In the past week, there have been two companies that I have gotten “frequent inquiries” about: 1) a small retail chain, and 2) a New York diamond company that has been talked about for a while. I can tell you that, as I write this on Friday afternoon, neither of these are showing up as having filed Chapter 11. And some believe that there is nothing to the retail chain rumor.
Here now the news ….
This just in … GIA lays off 10% of staff, cuts salaries… Sorry to hear. There were also layoffs last week at Jewelry Television’s buying departments.
AP: Fewer shoppers this holiday.
Retail sales down in November.
– Historic chart.
We’re All Discounters Now:
– Tiffany cuts engagement ring prices.
– NY Times: Luxury prices “falling.”
– CNBC: Discounting killed Black Friday.
LA Times: Luxury sellers try harder.
– CNBC on luxury stocks.
Zale may post fiscal year loss.
WSJ blog: Consumers cutting back on solitaires.
De Beers ad campaign gets press: Daily Beast, Boston Globe.
DTC sight estimated at $100 million.
Boscov’s purchased by family.
– Where the money’s coming from.
Two board members leave Finlay.
Antwerp trade body cuts 24 jobs.
Diamond dealer arrested in robbery scheme.
Christie’s blue diamond fetches record price.
Harry Winston retail sales up 8%.
DDC statement on bylaw change. Some people objected to the word “overwhelming.” It passed by three votes (two thirds were needed.)
Clark McEwen leaves Gemesis.
Diamonds top Sears wish list
– J Crew adds jewelry line.
– JC Penney’s “viral” campaign.
Will Diavik be sold?
– Harry Winston still interested.
– Mine project delayed.
– Rio Tinto slashes 14,000 jobs.
Horror in Zimbabwe:
– Chaim: Zimbabwe a “Pandora’s box.”
– World Diamond Council statement.
– NGOs: Suspend Zimbabwe from Kimberley. It’s hard to disagree.
– Government breaks silence.
– Coverage in Times Online, The Guardian, National Review Online, The Age, Zimbabwe state media.
Botswana/De Beers aggregation plan on hold.
– Botswana economist: Market in doldrums “for several years.”
– Country looks beyond diamonds.
De Beers dispute over Archangel.
Forecast: Angola will be top diamond producer.
Jewelers Closing:
– Minata Jewelers in Chapel Hill.
– Reznikov’s in San Antonio.
– Strutz Jewelers in Sacramento.
– Glassner Jewelers in Roanoke.
Gold worth more than platinum. (!)
JSA warns about switch artists.
RapNet launch customer rating service. Seems smart, if a headache to administer.
“FarCry 2” video game built around conflict diamonds.
– As is the new game from 50 Cent.
De Beers release: Forevermark “well positioned.”
Russians horde hoard jewelry.
JCK parent sale off. (For now.)
Luxist: The year in dumb diamond use.
Media Watch:
– Fox Business News and Bloomberg talk to Stephen Lussier. (Perhaps the most interesting story: He was in the U.S.)
– Fox Business talks to Daniel K.
– Slate shops Whitehall’s liquidation sales. The last page contains a note about Zale which I would call hyperbole.
– The New York Times on Bulgari.
– Instyle/CNN’s engagement ring buying guide.
– India’s Business Standard on blood diamonds.
– Alberta newspaper interviews local cutter. Nice story.
– Israel’s Globes on Leviev. (in Hebrew.)
– Momlogic says sell your engagement rings.
From the Blog:
– A Question for De Beers (That They May Want to Ask Themselves.)
– Tiffany Lowers Engagement Ring Prices.
– J.C. Penney Wants to Make Diamond Advertising “Viral.”
Well, it was another tough week. But try not to worry and enjoy your weekend …
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