Market Comments 7/3/2009
U.S. market slow as jewelers go on summer vacation. Unemployment hits 26-year high in June at 9.5% and consumer confidence slackens. India’s Gitanjali Gems FY09 sales +5% to $1.1 bil., net profit -6% to $31.5 mil. Asian Star FY09 sales -1% to $306 mil., net profit +9% to $9.7 mil. Shrenuj & Co. FY09 sales +19% to $304 mil, net profit -47% to $5 mil. Classic Diamonds FY09 sales -5% to $141.4 mil., net profit -89% to $745K. Rockwell Diamonds FY09 sales -4% to $35 mil., net loss increased 38% to $13 mil. Israel’s June polished exports -22% to $184 mil., rough imports -57% to $250 mil. Japan May polished imports -32% to $46 mil. Namdeb lowers '09 production forecast to -63% to 800,000 ct. as three-month mining break ends.