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Year in Review, 2014
The year began with a bang--the merger of the country’s two largest specialty jewelers--and didn’t quit.
The Pantone Color of the Year for 2014 was … “Radiant Orchid,” a vibrant purple. Though the color institute officially picked this hue in December, it was visible throughout design in 2014, with jewelry-makers picking purple gemstones and even creating diamonds in the color. Read more here.
The year began with a bang--the merger of the country’s two largest specialty jewelers--and didn’t quit.
Signet Jewelers Ltd.’s acquisition of rival Zale Corp. was just the first in a string of mergers and acquisitions witnessed this year.
In other news, the issue of diamond over-grading exploded, diamonds continued to do well at auction--as did one particular watch--and the industry said an unexpected good-bye to one legendary designer.
Click through this slide show to recap the year that was, in photos.
The Pantone Color of the Year for 2014 was … “Radiant Orchid,” a vibrant purple. Though the color institute officially picked this hue in December, it was visible throughout design in 2014, with jewelry-makers picking purple gemstones and even creating diamonds in the color. Read more here.
In February, the industry gathered in Tucson for the annual extravaganza of colored gemstone shows. Described by one attendee as “upbeat” and “promising,” many green gemstones along with a variety of tourmalines were visible this year. This tourmaline ring from Alishan is an example of both. Read more here.
The year was little more than a month old when huge news broke: Signet Jewelers Ltd., owner of Kay and Jared, was buying Zale Corp. The merger officially was approved in late May, creating a mega-chain of jewelry stores that spans two continents. The chain is led by Mark Light (right), who took over when Mike Barnes stepped down in October. Read more here.
The Baselworld Watch & Jewelry show opened in late March, with some company. The Rapaport Group held its first diamond show in the Swiss city at the same time while in nearby Freiburg, Germany, UBM Asia held its first European jewelry trade show. Read more here.
In a year ripe for mergers and acquisitions, another big deal was announced in early April. Brand management firm Xcel announced it was paying $22.5 million for Judith Ripka. Later, news emerged that KGK Jewellery Manufacturing had received the license to make and sell the brand’s jewelry on a wholesale level. The designer Ripka is pictured here with Xcel CEO Robert D’Loren. Read more here.
It’s a story that didn’t quit all year but, if one needs to pinpoint the 2014 start to it, a good month to begin would be May. WSMV in Nashville began airing reports about an issue that’s been festering for years: labs over-grading diamonds, by EGL International in particular. The report spurred lawsuits, a de-listing on RapNet and changes at EGL. Read more here.
May, of course, brought the industry’s annual flurry of Sin City-centered trade shows, including the antique jewelry show at the Paris and Couture at the Wynn Las Vegas. One of the highlights of Couture was the annual design competition, where great pieces--like this engagement ring by Finn--were lauded. Read more here.
In mid-June, the next of the year’s major acquisitions occurred. Chinese retailer Chow Tai Fook paid $150 million to buy Hearts On Fire. It gives the retailer an established brand to stock in its stores while at the same time providing Hearts On Fire with solid financial backing and an entrée into the Chinese market. Read more here.
July brought another acquisition, with private equity firm Catterton purchasing the John Hardy brand for an undisclosed sum. Former American Eagle Outfitters CEO Robert Hanson was brought in to lead the brand, which announced that same month that model Cara Delevingne was the face of its latest campaign. Former CEO Damien Dernoncourt remained on board as non-executive chairman. Read more here.
Wearable technology--devices that can monitor the wearer’s heartbeat, remind them of appointment, alert them of incoming text messages, etc.--became big in 2014. Certainly one of the year’s biggest wearable tech debuts occurred in September, when Apple unveiled its much-talked-about smartwatch. Read more here.
The fall brought a few more pieces of watch news. In October, Patek Philippe, which marked its 175th anniversary this year, unveiled the limited-edition Grandmaster Chime Ref. 5175, the Swiss brand’s most complicated and elaborate timepiece to date. The watch’s price tag is $2.6 million. Read more here.
The following month, the Henry Graves Supercomplication was offered at auction (again) and garnered $24 million at Sotheby’s Geneva. Called the “Holy Grail” of watches, it remains the most expensive watch ever sold at auction, and the most complicated timepiece made by hand. Read more here.
It was another big year for jewelry auctions. Many beautiful gemstones moved off the block, making it difficult to pick one standout for the year, though this 392.52-carat Ceylon sapphire is a strong contender. Dubbed the “Blue Belle of Asia,” it sold for more than $17 million at Christie’s and set a new world record price for a sapphire sold at auction. Read more here.
The year ended on a sad note when pioneering designer Scott Kay died of a heart attack on Dec. 4 at the age of 57. “I am really going to miss him,” reflected Henry Dunay. “I think the industry has lost someone who is really passionate and strong.” Read more here.
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