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Market Comments 11/6/2009
Posted: 11/06/09 01:00
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U.S. pre-holiday demand weak and problematic as Oct. retail sales come in flat for the majors. Jewelers keep inventories tight and promote competitive discounts to entice early shopping. Gold sets record ($1,099/oz) as dollar remains weak. Stable demand for caraters in Far East with shortages in G-I goods. Demand weakens for 2cts+. Strong domestic Indian demand for melee/stars with shortages in lower qualities. Signet 3Q sales -2.5% to $614 mil. same-store sales -1.9%. Blue Nile 3Q sales +2% to $67 mil. but U.S. sales flat, profits +10% to $2.6 mil. Belgium Oct. polished exports -13% to $786 mil., rough imports +11% to $747 mil. ALROSA narrows FY09 loss 40% to $303 mil. in 3Q. Kimberley Process keeps Zimbabwe and pledges to monitor Marange diamonds. Israel to hold KP chair with DRC as vice chair in 2010.
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