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| Volume 1, Issue 12, December 20, 2007 | |
| A Message from Bill Boyajian | |
During my first year at the helm of the World Jewelry Center, I
traveled the globe sharing the vision of a new international business
hub in Las Vegas. In this second year, I find myself consoling a lot of
friends who say they are struggling and worried about the future -
their future, and that of the jewelry industry as a whole. My last editorial - in which I discussed the importance of adapting to changes in the trade - stirred some comments, and apparently struck a chord with many people. One response was from a longtime jeweler friend in Canada who gave me permission to share what he wrote. It may sound familiar to you: "Your comments re: the "odyssey" generation hit home with me. We have four sons, aged 22-30. Only one is firmly established in a career as a paramedic. The others are 'wandering.' And as a retailer who has spent 37 years in our industry, I see the big "R" around the corner, without a successor in sight. Albeit, two sons are still 'thinking' about it. But they are not enamoured with the idea of going into a family business, and cannot get excited about our industry, given all the problems we are facing. An unfortunate situation, given our 70 year history, which will likely end in a huge liquidation sale 5 years from now, unless there is a change of heart. I commend you on your new vision and project. If I was a young person, and living in America, I'd be picking up the phone and talking to you about how to get involved. I still believe that we have a wonderful industry, as we are privileged to handle some of God's most beautiful creations....." In some ways, this is a sad commentary. In other ways, it is an opportunity waiting to happen. I don't presume to know what is best for your business. I don't know what you're going through or your specific challenges. But one thing I can do is share the vision of a new world marketplace unlike any on the planet, and hope that people with courage and insight will understand its potential, and get on board. We are creating a new international center in the most dynamic city in America. This trade center will attract retailers from around the globe. It will create new business, new customers, and new market opportunities. Next to the trade tower will be a retail jewelry center that will be the envy of the world. It will attract millions of consumers who will come to Las Vegas to buy because they will get quality products and great value from global merchants, all under one roof. There will be new brands, new designs, and a new model for doing business in the largest convention market in the world, in addition to strong and steady local jewelry consumers. If you want to grow your business, you can't afford not to be in the World Jewelry Center. Do what my friend said he would do if he were younger: Pick up the phone and call, or drop me a line and let me send you some information. We have an answer to your challenges, and we can help. Bill Boyajian, Managing Director, 310-691-9562, bbboyajian@worldjewelrycenter.com |
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| Franck Muller USA , Inc. Signs with WJC | Las Vegas Planning Commission Approves WJC |
| Franck Muller USA, Inc. has signed a Letter of Intent to purchase space in the World Jewelry Center trade tower. Known as "the master of complications," Franck Muller is famous for his complex technical innovations as well as bold designs. A highly accomplished watchmaker trained at the famed Geneva School of Watchmaking, he personally created dozens of new complications for his watches and acquired patents for many of them. In 1983, Franck Muller began making wristwatches bearing his name and is credited as being the first to add a tourbillon to a wristwatch. Among his many other notable innovations are the tourbillon with jumping hours; tourbillon with minute repeater; and inverted tourbillon with minute repeater and perpetual calendar. In 1991, Franck Muller joined with Vartan Sirmakes to create the Franck Muller Geneve brand. He was instrumental in building it into one of the watch industry's most prestigious and sought-after. Over the next few years Vartan Sirmakes was also instrumental in acquiring additional watch brands for the company. In 1992, one of Franck Muller's watches was designated "the world's most complicated wristwatch" after its introduction in Geneva. Comprising some 651 parts, the watch included both grande and petite sonnerie; minute repeater; a perpetual calendar programmed to 2100; leap-year cycle; 24-hour moon phase indicator; an internal temperature indicator. Franck Muller Watchland was established in 1995 in Genthod, Switzerland to expand the firm's manufacturing and facilitate its vertical integration. "Franck Muller is one of the world's most ingenious and acclaimed watchmakers," said WJC Managing Director Bill Boyajian. "We are very proud and pleased that Franck Muller Watchland will be part of the World Jewelry Center trade tower, so that these stunning and technically advanced timepieces, as well as the uniqueness of their other brands, will be available to the trade in the convenience of the World Jewelry Center." Hratch Kaprielian, CEO of Franck Muller USA, Inc., said, "We view the World Jewelry Center as the most exciting project in the jewelry industry in recent years." "We look forward to having a USA western point of distribution for our brands in Las Vegas, through our location in the World Jewelry Center trade tower. We are extremely confident that the leadership and management of the World Jewelry Center will make this a world-class development." Mr. Kaprielian is the USA distributor of the following Franck Muller Watchland brands: Franck Muller Geneve; European Watch Company (EWC); Pierre Kunz Geneve; Rodolphe; Alexis Barthelay; and Backes & Strauss. |
The Las Vegas Planning Commission has approved the World Jewelry Center's development plan. The agency considered such elements as the height and capacity of the office trade tower (more then 50 floors and 1.12 million square feet); the mixed-use nature of the project (owned office condominiums; leased retail space; and luxury residential condominiums); architectural standards; and access standards, as well as the 53.6-acre site itself. WJC Managing Director Bill Boyajian said, "We are extremely pleased with this latest important step in the continued progress of this historic project. We continue to meet every standard on time, in every phase of the development. The momentum has been steadily building since we launched the World Jewelry Center slightly more than a year ago, and is reflected in the diversity and number of our participating firms. In the weeks and months ahead, we fully expect that this progress will continue, as all plans move ahead on pace." |
| Bidz.com Achieves Record Margin; Rapaport Group Invests in Magazine | |
| Bidz.com,
a WJC participating firm, announced that its third quarter net revenue
of $ 40.1 million was up 48 percent, compared with the same period last
year. A record gross margin of about 31.7 percent was also achieved. David Zinberg, President and Chief Executive Officer of Bidz.com, said he was pleased with the results. "Our unique value proposition and continued focus on executing our business and achieving results has driven this performance. [Source: Bidz.com] Rapaport Group Buys Stake in Indian Magazine The Rapaport Group, a WJC participating company, announced it has acquired a 50 percent stake in India's leading jewelry magazine, The Art of Jewellery. The publication serves as the organizer for the leading South India Jewellery Show (SIJS), held annually in Bangalore. Martin Rapaport, who will be appointed Chairman of the board of directors, said, "We are excited to partner with The Art of Jewellery, India's premier jewelry magazine and a well established reputable brand, whose mission of education, enlightenment, and market development we share." Sumesh Wadhera, the magazine's CEO, said, "We are delighted to have The Rapaport Group as our partner. Our clients and associates will immensely benefit from Rapaport's information services and global expertise in the diamond industry." [Source: Diamonds.net] |
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| SimplexDiam, Inc. Plans Growth Through WJC | |
SimplexDiam, Inc. was one of the first companies to sign a Letter of
Intent to become part of the World Jewelry Center. Based in New York,
SimplexDiam, Inc. provides American jewelry retailers with well-crafted
jewelry, featuring diamonds and other gemstones, imported from India
and other countries. The company also sells jewelry online through its
own Web site. Yogesh K. Madhvani is the Chairman and CEO of SimplexDiam, Inc. Madhvani has been an entrepreneur for over 33 years, starting and running companies in industries as diverse as the textile industry, as well as the diamond industry. For the past 27 years, he has managed and grown various diamond and jewelry business models, including rough and polished trading, jewelry manufacturing, jewelry wholesaling, and jewelry services for retailers and wholesalers. His company was associated for approximately 20 years with one of the largest DTC sightholders. Madhvani said SimplexDiam, Inc. was founded in 1983 with the goal of delivering value to their customers and supporting their growth and success. Currently, Madhvani is leading SimplexDiam on several projects involving outsourcing key operations to India, as well as continuing to manage SimplexDiam's growing jewelry manufacturing, asset recovery, and services businesses. SimplexDiam also assists banks, retailers, and manufacturers in evaluating jewelry inventory and maximizing recovery. Simplex has a dynamic team in India that manages the services outsourcing and liaisons with top diamond cutters and polishers in the industry. The jewelry manufacturing business handles several of the larger and more prestigious jewelry retailers in the U.S., while the asset recovery and services business currently handles the largest U.S. retailers and wholesalers worldwide. "The World Jewelry Center offers a great opportunity to participate in a major new marketplace, and there are many unique benefits to it," said Madhvani. "The Foreign Trade Zone will be very important, since imported goods are a mainstay for us. And the trade tower enables us to buy and sell in a convenient, one-stop shop, while also doing business with our retail clients in an easily accessible destination market." Madhvani's group was among the first Indian diamond merchants in New York, and also among the first Indian companies to establish a joint venture with a major American retailer for Direct Sourcing overseas. Madhvani was also a founding director of the Indian Diamond and Color Stone Association (IDCA) and a founding member of the Indo Argyle Diamond Council (IADC), as well as being a member of various trade bodies, such as JBT and AGTA, among others. Madhvani's team consists of his two sons, Shail and Neel Madhvani, as well as a core group of senior members who have longstanding experience in the firm. "SimplexDiam, Inc. is a highly respected longtime fine-jewelry supplier, and they are a perfect example of the wholesale firms that will thrive in the World Jewelry Center," said WJC Managing Director Bill Boyajian. "Yogesh Madhvani is clearly a forward-thinking jewelry business leader who saw the potential of this unique international jewelry marketplace early on, and took advantage of the opportunity to get on board." |
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Photo caption: Yogesh K. Madhvani is Chairman and CEO of SimplexDiam, Inc., one of the first companies to sign a Letter of Intent with the World Jewelry Center. |
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| LVMH CEO Sees Global Luxury Sales Doubling; African Romance Seeks Share of World Market | Success of Hamriyah Free Zone Authority Hints at Potential of WJC Foreign Trade Zone |
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LVMH (Moet Hennessy Louis Vuitton) CEO Bernard Arnault, speaking during
a conference in Moscow on Nov. 28, said worldwide sales of luxury goods
will double in the next five years, and the U.S. market has potential
to participate in that growth. He predicted that luxury goods will generate the equivalent of 300 billion Euros. Arnault noted that the U.S.has 28 percent of the world's gross domestic product, but accounts for only 16 percent of luxury sales. In addition, Arnault said, the rapidly increasing consumer markets in Russia, China, and India could account for a combined one-third of luxury goods sales within the next 10 years. [Source: DowJones Business News] African Romance Seeks Share of World Luxury Market African Romance is a new diamond polishing and cutting company based in Sandton, South Africa, which is aiming to secure a chunk of the global luxury market. It is a majority black-owned firm, and its chief executive is a former member of parliament, Mohseen Moosa. He said the company wants to start a luxury jewelry brand on the level of Cartier, and asserted, "There is a gaping hole in the international brand world for African diamond designs." [Source: Business Report, South Africa] |
Photo caption: Dr. Rashid Al Leem, Director General of the Hamriyah Free Zone Authority in the United Arab Emirates (Image courtesy of The New Jeweller.) |
Vegas Retail on a Roll Deal with sky high potential: Analysts see possibilities in land acquired with tower Charlie Palmer hotel-condo planned for Union Park City green-lights tax break for Las Vegas Premium Outlets |
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| If you would like further information, about the World Jewelry Center please click here or contact: | |
Bill Boyajian Jerry Buckley Jane Lynch-Rush Robin Bartolo |
Corporate and Sales Offices: |
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| The World Jewelry CenterSM is owned and developed by Heritage Nevada VIII, LLC, a single purpose entity. Heritage Nevada VIII, LLC reserves the right to change concepts, prices, features, amenities, and dimensions at its sole discretion and without notice. Models do not reflect racial preference. You have received this email because you chose to receive email and other communications from us. This email is commercial in nature and may contain advertising materials for the World Jewelry Center. We adhere to all state and federal anti-spam laws. To unsubscribe, please click on the link below. Contact Info: World Jewelry Center, 421 North Beverly Drive, Suite 350, Beverly Hills, CA 90210. Feel free to review our TERMS OF USE and PRIVACY POLICY. � World Jewelry Center 2007. | |
The recent approval of the World Jewelry Center as a permanent Foreign
Trade Zone (FTZ) was welcome news to both current and future WJC
participating firms because of the many benefits associated with
operating in an FTZ.