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

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

Pandemic restrictions impact Michael Hill’s profit & sales during 2020 financial year

26 august 2021
Australian jewellery chain Michael Hill’s store closures during the height of the coronavirus lockdown period have severely impacted its sales and profits for the 2020 financial year, as reported in The Australian.
The Queensland-based company posted a statutory profit of $3.1 mn for the 12 months ending June 30, an 81.5 per cent slump from its 2019 financial year result of $16.5 mn. The earnings before tax and interest were $14.1 mn, a 33.3 per cent decline on the previous corresponding period. Michael Hill has jewellery stores in Australia, Canada and New Zealand.
Michael Hill chief executive Daniel Bracken said before the pandemic, the company was experiencing positive sales momentum, but mandatory government-enforced retail shutdowns stifled trading conditions.
“While the COVID-19 closures had a severe impact on headline sales and profit, I was particularly proud of the determination, resilience, and agility of our team across the business through the shutdown and temporary closure periods. The reopening of our store network saw pleasing sales recovery despite lower foot traffic and a return to strong margin performance against the prior year,” Bracken said.
The company said online sales had surged to record levels, posting a full-year digital sales figure of $24.7 mn, up 54.7 per cent compared with the financial year 2019.
Digital sales represent 5 per cent of the group’s total sales revenue. Bracken said ‘the company was monitoring store closures within Victoria and Auckland, but business conditions in the current financial year were improving. The gross margin improvement has continued as our investments in strategic initiatives gather momentum. The company has identified several growth and margin opportunities to strengthen our business across product, digital and a truly omnichannel offering’.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished