BUSINESS
December 23, 2009 | David Lazarus
I knew things would be bad even before I set out this week to see how jewelry stores were faring this holiday season. I knew owners of these small businesses were facing a triple whammy: the crappy economy, sky-high gold prices and a product that's a luxury and by no means a necessity. I expected to hear more than a few tales of woe. But I wasn't ready for the complete devastation I came across. "It's almost Christmas," said Joel Taban, owner of Oro Shop in the heart of the jewelry district in downtown Los Angeles.
BUSINESS
September 18, 2008 | Tiffany Hsu, Times Staff Writer
Merchants in downtown Los Angeles' Jewelry District gritted their teeth Wednesday as the price of gold soared $70.10 an ounce -- the highest-ever one-day gain in dollars -- and dashed even slim hopes that the struggling economy hadn't wiped out all customers. A gold chain that cost $450 last year at Acapulco Jewelry now costs $1,000 -- and isn't likely to be sold soon, said owner Raymond Cohan. "The economy's so bad customers can't even pay their mortgages.
NATIONAL
July 6, 2008 | DeeDee Correll, Times Staff Writer
Doris Payne never carried a gun. She never smashed a window or broke into a safe to take what she wanted. She just crossed her pantyhosed legs and murmured about the filigree ring under the glass. She wondered aloud about matching earrings. She would promise to return in 45 minutes, and only after Payne wafted away in her flowered dress would the clerk count the rings and come up short. But the decades passed, and the job grew more difficult. Her face became familiar.
BUSINESS
February 12, 2008 | Margot Roosevelt, Times Staff Writer
Environmentalists want you to buy organic roses, and human rights groups tout conflict-free diamonds. Now, just in time for Valentine's Day, jewelry retailers are stepping up a campaign that aims to discourage the mining and sale of "dirty gold." A group of prominent jewelers including Tiffany & Co.
BUSINESS
February 3, 2008 | David Colker, Times Staff Writer
In February 2006, a 4-year-old child changed the jewelry business. The little boy, brought to a Minneapolis hospital emergency room because of vomiting and a stomachache, got steadily worse. After four days, he died. During an autopsy, a heart-shaped metal charm was found in the stomach of the boy, whose identity wasn't revealed. The piece of metal had the word Reebok printed on it. The charm had come with a pair of children's sneakers. A test revealed it to be 99.1% lead.
BUSINESS
March 21, 2007 | From Reuters
Jewelry and accessories retailer Claire's Stores Inc. said Tuesday that it would be acquired by private equity firm Apollo Management for about $3.1 billion. Apollo would pay $33 a share for Claire's, which targets girls and young women with its baubles. Shares of Pembroke Pines, Fla.-based Claire's rose $1.12 to $31.88 after the announcement. Claire's said members of its founding family, who own about one-third of the company's voting shares, would support the deal.