Well, Christmas seems worse than expected – which is no mean feat considering how low expectations were. There are a lot of rumors flying around and companies seemingly in trouble. But I’m also hearing that a lot of the talked-about-names may muddle through, since keeping people afloat is in everyone’s best interest.
Anyway, I hope everyone enjoys the big industry (24 Karat) weekend. Here’s my advice: Don’t think about the industry!
And now, for all you masochists, here’s what’s going on …
The Bottom Falls Out: Crappy New Year!
– Signet holiday same store down 16%.
– Zale same store sales down 19.6%
– Finlay holiday sales down 23%.
Forecast: “Unprecedented” drops at Blue Nile, Tiffany.
Ultra plans to close stores, suspend some payments.
Mall vacancies at 10 year high.
– Retailers renegotiate with landlords.
Will customers ever pay full price again?
– Stores cut prices early.
– Retailers “at war with customers.”
Gottschalks on the verge …
– Macy’s to close 11 stores.
Chaim on the crisis.
– Forecaster predicts “Best Christmas ever” in 09.
– Another predicts “turnaround.”
– Jewelers wonder if Obama will help.
Interview with Christian Bernard trustee.
Chuck Lein retires at Stuller.
MJSA appoints new head.
GLG on Zale.
– Gassman on Harry Winston.
47th Street robbery on New Year’s Eve.
Diamond “cartel meltdown”?
Indian diamanataires happy with Rio mine.
Rajesh Exports: Demand will stay low.
“Roster dispute” at Element Six.
Israel polished exports down 11%.
– In fight over Apthorp.
“Insider theft” at Shreve, Crump and Low.
Jewelers Opening: A Jared in Utah.
Owen Wilson’s watch saved by watches. Or something.
Scarlett Johanson “squealed with delight” over ring.
Coming soon: The Bernie Madoff jewelry collection.
– The New Yorker on jewelry pawned by Madoff victims.
– WWD on the diamond industry’s problems in Africa. (Subscription)
– The New York Times on the Antwerp diamond sector.
– Sunday Telegraph on Laurence Graff.
– LA Weekly visits a local exhibit.
From the Blog:
Have a great weekend …