Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

Yesterday

GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

Competition and pandemic make Swarovski think about the future

24 december 2020
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Image credit: Swarovski 

The family-owned company based in Wattens, Austria, estimates that total sales of its goods may fall by 30 percent, plummeting to € 1.9 billion in 2020 from € 2.7 billion in 2019.
Competition from Chinese manufacturers producing the same kind of goods coupled with the coronavirus pandemic put the company in a tough spot, AFP said citing Swarovski CEO Robert Buchbauer, who believes the business needs drastic change and that the company should produce less focusing on larger and more colorful products that can be sold at a higher price.
In his opinion, the company's previous products, such as manicure sets and mobile phone cases graced with Swarovski crystals, have no place in the future, which will require closing about 750 of its 3,000 stores worldwide and laying off about 6,000 employees.
However, not everyone in the company management agrees with this, pointing out that customers will not buy products at higher prices and are already turning to competitors offering cheaper goods. Opponents include Paul Swarovski, shareholder and former board member, Nadja Swarovski, board member, and other family members.
The way the company, which turns 125 this year, will take its next course could affect the flow of tourists to Wattens who travel there to visit Swarovski. Each year, Wattens is visited by 650,000 people providing significant support to the city's economy.

Vladimir Malakhov, Rough&Polished