Diamond Shavings: Your Friday Web Roundup
Bain: Luxury market won’t recover for year.
De Beers sees demand stabilizing.
- Also: Financial Times.
“Strong demand” at sights.
ABN Amro sees “no recovery” in market.
Kenny G: Jewelers’ average ticket stabilizing
DDC president Jacob Banda dies
Madhu Mehta of Jayam dies
- Chaim remembers
Cohens will bid again for Carlyle (Past coverage
- JE Caldwell cuts ties with Daughters of the American Revolution.
Survey: Women prefer diamonds to handbags. If only they bought that way.
Alrosa may lay off 800
Anglo American to sell units.
Northwest Territories diamond industry “losing edge” to Canada?
Beirut newspaper: KP report raises questions about Lebanon
Angolan diamond summit may still take place.
Ebay introduces new ring tool.
The diamond-studded Hershey’s Kiss … (one commenter asks: “Can I pay this with a $100,000 bar?”)
Media Watch:
AFP on Botswana’s life after diamonds.
The Telegraph on the industry.
Reuters on the Kimberley Process.
Miami Herald: Jewelry sales still slumping.
Belgian newspaper interviews head of AWDC. Google translation.
From the Blog:
Will Ebay Become the Next Big Diamond Seller?
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Luis de Agustin commented:
On the heals of an article in The WSJ article that the mega-rich are spending some 25% more on lux than last year, this Journal article reminds one that while the super wealthy “always have money to spend” (as the tiresome old saw goes) and niches may prosper, an industry can’t. And since it’s unlikely that companies can quickly align their business models to benefit from the spending habits of a diverse and thinly spread market, providing finest business practices to clientele may be the most profitable and lowest cost alternative.
This week the NFIB reports their study that in Sept ’09 the expansion plans for small business were at 35-year lows. The sector generates two out of three new US jobs. Not only will retail/wholesale conditions be unable to improve quickly without robust job condition, since many of the wealthy who spend on lux constitute investors, owners and or senior executives in those firms, these wealthy cannot be counted on to help spend the jewelry industry and lux sector to recovery without job generation first.
Luis de Agustin
