Category: Gemstones and Pearls

Wal-Mart Stores, Inc. said Friday that its board of directors has elected Mike Duke, to succeed Lee Scott as president and chief executive officer, effective Feb. 1, 2009. Duke also was elected to the company’s board of directors, effective immediately.

ENLIGHTENED—Swarovski Elements is conducting an online jewelry design competition. This competition asks international jewelry and design lovers from all over the world to share their ideas; their design creativity, and innovative jewelry designs incorporating the applied ENLIGHTENED—Swarovski Elements genuine Topaz assortment.

The Board of Governors of the Gemological Institute of America concluded its second 2008 meeting Nov. 17. Actions taken by the board include naming a new board chair and vice chair, seating four new governors and expanding the office of the GIA president.

Jewelry buyers returned to the market in droves on a lower gold price in the third quarter of 2008, the World Gold Council said Wednesday.

Total U.S. foot traffic during the 2008 holiday season is expected to decline 9.9 percent as compared to last year, according to ShopperTrak RCT. Meanwhile it is forecasting a slight 0.1 percent increase in sales—both record lows.

The Hyman Companies, Inc., which operates under the trade name Landau, will feature moissanite fine jewelry in its 95 stores worldwide for the holiday season.

The International Gemological Institute has completed its School of Gemology’s inaugural Polished Diamond Grading Course in Jordan via the International Diamond Centre DIVA in Amman, in collaboration with COLLECTION magazine.

Birks & Mayors Inc. second quarter of fiscal 2009 net sales increased 2.2 percent year-over-year to $61.2 million. Same-store sales for the period, ended Sept. 27, decreased 6 percent, as compared to a 5 percent increase in the prior-year period.

Gift card sales are expected to fall nearly six percent this holiday season to $24.9 billion, down from $26.3 billion last year, according to a National Retail Federation survey. Fewer people plan to purchase gift cards this year (53.5% vs. 56.6% last year) and gift card shoppers will be spending less overall on the cards ($147.33 vs. $156.24 in 2007).

Online spending (not including travel) in October 2008 grew by only 1 percent over October 2007, the lowest monthly growth rate since comScore, Inc. began tracking e-commerce in 2001.