White Ice Advice

Prince Charles pops question with royal ring

FEBRUARY 11, 2005 - London --

For his first marriage, Prince Charles presented Princess Diana with a blue sapphire engagement ring, but for his second trip down the aisle, he is going with diamonds.

The prince, who announced Thursday that he will wed longtime companion Camilla Parker Bowles on April 8 at Windsor Castle, presented his bride-to-be with a diamond engagement ring that is a royal family heirloom.

The ring features a square-cut diamond with three diamond baguettes on either side, and is mounted within a platinum band, reports the Associated Press (AP). Bowles wore the ring on Thursday evening in the couple's first public appearance together following the prince's announcement.

The engagement ring Prince Charles gave his first wife, the late Princess Diana, who died in 1997 car crash, was an 18-carat, oval blue sapphire surrounded by diamonds.

A poll published in the Friday edition of London's Daily Telegraph reports that 65 percent of Britons are in favor of the prince's marriage to Bowles. Yet 41 percent of those polled would prefer that Prince Charles' son William be England's next king, over the 37 percent who would like to see Prince Charles succeed Queen Elizabeth II when she steps down or dies, reports the AP.

Friedman's to close 165 outlets

- Friedman's Inc. will close up to 165 jewelry stores in 17 states and sell more than $25 million in stock as part of its Chapter 11 reorganization.

The closings would leave Friedman's with 481 stores in 20 states.

Friedman's filed for Chapter 11 protection on Jan. 15 in the U.S. Bankruptcy Court in Savannah.

Friedman's, which trails only industry leaders Zale Corp. and Signet Group in size, was started in 1920 and was family owned until 1990, when it was bought by Morgan Schiff, which also owns Crescent Jewelers of Oakland, Calif.

On the Net:

Friedman's Inc.: http://www.friedmans.com   

Turning doggie doo into diamonds; Can this possibly be true?

JCK-Jewelers Circular Keystone -- 1/21/2005

You heard the expression, "If life throws you lemon—make lemonade." Well, thanks to the Weekly World News—the same publication that gave us headlines such as "MEAT-EATING LIONS DEVOUR VEGETARIAN MISSIONARIES," and "WOMAN FINDS DEAD LEPRECHAUN IN A JAR!"—we may have a new, if somewhat raunchier, twist on the familiar saying.

The Dec. 28 issue of the weekly tabloid proclaimed: "SCIENTIST CREATES DIAMONDS FROM DOG POOP!"

According to the tabloid, a Dr. Florence Gurnley, founder of Caninegems (location not given, Web search shows no listing of the company or the person) has claimed to have a "machine" that can convert a few pounds of dog poop into "a diamond of perfect color and clarity."

"We can create a 2-carat diamond suitable for an engagement ring that might cost $8,000 in a jewelry store—for as little as $50," the doctor reportedly bragged to the tabloid, which has given us such exclusives as "DUCK HUNTERS SHOOT ANGEL!"

Gemologists are said to have examined the man-made stones and reportedly confirmed "that even the most experienced jeweler would be unable to distinguish them from high-quality natural diamonds," according to the tabloid, which in 2003 declared: "HOTCAKES NO LONGER SELLING WELL."

"These diamonds are absolutely dazzling," one "top" unnamed gemologist told the tabloid. "But I made sure that I washed my hands after I handled them."

Gurnley refuses to divulge details of the technology to the newspaper, only saying that the process is similar to a "cutting-edge technique for creating industrial diamonds known as chemical vapor deposition."

"Diamond crystals are formed from carbon atoms," she explained to the tabloid, "and dog droppings are packed with carbon."-

- Just remember,"when it's to good to be true..."

Online jewelry sales more than double this holiday

Online jewelry sales more than double this holiday JANUARY 04, 2005

-- Online holiday sales of jewelry more than doubled over last year, while overall Internet sales showed a 25 percent increase this shopping season according to a survey by Nielsen/NetRatings, Goldman Sachs and Harris Interactive.

New ways of grading cut by the American Gem Society.

The AGS (American Gem Society) is one of the bodies in the industry that sets the standards for grading diamonds. The other body is the GIA (Gemological Institute of America).

Industry leader in diamond cut grading is expanding grading to princess cuts, and using technology to be more precise in other shapes.

AGS announces new cut grade
NOVEMBER 08, 2004 - Las Vegas --

The American Gem Society (AGS) has announced it will begin issuing its cut grades for princess by the end of the first quarter 2005, and will release its new round brilliant cut grade system in the second half of 2005.

AGS' new cut grade system will measure all 58 facets of a (round) diamond in three dimensions, rather than two, according to an AGS release. AGS laboratories will begin considering brightness, dispersion, leakage, contrast and spread in its new system to assign final cut grades, in addition to proportion, symmetry and polish, the qualities that previously determined the laboratory's final cut grades.

"Over the next six to 12 months we will be providing support materials and software for the parameters of the new cut grade system for our manufacturing clients, which will assist them in cutting," AGS laboratories' executive director, Peter Yantzer, said in the release.

 

Watch were you buy. Be sure they'll be there tomorrow.

Looks like Friedman's is in financial trouble. Will anyone bail them out?

Friedman's says anticipates credit default


NEW YORK, Nov 2 (Reuters) - Friedman's Inc. <FRDM.PK>, a jewelry retailer facing federal fraud probes, said on Tuesday it anticipates a default under some provisions in its credit facility.

The Savannah, Georgia-based retailer, subject of fraud investigations by the U.S. Securities and Exchange Commission and Justice Department, also named Richard Hettlinger as its chief financial officer. In May, CFO Richard Cartoon resigned after five months on the job, and the company did not name a successor at that time.

Friedman's said in a statement it expects it will fail to meet cumulative EBITDA (earnings before interest tax depreciation and amortization) requirements for the period ended Oct. 30, which would constitute a default under its term loan.

The company said it also expects to fail to meet a minimum ratio of accounts payable to inventory as of Oct. 30, constituting a default under its term loan and revolving loan.

The retailer said it is in talks with senior lenders on amending its covenants to eliminate the default.

Friedman's said it expects continued pressure on sales and EBITDA as it works on a "more prudent" credit program, Chief Executive Officer Sam Cusano said in the statement. The company has been working with vendors to get inventory levels back to more normal levels, Cusano said.



11/02/04 22:28 ET
   
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