Ramin Zar: Diamonds, Emeralds, Rubies, and Sapphires
We encourage all members to bring their special deals and let's make some sales.
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Assaf Loya was born in Israel in 1982. After serving in the Israeli army as a medic and clinic manager, Assaf married into the Diamond industry when Mr. Bichachi gave his daughter Moran’s hand in marriage. In 2014, Assaf and Moran decided as life and business partners to move to Los Angeles to run
Shlomo Bichachi Diamonds Group
(a well-recognized brand in Israel).
Abiding by their company motto
“No limited creation”
allows them to cast a wide net.
Bichachi Diamonds
supplies stones for Swiss watches as well as other famous brands. They are a one-stop, servicing all ...
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Advertise in this space/ Center Location: Call Radhika : 213.623.1162
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DCWC Trading Days with JTN
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August 21/22 at the DCWC
Wednesday Morning, JTN (Jewelry Trading Network) members met at the DCWC for our 3rd annual mega trading mixer. Founder of JTN, Doron Tilayoff, organized the event along with our Business Committee and provided breakfast and lunch to a crowd filled club ready to trade. Diamond club members were able to walk into a room filled with jewelers from across the US ready to provide amazing deals. Wednesday proved to be the most successful day both in attendance and volume of sales. This event was highly anticipated and proved to be a great benefit to JTN and our members. We look forward to future collaborations with JTN.
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Summer Soiree - A Mega Mixer
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Diamond Club West Coast's Social Committee organized a social event at Kues in Downtown, Los Angeles on August 21st in collaboration with GIA Alumni, IDCA (Indian Diamond & Colorstone Association), 24 Karat Club, and WJA (Women Jewelers Association) to bring together leading organizations and its members for a delightful evening of networking and socializing.
Close to 150 industry members and guests gathered for a night filled with food fun and drinks. It was nice to see the different organizations intermingle in a beautiful venue. Each head of their respecting organizations gave a brief introduction, welcomed their members, and shared about their upcoming events. Moshe Salem, President of the DCWC, expressed his enthusiasm and appreciation for the large turnout.
Thank you to all who contributed and attended our Mega Mixer, we look forward to similar events in the future.
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GIA Luncheon with DCWC
on Changing at Laboratory Business
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Diamond Club West Coast hosted a delegation from the GIA at their monthly luncheon meeting. A capacity crowd of DCWC members filled the Los Angeles bourse to listen to Phillip Yantzer, Vice President of Laboratory Operations, explain the changes experienced at GIA’s laboratories across the world in 2019, and give a comprehensive update on GIA’s laboratory activity.
Yantzer discussed the changes in stone sizes taken in by the leading lab and the qualitative measures taken by GIA to maintain the high standard of grading set by the leading lab.
Adversarial questions included: inconsistencies in diamond reports, perceived inconsistencies between stones emerging from differing GIA labs, the results produced by tech machinery compared to human graders, the need to create more distinction between natural and lab-grown diamonds, along with questions about emerging technologies for more subjective grading (make and inclusions).
Regarding grading reports for lab-grown diamonds, DCWC President Moshe Salem echoed the sentiment of “GIA reports must go further to distinguish between natural and lab-grown diamonds in order to allow the consumer to make the best decision that is aligned with their interest.”
The robust and engaged crowd was quite fulfilled with the transparent and forthcoming nature of Phillip’s presentation and responses to their different questions.
The only other topic briefly mentioned was GIA’s recent push for the KYC (Know Your Customer) initiative to push for all its clients to have more comprehensive information about the client base of all businesses in the jewelry industry.
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Letters to the Editor and Responses
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Dear Editor,
I received an email from a Lab Grown Diamond (LGD) supplier with a current price list advertising that prices have been “slashed.” I replied to this supplier that I don’t see value in buying for stock. If they are true “growers” as they claim to be, there cost for growing will reduce in time as the technology gets better and as more product floods the market from other growers. Makes more sense to simply wait for a call.
The primary concern, why do LGD suppliers use the Rapaport price index, a list created for Natural Diamonds, to price their goods
? This list fluctuates due to factors such as scarcity and demand of Natural Diamonds. What right do “Growers” have to use the same list? When Rapaport prices fluctuate, will LGD prices fluctuate as well? Is that fair?
Let them create their own list. For example: you can’t claim that a lab grown diamond is 80% off the list of a natural diamond. There has to be some boundaries here. I believe there is room for LGD in the market place but there needs to be more regulation.
-SG
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Hong Kong Jewellery
and Gems Fair
at Hong Kong Convention Center
on
Sept 16- Sept 22
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Bharat Diamond Week
at Bharat Diamond Bourse (BDB)
on
Oct 14- Oct 16
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Antwerp Rough Diamond Days
at ANTWERPSCHE DIAMANTKRING
on
Nov 21-Nov 22
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Latest News Around the World
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