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Market Comments 2/22/2008
Posted: 02/21/08 23:55
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Rapaport introduces new 10 carat price list and issues warning that speculative prices for large diamonds based upon interdealer demand may not be sustainable. Metal prices continue to break records with gold at $954.70/oz and platinum at $2,185/oz. DTC February sight estimated at $600 mil with slight rough price increases for better qualities. Indian markets slow as trading confidence wanes under severe liquidity crunch. Christie’s Hong Kong to auction 101.27 ct. F, VVS1, diamond this May. Macao 2007 watch, clock and jewelry sales +54% with overall retail sales +33% to $1.9 bil. GIA opens South Africa lab. JCPenney 4Q07 sales -4.1% to $6.39 bil and profits -10% to $430 mil with fine jewelry weakest performer. Zale's 2Q08 profits -32% to $52.7 mil. as company announces plans to reduce $100 mil in excess inventory.
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