Diamond Shavings: Your Friday Web Roundup
Any week where we have heard about three bankruptcies closings of established independents (see “jewelers closing” below for list), and a bankruptcy petition filed against another, is not a good week. And it’s November! I do believe business is improving, but January could be ugly, sorry to say.
And here’s the news …
Bankruptcy petition filed against Robbins Diamonds.
NY Times: Luxury stores trim inventory.
GIA analysis: “Late diamond orders stir optimism.”
Zale hit with shareholder class action.
Birks and Mayors sales down 23 percent in Q3.
WFDB endorses Idex MSRP price list.
Antwerp Diamond Symposium
- Reports from Wall Street Journal, Reuters, Rapaport.
- Chaim hearts Hanard.
Overseas Diamonds spinoff company might get sued.
Follow-up: Regarding this item, Wilson and Son emails: “Wilson and Son never owed any money, and the case was voluntarily dismissed November 12, 2009.”
Leviev reaches deal with bank.
Liz Claiborne shuts jewerly distribution center.
DTC Botsawna sights improve.
Zimbabwe army leaves diamond fields.
- South African company moves in.
- Illegal diggers now in Mozambique.
- Report: Zimbabwe stones end up in India.
- Dispute over diamond tenders.
- Industry associations speak out on KP.
Sierra Leone mulls new mining law.
- Taylor denies jailing journalists for investigating diamond smuggling.
Jewelers Closing:
Charles and Covard sales down 43%.
- GLG: “Searching for direction.”
ShopNBC’s jewelry sales fall.
IDI appoints chief marketing officer.
Blue Nile CEO taking questions.
Companies join Dirty Gold campaign.
Angelina Jolie, Brad Pitt launch jewelry line.
Lindsay Lohan planning jewelry line?
- Mouwad denies.
- Because of “tantrum”?
Could Madoff jewerly get a premium?
Diamond-thief busting FBI agents get award.
Ohio thieves steal “brass and glass” samples.
Teeth jewelry?
An amusing cash4gold parody …
Media Watch:
- The Wall Street Journal and Financial Times on diamonds as an investment. Stephen Luffier?
- Atlantic City paper: Gold price hurts jewelers.
- Montreal Gazette on ice.com
From the Blog:
- Suggested Retail Prices for Diamonds?
Have a great weekend …
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- Email for tips, comments, press releases: rbates – at – reedbusiness.com.
Florida Jeweler commented:
I think Zales is up to about 7 lawsuits in direct relation to their accounting. That's not to mention, apparently, the interesting relation between their shared heart pendant and the symbol pedophiles use for girl lovers. Are these people thinking about the ramifications of their actions? It seems like they're working with all ego and no id.
Rob Bates commented:
Hey Ford, apologies. I probably shouldn't have said "declaring bankrutpcy." But they ARE closing. You can see the list under "jewelers closing."
Ford commented:
Which 3 independants declared bankruptcy this week?
