Jewelry & Diamonds

De Beers Seeks Full Retraction of African Diamonds Statement on Share Disposal

michelle — Wed, 10 Mar 2010 22:22:00 +0000

De Beers says it is seeking a full retraction of the statement by African Diamonds that claimed that De Beers failed to notify the company of a disposal of shares.

“We take our regulatory obligations extremely seriously and confirm that we made the necessary filings in accordance with the relevant regulations. We are seeking a full retraction of the statement by African Diamonds,” says a De Beers statement.

The African Diamonds Statement was as follows:

De Beers Reduces Shareholding

The board of African Diamonds have been informed by their registrars that 1 million shares in an account we believe to be controlled by De Beers have been sold or transferred without the company being notified. This, if true, breaches Financial Services Authority (FSA) rules. This account held 4,423,293 (5.8%) and now holds 3,423,293 (4.49%).

Under FSA rules, an account holder must inform the Company when shareholdings breach percentage points. We have not been informed. We are asking the FSA to examine the trades.

John Teeling, Chairman, commented: “This is very disappointing and strange. In recent weeks, a senior director of De Beers turned down an offer to sell their block at a price significantly higher than the prices they obtained in the market. Subsequently, other approaches were made to De Beers’ executives to sell their shares with no response”.

A 1.23 Carat Ideal Cut Round Diamond of E Color and VS1 Clarity Set in a Platinum 5 Row Pave Diamond Ring Set with 5 Rows of Pave Diamonds at a Total Cost of $14760. Perfect for a Diamond Engagement Ring Budget of $15000!

admin — Wed, 10 Mar 2010 19:53:16 +0000

If your budget is set at $15000 to choose the best diamond engagement ring around what do you think of this 1.23 carat round diamond of E color and VS1 clarity set in a platinum 5 row pave diamond ring set with 5 rows of pave diamonds?
At a total cost of $14760 it is perfect for a diamond budget of $15000.

Diamond Shape:Round
Carats:1.23
Diamond Colour:E
Diamond Clarity:VS1
Diamond Cut:ideal
Diamond Certificate : GIA
Diamond Depth:61.8
Diamond Table:57
Girdle:Medium to slightly t
Culet:N
Diamond Polish: Excellent
Diamond Symmetry: Excellent
Diamond Fluorescence:None
Measurements:6.84*6.89*4.24
Diamond Price:$11270

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A 0.72 Carat Ideal Cut Round Diamond of F Color and SI1 Clarity Set in a Danhov ME3 Platinum Diamond Ring at a Total Cost of $5840. Perfect for a Diamond Engagement Ring Budget of $6000!

admin — Wed, 10 Mar 2010 17:02:08 +0000

When your budget is $6000 to choose a diamond engagement ring what do you think of this 0.72 carat round diamond of F color and SI1 clarity set in a Danhov ME3 platinum diamond ring?
At a total cost of $5840 it is perfect for a diamond budget of $6000.

Diamond Shape:Round
Carats:0.72
Diamond Color:F
Diamond Clarity:SI1
Diamond Cut:ideal
Diamond Certificate : GIA
Diamond Depth:61.1
Diamond Table:57
Girdle:MED-STK/F
Culet:NO
Diamond Polish: Excellent
Diamond Symmetry: Excellent
Diamond Fluorescence:None
Measurements:5.77*5.78*3.53
Diamond Price:$

2340

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A 1.26 Carat Ideal Cut Pear Diamond of F Color and VS1 Clarity Set in a Platinum Spiral Diamond Solitaire Engagement Ring at a Total Cost of $8200. Perfect for a Diamond Engagement Ring Budget of $9000!

admin — Wed, 10 Mar 2010 14:27:06 +0000

If you have a budget of $9000 to choose a diamond engagement ring what do you think of this 1.26 carat pear diamond of F color and VS1 clarity set in a platinum spiral diamond solitaire engagement ring (as shown below)?
At a total cost of $8200 it is perfect for a diamond budget of $9000.

Diamond Shape ear
Carats:1.26
Diamond Colour:F
Diamond Clarity:VS1
Diamond Cut:ideal
Diamond Certificate : GIA
Diamond Depth:64.4
Diamond Table:56
Girdle:Thin to very thick
Culet:N
Diamond Polish: Very Good
Diamond Symmetry: Good
Diamond Fluorescence:Faint
Measurements:8.90*5.99*3.86
Diamond Price:$6860

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Smithsonian Museum Displays Michelle Obama’s Inaugural Ball Gown and Jewelry

michelle — Wed, 10 Mar 2010 12:20:00 +0000

First Lady Michelle Obama has formally presented the gown she wore to the 2009 inaugural balls to the Smithsonian’s First Ladies Collection Tuesday, March 9, during a ceremony at the National Museum of American History. The gown will be displayed in the center of a new gallery addition to the museum’s popular exhibition, “The First Ladies at the Smithsonian.”

The one-shouldered, white-silk chiffon gown, created by designer Jason Wu, is embellished with organza flowers with Swarovski crystal centers.
In the center of the room is a case displaying Mrs. Obama’s gown as well as her shoes and jewelry.

A separate accessories case displays the coordinating shoes, purses, gloves and jewelry worn by various first ladies. The presentation of Mrs. Obama’s gown will be featured later this spring in a video made possible by The Chubb Corporation. The new gallery concludes with reproductions of watercolor sketches by artist Anna Ruff of 14 gowns from the Smithsonian collection.

The new gallery, “A First Lady’s Debut,” opens to the public March 10.

For decades, the First Ladies Collection has been one of the most popular attractions at the Smithsonian Institution. The original first ladies exhibition of 1914 was the first display at the Smithsonian to prominently feature women. The exhibition itself has changed in size, location, style and story several times over the years.

“Today Michelle Obama continues a nearly century-long tradition that is important to American history and beloved by the public,” said Brent D. Glass, director of the museum. “The donation of an inaugural gown is a long-held tradition and the most visible of the objects our historians collect to document and explore the contributions of first ladies to the presidency and American society.”

“When we look at the dress that Jackie Kennedy wore 50 years ago, or the one that Mary Todd Lincoln wore 100 years before that, it takes us beyond the history books and the photographs and helps us understand that history is made by talented people,” said First Lady Michelle Obama. “The dress I donated today, made by Jason Wu, is a masterpiece. It’s simple, it’s elegant and it comes from the brilliant mind of someone who is living the American Dream.”

Beginning with Mamie Eisenhower, the new gallery focuses on each first lady’s public introduction during the inauguration or beginning of her husband’s presidency and includes contemporary accounts of initial impressions about each woman and the role she might play in the White House. “A First Lady’s Debut,” features life-size photos of the 11 women who have filled the position over the past 50 years, each one wearing her displayed gown.

Together, the two galleries that make up “The First Ladies at the Smithsonian” showcase 24 dresses and more than 100 other objects, including portraits, White House china, personal possessions and related artifacts from the Smithsonian’s unique collection of first ladies’ materials. Among the dresses displayed in the exhibition’s first gallery are Martha Washington’s silk taffeta gown, Grace Coolidge’s flapper-style evening dress and Helen Taft’s 1909 inaugural ball gown—the first to be presented to the Smithsonian by a first lady.

The exhibition is divided into four main sections: the evolution of the First Ladies Collection, the tradition of the inaugural gown, a first lady’s contribution to the presidency and American society and the public debut of America’s more recent first ladies.

“The First Ladies at the Smithsonian” exhibition gallery opened in December 2008 and was made possible by major support from Biography Channel. The new gallery, “A First Lady’s Debut,” has been supported by a gift from the Elizabeth Carolyn Lux Foundation.

ICMM and GRI Launch New Reporting Guidance

michelle — Wed, 10 Mar 2010 12:12:00 +0000

ICMM and GRI have launched new sustainability reporting guidance for the mining and metals sector, which is now available to download.

The GRI Mining and Metals Sector Supplement was unveiled at the Mining, People and the Environment conference held in conjunction with the annual PDAC convention in Toronto, Canada.

It consists of sector-specific guidance incorporating the GRI G3 Guidelines – the world’s most widely-used guidelines for reporting on economic, environmental and social performance.

Issues such as indigenous rights, resettlement, closure planning, and materials stewardship are now covered in the Supplement.

The aim of developing a Supplement is to enhance sustainability reporting in the sector, by creating a version of the G3 Guidelines that is specifically tailored to its needs.

A 1.02 Carat Premium Cut Emerald Diamond of D Color and VS2 Clarity Set in a Yellow Gold 3 Stone Trillion Cut Blue Sapphire Engagement Ring at a Total Cost of $5530. Perfect for a Diamond Engagement Ring Budget of $6000!

admin — Wed, 10 Mar 2010 09:39:12 +0000

If you have a budget of $6000 to choose a diamond engagement ring what do you think of this 1.02 carat emerald diamond of D color and VS2 clarity set in a yellow gold 3 stone trillion cut blue sapphire engagement ring (shown in the image)?
At a total cost of $5530 it is perfect for a diamond budget of $6000.

Diamond Shape:Emerald
Carats:1.02
Diamond Color
Diamond Clarity:VS2
Diamond Cut:premium
Diamond Certificate : GIA
Diamond Depth:70.3
Diamond Table:62
Girdle:Thick
Culet:N
Diamond Polish: Excellent
Diamond Symmetry: Good
Diamond Fluorescence:Faint
Measurements:5.66*5.43*3.82
Diamond Price:$4630

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A 1.05 Carat Ideal Cut Princess Diamond of E Color and VS1 Clarity Set in a Platinum Setting 3 Stone Plus Diamond Engagement Ring at a Total Cost of $8210. Perfect for a Diamond Engagement Ring Budget of $9000!

admin — Wed, 10 Mar 2010 09:18:16 +0000

If you have a budget of $9000 to choose a diamond engagement ring what do you think of this 1.05 carat princess diamond of E color and VS1 clarity set in a platinum setting 3 stone plus diamond engagement ring ?
At a total cost of $8210 it is perfect for a diamond budget of $9000.

Diamond Shape rincess
Carats:1.05
Diamond Colour:E
Diamond Clarity:VS1
Diamond Cut:ideal
Diamond Certificate : GIA
Diamond Depth:74
Diamond Table:69
Girdle:Medium to slightly t
Culet:N
Diamond Polish: Very Good
Diamond Symmetry: Very Good
Diamond Fluorescence:Faint
Measurements:5.57*5.50*4.07
Diamond Price:$

5400

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Bidz.com Announces Financial Results for the Fourth Quarter and Full Year 2009

michelle — Wed, 10 Mar 2010 06:05:00 +0000

Bidz.com (Nasdaq:BIDZ), a leading online retailer of jewelry, announced results for the fourth quarter and full year ended December 31, 2009. Net revenues for the fourth quarter of 2009 were $27.5 million, compared with $35.1 million reported in the fourth quarter of 2008. During the quarter, the Company reported B2B sales of $2.4 million, compared with no sales in the prior year period. Net revenues for the fourth quarter were adversely affected by the migration of the Company’s proprietary enterprise operating system to a Microsoft Dynamics AX ERP system, due to some unexpected difficulties during the implementation.

The Company’s revenues for the twelve months ended December 31, 2009 were $110.4 million, compared with $207.4 million reported for the twelve months ending December 31, 2008. The Company believes the overall decrease in net revenues was primarily a result of declines in consumer spending caused by the financial and economic crisis that began in 2008, which disproportionately affected jewelry spending. The Company’s domestic and international sales in 2009 represented 68.3% and 31.7%, respectively, compared with 76.1% and 23.9%, respectively, in 2008. The top five international markets in 2009 represented Canada, Australia, Saudi Arabia, The United Arab Emirates and Spain.

In the fourth quarter 2009, gross profit was approximately $8.1 million, compared with $12.1 million in the fourth quarter of 2008. Gross margin in the fourth quarter of 2009 was 29.6%, within the Company’s guidance range, compared with 34.4% in the same period of 2008. The decrease in gross profit as a percentage of sales was primarily due to lower gross margins from B2B revenues, partially offset by higher gross margins from the Company’s online revenue. Gross profit for the full year ended December 31, 2009 was $33.7 million, compared with $58.7 million in the prior year period. Gross margin for the full year ended December 31, 2009 was 30.5% compared with 28.3% for the same period last year.

In the fourth quarter, the Company also saw improvements in its key revenue metrics. During the quarter, the average selling price per order increased over 11.8% to $189 from $169, average items sold per transaction increased approximately 28.7% to 4.3 items and the Company’s acquisition cost per new buyer decreased by 9.4% to $48 from $51.

“While our revenues continue to be impacted by the recession and its effect on consumer spending, particularly in the jewelry sector, we are continuing to enhance our product offerings at compelling values in an entertaining interactive format, ” said Leon Kuperman, the Company’s President and Chief Technology Officer. “In addition, we are carefully managing our operating expenses, margins, and inventory in order to preserve and enhance our financial strength and continue to capitalize on our long-term opportunities and prudently invest in our business. We are also continuing to make progress in stabilizing our business by providing our customers with high quality products at a compelling value and demonstrating our ability to enhance our position in this environment. As we look ahead, we are keenly focused on achieving strong revenue growth, profitability and leveraging our model to deliver higher earnings, cash flow and shareholder returns.”

General and administrative expenses for the fourth quarter were $5.2 million, compared to $4.4 million in the prior year period. Sales and marketing expenses for the quarter were $2.2 million, compared with $3.0 in the prior year period. Total operating expenses in the fourth quarter 2009 were flat at $7.6 million, compared with the prior year period. Net operating income for the fourth quarter of 2009 was $0.6 million or 2.0% of sales, compared to $4.5 million or 12.8% of sales in the fourth quarter of 2008. The Company’s income tax expense decreased to $0.2 million in the fourth quarter of 2009, compared to $1.6 million in the prior year period, and the effective tax rate was 43.9% versus 35.1% in the same period of 2008.

Net income for the fourth quarter of 2009 was approximately $0.3 million, or $0.01 per fully diluted share, on 22.1 million weighted average shares outstanding, compared to net income of $2.9 million, or $0.13 per fully diluted share, on 23.3 million weighted average shares outstanding in the same period of 2008.

The Company’s pre-tax income for the twelve months ended December 31, 2009 was $4.3 million compared with $24.0 million in the prior year period. The Company’s income tax expense decreased to $1.8 million in full year of 2009 from $9.6 million in the prior year period and the effective tax rate increased to 42.4% from 40.0%. Net income for the full year of 2009 was $2.5 million, or $0.11 per fully diluted share, on 22.5 million weighted average shares outstanding, compared to $14.4 million, or $0.57 per fully diluted share, on 25.1 million weighted average shares outstanding, in the same period of 2008.

As of December 31, 2009, the Company had approximately $1.1 million in cash. Additionally, the Company had $31.2 million in positive working capital, no long-term debt and a balance of $2.9 million under its line of credit. Since the end of the quarter, the Company has paid down the line of credit and currently has no balance outstanding, as well a current cash position in excess of $3.0 million. The Company believes that cash and cash equivalents currently on hand and cash flows from operations will be sufficient to continue its operations and to pursue its growth strategy for the foreseeable future.

The Company announced on March 1, 2010 that the plaintiff in the case titled “Marla Tidenberg v. Bidz.com, Inc.” has agreed to dismiss her case against the Company with prejudice. The Company is pleased to have put this chapter behind them and return its focus to its business. The Company always maintained that the claims were entirely without merit and the outcome is a victory for both the Company and its stockholders.

The Company also announced last month the successful launch of Modnique, its exclusive private sale shopping site for members-only, offering authentic premium brand name merchandise. Modnique offers its members exclusive access to 24-72 hour sales events on designer apparel, accessories, shoes, houseware and much more at price points up to 85% off of retail. The first sales event featured Ed Hardy products and since has featured private sales for brands such as Calvin Klein, Heys, Maurice Lacroix, ST DuPont, Modern Amusement and many more.

David Zinberg, Chief Executive Officer of Bidz.com, commented, “The Modnique platform is a logical evolution for our existing business given Bidz’s existing online infrastructure and the strong relationships we have with premium designer brands, as well as millions of monthly visitors to our websites. We have a dedicated team and facility in place and the site’s main goal is to offer quality designer brand name merchandise to our customers at an excellent value that is well below retail.”

The Company recently implemented a layaway plan that allows customers to make a purchase and then pay for it over a 5 month period. This program began in December and the Company expects to have approximately $1.5 million in sales in Q1 that it will not book until the product is paid for in full, which will not happen until Q2 2010 and Q3 of 2010. The Company stated that as customers become increasingly aware of this program, it would expect to see increases on a quarterly basis.

In addition, the Company hired a new General Manager for Buyz.com, who brings over 20 years of experience in retail jewelry. The team is currently working on new growth initiatives, and the Company is confident that by adding an experienced and dedicated person to head this effort, it will see improved results for this division of the business.

The Company also announced the launch of a multi-year agreement with Aramex to offer more effective shipping services to its customers in 15 Middle East countries. Aramex brings convenient, express shipping services that meet all of its customers’ needs, including up to the minute tracking information and 24 hour in-language customer service.

Mr. Zinberg continued, “I am pleased to report that we are beginning to see positive momentum in both our core business and many of our newer initiatives. Since the end of the quarter our business Bidz.com site has increased activity and conversions and our Modnique.com site is off to a good start. Given these trends, as well as somewhat improved overall economic climate, I believe that we will soon be seeing improved financial results.”

As of December 31, 2009, the Company has spent a total of $18.4 million to cumulatively repurchase 3.3 million shares at an average price of approximately $5.56 per share since the inception of its stock repurchase program in June, 2007. The Company intends to continue to make additional share repurchases based upon market conditions, stock price and other considerations.

Business Outlook/Guidance

The Company is introducing new revenue guidance for the first quarter of 2010 of $26-$28 million, gross profit margin of approximately 24-26%, as the Company will push for market share to get back on a growth curve, and expects pre-tax income to be approximately breakeven.

About Bidz.com

Bidz.com, founded in 1998, is a leading online retailer of jewelry. Bidz offers its products through a live auction format as well as a fixed price online retail store, Buyz.com. Bidz.com’s auctions are also available in Arabic, German and Spanish. To learn more about Bidz.com visit its website at www.bidz.com. Bidz also operates Modnique, a division of Bidz.com, an exclusive private sale shopping site for members-only, offering authentic premium brand name merchandise. Modnique offers its members exclusive access to 24-72 hour sales events on designer apparel, accessories, shoes, and houseware and much more at price points up to 85% off of retail. To learn more about Modnique visit its website at www.modnique.com.

A 0.58 Carat Premium Cut Round Diamond of I Color and SI2 Clarity Set in a Danhov ME3 Platinum Diamond Ring at a Total Cost of $4310. Perfect for a Diamond Engagement Ring Budget of $5000!

admin — Wed, 10 Mar 2010 05:53:44 +0000

If you have decided on a maximum price of $5000 to choose a diamond engagement ring what do you think of this 0.58 carat round diamond of I color and SI2 clarity set in a Danhov ME3 platinum diamond ring?
At a total cost of $4310 it is perfect for a diamond budget of $5000.

Diamond Shape:Round
Carats:0.58
Diamond Color:I
Diamond Clarity:SI2
Diamond Cut:premium
Diamond Certificate : GIA
Diamond Depth:62.9
Diamond Table:59
Girdle:Slightly thick face
Culet:NO
Diamond Polish: Very Good
Diamond Symmetry: Excellent
Diamond Fluorescence:None
Measurements:5.32*5.30*3.34
Diamond Price:$

810

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