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| October 22, 2008: Volume 2, Issue 10 |
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Spotlight on Union Park: Charlie Palmer Hotel News from WJC Participating Firms
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A Message from Bill Boyajian
Despite these challenges, we at the World Jewelry Center are proud to announce an important new milestone, as our 150th company has signed to reserve space in the WJC trade tower. These 150 firms span every sector of the gem, jewelry, and watch industries, and represent 24 countries on five continents, including 20 states in the U.S. Please click here to see a world map displaying the names of these businesses and the countries in which they are located. This achievement demonstrates the strong and steady interest we have received from companies throughout the industry. The World Jewelry Center in Las Vegas appeals to firms that want to take advantage of the competitive edge it offers. The opportunity to grow market share in the United States – the largest jewelry consuming nation in the world – and to do it in a new, exciting marketplace, makes it a winner for all involved. The added convenience of on-site access to hundreds of other jewelry companies, from gem suppliers to manufacturers and designers, is highly desirable. Good firms just don’t want to be left out. Las Vegas was selected as the site of the World Jewelry Center after careful research and for good reasons, such as the valuable benefits offered by the state of Nevada. There is no corporate income tax in Nevada, and also no personal state income tax, as well as no inventory, franchise, or gift tax. These are compelling incentives for business leaders seeking a new location. Another major benefit is our designated Foreign Trade Zone, which offers substantial duty-deferral savings while enabling goods to be processed and improved within the trade center itself. Participating supplier firms also own their offices in the trade tower, thus locking in savings over rented space, with the added ability to later sell their suite or lease it to another jewelry firm. More and more industry leaders are grasping the vision and value of the World Jewelry Center as they add up these impressive cost-saving benefits, along with the advantages of our Las Vegas location and the array of quality companies they will be able to do business with in one building complex. We are also continuing to fine-tune our design criteria and proceeding with the customary value engineering that is associated with every project of this size and magnitude. We want to make sure that the complex is as efficient as possible for our clients and for our future retail visitors to the trade tower. This will be an exciting new marketplace where retailers will come to buy. Groundbreaking is planned about a year from now, with completion of our project anticipated by the end of 2011. I want to take this opportunity to wish you great success in the final quarter of this calendar year. Feel free to contact me by e-mail or phone if you have any questions or wish to join our growing number of important firms in the World Jewelry Center in Las Vegas.
Spotlight on Union Park: Charlie Palmer HotelEditor's Note: The World Jewelry Center will be located in the unique Union Park master-planned community in Las Vegas. We want to acquaint World Jewelry Center Insights readers with the other organizations and firms that will be part of Union Park. The focus in this issue is on the Charlie Palmer Hotel.
For additional information, please visit the corporate Web site at www.charliepalmer.com.
News from WJC Participating FirmsKiran Gems First to Install 200 Sarin DiaMark ™ Systems Kiran Gems Pvt. Ltd., a World Jewelry Center participating firm, has become the first company to install 200 Sarin Technologies DiaMark™ rough diamond planning systems, according the equipment’s manufacturer. Kiran is a DTC Sightholder and one of the world’s largest rough-diamond processing groups, producing nearly one million carats of polished diamonds annually. The company employs upwards of 20,000 worldwide and has sales offices in New York, Antwerp, Hong Kong, Dubai, and Bangkok, with manufacturing centers in Gujarat, India, where the DiaMark ™ planning systems were installed. Kiran Chairman Vallabhbhai S Patel said, “In our opinion, Sarin’s accuracy and productivity are second to none in all phases of rough planning.” David Block, Chief Executive Officer of Sarin Technologies India, added, “With the purchase of their 200th Sarin machine, Kiran Gems has taken the lead amongst our top “Century Club” customers. We value the trust they’ve placed in our company and in our technology.” [Source: Sarin Technologies]
WFDB President Avi Paz Asks Diamond Producers to Decrease Supply Avi Paz, President and Founder of the Avi Paz Group, and president of the World Federation of Diamond Bourses WFDB appealed to diamond producers to decrease supplies to promote price stability in the face of the economic turmoil plaguing the global economy. The Avi Paz Group is a World Jewelry Center participating firm. Paz said, "In this period of economic uncertainty, the stability of the world diamond industry is of vital importance to the world economy and to the international banking system." "The quantity of rough diamonds that is marketed worldwide greatly affects the stability of the industry, and in particular the industry's global bank debt. The mining companies can enhance stability at this point in time by reducing the volume of rough diamonds they are supplying to the market. Such action is imperative and necessary not only for the diamond industry, but also the rough producing countries, the global banking system and the diamond mining companies themselves." [Source: World Federation of Diamond Bourses]
Shrenuj Plans to Open First Retail Store Shrenuj & Co. Ltd., a World Jewelry Center participating firm and DTC sightholder, announced plans to open its first retail store, and Shanghai was selected as the location. Expected to be just the first installment in a planned retail expansion encompassing China, India, and the Middle East, the Shanghai store will open before the end of this year. In India, where Shrenuj is based, it may open more than 150 new retail stores over the next three years. The company expects its growth in retail stores to account for about 20 percent of total income by 2010. [Source: Jewellery News Asia] Las Vegas News of Interest: Tivoli Village Shopping Center Aims for 2009 Opening Tivoli Village at Queensridge, as the new shopping center will be named, is an estimated $850-million development that will also include a variety of other establishments, including the Townsend Wine Bar, and Tres Agaves, a Mexican restaurant and tequila lounge. In addition, there will be 42 residential units and 200,000 square feet of office space in Tivoli Village, which will derive architectural and design influences from the One Queensridge Place luxury condominiums, located across the street. Patrick Done, executive vice president of Tivoli Village at Queensridge, said more than 50 percent of the leases have been signed, and he expects to have more than 100 tenants when the project is completed, with 500,000 square feet of restaurant and retail space. A 3,400-space underground parking garage was the first part of the development to be constructed, said Done. [Source: Las Vegas Sun, Sept. 26, 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 |
In my last message, I discussed some of the implications of the global economy for the jewelry industry, especially in view of the ongoing challenges confronting the world’s financial markets, and how gem and jewelry companies can take steps to increase their ability to succeed in this evolving environment. Since last month, the economic turbulence has continued – even worsened – and the U.S. has worked closely with other countries in enacting aggressive measures to improve liquidity among financial institutions and assist the ability of banks and businesses to conduct commerce.
In a town of mega-resorts, hospitality entrepreneur and celebrated chef Charlie Palmer has announced plans for the Charlie Palmer Hotel, a truly boutique project at Union Park in the heart of Las Vegas that brings together three significant elements: luxury, lifestyle, and location.
Progress continues on a new shopping center in northwest Las Vegas that will feature a number of specialty shops and boutiques, including 9 Dragons, a restaurant that will be opened by award-winning chef Martin Yan, whose television show, “You Can Cook,” was broadcast on PBS (in the U.S.) for 26 years. 
