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| March 21, 2008: Volume 2, Issue 3 |
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World Jewelry Center Company Profile: GemFind.net Night View of Las Vegas from the World Jewelry Center News from WJC Participating Firms
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A Message From Bill Boyajian
As we reach the end of the first quarter of 2008 – only about 18 months since the project’s inception – I want to update you on our current and upcoming activities and point out the recent accomplishments that support our strong momentum. We reached several key milestones in the first few weeks of the year when the City of Las Vegas granted all of the approvals that were required to satisfy the business arrangements between the City and the World Jewelry Center’s principal, Robert Zarnegin, President and CEO of Probity International Corporation. These include the Disposition and Development Agreement (DDA), Owner Participation Agreement (OPA), entitlements, and related documents. With these approvals in place, our development team is continuing its intensive work on architectural and design plans to accommodate the needs of our participating firms in the trade tower, as well as those in our magnificent retail jewelry center and ultra-luxurious residences at the top of the tower. We now have 116 firms that have reserved space in the World Jewelry Center office tower. Another 41 companies have documents in hand to sign. Our participating firms represent 20 countries and virtually every sector of the industry. With more than one-third of the saleable space in the trade tower currently reserved, it is clear that this is an international gem and jewelry marketplace in every sense. We started 2008 with an aggressive and extensive worldwide schedule to present the WJC vision, including shows and events in Macao, Vicenza, Tokyo, Israel, Tucson, St. Petersburg (Russia), Munich, Hong Kong, Dubai, Mumbai, Miami, New York, and Atlanta. Now we are gearing up for another series of important destinations, including Antwerp, Istanbul, Basel, and New York, to name just a few. Please see our Upcoming Events for details and contact information on these. We look forward to seeing you at these and other locations. Throughout my worldwide travels, I am always impressed with the widespread awareness of the World Jewelry Center, and how warmly the vision is embraced by industry leaders. Many of their comments are especially heartening and inspiring. You will see some of them in our advertising and on our website. As always, please contact me anytime with questions or to schedule a personal presentation. Bill Boyajian 
World Jewelry Center Company Profile: GemFind.net
GemFind, a World Jewelry Center participating firm, has developed several online systems to assist wholesalers in everything from selling and buying specific diamonds and gems and jewelry, to performing online diamond appraisals, to marketing and website design. Founded in 1999 and based in Tustin, California, near Los Angeles, GemFind.net can quickly solve a jeweler's need for a diamond (or diamonds) with exact criteria - including shape, size, clarity, cut, carat weight, depth, price, and even type of grading report - by using the company's GF SearchTM tool to analyze the GemFind Database and find the right stone. The company pools the nationwide resources of its established, reputable diamond jewelers to offer a selection of more than 55,000 diamonds. GemFind also offers a proprietary tool called GF Link, which allows independent jewelers to link to GemFind's database and add their own markup to compete with online sellers. Also, a wholesale diamond appraisal can be obtained from GemFind by entering the stone's defining characteristics in the GF IndexTM. The company recently launched a "buy-now-or-see-it-first" website under GemFind.com that enables consumers to search for diamonds and jewelry online from jewelers in their local market, with the option of seeing the diamond in person before buying it, or simply purchasing it online. Company President Alex Fetanat points out that whatever method the customer chooses, the diamond's quality is guaranteed because each stone is accompanied by a laboratory report. "Using the GemFind network, consumers who prefer to buy certified diamonds online know they are making a safe buying decision," he said. GemFind also provides an online marketplace enabling wholesale diamond jewelry dealers to buy and sell diamonds, communicate through exclusive forums, read industry updates, and access various Web tools that can enhance their own websites. The company also offers website development and advertising services. In addition, GemFind publishes a weekly e-newsletter containing highlights of industry news, as well as updates on the company's products and services. Fetanat said that being part of the World Jewelry Center will enable GemFind to reach more manufacturers and suppliers, as well as market their goods through the GemFind.net and GemFind.com networks, on top of the tax advantage of being in the state of Nevada. "GemFind's innovative use of Internet technology to assist wholesalers will be a great asset to our participating firms," said World Jewelry Center Managing Director, Bill Boyajian. "The ability to find just the right diamond on a moment's notice can make or break an important deal, and GemFind's skills in website development and marketing can be especially helpful to newer companies and those entering the U.S. market for the first time." For further details and company contact information, please visit www.GemFind.net
WJC Question of the MonthHow are packages that are shipped out of the WJC Foreign Trade Zone accounted for? Answer: The U.S. Customs and Border Protection (CBP) will not open every package that is shipped. Using the 3461 Estimated Weekly Entry process, a client can ship 24 hours, every day of the week. The FTZ operator will be required to obtain summarized shipment data once every 24 hours. This information is compiled over a seven-day shipping period to create a "flat file," which is then provided to the Custom House Broker for the client. The Customs Broker will file one entry per week, one charge for Merchandise Processing fees (up to a maximum of $485.00 when the dutiable value reaches $231,000). This consolidation provides a major benefit for the FTZ user. It saves on fees to the Customs Broker, with one entry covering all shipments throughout a week, instead of making many entries with separate fees for each one. It also saves on the Merchandise Processing Fee (as noted above). If you have a question, please send it to info@worldjewelrycenter.com
Night View of Las Vegas from the World Jewelry Center
News from WJC Participating FirmsShrenuj & Co., Ltd. Net Sales Up 31% Shrenuj & Company Ltd., a WJC participating firm, saw 31 percent growth in its net sales and a 9 percent rise in net profit for the third quarter (2007) ended December 31. The company reported quarterly net profit of Rs 75.8 million ($1.93 million), and net sales of Rs 2.458 billion ($62.58 million). Shrenuj & Co., Ltd. is a DTC Sightholder. The company has acquired a 50 percent stake in Arisia, a high-end Indian jewelry brand, and announced plans to increase its retail stores throughout India. Managing Director Shreyas Doshi commented, "The real growth of the company comes from increasing the pie of retail as a percentage of branded jewelry sales and increasing the pie of branded jewelry as a percentage of total sales." [ Source: Idexonline.com ] IGI Completes First Diamond Grading Program in Botswana The first polished diamond grading program offered by the International Gemological Insitute (IGI) in Botswana has been completed. The 10-day program was taught at Pluczenik Diamonds Botswana (PTY) Ltd. in Gaborone. IGI is a WJC participating company. Roland Lorié, CEO of IGI Europe, Africa, and Asia, said, "We are proud to be able to fulfill the need for diamond and jewelry education in up-and-coming diamond centers. We look forward to continued course offerings in Botswana, as well as worldwide." IGI's School of Gemology offers courses in the United States, Canada, Belgium, Italy, Spain, Thailand, Botswana, Dubai, Turkey, Egypt, Kuwait, and China. [ Source: Diamonds.net ]
Las Vegas News of InterestSouthern Nevada LEI Hits Record in February Increases in three key measures of Southern Nevada’s economy in February contributed to a record month for the region’s index of Leading Economic Indicators (LEI), according to a report in the Las Vegas Review-Journal. Gross gaming revenue was up 4.1 percent, visitor volume grew by 0.71 percent, and taxable sales were up 1.34 percent, according to the report, which cited statistics from the Center for Business and Economic Research at the University of Nevada, Las Vegas. The report also said the Las Vegas Convention and Visitors Authority recorded 39.2 million visitors in 2007, a 0.7 percent increase from 38.9 million in 2006. Hotel occupancy remained strong at 90.4 percent. [ Source: Las Vegas Review-Journal, Hubble Smith, March 11, 2008 ] Nevada Department of Employment Predicts Stronger Job Growth The state of Nevada’s Department of Employment, Training & Rehabilitation predicts that the Silver State will enjoy a return to strong job growth by the third quarter of 2010, recovering from a recent softening trend, according to a report in the Las Vegas Review-Journal. The state agency is quoted as saying, "…a developing megaresort boom, coupled with a likely improvement in the housing sector," will push Nevada's job growth to 5.1 percent in the third quarter of 2010, a marked increase from 1.4 percent in 2007 and 4.7 percent in 2006. The article adds that about 40,000 additional hotel rooms are scheduled to be available in Las Vegas in the next five years, and 2010 will mark the first full year of operations for some of the biggest new megaresorts, including CityCenter and Fontainebleau. This may result in about 100,000 new positions. [ Source: Las Vegas Review-Journal, Jennifer Robison, March 2, 2008 ] Improved Infrastructure Drives Las Vegas Suburban Retail Growth Recent improvements on several highways surrounding Las Vegas have increased retail development in suburban areas, reports the Las Vegas Business Press. The article cites a report by Marcus & Millichap, a real-estate investment services company, as saying completion of connectors and interchanges on Interstate 15, Highway 95, and the Las Vegas Beltway led to greater development by making outlying areas more accessible. New developments totaling 1.2 million square feet of retail space will become available in these areas this year, the report says. [ Source: Las Vegas Business Press, Tony Illia, Monday, March 3, 2008 ] |
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UNION PARK - 2007 YEAR IN REVIEW VEGAS RETAIL ON A ROLL DEAL WITH SKY HIGH POTENTIAL: ANALYSTS SEE POSSIBILITIES IN LAND ACQUIRED WITH TOWER |
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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 |
We are all familiar with quarterly reports as useful snapshots of a firm’s status. Three months is a short period within the long-term perspective of an organization. And for a project as new as the World Jewelry Center, three months can be very significant. 
With online sales of diamonds and other gemstones and jewelry steadily increasing, and shoppers becoming more sophisticated in using the World Wide Web, sellers are constantly looking for innovative ways to grow their businesses through the Internet. 
