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Market Comments 6/8/2007
Posted: 06/07/07 23:55
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NEWS: Las Vegas show mixed. Loose diamond sales were slower than expected but jewelry did well. Large better quality diamonds sold out at strong prices in spite of some buyer price resistance. Lower quality small goods were steady but mid quality and prices ranges did not move well. June DTC sight estimated at $610 million with 'average' 5% price hike. Aber Diamond changes name to Harry Winston and reports Q1-2007 sales +18% to $141 mil, profits -88% to $3 mil after $14 mil foreign currency loss. Diavik mine production +45% to 1 million carats. Fancies: Pear Shapes did OK at the Vegas show but not as strong as many would like. Relatively good demand for larger Hearts and Ovals. Cushions OK but Princess and Emerald sales were relatively weak. Overall demand for high and low end goods was healthy but mid range diamonds were weak. Collection colors were strong and the bigger the better.
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