I haven’t had much to say on last week’s Mumbai terrorist attacks, because there isn’t much you can put into words. The other day I was thinking how the economic crisis had made all the other problems of the diamond industry seem small. And now the attacks in Mumbai makes even those problems seem smaller still.
Three of the major diamond centers – Israel, New York and Mumbai – have had significant experiences with terrorism. But the industry has lived with these issues for some time, and we won’t let them deter us. I certainly look forward to traveling to Mumbai in the near future, and I know many others do too. My thoughts are with my readers in Mumbai and everyone impacted by these tragic and appalling events. And I would like to commend Mark Boston’s thoughts on the attack, which are eloquent and heartfelt (here and here.)
On another note, we have some positive Black Friday news down below, and there are people doing well out there. But I think it’s safe to say that things remain tough in the jewelry sector, and the reports I’m getting are pretty mixed. The figures from November retail sales (also below) show what we’re up against. Good luck to all …
Here now the news …
Horror in Mumbai
– Indian media: “Traders on edge.”
– Industry people at attacked hotels.
– Sector plans aid to victims.
– Moment of silence in Antwerp.
– Fate of hotel jewelry boutiques unknown.
– From JCK, post-9/11: “Coping with crisis.”
Black Friday Comes
– National Jeweler: Jewelers “pleasantly surprised.”
– Shopping center owner singles out “moderately priced jewelry.”
– Sales up 3%.
– Traffic up 17%.
– Black Saturday slows.
– NRF: Holiday season “still challenging.”
Record drop for November retail sales.
– Could December be better?
Credit card companies may cut lines.
– GLG: “Delaying the inevitable?”
Breeden ups Zale holding. Now owns 28.4%.
– Investopedia: Zale “lacking luster.”
– GLG: Company disappoints again.
Tiffany announces job cuts.
– Barrons: Company “can shine again.”
– Investopedia: “Outlook isn’t comforting.”
– Yehuda’s new lawsuit.
– Seeking Alpha down on company.
– Stock rises on analyst upgrade.
Seeking Alpha: Discount jewelers may recover first.
Reuters: Mining output will fall 40%.
– Botswana media: “Dark future” for mineworkers.
De Beers (retail) halts U.S. expansion.
De Beers-owned Element Six cuts 150 jobs.
De Beers releases “luxury” report.
– Good overview of new De Beers campaign. (Globe and Mail.)
– Varda Shine interview.
Responsible Jewellery Council (formerly CRJP) releases standards.
DDC term limits revoted. And the new proposal seems to have passed, by three votes.
– Disputed DDC arbitration upheld.
GIA gemological conference cancelled.
Jewelers Closing: Carlyle Jewelers in San Mateo.
– HoF’s new architecture collection.
S African State Trader will increase purchases.
“Long vacation” for Indian polishers.
Harry Winston Paris store robbed.
JCK parent sale in limbo.
Nicole Kidman is Forevermarked.
Wynona Rider: Diamond thief?
Did Michelle Obama get a $30,000 diamond ring?
– Gawker calls the story a bad word.
– CNBC speaks with De Beers. (Video.)
- The Los Angeles Times on Zimbabwe’s “deadly diamond fields.”
– The Daily News on second-hand engagement rings.
– US News “green” blog advocates ring “recycling.”
– Canada’s National Post on environmentally-friendly jewelry.
– Wall Street Journal blog says faux, semi-precious is in.
– But Examiner.com says buying CZs might get you smacked.
From the Blog:
Enjoy your weekend …