Diamond Shavings: Your Friday Web Roundup

So are things getting somewhat, maybe, possibly a little better? I’ve heard the mood at the DTC sight, while hardly ecstatic, was much improved over the January sight, with at least some clients ready to “do business” (and De Beers ready to accommodate them in any way, shape or form.)  And this article lists 21 reasons “the worst” may be over. I don’t know if we’re in recovery mode, but hopefully we are seeing a thaw.

 

Here now the news …

 

Finlay restructures, exits department stores.

Behind the plan.
– GLG analysis: Suppliers “buying time.”

 

Fortunoff: The Corpse.

– Fortunoff liquidates.

– Star Ledger interviews ticked off vendors.

– Company lost “heart and soul.”

– Sale “draws hundreds.”

 

How will Lord and Taylor sell jewelry?

 

Zale sales down 18 percent.

– To close 115 stores, eliminate 245 positions.

– Store-wide sales blamed.

Earnings call transcript.

 

Bidz Q4 sales down 44%.

– Discloses SEC investigation.

Earnings call transcript.

 

Tiffany to close Iridesse.

 

Frank Dallahan resigns at AGS.

 

GLG on Zale and Birks and Mayors.

 

Jewelers of America fighting luxury taxes.

– “Stimulus package will help jewelers.”

 

Jacob Banda re-elected at Diamond Dealers Club.

– Election disputed in court. I should note that the person bringing this suit, David Abraham, was defeated in his bid for re-election for vice president by seven votes.

Affadvit. (PDF) Interesting that membership is said to be 1300.

Discussed on Orthodox news site.

 

De Beers in Crisis Mode

– Finances dissected by myself, Chaim and Charles Wyndham.
– Journalist: Company “up to old tricks.”

– Mothballs Botswana mines.

– Layoffs at Snap Lake.

– Element Six salaries cut.

 

New generic diamond marketing group formed.

– De Beers proposes new American marketing model.

 

Protestors blockade De Beers mine road.

 

Debswana may overhaul dividend policy.

– JCK interviews former Botswana President.

 

Reserve Bank of India may finance industry.

– New policy “brings some cheer.”

– Workers protest.

 

Global Witness ties terrorism to diamonds.
– Ex-RUF leaders convicted.

 

New diamond fund set to launch.

 

Opinion: Gem show “not leaving Tuscon.”

 

Charles and Covard still suing K and G.

 

Member of Signet board resigns.

– Signet stock upgraded to buy.

 

Police investigate Pennsylvania jeweler.

 

Mitt Romney’s jewelry stolen.

  

Oscar fashion still quite bling-y.

 

Media Watch:

Newsday on the jewelry industry’s tough times.

The New York Times on the diamond industry’s tough times.

The AP on placing “Oscar bling.”

IHT/Edward Epstein on the “diamond overhang.” Kind of a weird one. De Beers responds.

The BBC talks to Debswana and Epstein.

Arizona college student down on diamonds.

From the Blog:
Interview with Former Botswana President Mogae.

Do or Die for Finlay?
De Beers in the Hole?
De Beers’ New American Marketing Model (Maybe.)

Have a great weekend …

JCK News Director