Market Comments 8/22/2008
De Beers says they raised rough diamond prices an average 16% so far this year with higher increases for 1ct+, SI+ rough. DTC Aug. sight estimated at $725 mil. Global trading markets seasonally quiet with high expectations for next month's Hong Kong show. Indian market demand for stars and melees improving. Gold price recovers from 10 month low with buying from Far East jewelers and investors. Charles & Colvard faces Nasdaq delisting as stock price plummets 83% to $0.74. BHP 2008 diamond earnings at $189 mil. (-4.1%). Saks 2Q08 sales at $669 mil. (-3.6%) with same store sales -4% and net loss $31.7 mil. Nordstrom 2Q08 sales at $2.29 bil (-4.3%) and profits at $143 mil (-21%). Swatch 1H08 sales at $2.58 bil (+8.6%) and profits $381 mil. (-9%). Michael Hill 2008 sales $268 mil. (+8%) and profits $17.9 mil. (+20%). Macau 2Q08 retail sales $575 mil. (+40%) with strongest growth seen in jewelry sales +19%. RAPAPORT CONFERENCE - MONDAY SEP. 8 - NEW YORK WALDORF ASTORIA HOTEL - RESERVE NOW! IDC@Diamonds.Net -- http://www.Diamonds.Net/IDC