Oy.
The mood out there is grim, so I’m looking for some good news. Here is what I could find: 1) There are plenty of jewelry ads on TV. That definitely helps. 2) Consumer confidence may recover a bit for the holiday, if consumers aren’t worried about the auto industry collapsing, and if the stock market doesn’t keep falling, and if some other piece of terrible news doesn’t rear its head. Those are big ifs, but they are possible. 3) I am hearing that retail in November was up a little from October, which was something of a black hole. But, obviously, it’s scary times. And not just for this industry.
And now the news…
Christmas: Is there hope …
– De Beers: Season will be “better than expected.”
– NRF: Jewelry still popular gift.
– Gassman: Consumer demand still there.
– Columbus jewelers looking on bright side.
– “Light amid retail darkness.”.
.. Or nope?
– Bad retail sales, traffic forecast.
– Saks: High end “off dramatically.”
Ultra Stores obtains refinancing.
Finlay bonds down-graded after refinancing. (What that rating means.)
Birks and Mayors 2Q same store sales down 6%.
– Earning call transcript.
Industry on the Verge of a Nervous Breakdown:
– Antwerp holds “crisis meeting.” I’ve heard it was helpful, but not hopeful.
– Attendees preach “discipline.”
– Chaim: Rough prices to fall.
Debswana plans 20% production drop.
– Namibia fears cutbacks
De Beers slashes Canadian output.
India plans shorter work week.
Ha’aretz: Leviev “losing billions.”
Dubai: We’re doing fine.
– Irish jewelry buyers line up.
.
>Rapaport rapped … again …
Let me add to what I wrote … There has been a lot of discussion about price lists lately, and I think that’s healthy – the comments here were very good – but some of the anger I’ve heard has been over the top. People need to chill out a bit. Whatever one thinks of “the list,” it is not the big problem here. And, remember, no one is forced to use it.
Ralph Destino retires from GIA.
Donna Baker now president and CEO. Also, note: the release spells out Anna Martin’s new employer and title: managing director, head global marketing, diamonds and jewelry for Standard Chartered Bank.
Rosy Blue denies “seizure” report.
Big diamonds don’t sell at Sotheby’s.
GLG on Terry Burman’s retirement and Signet and Zale.
J.C. Penney hails “turnaround.”
– “Viral” Penney site pushes diamonds.
Wal mart gets new CEO.
Jewelers Closing …
– Sonny Diamonds and Jewelry in Denver.
– Jack Kellmer in Philadelphia.
– Childess Jewelers in Greenville, TN.
Jewelers Opening …
– Hedda’s impressed with Tanishq.
– Pictures of De Beers store opening in Orange County.
Staying Put: Piercing Pagoda and Zale.
South African State Trader still having problems.
Israel diamantiare murdered in South Africa.
Contractor dies at De Beers mine.
Guard shot during Waldorf jeweler robbery.
Mass murder in Zimbabwe diamond fields?
Investments pour into Sierra Leone mining.
Gem Diamonds warns of loss.
– Stock “bloodied.”
– Citigroup cuts rating.
– Graff ups holding. Hmmm …
Diamond fraud in Mumbai?
Royal Asscher hosts Sierra Leone fundraiser.
– Tiffany wins corporate responsibility award.
Jay Z and Kayne battle over bling. Recession or no recession: Rap feuds will go on!
Italian jeweler ruled not cruel to chicken. I know a lot of you were worried about that one.
Lost diamonds returned to owner. Let’s end this on a heartwarming note.
Media Watch:
– Gawker cynical (as usual) about De Beers’ ad campaign. But there’s at least one supportive comment.
– The International Herald Tribune on luxury’s recovery. A familiar name on that byline.
– The Wall Street Journal on the problems in Surat.
– London Times Online on industry’s woes.
– Cairo newspaper on local jewelry show.
– A Botswana newspaper and more Maine media on the new Botswana brands.
From the Blog:
– Attention: Piercing Pagoda and Zale are NOT Closing.
From the Diamond Reference Guide:
– My article on generic diamond marketing.
– My article on “issues to watch.”
As Jewelers of America says, stay positive and have a good weekend …
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