Market Comments 7/29/2010
Very selective polished buying as cutters hope for improved Christmas season demand. Moderate activity at JA NY show. DTC prices and premiums stable in spite of recent decline in BHP prices. Relatively small July DTC sight estimated at $450m. De Beers group 1H revenues +74% to $2.98b, net earnings of $301m vs $3m, production +134% to 15.432m cts. Harry Winston buys back 9% stake in Diavik mine from Kinross Gold for $220m. Kimberley Process reports 2009 global production -32% to $8.64b from 124.8m cts in 2008. Zale credit card sales in June/July fall short of required amount in Citibank credit agreement. Gareth Penny resigns as De Beers CEO.