All of us here at Way-Fil Jewelry are sad to learn about the passing of our friend & colleague, Lyle Megginson, owner of Megginson Jewelers. We were always, friendly competitors, but Lyle was one of the first people who came by after our fire in 2005 to offer assistance and support. When my brother, Lex, was receiving treatments at Oncology, I would often see Lyle there and spend the time visiting and talking over "the old days". A gentle giant, he will be missed.
I support a
total repeal of the estate tax. Right now the estate tax is fully repealed,
but next year it is scheduled to roar back to a maximum rate of 55%
with a $1 million exemption. The threat of this high rate—combined with
the uncertainty of what will happen to the tax going forward—make it
difficult for businesses and individuals to plan properly.
I have seen many people on my doorstep having to sell family heirlooms to pay and appease the estate tax and granted, some of that could have been prevented with advance planning, but we all think we are going to live forever. And if you think this won't apply to you, think about your home, your savings and suddenly you could be close to $1 million. I don't think it is fair to re-tax the things you have already paid sales tax and income tax on.
The estate tax was initially intended to
break up the transfer of large fortunes which passed from generation to
generation. However, it has come to be a burden on small businesses and
families. In a 2006 report, the Joint Economic
Committee found that in addition to slowing economic growth, the estate
tax is also the leading factor in the demise of many family-run
Estate tax planning has become key to the survival
of many businesses. While wealthy individuals can afford to spend money
on lawyers, accountants and estate planners to help mitigate their
estate tax burden, small business owners often cannot afford to hire
such experts. These taxpayers face an estate tax burden which often
forces them to "sell the family farm" to pay the tax, after generations
The Rolex Company takes their copyrights very seriously. This is from Philadelphia. A steamroller crushed about 7,000 fake Rolex watches here under the orders of federal authorities seeking to deter would-be counterfeiters. Customs officials staged the destruction Monday.Immigration and Customs Enforcement officials say the watches were seized from Binh Cam Tran, who pleaded guilty last year to charges including trafficking in counterfeit goods.
De Beers believes
that the supply of diamonds is running out over the long term, prompting
world's biggest miner of the gems to reduce production in an attempt to
the life of its mines.
Assuming the move moderated production, rough diamond prices could
rise by at
least 5 per cent per year for the next five years, said Des Kilalea,
RBC Capital Markets.
De Beers' move, which will see production plateau at about 40m carats
from 2011 compared with 2008 production of 48m carats, anticipates new
demand accelerating the depletion of the world's existing diamond mines,
Gareth Penny, managing director.
For 20 years the industry has found no new diamond deposit to match
two biggest mines in Africa or the best Russian mines of Alrosa, the
"Do we want to ramp production back up to 48m carats, given the lack
availability in the future?" Mr Penny asked. "Diamonds are a treasure of
that should be properly protected, because there will be less to sell.
reality is that supply cannot keep up, and that will become very
over the next 15 years."
De Beers, while no longer a cartel, accounts for 40 per cent of
diamond sales. After a brutal year for the industry, which pushed De
Beers to a
net loss for 2009, the company stands to gain over the next five years
Mr Penny calls "a natural supply-demand imbalance".
Diamond analysts also read the move as a precursor to the privately
group relisting, because it improves its production profile over the
"If the De Beers shareholders are planning to go public next year, this
timed with the beginning of the renewed growth of consumer demand," said
Even-Zohar, a Tel Aviv diamond consultant, who says?De Beers is certain
China's affluent urbanites are buying diamonds in droves and the
share of the diamond jewellery market should double to 16 per cent by
Beers said. The company has emerged from the downturn with a halved cost
and a new strategy centring on protecting the value of diamonds.
"We are not seeking to manipulate anything," Mr Penny said. "But
there is a
natural supply-demand imbalance that is leading to certain realities."
World rough diamond production last year was 124m
according to Mr Even-Zohar.
I'm sitting here talking with my husband about how much fun I with "scrap" gold. The sellers are clients who have been purging their old jewelry boxes and downsizing. The gold and gold filled items are interesting and easy to buy. The fun comes in pocket watches and old wristwatches. I had no idea there were so many collectors. I started putting these cast offs in my EBAY store (www.wayfil.com) and watches the fun begin. Now, granted no one is going to get rich doing this because we are only talking a few dollars per sale, but it fits wit h my sense of order...I'm recycling them one more time!
Every now & then I'm asked to help a family make a decision. It's always a tough one. Should they bury their loved one with their wedding ring? Being the sentimental person I am, I see both sides of this. He or she wore it most of their life. And, I feel that jewelry is a reflection of the wearer. Passing it on to a family member keeps the memory alive, not to mention the energy one can feel Just now a lady came in to tell me of how much she appreciated my advice. Every day she looks down at the cross her mother wore everyday as well, and she feels the strength and wisdom of their bond of love.Moments like this are priceless to me.View this photo
Smiles, tears and big hugs all around the shop today. A 20 something's
guy brought in his niece's add-a pearl necklace to add pearls for her
birthday. You don't think about guys liking or remember that sort of
thing...but he was a sweety.
Another client had asked us to make one of the "diamonds by the yard" style necklaces. She wanted it to "snuggy hug" her neck and use about five little diamonds. It fit perfectly and looked so cute on her dainty little neck.
Today gold opened at 1102.80 and seems to be falling due to a firmer U.S. dollar and weaker crude oil prices. So, it's still a good time to sell your scrap and coins and a great time to remount the stones from the old pieces into new ones. Trading your scrap to a jeweler usually gets you a lot more than just selling it to the "cash for your gold" folks.