UPDATE: Our thoughts are with our industry colleagues in Mumbai … Very sorry to hear about today’s tragic and senseless events.
For a short week, a lot of stuff came in … Check out my posts for the week at the end of this one … Hope everyone has a great holiday ….
And now the news …
Signet posts third quarter loss.
– Company stops sourcing rough.
Zale same store sales down 3.7%.
– Earning call transcript. Item of note: “Sales trends since mid-October show declines in the mid-teens.”
Tiffany 3Q sales fall 1%. U.S. sales down 7%. Earnings rise.
– Tiffany shares hit low.
Jewelers’ stocks decline.
Black Friday Preview:
– Weather looks good.
– 128 million may shop this weekend.
– CNBC: Retailers “cautious”
Online spending projected down.
BHP – Rio deal off.
Merrill Lynch seeks liquidation of Fred Leighton.
Leumi won’t finance rough purchases.
Gem Diamonds calls off tender.
Financial Times: De Beers’ Canadian dispute.
NY Times: Luxury brands advertising less.
Julius Klein loses “pink diamond” case.
Head of ABN D and J division retires.
Shanu aflame over Hearts on Fire: Parts one and two.
Harry Winston goes online.
20 diggers killed in Zimbabwe.
– Lawyers probe abuses.
– Area “a war zone.”
Diamond firms receive suspicious letters.
Israeli exchange celebrates 70th birthday.
Quote of the Week: “Diamond people always complain. The difference is, they mean it this time.”
Media Watch:
– New York Times interviews Zale CEO.
– The Economic Times interviews Varda Shine.
– India’s Commodity Online on “blood diamonds.”
– Bloomberg on Antwerp’s raids and woes.
– Wall Street Journal blog on the industry’s woes.
– Chicago Tribune notices dropping diamond prices.
– Wired news has (old?) Chuck Fipke profile.
– Orange County Register reporter gets off on 11-carat earrings. But check out the comments.
From the Blog:
Sterling Does Vertical Integration in Reverse
Head of ABN AMRO Diamond and Jewelry Division Retires
Everyone have a great weekend and let’s hope for a good Black Friday … And maybe we should all support other retail-based industries. There are plenty of good deals out there …
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