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’t expect quick recovery.

 

IRS examining jewelry companies about Patriot Act compliance.

 

Did Macy’s (or Finlay) sell fake diamonds as real?

 

The Everlon Knot is, um, featured in Sam’s Club circular.  Whoa.

 

Morris Green, New York dealer, dies.

– Considered “murder-suicide.”

 

China overtaking Japan as second largest diamond market.

 

Surat diamond industry may not fulfill demand at holiday.

– Luring working from other industries.

 

Anglo-American keeping De Beers investment.

– De Beers production fell 40% in second quarter.

– Company cancels annual turkey gift.

 

Vercase to lay off 350.

 

Tiffany “faces challenges.”

The Wall Street Journal on Tiffany diamond cutting in Africa.  Also: Photoblog

 

Blue Nile’s “stock will sink.”

 

Jewelers Opening:

JM Lichterman in Philadelphia.

 

Jewelers Closing:

Ann Horwitz in Souix Falls.

Esther Bentley in Wausau, Illinois.

 

Barrier’s in Witchita goes Chapter 11.  (second item.)

 

UN: Ivory Coast diamond embargo breached.

Full report (PDF.) Intro.

– Israeli company singled out.

– Israel denies illict trading.

– Zimbabwe called “distraction.”

 

KP report calls for Zimbabwe ban.

Full report.

– Rights groups want “urgent action.”

 

Panama: Hub for diamond smuggling?

 

Alrosa’s sales hit $1.73 bill for the year.

 

South Africa looking at diamond tax.

 

Diamond thief arrested in South Africa.

 

Rio sets up sampling plant in India.

 

Former De Beers marketer launches rental service.

 

50 Cent can no longer afford diamonds.  So that’s what the industry’s problem is.

 

Paris Hilton gets jewelry back.

 

Media Watch:

Wall Street Journal on jewelry industry failures.

British newspaper on socially responsible jeweler.

Cape Cod Online on cash4gold.

 

From the Blog:

Overseas Diamonds Goes Under Water.

U.S. Overseas Diamonds Team Forms New Company

Zale’s New SEC Investigation – And Other Reasons Why People Are Nervous About Them.

 

 

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JCK News Director