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Aurum Holdings gave its first official statement yesterday since rumours surfaced that it is preparing to go public on the London stock exchange next year. The billion dollar retail group says it is changing its name from Aurum Holdings to The Watches of Switzerland Group in a move to more accurately describe the business. “We have been through quite a transformation in recent years and we believe that this new name is reflective of what we do and clearly more relevant to both the consumer and the investor community,” Brian Duffy, chief executive of the group, told Professional Jeweller’s sister title, WatchPro, yesterday. Aurum Holdings, the name that will be used until it is officially changed on September 1, is the umbrella group for Goldsmiths, Mappin & Webb, Watches of Switzerland and Watchshop in the UK. The business is owned by private equity firm Apollo Global Management, and Mr Duffy has never denied Apollo will be look in to exit its investment when ...

Gold prices sank to six-month lows on Thursday as investors sold holdings in the physical market and the dollar climbed due to expectations of higher interest rates in the United States. Spot gold was down 0.3 per cent at $1,263.96 an ounce at 1244 GMT but off a low of $1,261.36, its weakest level since December 20. It has lost more than 7 per cent since an April high above $1,365 an ounce. US gold futures were down 0.8 per cent at $1,264.50 an ounce. Holdings of the largest gold-backed exchange traded fund (ETF), the New York-listed SPDR Gold Trust have fallen nearly five percent to 26.645 million ounces since late April. That trend is reflected in other US based ETFs. “Uncertainty would normally fuel demand for gold as a safe haven, which we would see in the physically backed products, but instead we are seeing outflows from the US products,” said Julius Baer analyst Carsten Menke. “From the perspective of a US investor, focused on the domestic market and economy, the threat...

British jewellery brand Astrid & Miyu is capatlising on the multiple earrings trend with a new retail concept. Astrid & Miyu is known for its ear cuffs and ear stacking, and now the brand is enhancing the customer experiene of purhcasing these with the launch of a ear styling bar at its Bond Street boutique. Launching in the St. Christopher’s Place store on June 22, the ear bar invites customers to sit with one of the brand’s stylists, pick pieces from a dedicated menu, and create a completely personalised stack. Earrings and Astrid & Miyu’s signature ear cuffs will be available at the ear styling bar, alongside new studs, hoops, huggies, and ear crawlers, which will launch in celebration of the retail concept. The offer will be updated every month, with each menu drawing inspiration for the seasons latest accessories trends. For June, the emphasis is on large hoops and simple cuffs, stacked with a variety of metal hues. To further the experience, on Thursd...

Jewellery giant Pandora has officially inaugurated its new crafting facility, Triple A, in Bangkok. To meet increasing consumer demands the jewellery giant has been working on a capacity expansion programme which has included the launch of a new facility in Lamphun, Chaing Mai; the reconstruction and optimisation of its existing facility in Gemopolis, Bangkok; and the opening of a new production factory in Gemopolis, which has been named Triple A. Triple A is an expansion built next to Pandora’s existing crafting facility in Gemopolis on the outskirts of Bangkok, and sets new standards in the global jewellery industry in terms of craft, scale, speed and environmental impact. It also forms a central part of the brand’s strategy to invest in more agile production capabilities and its ambition to bring innovation to affordable jewellery. In terms of bringing innovations to the crafting of jewellery, Triple A incorporates flow lines where artificial intelligence vehicles transport...

The customs department has relaxed a rule that required compulsory scrutinising of imports and exports of diamonds between related parties, a regulation that was followed strictly after the Nirav Modi scam. In the past one week, customs commissioners have issued facilitation notices allowing diamond traders to forego the process even when they are dealing with related parties. The notices cited difficulty in valuing diamonds as the reason for this decision During their probes into frauds in the gems and jewellery sector — there had been several such cases in recent years — investigators discovered that international trade with related parties were at times overvalued This was mainly done by a few exporters to spruce up the balance sheets and borrow additional money from banks. According to regulations, the customs department gets a fair value of imports and exports through scrutiny conducted by a special valuation branch (SVB). The valuation is do .. Legal experts said the wa...

House of Fraser announced yesterday that it intends to close 31 out of its 59 shops as part of an extensive rescue plan. If the plan is approved, 2,000 House of Fraser employees will be made redundant, along with 4,000 people in brand and concession roles. Like all British department stores, House of Fraser stocks jewellery from many of the UK’s leading jewellery brands, including Swarovski, Pandora and Thomas Sabo, but what sets it apart is its willingness to give emerging brands and designers a physical retail platform too. The House of Fraser jewellery team is the first to attend trade shows and pick up brand new jewellery products, with many singing the retail giants praises to Professional Jeweller. The department store was one of the first to snap up Swarovski Group brands Adore and Karl Lagerfeld, both of which have reported strong sales to date, while the retailer recently began selling fashion brand Lily and Rose, which has got off to a positive start in its stores ...

The NAJ has partnered with leading security and technology providers across the industry to host a technology and security showcase at the Goldsmiths Centre. The showcase will feature industry-leading providers that will show machinery in action and the latest innovations, which can protect professionals and their staff, streamline the manufacturing processes and add value to any jewellery business. Exhibitor partner Graham Dicks of GVUK Design, says: “The NAJ open-day showcases the very best in technology for manufacturing and retail jewellers. From handheld welders to smart detection of fake diamonds, 3D printers to in-store security you will find innovations to help your business. Now in its 4th year the NAJ have added their brand to this exciting event which has seen a trebling of companies exhibiting. Join us, you will enjoy speaking to experts in a pressure-free environment at the Goldsmiths Centre.” The showcase will take place on June 15, from 9.30-4.30. Adm...