Market Comments 12/11/2009
Polished markets weaken as retailers wait-out Christmas season hoping for a last minute buying spree. Cutting centers miss the usual holiday boom and dealers are not buying for inventory. Further rough price hikes squeezing cutting center profits and discouraging lower polished prices. ALROSA sells $2.2b. in 2009, with $923.4m. sold to Gokhran, expects 51% rise in 2010 sales. Harry Winston 3Q sales -50% to $74.8m., net loss of $214K, vs. net profit of $71.9m., and appoints ex-Cartier man Frederic de Narp president and CEO. De Beers Forevermark sells $100m. in first year. Sotheby’s New York sells $30.6m. (88.4% by lot) with oval shape, 30.48 ct., D, flawless, type IIA diamond going for $4.1m. ($134,990/ct.) Philadelphia jeweler Leo Robbins & Sons files Chapter 11. U.S. Oct. polished imports -10% to $1.3b., polished exports -13% to $921m.