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| January 22, 2008: Volume 2, Issue 1 |
A Message From Bill Boyajian
My goal was to help retailers survive. Jewelers were stuck with dead inventory. They didn't understand the concept of buying fastselling merchandise. They still bought with their hearts, not their heads. Frankly, as a result of this new training, we saved a lot of retail jewelers from going out of business. We gave them hope when they were deeply in debt. We gave them a new lease on life. We brought excitement back to their business. And we gave most a better lifestyle than they ever had. Today, as Managing Director of the World Jewelry Center, I'm trying to help manufacturers, many of whom are in the same predicament as retailers were a decade ago. Manufacturers are facing enormous competition. Many are wedded to the same business model that worked years ago, but doesn't work today. Most are looking for new customers, and don't know where or how to find them. They can't afford to have salespeople on the road. Costs of travel are rising. Security risks are mounting. And insurance coverage is difficult to get and expensive to maintain. Why a World Jewelry Center? Why Las Vegas? Why a trade tower for dealers and manufacturers? Who needs a new center, anyway? You do! Look around. You're stale and stagnant where you are. You need a new model to cope with the challenges of increasing competition, rising costs, and fragmented markets. You need to be part of something fresh and exciting. You need to be part of something most people can't yet see. Oh, they will see, sooner or later. Listen to what one of our clients, Jeffrey Appling of JEA Jewelry, said recently: "I believe that ten years from now there will be jewelry business owners complaining that they should have taken part in the WJC when they had a chance." But will it be too late? Maybe you're not struggling. Maybe you're one of those whose business is growing. Maybe you're simply looking for new markets to expand your business. Maybe you're one of the lucky ones who sees the light, who is edgy and always on the lookout for something new and different. I hope that's you, because we have what you need, too. We're going to bring retailers to you in our trade tower. We're going invest in market weeks for our customers. We're going to create a dynamic that doesn't exist anywhere in America. And we're going to open it up to the world. We want every segment of the market to be there. And every segment will be there. We want people from all over the world, because instead of retailers traveling the globe to buy, they're going to travel to Las Vegas to buy. Why? Because it's easy to get there, inexpensive to stay there, and fun to be there. It saves them time, and time is a retailer's most precious asset. Isn't it time you tried something new? Are you going to be the one to criticize a new idea? Or are you going to be the one who endorses it, gets on board, and benefits from being first. Call or write me today. It will be the best business decision you can make. Bill Boyajian |
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Las Vegas City Council Approves World Jewelry Center Plans Probity International Corporation President and CEO Robert Zarnegin, who attended the January 9 Council meeting, welcomed the actions. “We appreciate the cooperative efforts of City officials and the Las Vegas City Council’s approvals of our business terms, which will propel our project forward. Our team, together with the City, has worked hard to come to agreement on terms for the WJC, a project that will create thousands of non-gaming jobs, and bring financial rewards to the City.” “This will be an important part of Union Park, along with the Lou Ruvo Brain Institute, the Smith Center for the Performing Arts, the Charlie Palmer Hotel, and the Access Medical-Kimpton Hotel projects, that together will create an exciting experience for everyone who visits or does business there,” said Las Vegas Mayor Oscar B. Goodman. “This will be a one-of-a-kind jewelry industry hub in the western hemisphere,” said WJC Managing Director Bill Boyajian. “With a magnificent tower comprising both wholly-owned, class-A office condominiums and ultra-luxury residential condominiums, a retail center open to the public, advanced security systems, and a designated Foreign Trade Zone, jewelry business leaders will have many strategic advantages, with the added benefit of the Las Vegas location.” The DDA outlines the requirements and conditions for Probity International to purchase the land and build the World Jewelry Center. The OPA sets forth the terms under which the developer and the City Redevelopment Agency will share in property tax revenues generated by the WJC over the next twenty years. |
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World Jewelry Center Company Profile: Jewelers Mutual Insurance Company It was established in 1913 by jewelers and continues to remain true to its mission of protecting the jewelry industry and individuals with jewelry. Its policyholders own and govern this mutual insurance company. To date, Jewelers Mutual has paid them more than $19 million in dividends, with $13.4 million of that amount paid within the past 10 years. Trustworthy More than 10,000 commercial policyholders trust Jewelers Mutual to insure their jewelry businesses, and 180,000 individual policyholders carry over $2.5 billion in personal insurance coverage. Reach A network of 500 independent agents represents Jewelers Mutual across the U.S. and Canada. Expansion into the World Jewelry Center will provide an even greater reach. Jewelers Mutual partners with internationally recognized reinsurers in protecting large jewelry businesses and the global community. Invested in the industry Jewelers Mutual is not merely about specialized insurance coverage; it invests in the advancement of the industry through generous financial contributions and other support. Many Jewelers Mutual staff members and agents hold board positions in organizations such as:
Understanding the educational needs of the jewelry industry, Jewelers Mutual is committed to educating its customers about safety, security, and insurance. To emphasize its commitment to education, Jewelers Mutual developed JM University, which houses loss prevention information, online training courses, security videos and DVDs, and other materials. In addition, Jewelers Mutual provides free membership to the Jewelers’ Security Alliance to all of its commercial policyholders, presents at industry events, and offers additional benefits that promote safe and profitable business in the jewelry industry. The future With its presence in the World Jewelry Center in Las Vegas, Jewelers Mutual is hoping to extend its specialized protection further into the global community. “Having a physical presence in the Center positions us to interact with companies all over the world, as well as better serve our agents and customers in the Western part of the country,” states Darin Kath, president and CEO.“ Jewelers Mutual anticipates an unmatched environment of synergy and commerce that is certain to take place at the World Jewelry Center.” Jewelers Mutual is so much more In 2007, Jewelers Mutual received its 21st A+ Superior rating from A.M. Best, who commended the focus of Jewelers Mutual and its adherence to its core competency of insuring jewelers. In addition, A.M. Best cited the well-diversified geographic scope, extensive safety and security programs, and industry relationships promoted by Jewelers Mutual.
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Union Park - 2007 Year in Review “The 2007 list of accomplishments and milestones for Union Park is impressive,” said Brandin of the $6 billion project taking shape on 61 acres just east of I-15 and World Market Center. “With construction already underway, the inking of several major deals by credible third-party developers, and the announcement that Union Park is the only development in Nevada to be part of a national “green” pilot program, Union Park is no longer just a plan. It’s a development whose time has finally come and a project that will eventually become the heart of Las Vegas.” Leading the list of 2007 milestones is the February commencement of construction on the Lou Ruvo Brain Institute, a 67,000-square-foot state-of-the-art medical facility designed by renowned architect Frank Gehry. Dedicated to the research and treatment of diseases such as Alzheimer’s and Parkinson’s, the Lou Ruvo Brain Institute is expected to be complete by late 2008. It will be staffed by leading medical researchers and physicians all working in tandem to create a world-class research and treatment resource center focused on designing, testing and validating new models of care and services for people with dementia and other neurodegenerative diseases. New designs were unveiled during 2007 for two other major Union Park projects: The Smith Center for the Performing Arts and the World Jewelry Center. Designed by renowned architect, David M. Schwarz, The Smith Center’s design was inspired by southern Nevada history and is reflective of the art deco style reminiscent of Hoover Dam and the 1930s era in which it was built. “We are all very committed to this being a Nevada building, one that celebrates Nevada materials and uses Nevada colors – a building that is not a transplant from somewhere else,” said Schwarz. “We believe we have achieved this; that we have come up with the design for an indigenous building.” |
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News From WJC Participating FirmsIGI Offers Valentine’s Shopping Pointers Starting with the diamond jewelry, Ehrenwald urges shoppers to learn about the 4 Cs – color, clarity, cut, and carat weight – and ask for a grading report from an accredited gemological laboratory, such as IGI, to verify those characteristics. For colored gemstones, Ehrenwald says color saturation and tone are the most important factors, and vivid/bright colors with medium tone are most sought after. [Source: IGI; www.igiworldwide.com ] House of Taylor Jewelry, PeachDirect Agree on New Marketing Venture House of Taylor Jewelery (HOTJ), a WJC participating firm, announced it has signed an agreement with PD Financial Corp. (operating under the trade name PeachDirect), to establish exclusive consumer jewelry catalogs and Web portals for branded jewelry created by HOTJ. According to the announcement, they expect to establish a jointly owned marketing entity that will focus on this growing segment of the jewelry business, and cover a wide range of exclusive product categories under the House of Taylor Jewelry® and Kathy Ireland Jewelry™ brands. As proposed, PD will be responsible for marketing as well as the design and development of the entity's catalogs and websites, while HOTJ will oversee design, development, manufacturing and sourcing of all diamonds and jewelry to be marketed under the brands. Jack Abramov, president and chief executive officer of House of Taylor Jewelry, commented, "This agreement with PD Financial is a significant, exciting milestone in broadening our brand strategy and expanding our distribution through an exclusive direct marketing channel for our jewelry.” [Source: House of Taylor Jewelry]
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News of Interest from Las Vegas and NevadaNew Resorts Could Boost Las Vegas Housing Market Leaders of two national homebuilding companies say they expect new resorts opening on the Las Vegas strip in 2008 and 2009 to boost the local housing market, according to a report published in In Business Las Vegas ( Dec. 7–13, 2007). The report says that Steve Hilton, chairman and chief executive of Meritage Homes, and Jeff Mezger, president and chief executive of KB Home, both think that the thousands of jobs expected to be created by the new mega-resorts will help the city’s housing market to recover faster than other locales that are experiencing housing downturns. Hilton said he is confident that Las Vegas is still one of the nation’s best housing markets over the long term. Metzger echoed that sentiment, stating that that pent-up demand will help absorb resale inventory. Nevada Governor Optimistic on Economy Nevada ’s economy is showing signs of improvement, based on an analysis of a report on October 2007 taxable sales released by the state’s department of taxation. An article published in the Las Vegas Review-Journal (Dec. 29, 2007) said Nevada Governor Jim Gibbons expressed optimism. "The October 2007 sales tax figures indicate that many sectors of Nevada's economy are showing signs of improvement, bolstered by strong tourism activity, mirroring gaming results for the same month." Statewide taxable sales in October totaled just less than $4 billion. For the fiscal year, taxable sales total $16.1 billion, down 1.5 percent over the same four-month period last year. Clark County (where Las Vegas is located) taxable sales totaled just under $3 billion in October. For the fiscal year, Clark County, with nearly $11.9 billion in taxable sales, is down 0.1 percent from the same period in 2006. |
In the 1990s, during my tenure as President of GIA, I brought a retail management system to our educational curriculum to help jewelers manage their inventory and run their businesses more efficiently. It was a controversial move, especially with jewelry manufacturers. Who were we to teach independent jewelers how to manage their inventory, and their suppliers? How dare we do this, many declared!
The Las Vegas City Council has approved the World Jewelry Center’s (WJC) Disposition and Development Agreement (DDA), Owner Participation Agreement (OPA), and related documents, thus approving the business arrangements between the City and the developer. 
Jewelers Mutual Insurance Company, a participating firm in the World Jewelry Center, is the only company specializing exclusively in jewelry insurance in the United States and Canada. The company’s tagline is, “ Coverage you can count on. People you can count on.” 
For Union Park, an 11-million-square-foot mixed-use urban development in the heart of downtown Las Vegas, 2007 was a year of significant progress, according to Rita Brandin, senior vice president and development director for Newland Communities, the project’s development manager which was retained by the City of Las Vegas in December 2005 to oversee and manage day-to-day development of the site. 
The Valentine’s shopping season often presents challenges to men who want to buy the perfect jewelry gift, but need expert advice on how to select it. The International Gemological Institute (IGI), a World Jewelry Center participating firm, has distributed a set of tips to assist. CEO Jerry Ehrenwald says there are some classic choices, such as pearl earrings or a pearl necklace – or both; a right-hand ring with a center stone in her favorite color (or perhaps her birthstone); ever-popular diamond-stud earrings; or, if this is an extra-special Valentine’s gift – a diamond engagement ring.  |
VEGAS RETAIL ON A ROLL DEAL WITH SKY HIGH POTENTIAL: ANALYSTS SEE POSIBILITIES IN LAND ACQUIRED WITH TOWER CHARLIE PALMER HOTEL-CONDO PLANED 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 visit us at WORLDJEWELRYCENTER.COM or contact: |
Bill Boyajian Jerry Buckley Newsletter and Media Inquiries |
Jane Lynch-Rush Robin Bartolo General Inquiries |
