Richard Cieslak, president and chief executive of IWI Holdings, a subsidiary of jewellery manufacturer Rhine Holdings, has tendered his resignation following the company's dismal results for the first quarter of this year. IWI reported an increased net loss of US$802,000, compared with a loss of $33,000 in the same period last year. While net sales rose to $8.4 million from $7.87 million, the company chalked up an operating loss of $956,000 compared with a profit of $128,000 previously. The company said yesterday IWI's results were adversely affected by a weak jewellery market, particularly for semi-precious stones most of last year. The significant shortfall in forecast domestic sales in the United States in the last six months of the past year continued into the first half of this year, it said.