Cutting Remarks
Discussing trends and news in the diamond industry.
Diamond Shavings: Your Friday Web Roundup
Any week where we have heard about three bankruptcies of established independents, 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 ...... Read More
Comments (0)"Suggested Retail Prices" for Diamonds?
The new Idex “manufacturer suggested retail price” (MSRP) list for diamonds, which was recently endorsed by, and will be disseminated by, the World Federation of Diamond Bourses in Antwerp, is intriguing, but I can see it being controversial as well (as, to be fair, virtually all price lists are). Idex CEO Abraham Stern spoke with me about it today: - The MSRP will be derived fro ...... Read More
Comments (4)The Bernie Madoff Premium?
The recent Bernie Madoff auction included several jewelry items, including these diamond earrings. Most of the jewelry was apparently purchased by a St. Louis millionaire. But as Gawker says: Many of the bidders were jewelry dealers and other auction veterans. Outside the ballroom, I overheard them discussing the theory that the Madoff items would fetch a premium because of their association ...... Read More
Comments (1)Update: All Finlay Sales Postponed
A source who was at yesterday’s hearing regarding the sale of Finlay assets tells me this: Zale had objected to the winning bid for the intellectual property of Baileys Banks and Biddle, which went to a recently created company called Synergies. In court papers, Zale claimed the auction was conducted unfairly, and offered to up its bid by $200,000. (Why Zale wants the IP for BBB is t ...... Read More
Comments (4)Diamond Shavings: Your Friday Web Roundup
I know it’s still not a party out there – I like to say, “the worst is behind us, but the best isn’t ahead of us just yet” – but the fact that people are actually buying things – such as Kwait/Fred Leighton and all the people buying former Finlay stores – seems a sign that people are more confident about the future. You didn’t se ...... Read More
Comments (0)Finlay Stores May Be Sold Today
UPDATE: Sale postponed. See here. Considering there was not much interest in stores from past bankruptcies, there is a good deal of interest in stores formerly owned by Finlay. Here is what is listed in court papers as the most “successful bids” for the former Finlay stores’ leases and assets. These all have to be approved by the court. The hearing is at 4 PM today: - Adamas P ...... Read More
Comments (3)The Kimberley Process and Zimbabwe, Once Again .... (Updated)
Some notes on the latest KP plenary, which ended with the decision not to suspend Zimbabwe … - First, it’s important to note that, despite all the NGO statements and consumer petitions, the most likely outcome always was that Zimbabwe would not be suspended, especially once the issue became politicized and high-profile. (Partial suspension for the Marange region was also ...... Read More
Comments (2)Diamond Shavings: Your Friday Web Roundup
Jewelry sales increased 7.2 percent in October? The recession may be over. - Or not: Unemployment hits 10%. Signet sales down 2.5%, U.S. same-store sales down 2.4%. - Investors conference transcript. (PDF) Blue Nile sales rise 2.4 percent. - “Better than expected.” Shareholder investigation launched against Zale. Industry bankruptcy up ...... Read More
Comments (0)Everlon and Love’s Embrace: Great Minds?
Commenter “Weisfeld” recently noted that there seems to be similarities in designs between DTC’s Everlon Diamond Knot and Love’s Embrace from Sterling, which is one of the few major retailers to not get involved with Everlon. Click the links, and see for yourself. Now, there are also obvious differences: All the Everlon designs are built around knots, and Sterlingȁ ...... Read More
Comments (3)Jewelry Industry Bankruptcy Update (See Note)
NOTE: See update to Michael Beaudry item. Here is the latest in what’s going on with all the myriad jewelry industry bankruptcies: - Henry Dunay had a big milestone, as it got its inventory valued and ready to be auctioned (auction date to be determined.) The company’s fate is still to be determined, Dunay says, but he says there ...... Read More
Comments (0)Kimberley Craziness
If this report is accurate, the current Kimberley Process meeting in Namibia is certainly a strange one … … the NGOs as well as the Kimberley Process review mission, came under attack by [Zimbabwe mines minster Mines Minister Obert] Mpofu on Tuesday, where he called them ‘deranged and requiring psychological examination’ … It is understood that Mpofu was also snu ...... Read More
Comments (0)Diamond Shavings: Your Friday Web Roundup
There have been some weeks lately where the news has been (relatively) good. This was not one of them … Zale Corp. lost $190 million in 2009. - Earnings “not a pretty picture.” - Discloses SEC investigation. (10K.) - Stock tops list of price decliners. - My thoughts. Overseas Diamonds goes under water. - U.S. team forms new company. Diamond bankers don ...... Read More
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