JCK editor-in-chief Victoria Gomelsky and news director Rob Bates discuss the much-anticipated reopening of Tiffany & Co.’s iconic Fifth Avenue store, now called The Landmark. Victoria also reports on her recent trip to Geneva for Watches and Wonders, where traffic was brisk, the mood was upbeat, and Rolex wowed the crowds with unexpected splashes of color and whimsy. Rob updates listeners on what’s new at Signet Jewelers after attending a recent Investors’ Day at the New York Stock Exchange.

Sponsored by De Beers: institute.debeers.com

Show Notes

00:49: Tiffany & Co. Reimagines its Famous Flagship

05:30: Rob Heads to AGS Conclave to Gauge the State of the Industry

07:10: Rolex Brightens a Busy Watches and Wonders Exhibition

15:18: What’s New at Signet Jewelers

Episode Credits

Hosts: Rob Bates and Victoria Gomelsky

Producer and engineer: Natalie Chomet

Plugs: @jckmagazine; institute.debeers.com

Show Recap

Tiffany Offers a Sneak Peek at its Reimagined Flagship

Victoria seldom flies across the country to attend a party, but she’s making an exception for the much-anticipated reopening of Tiffany & Co.’s Fifth Avenue flagship store on May 27th. After a three-year closure and a complete makeover, what will The Landmark—as it’s now called—look like? Rob remembers visiting the iconic store as a JCK mystery and being surprised to find it warmly welcoming. It was almost homey in those days, he says. Victoria predicts the new iteration will be decidedly sleeker and more luxe since the brand’s target demographic is now considerably more affluent.

“There’s a parallel story about the importance of brick-and-mortar,” Victoria observes. When she interviewed Tiffany CEO Anthony Ledru recently, he called The Landmark “the heart and soul of Tiffany.” The company is putting a major focus on its physical stores, expanding and renovating flagships in Seoul, Sao Paolo, and other parts of the world, she adds. When the pandemic reached its zenith, it looked like the future might be entirely virtual and digital, but “that’s not the case at all,” Victoria says. “The importance of brick and mortar is more apparent than ever.”

Rob to Moderate Conclave Panel

Victoria’s not the only one with travel plans. In early May Rob will head to Louisville, Kentucky, for the American Gem Society’s Conclave event, where he’ll moderate an expert panel on how the industry is faring in 2023 and gauge the outlook for the future. Victoria is eager to hear his takeaways. She predicts JCK’s audience will be too. “It’s been a confusing year, with the lingering specter of recession,” she points out. “People are waiting for some guidance.”

Rolex Brightens a Busy Watches and Wonders

The conversation shifts to Victoria’s recent trip to Switzerland for Watches and Wonders in Geneva. This year’s bustling conference was a far cry from the quiet show of 2022, when quarantine kept Chinese buyers, retailers, and press away. “It felt upbeat and buzzy” in spite of the logistical frustrations inevitable in a crowded convention center, she says.

The optimism surprised Victoria, who expected the drop in secondary watch prices after last spring’s crypto collapse to put a damper on people’s moods. Instead she found an enthusiastic crowd and a robust array of new offerings. The most talked-about were whimsical, colorful watches from Rolex, a new direction for the brand. One featured a Celebration Dial with balloons in a rainbow of colors. Another was an off-catalogue model with 31 emojis and seven inspirational words like “love” and “faith” instead of dates and days of the week. Victoria says this is the first time she has seem Rolex introduce a concept piece and, despite some hate from internet trolls, show attendees loved the fresh, vivid newcomers. She gives the company kudos for introducing innovative offerings that break through some sameness in the category.

Rob asks about Rolex’s recently introduced Certified Pre-Owned Programme. Victoria says people still aren’t sure how it will work, but she thinks secondhand dealers are likely diversifying and refocusing on other brands because they may not be able to compete with Rolex’s proprietary program.

Signet Focuses on Affordable Luxury

Turning their attention back to the U.S., Rob reports on the Signet Jewelers’ Investor Day he recently attended at the New York Stock Exchange. He was impressed by the executive team—and the fact that the majority of its members are female. “Five years ago it would have been all men and one woman,” he notes. “It’s a very different company than before Gina Drosos took the helm” and one he believes is in very capable hands.

Signet is focusing on expanding its accessible luxury offerings, though Victoria notes that the term is highly subjective. We all define “affordable” differently. In Signet’s case, Rob expects it will mean higher price points. The company also plans to expand its bridal offerings and to attract female shoppers, a goal that may pose challenges for traditionally male-focused names like Jared, James Allen, Blue Nile, and Diamonds Direct, Rob says. These four companies were once competitors, so finding their place in the Signet family of brands may take some time, Rob predicts.

Signet also reported that engagements are expected to return to normal levels now that the boom is subsiding. Rob points out that Signet has become the go-to source for market statistics, data that he and Victoria agree is extremely valuable for the industry.

JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk with Malyia McNaughton, founder of Made by Malyia. The self-taught jewelry designer and Black in Jewelry Coalition board member is proof that trusting your gut can be the key to creative success. When Malyia couldn’t find the jewelry she wanted, she designed her own—and wore it. Demand for her designs inspired her to launch her brand and has made her a rising star whose looks have been worn by Lizzo and other celebrities.

Sponsored by De Beers: diamondeducation.debeers.com

Show Notes

1:53 From body chain to brand launch

5:09 Expanding organically

8:04 Turning obstacles into opportunities

10:53 Finding creative inspiration

13:57 High-profile partnerships

17:58 In the spotlight on SNL

20:51 The Black in Jewelry Coalition: making a difference

23:52 Tips for aspiring designers

Episode Credits

Hosts: Rob Bates and Victoria Gomelsky

Producer and engineer: Natalie Chomet

Plugs: jckonline.com; @jckmagazine; madebymalyia.com; diamondeducation.debeers.com [Use promo code JCKPRO_15 at checkout for 15% off workshops.]

Show Recap

From body chain to brand launch

Victoria introduces Brooklyn-based designer Malyia McNaughton, founder of Made by Malyia, and asks how she started creating jewelry. The daughter of Jamaican immigrants was born in the Bronx, raised in Florida, and attended Florida State University, where she studied fashion merchandising and product development. After graduating, she moved back to New York to pursue a career in fashion, starting in sales and product development for Nicole Miller and eventually designing for another fashion brand.

In 2014, Malyia had tickets to a music festival in Philadelphia. She wanted to make a statement by wearing a body chain but couldn’t find the right piece. Undeterred, she sourced materials and designed her own. Little did she dream she was making her first item of jewelry. “I got stopped by so many people asking me where I’d gotten it,” Malyia recalls. “After the fifth or sixth person, my friends said, ‘You might be onto something.’ We went to lunch, and they helped me come up with the name Made by Malyia.’ It was one of those Oprah aha moments.”

Expanding organically

After months of trial and error, Malyia developed a body chain she felt was ready to put on Etsy. To her delight, orders poured in. Still, she viewed Made by Malyia as a creative outlet, not a business. Gradually she added products based on buyers’ feedback. When a client asked if she could make a temporary nose ring, Malyia branched into nonpermanent nose and body jewelry. Next someone asked for a ring. “It started to expand very organically,” she says. Eventually, growing demand persuaded her to build a collection and a website.

“Etsy was a great launching pad,” she says. “I credit my customers [there] for amplifying my voice and bringing me to market.” Though she has moved away from the platform, she hopes to do another Etsy-specific collection.

Turning obstacles into opportunities

Rob asks what challenges Malyia faced as a newcomer to the industry. She points out that the jewelry business is famously generational. While those family bonds are admirable and she hopes to build her own legacy, they have a downside: They create a major entry barrier for self-taught designers of color and anyone else who lacks personal connections.

Malyia turned the disadvantage into an advantage. As a newcomer, she felt less pressure to put out product than established insiders might. This freed her up to focus intensely on design. She is very intentional in the projects she takes on, releasing small, effective capsule collections that will sell through.

Finding creative inspiration

Malyia has said her work celebrates the intersection of art, nature, and culture. Victoria wonders how this translates into her creative process. The designer starts by placing raw materials in her workspace and spending a week surrounded by them. She also immerses herself in nature, drawing particular inspiration from the movement of water. Sometimes weeks go by before an idea strikes her—then ideas come fast and furious, and she finds herself making 100 sketches in a row. Her rough sketches go up on the wall, where she can study and tweak them. Next she engineers her designs to ensure they’re structurally sound before sending them to her CAD designer to see what they look like in 3D. “It’s a pretty unique process, but I’ve learned to embrace it,” she says.

On her inspiration board, Malyia keeps an old magazine article about Monique Péan that she clipped when Made by Malyia was taking root. “She really is a trailblazer,” says Malyia. Other role models include Sheryl Jones, “a phenomenal designer” and personal mentor, as well as Elsa Peretti. She feels a kinship with the late Peretti because, like Malyia, the designer saw herself as an artist.

High-profile partnerships

Victoria points out that Malyia has done quite a few well-publicized collaborations despite being relatively new to the industry and asks how these came about.

In 2021 the Natural Diamond Council launched an emerging designer initiative. Eager to explore the fine jewelry space, Malyia applied. She not only got accepted, she impressed the council enough with her sketches that they commissioned her to design an 11-piece collection as part of a global ad campaign featuring actor Ana de Armas. “I was ecstatic because, if I do say so myself, it was a hit,” says Malyia.

That success led to other opportunities, including partnering with nationwide chain Banter by Piercing Pagoda and its creative director, Grammy-nominated rapper, songwriter, and artist Tierra Whack. “I’m a huge fan,” says Malyia. Being entrusted to execute Whack’s creative vision was an honor. So was revisiting her roots with a trip to a Banter store in the Bronx. “I brought my nieces, my nephews, my sister,” Malyia recalls. “It was such an amazing experience to walk into the mall and to see…pieces that I was responsible for designing. If I’ve had an Oscar moment, that was it.”

In the SNL spotlight

Malyia enjoyed another star moment recently when Lizzo wore her earrings on Saturday Night Live. Rob asks for the backstory. A stylist contacted Malyia and asked to borrow a pair of her Wave Hoop earrings with channel-set baguettes but refused to name the event or the celebrity she was dressing until the day the episode taped. “I was in disbelief when it came on the screen,” says Malyia. “To have one of the biggest stars of our time wear my earrings on SNL, I don’t know if I can top that.”

Celebrity placement is influential, especially for a smaller brand like Malyia’s, she says, because it piques the interest of the public and the media. Reposting the coverage brings people to her site, which translates into sales and visibility.

BIJC: making a difference

In the wake of George Floyd’s murder during the 2020 pandemic, Malyia was working from home when fellow Black jewelry professional Elyssa Jenkins-Pérez reached out with a timely question: Would Malyia join a conversation about how the industry could help move the Black community forward? “I immediately said yes,” she remembers. Soon, she, Jenkins-Pérez, and others who shared their concerns were brainstorming strategies. They formalized their efforts by founding the Black in Jewelry Coalition (BIJC) and assembling a nine-member board that represents all aspects of the business. “We’ve been on calls once a week for about two hours for the last two years,” says Malyia. “It’s been phenomenal work.” BIJC has collaborated with industry organizations on initiatives to help advance Black professionals in gems and jewelry, partnering with New York City Jewelry Week on an event last year. Plans are also in the works to have a BIJC presence at the JCK show in June.

Tips for aspiring designers

For younger creatives hoping to follow in her footsteps, Malyia offers these words of wisdom: Trust your instincts. She credits her intuition with guiding her from the initial decision to make and market a body chain to her current thriving career. “I just trusted that what I was creating was worth sharing. Don’t wait to have it all figured out. Go for it. You never know where you can end up.”

Join JCK editor-in-chief Victoria Gomelsky and news director Rob Bates for a roundup of buzzworthy industry updates. Victoria reports on the recent VicenzaOro fair, where the halls were crowded, the mood upbeat, and the looks big and bold. She updates listeners on a rare timepiece collection from the archives of Jaeger-LeCoultre. It’s the first significant effort by a Swiss watchmaker to sell vintage pieces and may herald a burgeoning trend. Rob analyzes what Israeli equipment maker Sarine’s purchase of the family-owned lab GCAL means for the future of diamond grading—and artificial intelligence’s growing role in it. Finally, the two discuss the Federal Trade Commission’s proposed ban on noncompete clauses.

Sponsored by De Beers: institute.debeers.com

Show Notes

2:22 A lively January VicenzaOro fair

7:21 Jaeger-LeCoultre unveils first vintage watch collection

12:22 What Sarine’s purchase of GCAL means for the future of diamond grading

18:09 The FTC’s move to ban noncompete clauses

Episode Credits

Hosts: Rob Bates and Victoria Gomelsky

Producer and engineer: Natalie Chomet

Plugs: @jckmagazine; institute.debeers.com

Show Recap

Viva VicenzaOro

Just back from Italy’s January VicenzaOro goldsmith and jewelry fair, Victoria says she was delighted to find the show packed and the mood optimistic. She had expected inflation, the war in Ukraine, and fear of recession to trigger cautiousness and a comedown from the boom the industry has enjoyed since the pandemic started. However, this was the best-attended VicenzaOro ever in terms of both exhibitors and attendees. Victoria spent most of her time in the crowded hall where Roberto Coin, Damiani, Fope, and other luxury brands that export to the United States were exhibiting. Also bustling was the adjacent T.Gold show, featuring jewelry machinery and technology for everything from engraving to laser welding.

Victoria is still amassing information on the show’s top sellers, but one trend is certain: Big, bold pieces are replacing the small, delicate ones favored during quarantine. Understated jewelry suited people well when they were working from home, she says, but now subtle looks (such as stacking multiple delicate bracelets on the wrist) are making way for powerful statement pieces—especially cuffs and collar necklaces.

Jaeger-LeCoultre Unveils Vintage Collection

Victoria’s recent European trip included a visit to Geneva to learn about Jaeger-LeCoultre’s first-ever vintage watch collection. She explains that the Swiss company is known as the watchmaker’s watchmaker. The brand has made all of its timepieces in its own workshops in the Vallée de Joux since its foundation in 1833, and Jaeger-LeCoultre calibers and movements have powered many other brands’ watches over the years. Now Jaeger-LeCoultre has mined its own rich history to create The Collectibles, 17 models from its archives produced between 1925 and 1974. Each reflects a watchmaking innovation from the 20th century. Twelve of these models were sourced from auction houses and vintage dealers and are available for purchase. Included are the Reverso, the company’s best-known model, and several interesting watches from the 1950s and 1960s, according to Victoria. The Collectibles is an evolving collection, so the models will remain the same, but different editions may be introduced along with new capsules, she says.

This is the first time Victoria has seen a Swiss watchmaker invest such effort into selling vintage pieces rather than new models. She likens it to Rolex’s Certified Pre-Owned program and points out the advantage of having such treasures returned to the workshops where they were created to be fine-tuned with the very tools and components that were used to build them. How will other brands respond? Victoria is eager to find out. She predicts that we’re on the brink of a new era of modern-day Swiss watchmakers taking much more care with vintage pieces that have potential to be resold.

Sarine Acquires GCAL

In other news, Rob reports that Israeli equipment manufacturer Sarine has bought the family-owned diamond-grading lab Gem & Certification Assurance Lab (GCAL). Though GCAL is relatively small, it is widely respected for giving tough grades based on GIA standards and offering a certificate guaranteeing those grades.

Rob finds the acquisition intriguing, given that Sarine uses machines that rely on artificial intelligence (AI) to grade diamonds. This allows them to grade gemstones in the factory rather than sending them to a lab, as Rob reported last year. The fact that Sarine is using a well-established lab to roll out its AI approach and promising to honor GCAL’s grading guarantee shows how much confidence they have in the technology, he says. Clearly, Sarine believes its technology can match GCAL’s standards. Rob and Victoria say the acquisition will help the industry get used to the concept of AI grading, a method many labs are exploring. How will AI play out in the industry? That’s anyone’s guess, but Victoria predicts it will become increasingly important throughout the supply chain.

Rob also notes that International Gemological Institute (IGI), a well-known and profitable appraisal lab focused on lab-grown diamonds, has been put up for sale by its owner, the Fosun Group. He and Victoria are interested to see who purchases it.

The FTC Moves to End Noncompete Clauses

Victoria mentions a recently proposed rule by the Federal Trade Commission to ban employers from issuing noncompete clauses. Rob explains that many workers miss clauses hidden in the fine print of employment contracts and find themselves hamstrung when they lose or quit a job and want to find new employment in their chosen field. For CEOs at high-profile companies, noncompetes might make sense, he says, but for the average person, they’re problematic—and widespread: Data suggests that one in five American workers is subject to a noncompete clause.

Despite objections from business groups and possible court challenges, the FTC rule could be enacted before year’s end, phasing out existing noncompete clauses and prohibiting new ones. If so, Rob envisions sweeping changes in the economy.

You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk holiday predictions, the theme of which is cautious optimism. They discuss inflation and its affect (or lack thereof) on spending on jewelry, depending on strata. (The wealth divide is also the dividing line for this consideration.) The hosts also talk about Rolex’s recent announcement that they are entering the preowned watch space, and the questions this brings up about the secondhand marketplace. They also note a slowing down in the colored diamond market.

Show Notes

01:30 Educated guesses about the holiday season

03:40 Inflation concerns

09:15 Rolex launches certified pre-owned program

19:30 Colored diamond category slows down

Episode Credits

Hosts: Rob Bates and Victoria Gomelsky

Producer and engineer: Natalie Chomet

Plugs: @jckmagazine, jckonline.com

Show Recap

Moderate Hopes for the Holidays

As they look ahead and talk about the holidays. When Victoria spoke to Abe Sherman at Buyers Intelligence Group (BIG) who said, “I’ll tell you in ten days.” For jewelers, things don’t come into focus until the very last moment. They suspect this holiday won’t be as strong as last year. Most of those who Rob has spoken to think that even if it is a few points lower than last year, they could still characterize this year’s holiday sales as a success.

When Signet announced their results, Gina Drosos gave the reasoning that last year, many did their shopping early because of supply chain worries. This year, that doesn’t seem to be the case. October had been down, but things are picking up closer to the holiday. The last two years are such a high base. People don’t necessarily expect those levels to continue, but still hope for a successful year.

Effects of Inflation

Though inflation has calmed, it is still higher than we are accustomed to. This affects how the middle class spends on jewelry. Whether it gives the wealthy pause about how they spend, Victoria is not sure. Increasingly, those markets are bifurcated: the upper class does not have to make adjustments to their spending the way the middle and lower-income shoppers do when economic concerns come up.

The pattern of the last several years has been gains on the higher end and not as much on the lower and middle. During the pandemic, there were gains across the board. Now, we’re going back to the pre-pandemic pattern. Signet has noted that the gains they are seeing are at the high end, or “accessible luxury.”

Something jewelers learned during the pandemic was to up their digital game. Rob has noticed a lot of jewelers putting out interesting content on TikTok. This is the way of the future when it comes to reaching buyers. Jewelers have also used YouTube to tell their store’s story in an appealing way. Rob comments on the organic nature of TikTok. It feels personal. There’s a strange charm to it being just one person with their phone.

Rolex Enters the Pre-Owned Space

On December 1st, Rolex announced they were formally entering the preowned space. It is launching a program in Europe through Bucherer. Time will tell when it will come to the US. Bucherer is a Swiss retailer that has a presence in the US already through Tourneau, and are established in the secondhand space.

A few big questions are, who is setting the pricing, and how will this be received by the market? People in the secondhand watch space think this legitimizes the space and makes it less like the wild west. This will give retailers something to sell, since new Rolexes go out of stock so quickly.

How would a trade-in be priced? If people bring their Rolexes to a local dealer, will the dealer verify? Will they give credit or money? People often want to trade their watch in for another piece. Another consideration is who will be repairing the trade-ins? Victoria wonders if Rolex’s service centers will be handling all of these. Bucherer has a lot of pre-owned watches listed on their website, so it’s clear much of this will take place online.

Victoria talks about the Audemars Piguet trial of a preowned market. They never rolled it out fully, and didn’t respond to her call to comment on it. Other big brands haven’t commented either. Big brands have been doing well selling new watches, so they may not prioritize the pre-owned market right now.

There’s a large community of watch collectors who are cynical about Rolex entering this market. They think you have to buy lower quality preowned pieces before being considered for the higher quality goods. Rob asks if people think Rolexes will be dominant in the secondhand category. Rolex dominates every market it is in. Authorized dealers have been reluctant to comment. Interesting to see how much power one brand can wield.

Colored Diamonds Left Behind

Results had been stellar for colored diamonds at auction, and now things are taking a downward turn. De Beers put out a collection of eight blue diamonds. A few failed to sell, a few were pulled from auction, and so far, none have sold. There’s a slowing down in the colored diamond market that is starting to look like a trend. Rob speculates that the market has been oversaturated. So many have come onto the market that it dilutes the rarity, and takes away from the specialness of them. “So many blue diamonds, so little time,” Victoria comments.

The hosts wish everyone a wonderful, happy, safe, and prosperous holiday.

You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk to Paul Schneider, co-owner of Twist, an independent jewelry business known for being an incubator for cutting-edge design talent. Victoria heard Paul Schneider speak at the “Conversations in Park City” event and was struck by how authentic he was and interested in the information he delivered about how his business is growing, and so was inspired to have him on. Paul talks about his wife's and his origins in the crafts movement, how they made their way into the jewelry industry, how they showcase designers' voices, and overcome obstacles.

Show Notes

01:50 Guest intro, Paul Schneider

03:20 Paul talks about his background as a craftsman

04:20 When jewelry entered the conversation

08:40 Growing and shaping the business

14:10 Lab-grown diamonds

16:20 Paul talks video content

20:50 Advice for overcoming challenges

Episode Credits

Hosts: Rob Bates and Victoria Gomelsky

Guest: Paul Schneider

Producer and engineer: Natalie Chomet

Plugs: @jckmagazine, jckonline.com, Twist

Show Recap

Paul’s Background

Paul and his wife Lauren Eulau met in college and were part of the crafts movement. He was a potter and she was a weaver. When did jewelry enter the conversation? Paul isn’t a big planner. His wife’s and his careers have grown by going with the flow. He tells an anecdote about an accountant who asks what their goals are. They decided they needed a different accountant! He doesn’t necessarily recommend this approach, but they’ve been industrious. New doors open up because they never had a commitment to any one path. It ended up working for them.

“Our commitment was to beautiful objects” made by themselves or friends. They met someone who made porcelain earrings. They put them in their store because they were ceramic. It sold amazingly well. This underlined that people bought jewelry because it had deeper meaning—it was more personal. They started out only selling ceramic jewelry. Then they researched and branched out to other materials. They redefined their limits into something more broad. They were still craftspeople. They just included jewelers who used other materials. Their evolution was very slow, but it allowed them to learn as they went.

Branching Out and Narrowing Down

They branched out from Eugene to Portland. There couldn’t be two businesses like theirs in Eugene. They needed to go to a bigger city. They decided something had to give after they had a baby. They decided to stop making things and just sell. Twist is known for being an incubator for cutting edge, coveted designers. How’d they get there? His wife’s and Paul’s tastes are very different, but they respect each other’s tastes. It is easy for them to find pieces. They have such good communication skills that it doesn’t take a lot of discussion for them to make those choices.

Pacific Northwest Identity

Is Paul’s business uniquely suited for Portland or could it work elsewhere? The type of business could work somewhere else, but the kind of products they sell are a result of the Pacific Northwest lifestyle. It’s not showy. You’d be ridiculed for wearing a large diamond. There’s an appreciation for craftsmanship and quality. Their particular pieces might not work in other places, but their approach does.

They are always looking for new designers and pieces. Though they don’t often sell items that come in unsolicited, but he does address every inquiry. He feels responsible to do that. Their origins are with people who make things for a living. They support people who are doing things that are beautiful and do not have access to the marketplace. They are looking for originators, not second generation.

Lab-Grown Diamonds

They offered lab-grown diamonds a few years ago when it was a new development. They have plans to do a collection based on that with specific lab-grown diamond producer. Paul thinks it’s a clear direction the industry is moving in. The line will be ready soon.

Bringing Designers to the Consumer

Victoria asks about the videos they do. The videos are all about the designers and the stories they are telling. Their daughter makes the videos. The videos are always in the designers’ words. Consumers can look at the video and through them, have a two-minute visit with the designer. It adds to the impact and experience. You can understand what’s going on in the pieces. Twist also has QR codes in the cases that bring up the video.

Through the videos, their daughter has gotten more involved in the jewelry world. Now she works at a jewelry consultant in NY. Is it hard to “turn it off” as a family business? There’s no separation. It’s just life. Paul finds that it clarifies and simplifies family relationships. They are all on the same team, whether it’s family or work.

Overcoming Obstacles

Twist is hiring and has been getting a higher quality of applicant recently. Paul thinks the hiring market is starting to calm down. They employ 25 people, including 5 people on the website, and retail staff. They consider online its own store. All three stores (including online) were very close in sales this year, which says a lot about their online business.

Any advice for other independent jewelers? Things are changing quickly in life and jewelry is no different. The values in the industry were based on rich family history and deep relationships with communities. That’s changing—competing with a global market. Embrace technology and communication, he advises. Keep an open mind about what’s going on. Twist was always quick to adapt, without being weighed down by tradition.

Paul loves hearing about small businesses. And he likes that we are giving a voice to independent creators on the podcast. Everyone is kind of alone when they have a small business. Platforms that give them a voice can help.

You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about Conversations in Park City, a new De Beers CEO, and a new spin on a classic Patek Philippe watch. Victoria recaps her time in Park City, where she contemplated the present and future of retail with experts curated by PSFK. Rob reports on the change in leadership at De Beers, where Bruce Cleaver has stepped down and become co-chairman, and Al Cook will step into his shoes as CEO. Victoria covers the latest iteration of a popular Nautilus and what it means for the direction of the Patek Philippe brand.

Show Notes

01:00 Victoria interviewed the president of Bulgari who was in the Maldives.

04:30 A recap of Conversations in Park City

09:00 A change in leadership at De Beers

19:55 New Patek Philippe watch

Episode Credits

Hosts: Rob Bates and Victoria Gomelsky

Producer and engineer: Natalie Chomet

Plugs: @jckmagazine, jckonline.com

Show Recap

Hospitality Meets Jewelry

Victoria got up early to speak to the president of Bvlgari, Daniel Paltridge, who was in the Maldives at the time. They talk about the Bvlgari hotel and how expensive it is—€2,500 per night! Rob wonders what guests might get in addition to the room for that price. (Likely not jewelry.) There are other examples of brands that cross over from fashion to hospitality—Armani, Shinola, etc. The hope is that you can capture an audience in one and then target them in the other side of the business.

Conversations with Friends—in Park City

Victoria recently traveled to Park City, UT, to Conversations in Park City, the leadership summit hosted by Jewelers Mutual. The brainchild of Mark Smelzer, head of content for Jewelers Mutual (and JCK’s former publisher). He had a vision to pull together the crème de la crème of the industry and bringing them all to a leadership retreat. Everyone met at the St. Regis in Deer Valley, with their loved ones in tow. Victoria brought her family and enjoyed the wonderful weather.

But the main focus was the content. Mark pulled in one of the leading thinkers on retail strategy and futurism, PSFK. Jeff Weiner of PSFK brought in some experts that they’ve used for their presentations—on the omnichannel experience, “phigital” retail, and other things retailers need to be prepared for. It was both present- and future-focused, informing retailers about shifts in the consumer atmosphere. Though Victoria tends to tune out when people talk about NFTs, she found this coverage easier to digest. It was a beautiful setting for some great conversations. Overall, the event was brief and meaningful. She hopes there will be another one next year.

A Change in Leadership for De Beers

Rob reports that Bruce Cleaver is stepping down as CEO of De Beers and handing over the reins to Al Cook—an industry outsider who worked for an energy company. His predecessor, Philippe Mellier, was also an outsider. He got great results for the bottom line of the company, but injured some relationships with clients who felt he drove prices too high. Bruce repaired that relationship, and is well-respected. Though it’s not clear why he is leaving this position, he will still be involved as co-chairman. It’s a job where you’re never bored because there are so many aspects to it.

Victoria wonders about the selection process. She points out that the new CEO is another European white man. Was anyone from their stakeholder countries considered? Some people have pointed out that De Beers is an African company that caters to women, yet all of its CEOs have been white men. People have comment that Al Cook doesn’t have the background on marketing, branding, etc. An outsider will have to be tutored in the varied aspects of the business. It’s also of note that Bruce is leaving without a contract with Botswana. A rough agreement has been drafted, but not signed yet. De Beers’ portfolio has been diversified by lab-grown, which might give them some leverage.

The Lab-Grown Diamond Trajectory

It’s been four years since Lightbox came out. Lab-grown is such a complicated market. Many still don’t accept it as a viable category. Swarovski is rolling out lab-grown as well. Breitling has just announced they’re starting to use lab-grown diamonds and fully traceable gold. This is more transparent than Victoria has seen a Swiss brand be. It’s clear that lab-grown is going to be part of the conversation going forward.

New Patek Philippe Watch

Speaking of watches! Victoria wrote an NYT piece about a Patek Philippe watch using white gold that might “break the horological internet.” The long-awaited successor to the 5711—a hyped but discontinued watch model— is here. Called the 5811, its main difference is that it’s in white gold instead of steel. A Nautilus that has been around since 1976, Victoria is confident it will be popular. It’s close to people’s hearts, and has always been in steel until now. They’re breaking away from the steel sport models that fetch more than the gold models.

They went to the prestige category. What they are concerned about is the preservation of the brand. It’ll be hard to acquire by an average consumer. Their aim is to elevate the brand.

You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview two guests—Vikki Tobak author of Ice Cold: A Hip-Hop Jewelry History, and Jules Kim, owner and designer of Bijules Jewelry. They discuss how both women came up in the New York City club culture scene, and how it influenced both of their careers. Vikki talks about the early days of hip-hop and how its connection to jewelry began and evolved. Jules notes some jewelry styles that have their origins in African and African American culture, and the beauty of their evolution through time.

Show Notes

02:30 The hosts introduce their guests, Vikki Tobak and Jules Kim

03:05 Vikki shares her background and interest in jewelry and hip-hop

07:40 Jules goes into her background

15:20 Vikki talks about why the hip-hop world got interested in jewelry

19:00 Jules describes grill culture and how it evolved from its humble origins

23:45 Vikki’s favorite quotes and moments from her book

Episode Credits

Hosts: Rob Bates and Victoria Gomelsky

Guests: Jules Kim, Vikki Tobak

Producer and engineer: Natalie Chomet

Plugs: jckonline.com @jckmagazine, Bijules, Ice Cold: A Hip-Hop Jewelry History

Show Recap

The Intersection of Hip-Hop and Jewelry

Vikki is a longtime journalist and curator. Both of the books she has written so far have been focused on hip-hop. She was an immigrant kid in Detroit, rooted in a city that was founded on music culture. She fell in love with hip-hop as a kid in the 90s, and moved to New York, during an immersive time of music and club culture. She started out working for a record label at age 19, then started writing about this culture.

The book tells a different angle to the culture, following this through line that’s been a constant throughout Vikki’s whole life. When asked when she started researching this topic, she says, “Informally? Since my mom bought me a Nefertiti pendant when I was living in Detroit in the 1980s.” Formally, she started in the beginning of the pandemic. It was challenging at that time because she couldn’t visit the diamond district or Canal Street, as she would have wanted to do in person. Jewelry is part of the fabric of hip-hop and club culture. You see it reflected in what people are wearing when you walk down the streets of New York.

Musical Influences

Many musicians contributed to Vikki’s book: Slick Rick—known as the don of hip-hop jewelry—wrote the foreword, and LL Cool J contributed an essay about a trip he took to Cote D’Ivoire in 1988 and the African link to hip-hop jewelry; A$AP Ferg, the first hip-hop ambassador for Tiffany. The common thread across these stories is the shared value of success and what we wear on our bodies as being representative of so much more (status, “making it,” being royalty). It’s more than conspicuous consumption. Jewelry is a communication.

Jules’ Background

Jules grew up in Richmond, Virginia. As soon as she and her twin sister could, they moved to New York. They were both DJing and throwing parties. Jules came to the city as a fashion intern and was fascinated with nightlife and the fast-paced, shared communal experience. Jules thinks of jewelry as a “forever material,” and says, “in that time period, I was living a very ephemeral experience, so everything was fleeting.” She assisted other fashion designers by day, and carting vinyl records to parties across town by night. She recognized that this experience didn’t last forever, and she eventually decided she wanted to make something that lasts.

She started Bijules in 2002. She wore all her pieces out and sold them at clubs. She was influenced by street fashion and decided to implement the nameplate with graffiti. When asked if she had any training, Jules said no. She went to university on scholarship for flute. She realized formal training wasn’t for her. She studied fashion in France, then came back and took a jewelry 101 class. It inspired her to dedicate herself to learning.

Downtown Culture

Vikki talks about the jewelry scene on Canal Street vs. in the diamond district. It’s cheaper, more playful. The diamond district was this other world that she didn’t have a reason to go to. Hip-hop and club culture is a culture of hustle, which overlaps with jewelry industry. Both are made up of immigrants. Being part of downtown culture was also this way. Vikki describes a “motley crew” that had similar hustle, dreams, and aspirations.

Hip-Hop and Jewelry Then

Vikki talks about the origins of hip-hop’s interest in jewelry. The young people who were to become the future superstars of the genre looked to the street for their styles. The first instance of jewelry on a hip-hop album cover was Kurtis Blow’s debut album in 1980, and those chains were very tiny and layered with a few pendants. As hip-hop stepped into its power in the ‘90s and more money started coming into the culture, early styles started coming along. That moment quickly led to artists using platinum, diamonds, and other precious materials in their jewelry. Trends included label pendants—the Roc-A-Fella chain, Death Row pendant, etc. There were many milestones that inform how the jewelry looks and the influence it has on the larger jewelry world.

Grill Culture

Any other trends that we really owe to the hip-hop world and don’t recognize their true origins? Vikki underlines that the styles that have ties to African cultures, which can be seen in Fulani hoop earrings, Ashanti rings, Tuareg rings, etc.

Jules answers the question too. Hip-hop is born from African American culture. The grill originally came from a need for dental attention. Fast generations to what it is now: “There’s something beautiful about embellishing what you say and how it escapes your mouth,” comments Jules. Jules describes how she partnered with Erica Badu on a project called “Badrool.” Jules’ husband took photographs in Senegal. She describes a photo that shows a ritual and jewelry that is connected with it—a type of grill. The “badrool” looks like rose gold falling out of Erica Badu’s mouth.

Hip-Hop and Jewelry Now

When asked if she has any favorite parts of her book to note, Vikki references a Biggie quote, “You never thought that hip-hop would take it this far.” Now everyone is dying to work with hip-hop artists. She thinks of this quote and remembers the early days when that was not the case. Jules shares a positive connection someone made as a result of Vikki’s book—it speaks to the culture and how committed it is to communicating its style through jewelry. Jules’ anecdote shows how the book is actively inspiring new designers.