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Tag: ring

  • Gold prices rise

    Gold prices rise

    SJC gold price rose 0.07% to VND67.1 million ($2,858.97) per tael Tuesday morning. Gold ring price went up 0.36% to VND56.1 million per tael.

    Globally gold prices edged lower on Tuesday as traders assessed the likely path of the Federal Reserve’s monetary policy after data showed a slump in U.S. manufacturing activity and as OPEC+’s production cut sparked inflationary risks.

    Spot gold was down 0.2% at $1,980.39 per ounce. U.S. gold futures dipped 0.1% to $1,997.70.

    The dollar index was slightly higher, making bullion expensive for overseas buyers.

    Gold in the near term could see “consolidative price action in absence of a fresh catalyst and as markets monitor the extent of price gains in oil as that may throw a curve ball on inflation outlook and complicate monetary policy decision,” said OCBC FX strategist Christopher Wong.

    Oil prices steadied with investors’ attention shifting to demand trends and the impact of higher prices on the global economy.

  • Soo Kee Group plans rebranding

    Soo Kee Group plans rebranding

    Listed jewellery retailer Soo Kee Group is planning to change its name.

    In a statement to shareholders, CEO and executive director Lim Yong Sheng says the company proposes to adopt the new title SK Jewellery Group.

    “The group currently retails fashionable jewellery and mementoes under, amongst others, the well-established SK Jewellery brand in Singapore and abroad. As such, the board is of the view that the proposed change of name will better reflect the profile, business activities and business direction of the group,” he wrote.

    “In addition, the, the proposed change of name will also allow investors and the group’s business partners to better identify and associate the company with the SK Jewellery brand.”

    Shareholder approval for the change will be decided at an extraordinary general meeting of the company on April 30, following the annual meeting.

    The new name has already been reserved with the Accounting and Corporate Regulatory Authority of Singapore.

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  • ‘Tiffany’ rings cost Costco $19.4m

    ‘Tiffany’ rings cost Costco $19.4m

    US wholesaler Costco is facing a $19.4m  bill for damages after jewellery chain Tiffany sued it for infringing its trademark by selling “Tiffany” engagement rings.
    The ruling by a US district judge is the latest twist in a long-running legal battle going back to 2013.

    Costco, which is to appeal against the decision, argues that “Tiffany” is now a generic term for the rings.

    But it has now been told it must call them “Tiffany-style” instead.

    The dispute centres on the sale of solitaire-style rings, comprising a diamond mounted on a single band with six prongs.

    Costco, which had sold 2,500 of them, put them on display with the label “Tiffany”, although they were not in fact made by the jeweller.

    An earlier court ruling in October 2016 ordered Costco to pay $5.5m in compensatory damages and $8.25m in punitive damages.

    But in a further court decision on Monday, the compensation was increased to $11.1m, while the amount of punitive damages still stands.

    Kate Swaine, a partner at law firm Gowling WLG, said: “This damages award may seem excessive given that only 2,500 products were sold, but if it can be argued that an infringement is blatant and where it relates to such a well-known brand, the claimant is entitled to seek punitive damages.

    “Brand owners will welcome this decision as an indication of the risk that third parties run in trying to make associations with famous brands.”

    The cheapest engagement ring on Tiffany’s US website currently costs $12,000 (£9,300) while customers can buy one from Costco’s website for only $380 (£295).

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