Liberian Government Signs Memorandum of Understanding with the Israeli Diamond Industry

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IDI Chairman Moti Ganz, President Johnson-Sirleaf and IDE President Avi Paz

In a festive ceremony, a memorandum of understanding was signed today, November 20, under the aegis of Liberian President Ellen Johnson-Sirleaf, by Israel Diamond Institute Chairman Moti Ganz and Liberia's Minister of Lands, Mines & Energy Dr. Eugene H. Shannon. The memorandum of understanding lays the foundations for strategic cooperation between the Liberian government and the Israeli Diamond Industry in the area of diamonds.

In addition to President Johnson-Sirleaf, the ceremony was attended by Liberia's Minister of Lands, Mines & Energy Dr. Eugene H. Shannon, Liberia's Defense Minister and other ministers, senior members of Israel's Diplomatic Corps, Chairman of the Israel Export Institute David Arzi, foreign ambassadors, senior representatives of the Foreign Ministry and the Ministry of Industry Trade and Labor, and leaders of the Israeli Diamond Industry.

Chairman of the Israel Diamond Institute (IDI), Moti Ganz, noted in his speech that the Israeli Diamond Industry attributes great importance to Africa in general and Liberia in particular. "Africa is a continent of opportunity. Current opportunities and future opportunities. Let us make sure not to miss this chance."

Ganz spoke of President Johnson-Sirleaf's vision and noted that "the president symbolizes a new spirit in Africa. She brings great hope to all of the countries in the region. She is a woman of vision who is determined to do her best for her country and her people."

"The future of Liberia's economy is embedded with diamonds," Ganz remarked. He expressed his conviction that a new page will soon open in Liberia's history. "The Israeli Diamond Industry believes in the new Liberia. If you wish it, it is no longer a dream."

"The memorandum of understanding is only the beginning of cooperation that will undoubtedly enrich both partners," declared Ganz.

In his introduction, the IDI's Managing Director Eli Avidar noted that President Johnson-Sirleaf is the first woman to be elected head of state in Africa in general and Liberia in particular. "The president has fought for democracy in her country and was even imprisoned. Later, she went into exile."

In 2005 she was elected President of Liberia and in November 2007 President George W. Bush awarded Ellen Johnson-Sirleaf the Medal of Freedom, the highest civilian award given by the United States.

"Johnson-Sirleaf's credentials as a Harvard trained economist have strengthened her stature in the international community and the road has been paved towards the cancellation of Liberia's huge foreign debt as well as the rehabilitation of its economy," he noted.

President Johnson-Sirleaf thanked the participants for their activity on behalf of Liberia and noted that she is acting to strengthen the good relations between the two countries. She described the historical ties between Israel and Liberia and the many agreements signed between them in the past. She added that two former presidents of Liberia visited Israel and recalled the visit of former prime minister Golda Meir to Liberia. Recalling Golda Meir, she noted that female African leaders are following in her footsteps today.

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IDI Chairman Moti Ganz and Liberian President Johnson-Sileaf shake hands as Minister Eugene Shannon looks on

The President noted the lifting of the sanctions imposed on Liberia's diamond industry and its reinstatement in the Kimberley Process. "Liberia has many natural resources. Until recently these mineral riches served to promote internal conflict in the country rather than go to my people's benefit. In fact, the minerals were described as a curse."

"Revenue from diamonds was exploited mainly for destruction and contention. Therefore, Liberia has a long way to go until it reaches its proper course. But I am pleased to say that despite the fact that we have dealt with such hardship, today Liberia has the opportunity to rehabilitate itself. We have renewed growth. We have succeeded in changing the poverty level. Our economic policy has reinstated the confidence of the international community. We will do everything in our power to rebuild our infrastructures, fight poverty and give our youth a good education."

The President spoke of the good relations that Liberia now has with neighboring nations and noted that "we are endeavoring to achieve regional cooperation that will enable us to broaden our markets beyond our borders."

"We are pleased that the sanctions on our diamond industry have been lifted due to recognition of our efforts. We will use our resources to establish a transparent system for governance of revenue from diamonds and other minerals," she added.

"Our country is on the right path," noted the President. "The challenges are great and our administration is aware of the long road ahead. We believe that with a committed government and with the help of those working alongside us, including the international community, Liberia has the opportunity to rebuild itself. Thank you for being a part of Liberia's future."

President Johnson-Sirleaf thanked the hosts of the festive event and expressed the hope that the ties in the area of diamonds between Liberia and the Israeli Diamond Industry will grow ever stronger.

Liberia's Minister of Lands, Mines & Energy Dr. Eugene H. Shannon and IDI Chairman Moti Ganz then signed the memorandum of understanding and the guests subsequently attended a luncheon in honor of the Liberian President.

Gitanjali Honors Wimbledon Champ With Diamond Coated Tennis Ball

Gitanjali subsidiary, Jewellery Marketing Company, presented tennis championVenus Williams with a diamond encrusted tennis ball to honor her victory at the 2007 Wimbledon tennis championships.

Jewellery Marketing Company chief executive officer, Nehal Modi, presented Williams with the ball --with the 4,300 diamonds covering it-- at a ceremony in New York.

“Venus Williams is a style icon all over the world. The youth try to emulate her not just on the tennis court but also off it,” said Mehul Choksi, CEO of Gitanjali. “The love and passion that she has for her game are in line with the Gitanjali Group's zeal to make the best jewelry which has a universal appeal.”

India-based Gitanjali Group has the licensee rights to develop and market jewelry under the Wimbledon brand.

WJC Unveils New Rendering

The World Jewelry Center has released a new artist’s rendering of the 50-plus story tower that will be the focal point of the new international marketplace for the gem and jewelry industry in Las Vegas.

The WJC trade tower, designed by Altoon + Porter Architects, LLP, will contain office condominiums of more than 700,000 square feet and owned by several hundred companies from around the globe. WJC businesses will have access to grading labs, an educational center, meeting facilities, and exhibition space. There will also be banking facilities, an advanced security system, restaurants, an exclusive private club, and fitness facilities.

The top floors will be reserved for some 90 "ultra-luxury" residential condominiums with a dedicated elevator system. Condominium owners will have a complete array of services available to them in a high-security living-working environment.

“With over 100 companies having already reserved their space, the office tower is rapidly being filled with many of the industry’s leading companies in every sector of the trade," said WJC managing director Bill Boyajian. "It will not only be one of the world’s most iconic buildings, but also one of the industry’s most important.”

Robert Zarnegin, founder, president, and chief executive officer of Probity International Corp. is developing the project.

Winning Bids for Rio Tinto Pink Diamonds

A total of 65 pink diamonds were sold to 17 successful bidders from around the globe, many at record breaking prices, during the 23rd annual Rio Tinto Diamonds Argyle Pink Diamond Tender, held in Perth, Australia, Hong Kong, and New York.

The exclusive diamond sale featured the world’s rarest pink diamonds from the Argyle mine in Australia, with about 100 key clientele personally viewing the diamonds in secret locations.

The Argyle Signature Stones picked for 2007’s tender attracted substantial interest due to the range of vivid and deep colors. Purplish reds, deep pinks, and a rare grey-violet diamond were included in this year’s collection, Rio Tinto said in a statement.

Details of winning bids for the diamonds, amount of bidders, and total revenue generated from the Tender are not disclosed to protect successful bidders’ confidentiality. However, Rio Tinto pink diamonds are known to command prices exceeding $400,000 per carat, 20 times the price of equivalent white diamonds, due to rarity and market demand.

Leading colored diamond designer and luxury retailer, John Calleija, did participate in the tender for the 11th consecutive year, and spoke about it.

"I was thrilled to successfully win four diamonds, including three of the incredible purplish red diamonds," he said. "I am already planning jewellery designs for my Argyle Signature Stones, which will be the flagship of my new London store."

The Rio Tinto Pink diamonds are predicted to run out by 2018.

Swatch Chair Picks Clooney for Energy Firm

George Clooney will become an executive board member of a new Swiss company that will develop clean energy systems for car motors and other devices, The Associated Press reports.

The new company will have different branches doing research and development in the clean production of hydrogen, solar energy and fuel cells, said Nicolas Hayek, Sr., chairman of the Swatch Group, who is setting up the firm.

"First I hesitated between Al Gore and Clooney," Hayek said in an interview with daily Berner Zeitung on Oct. 20.

Hayek reportedly said he didn't ask Gore because he wasn't sure whether the former vice president would run for president and therefore might have accepted the post as a mere public relations exercise.

Clooney will sit on the board alongside Swiss astronaut Claude Nicollier and others, Hayek reportedly said.

Clooney's spokesman, Stan Rosenfield, confirmed the report in an e-mail to The Associated Press.

Hayek, who chairs the executive board of Swatch Group AG, the world's largest watchmaker, said he will also preside over the board of the new company, which will be based in Biel.

He did not say when the new company, which has yet to be named, will be launched, the AP reports.


George Clooney in an advertisement for Omega, part of the Swatch Group

JCPenney, Charles & Colvard Launch 'Milestone Moments' for Women

Moissanite creator Charles & Colvard and retailer JCPenney launched a Milestone Moments campaign in October asking women to share their personal or professional milestones.

The campaign is a way to honor those significant events in every woman's life that have marked her progress, moved her forward and created who she is today, the campaign partners contended. The Milestone Moment campaign is hosted on O Magazine's website (The Oprah Magazine.)

From now through January 16, 2008, women in the United States can share inspirational stories and at the completion of the contest, one grand prize winner will be selected to share her story nationally. The winner will also receive a one-of-a-kind platinum pendant set with an approximate 5ct. round, brilliant-cut, moissanite jewel surrounded and accented with micro-set diamonds valued at $10,500.

"Offering outstanding beauty, quality and durability, moissanite is fast becoming the must-have piece in today's fine jewelry industry," said Beryl Raff, executive vice president at JCPenney. "It is an ideal gift for celebrating the key milestone achievements in a woman's life."

Bob Thomas, Charles & Colvard's CEO, added, "This contest is a way for us to honor extraordinary women who live brilliantly, celebrating her intricacies of spirit, individuality and milestone achievements.

"We hope this contest will help to create another unforgettable milestone moment in the winner's life."

Tiffany & Co. Aggressive U.S. Expansion

Tiffany & Co. said Wednesday that it plans a "significant increase" in the number of TIFFANY & CO. stores it plans to open in the U.S. To make this happen, the luxury jeweler developed a new, smaller-format store that will occupy approximately 2,000 square feet and offer jewelry designs with the exception of engagement jewelry. It has the working name TIFFANY & CO. COLLECTIONS and the first store is expected to open in 2008.

"The addition of this new format affords us with the opportunity to ultimately operate as many as 170 stores in the U.S.," said Michael J. Kowalski, Tiffany chairman and chief executive officer. "This new format has the potential to significantly accelerate U.S. sales growth over the medium- to long-term and enhance profitability due to a merchandise mix weighted with higher-margin products."

Kowalski said the company still plans to open five to seven traditional TIFFANY & CO. stores per year, averaging about 5,000 square feet. Tiffany currently operates 68 TIFFANY & CO. stores in the U.S.

Beth O. Canavan, Tiffany executive vice president, said the new stores will cater to the self-purchase customer theroughout the U.S.

"The location opportunities in existing and new markets are vast and geographically broad-based and add enormous sales potential and longevity to our store expansion strategy," Canavan said.

After opening the first store in 2008, Canavan said the company plans to open eight to 12 stores per year.