Sorry to lead off with so much gloomy news, but … well …
Holiday 2007 Results: Superbad.
– Signet: US comp sales down 8.1%, worldwide comps down 6.8%.
[Heard conference call: Journey, larger diamonds did well, Circle, three-stone weak. Jared did better than mall stores. “Marco” environment blamed. Company may list in U.S.]
– Zale: Comp sales down 9%.
– Finlay: Comp sales down 5.9% Credit rating cut.
– Tiffany: US comp sales down 2%, worldwide comps up 1%. Transcript.
– Birks and Mayors: US comp sales down 10%, Canadian comps down 5%.
– Jewelry weak at Target, Costco, JC Penney, strong at Saks, Neiman Marcus.
– Reuters: Jewelry sales lackluster.
Holiday 2007 Aftermath: There Will Be Blood.
– Majors slash jewelry prices.
– Jewelry and retail stocks fall.
– Derco creditor list. (Second item.)
– Indian company goes under.
– Alpha Omega’s inventory’s missing.
If all that wasn’t depressing enough ….
– NY Post predicts “miserable” 2008 for retail.
– The U.S. may be in, or heading towards, a recession. Happy New Year!
Breeden increases Zale stake again!
– Analysis from Ken Gassman and GLG Group.
– NY Post: Breeden wants “proxy fight.”
DTC raises prices 3.5%.
– Gold prices top $900.
Who’s Down With BPP?
– Six sightholders suspended for BPP violations: polishedprices, Idex, Rapaport.
– Chaim: More, please! Wyndham: “Hypocrisy.”
– My thoughts (second item.)
“Blood diamond” testimony begins Charles Taylor trial. (With interview.)
Former De Beers director/Debswana MD charged with corruption.
– Debswana investigated?
– Botswana’s success shows “strains.”
Gitanjali acquires Nakshatra, Brightest Circle Jewelry.
Do Zimbabwe diamonds fund terrorism?
Jewelry Television closes Shop at Home.
Will industry ditch the dollar?
Canadian diamond find sparks “frenzy.”
– South African “diamond rush.”
Sierra Leone diamond exports rise.
Heist at Macau fair.
Hope Diamond’s red glow explained.
It’s a very very very fine house: Leviev’s new digs.
– Photos: Gold-plated hot tub! $100k fireplace! Near Ringo and the Bee Gees!
Media Watch:
– Good story on ice.com
– TheStreet.com (video) on gold “scams.”
– The AP on gold prices (includes visit to 47th Street.)
– Smartmoney on Blue Nile’s stock.
– Sfist: Is Mayor’s ring “blood diamond”? Or: Why it must be annoying to be the Mayor of San Francisco.
From the Blog:
The Sightholder Saga Continues
In the Spotlight: Zale, Derco
Conflict Diamonds Again in the News
Have a nice 24-Karat weekend …. Perhaps I’ll see some of you during it …
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