Market Comments 8/29/2008
Trading activity slow due to weak U.S. consumer demand and summer vacations. Zale FY08 sales $2.14 bil. (-0.7%) profits $11 mil. (-82%) and same-store sales -0.7%. Tiffany 2Q sales $732 mil. (+10%) profits $81 mil. (+99%) but U.S. same-store sales -4%. Finlay 2Q sales $191 mil. (+29%) and net loss $12.3 mil.. Rio Tinto 1H rough sales $571 mil. (+28%) profits $108 mil. (+20%). India July polished exports $1.32 bil. (+11%) and rough imports $1.14 bil. (+6%). Belgium July polished exports $1.47 bil. (+33%) rough imports $1.14 bil. (+29%). U.S. traders must e-mail rough diamond import/exports and inventories for 2007 to USKimberleyProcess@state.gov by Sept. 1. RAPAPORT CONFERENCE � MONDAY SEP. 8 � NEW YORK WALDORF ASTORIA HOTEL � RESERVE NOW! idc@diamonds.net -- http://www.diamonds.net/idc