De Beers: U.S. Market Down

De Beers estimates that retail diamond jewelry sales are down 2% to 3% for the first six months of the year. De Beers managing director Gary Ralfe said he had expected the drop to be higher, given the gloom in the market. He noted that imports into the U.S. are down 20%, mostly because most American jewelers are still heavily stocked as the result of a lackluster Christmas 2000. The disappointing figures have led De Beers to trim its announced sales target for the year in response to the economic slowdown. The fact that De Beers is retreating from its sales target—something the company never had until a year ago—is a setback for the "new De Beers," indicating the company is returning to its traditional policy of managing supply to prop up prices. (See "The New De Beers Meets an Old Dilemma," JCK, July 2001, p. 102.) But analysts think the company had to make the move to preserv
JCK PRO

This content is exclusive to JCK Pro subscribers. Subscribe now to access this and much more with discount code GOPRO21 for $199 for an entire year of access (reg. $249).

SUBSCRIBE TO CONTINUE

Already a JCK Pro? Log in

A JCK Pro subscription is your all-access pass to people and resources on the
cutting edge of the retail jewelry industry, from the industry authority you
know and trust

Learn about the Perks of JCK Pro

Log Out

Are you sure you want to log out?

CancelLog out