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Rapaport TradeWire - Friday, February 27, 2009

Feb 27, 2009 1:00 AM   By Rapaport
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Rapaport TradeWire - Friday, February 27, 2009

News: Debswana, the world’s largest diamond producer, to shut operations until April 15 and suspend production of two mines through 2009. We estimate the move will reduce their annual production by about 20% or by 6-7 mil. cts. De Beers to borrow $500 mil. from shareholders, 2008 rough sales flat at $5.9 bil. even though they increased prices by 14%. 2008 profits at $90 million. Gold passes $1,000/oz for first time since March 2008. U.S. Jan. jewelry price index +5%. German and Indian jewelry shows better than expected. Zale 2Q sales -18% to $679 mil. with loss of $24 mil. and plans to close 115 stores. Birks & Mayors 3Q sales -28% to $88 mil. with $42.7 mil. loss. Bidz.com 4Q jewelry sales -44% to $35 mil. profits -64% to $3 mil. J. C. Penney 4Q sales -10% to $5.8 bil. same store sales -11% and profits -51% to $211 mil. with jewelry ranking as weakest category. Macao 4Q watch, jewelry sales +22% to $138 mil. Fortunoff liquidates. Finlay to exit department stores and close 40 specialty boutiques.

ANNOUNCEMENTS:

Martin Rapaport - Special Presentation
"State of the Diamond Industry"
BASELWORLD Watch and Jewellery Show

When: Monday, March 30
Presentation 1: 8:00-10:00
Presentation 2: 14:00-16:00
Where: Basel Congress Center, Montreal Hall

To reserve a space, email conference@diamonds.net
-----------------------------

Rapaport Fair Trade Jewelry Conference
"Sourcing and Marketing Fair Trade Jewelry"
BASELWORLD Watch and Jewellery Show

When: Monday March 30,10:30-13:30
Where: Montreal Hall, Basel Congress Center

To reserve a space, email fairtrade@diamonds.net
-----------------------------

Rapaport - Hong Kong Jewellery Fair
March 4, 2009 - March 8, 2009
Booth: Hall 5, Booth 5M41

Free RapNet Trading Service for Buyers at the Show
Contact: Ofira Guttman-Berrebi ofira@diamonds.net +852-9222-7001
-----------------------------

Rapaport Pawnshop Tender in New York
By Appointment Only
March 16–19, 2009

Approximately 30,000 carats, Rounds and Fancies, -2.5 sieve to 1ct+
Large selection of melee from promotional to fine
qualities. Excellent opportunity for diamond and jewelry
manufacturers specializing in inexpensive diamonds.
Contact Myles Schakler at myles@diamonds.net
or +1-212-354-9100 Ext. 2570
-------------------------------


RETAIL QUOTE:

“These are unprecedented economic times, and it’s unfortunate that after all these years, a New York icon like Fortunoff is going to close and people are going to lose their jobs. Fortunoff has been a destination for fine jewelry, home goods and gifts at incredible value, and the going-out-of-business sale will offer a final opportunity to purchase this quality merchandise at even greater discounts.”

---Harvey M. Yellen
    Chairman of Great American Group


WORLD NEWS:


De Beers Rough Diamond Prices +14% in 2008

De Beers rough diamond prices rose 14 percent on average in 2008, but the increase was mainly due to the boom period in the first fiscal half. Starting in September, the market turned south and demand for rough plummeted. Diamond Trading Company (DTC) sights in the fourth quarter fell 40 percent to approximately $1 billion. De Beers ended 2008 with its rough diamond sales flat at $5.9 billion and total sales up less than 1 percent to $6.9 billion. The company reported profits of $90 million after reporting a loss of $521 million for 2007. De Beers will take a shareholder loan of $500 million for 2009. De Beers rough production fell 6 percent to 48.1 million carats.


U.S. Jewelry CPI +5% in Jan.

The consumer price index (CPI) for jewelry in the U.S for the month of January rose 5 percent year on year to 153.46 points. The rate — based upon a reference of average prices in 1986 set at 100 points — was 3.7 points lower than in December 2008. For the watch and jewelry categories combined, the index for January increased 5 percent to 146.34 points, 3.4 points lower than December's reading.


U.S. Jan. Online Jewelry Sales -15%

Online jewelry sales in the U.S. fell 15 percent in January, according to comScore's latest figures. Of 14 sales categories tracked, jewelry was the fourth worst performer. Overall, online spending grew 2 percent during the month to $10.9 billion. The Internet ecommerce metrics company found that more than eight in 10 consumers were cutting back spending due to concerns about the economy, citing job security as the largest factor.


Macao 2008 Retail Sales for the Jewelry Category +64%

Macao reported that the value of its retail sales during the fourth quarter of 2008 rose 21 percent to $634.8 million. Sales of jewelry, watches and clocks accounted for the largest share with $137.7 million, or 22 percent of total retail sales. Full-year retail sales across all sectors grew 34 percent to $2.4 billion, and sales of jewelry, watches and clocks increased 64 percent for the full year.


Weak Global Demand Threatens Labor Cutbacks in Thailand

More than 100,000 workers employed in Thailand's diamond industry and other skilled sectors will lose their jobs as global demand falls, according to the local office of the International Diamond Manufacturers Association (IDMA). The Thai Gem & Jewellery Manufacturers Association (TGJMA) added that it is facing a shortage of high-quality rough, which is necessary to compete in the global marketplace, and asked the government to assist in increasing supply channels.


Bain Expects Luxury Goods Sales to Drop by Single Digits in 2009

Revenues in the luxury-goods industry may fall by 3 to 7 percent this year according to consulting firm Bain. This estimate may even prove to be conservative, as the economic slowdown in the U.S. grows deeper each week. Diamonds, a byword for luxury, are being hit particularly hard as consumers resist the lure of sparkle and forgo fancy engagement rings for now.


KPCS Announces Namibian Intersession Meeting in June

The Kimberly Process Certification Scheme will hold its intersession meeting from June 23 to 25, 2009, in Windhoek, Namibia. The current agenda is comprised primarily of committee work and will not include formal speakers or presentations. 


Reserve Bank Proposal Could Tap Polished Inventories to Improve Liquidity

To ease the liquidity problem in India's diamond industry, the task force created by the Reserve Bank of India (RBI) may ask banks to finance diamond manufacturers, especially small and medium ones, against their stock of polished diamonds. Diamond industry leaders have been pushing for government intervention to help ease the crisis across the rough and polished marketplace.


Rapaport Broadcast News

What trends are emerging on the laboratory front? The International Gemological Institute, or IGI, is experiencing some interesting trends as the industry deals with the downturn. But even with poor retail performance, diamonds and platinum diamond jewelry were all the rage on the red carpet during the 81st Academy Awards.
http://www.diamonds.net/news/NewsItem.aspx?ArticleID=25477


DIAMOND STATS:


Botswana's Diamond Exports Plunge

Botswana’s diamond exports in October fell 53 percent to $103.1 million, and November exports declined 73 percent to $46.6 million. The weaker marketplace for diamonds and other commodities caused ratings agency Standard and Poor’s (S&P) to revise its outlook on Botswana from stable to negative. Botswana’s diamond imports increased significantly in 2008 due to the development of the country’s beneficiation industry. Diamond imports in November rose 90 percent to $28.5 million. Imports for the first 11 months of the year increased by 259 percent to $342.6 million.


WHOLESALE & RETAIL:


Zale 2Q Rev. -18%, Reports Loss of $24M

Zale's second fiscal quarter sales fell 18 percent to $679.4 million; the percentage drop was the same for same-store sales. Cost of sales decreased 9 percent to $381 million. Zale reported a loss of $23.6 million, or a 74-cent loss per share, compared with profits of $61 million in the second fiscal quarter of 2008. As consumers continue to cut spending, Zale plans further belt-tightening and intends to close 115 underperforming stores as leases expire during the year.


Birks & Mayors 3Q Sales -28%

Retailer Birks & Mayors reported that its net sales fell 28 percent to $88.1 million for the third quarter of fiscal year 2009, which ended December 27, 2008, and comparable store sales for the period decreased 23 percent. Translating Canadian sales into U.S. dollars accounted for $9.3 million of the drop in net revenues. Birks & Mayors' results showed a net loss of $42.7 million, down from profits of $12.7 million one year earlier.


JCPenney 4Q Sales -10%, Jewelry Performs Worst of All

J. C. Penney Company's sales in the fourth quarter fell 10 percent to $5.8 billion, and its same-store sales dropped 11 percent. Profits decreased 51 percent to $211 million. JCPenney stated that its strongest merchandise categories for the quarter were women's apparel and family shoes, while the weakest category of all was fine jewelry. For fiscal year 2008, JCPenney reported that its sales were down 7 percent to $18.5 million and profits declined 49 percent to $572 million. Jewelry performed poorly all year long, cited as a weak category in each of JCPenney's 2008 quarterly reports.


Saks Posts $99M Loss in 4Q, Sales -15%

Saks reported a net loss of $98.8 million in the fourth fiscal quarter ending January 31, 2009, compared with profits of $39.5 million one year ago. Fourth-quarter sales fell 15 percent to $835.5 million, and same store sales decreased by the same percentage. Jewelry was among Saks' weakest categories for the quarter. The retailer posted a full-year loss of $154.9 million, compared with profits of $47.5 million in 2007. Full-year sales declined 6 percent to $3 billion.


Macy's 4Q Sales -8%, Profits -59%

Macy's reported that its fourth-quarter sales, for the period ending January 31, 2009, fell 8 percent to $7.9 billion, and same-store sales declined 7 percent. Net income for the period dropped 59 percent to $310 million. For the full fiscal year, sales were down 5 percent to $24.9 billion, and same-store sales also decreased 5 percent.


Nordstrom 4Q Net Earnings -68%

Nordstrom reported that net earnings slumped 68 percent to $68 million in its fourth fiscal quarter. The luxury retailer reported that sales decreased 8 percent to $2.3 billion in the three months ending January 31, 2009, with same-store sales sinking 13 percent. For the full fiscal year, Nordstrom's net earnings fell 44 percent to $401 million. Total sales for the year ending January 31 dropped 6 percent to $8.3 billion, while same-store sales were down 9 percent.


Swank 4Q Sales -19%, Profits -25%

Swank reported that its fourth-quarter sales fell 19 percent to $34.8 million. Net income declined 25 percent to $2.6 million for the period, which ended December 31, 2008. This includes pretax income of $2 million associated with the settlement of a coverage dispute with one of Swank's insurance companies. For the fiscal year, sales dropped 11 percent to $114 million, and net income decreased 58 percent to $2.1 million.


Economic Collapse Clobbers Sotheby's 4Q Results

Sotheby's revenues fell 52 percent to $166.2 million for the fourth quarter that ended December 31, 2008. The auction house reported an operating loss of $696,000, compared with profits of almost $142 million one year ago. The company's net loss was $8.5 million, compared with $102.4 million a year ago. Full-year revenues decreased 25 percent to $691.6 million, operating income sank 73 percent to $74.4 million, and net income slumped 87 percent to $28.3 million. In 2009, Sotheby's expects to record approximately $9 million in restructuring expenses for additional layoffs and lease exits.


Sarin Rev. -11% in 2008, Profit -80%

Sarin Technologies reported that its 2008 group revenues fell 11 percent to $33.1 million as sales in the fourth quarter were slowed by the global recession. Higher expenses and the drop in overall sales led to an 80 percent decline in profits for the year to $1.6 million. Sarin said it invested in two companies during 2008, acquiring 100 percent of Galatea and 23 percent of IDEX Online. Separately, Sarin announced that it appointed Uzi Levami as chief executive officer (CEO), to fill the role that Zeev Leshem resigned in December.


Finlay to Exit Dpt. Stores, Close 40 of its Specialty Boutiques

Finlay Enterprises will abandon its business in leased department store counters and focus solely on its specialty jewelry stores. Arthur E. Reiner, chairman and CEO of Finlay, said the decline in the department store business in the past five years, together with the economic downturn, made leaving the leased counters behind a necessary measure to strengthen the company. Finlay also expects to close 40 underperforming specialty stores.


Fortunoff's 87-Year History Comes to an End with Total Liquidation Sale

Fortunoff began total liquidation sales at all 20 stores February 26, bringing an end to the company's 87-year history in retail. Inventory valued at approximately $212 million will be completely liquidated. Jewelry liquidation is being handled by Wilkerson and Associates and The Gordon Co.

Earlier in the week, a group with unsecured claims against Fortunoff objected to the sale of four lots of diamonds that sold to liquidators for $759,684, claiming that their value was much higher. Court documents stated that prospective bidders did not have an opportunity to inspect the diamonds and bidders weren't granted proper access. Based upon the Wells Fargo borrowing base calculation, the diamonds held a cost basis of $1,931,474.


Theo Fennell to Close Dublin Store Concession

Theo Fennell is closing its fine jewelry and watch concession in the Brown Thomas department store in Dublin, Ireland. The decision follows the company’s operations update in January, when the luxury jeweler decided to concentrate on expanding its brand in the U.K. and internationally. Theo Fennell recently reported poor 2008 holiday sales, down 21 percent from the previous year.


Serbian Jewelry Chain Fails to Sell, Gov't Vows to Try Again

Serbia's privatization agency said its attempt to sell state-owned jewelry chain Majdanpek at public auction failed due to lack of interest. The government sought a minimum price of $8.2 million. Jewelry chain Majdanpek, which was established 30 years ago and employs 344 people, was the biggest jewelry maker in the former Yugoslavia. The government intends to hold another auction to sell the chain.


Astra Diamonds Ends P.D.D. Partnership

Astra Diamonds has ended its joint activities with Yoni Tzruya within their P.D.D. Diamonds partnership effective immediately, the two Israeli companies said in a letter to the trade. The companies did not provide a reason for the split, saying only that their joint activities have ended "with full understanding, agreement and in good relations."


Merit Diamond Reaches Agreement in Suit Against Samuels, Rogers

Merit Diamond reported that an agreement has been reached with retailers Samuels Jewelers and Rogers Ltd., under which they will stop selling items that Merit claims are knockoffs of its signature Sirena Collection, and will destroy the remaining stock. Merit Diamond filed a complaint against the two jewelers in December, saying the retailers had infringed upon Merit's copyrights in the Sirena “Solitaire” and “Three Stones” pendants.


Charles & Colvard to Pursue Claim Against K&G Creations

Charles & Colvard stated that settlement discussions with JewelNet Corporation, which is doing business as K&G Creations, have been unsuccessful. Charles & Colvard's board of directors will now move forward with the lawsuit that the company filed on June 16, 2008, against K&G Creations. The board anticipates that the legal process could wind up in a court trial, scheduled for December 2009. Charles & Colvard is seeking $2.8 million with interest at a rate of 12 percent from July 4, 2008, while K&G has filed a $50 million counterclaim.


Harry Winston Opens Watch Boutique in Dubai

Harry Winston opened its first watch boutique in Dubai at the newly opened Atlantis Hotel. The store offers a selection ranging from the Harry Winston Avenue collection to diamond jewelry watches. The company announced that in the coming months the boutique will also carry an assortment of Harry Winston diamond jewelry collections.


Cartier Sues QVC, Watchmakers for Patent Infringement

Cartier sued network QVC and watchmakers TWI Watches and JMAM, alleging that the three parties conspired to promote and sell watches bearing designs that are close imitations of Cartier's Santos de Cartier and Pasha de Cartier Grille watches. Cartier requested an end to the manufacture, distribution, advertising and/or sale of watches that bear copies of its designs and trade dress, and asked for the destruction of all related products and marketing material.


WHO IS NEWS:


NY Dealers Club VP Petitions Supreme Court to Void Dec. Bylaws Change

New York Diamond Dealers Club vice president David Abraham filed a petition in New York Supreme Court seeking to void the changes to the club's bylaws that passed by three votes on December 4, 2008. The 524 ballots cast in December allegedly included at least four votes from members who were not current with their dues, along with a number of votes from inactive members and one from a club employee. Court papers allege that Dealers Club president Jacob Banda improperly induced members to change bylaws in order to permit him a fifth term.


Signet Board Member Declines to Running for Another Term

Lesley Knox will not seek another term as a director on Signet's board, come the annual general meeting scheduled in June. Signet board chairman Malcolm Williamson thanked Knox for her contributions to the group during a period when Signet has faced many challenges.


Court Finds Three Men Guilty in Sierra Leone War Crimes Trial

Three former rebel leaders from Sierra Leone were found guilty of crimes against humanity for their roles in the country's decade-long diamond war. An international tribunal backed by the UN began hearing evidence against the Revolutionary United Front commanders almost five years ago. The Freetown court found Issa Sesay, Morris Kallon and Augustine Gbao guilty on multiple charges, including murder, rape and mutilation.


Man Thought He Was Smuggling Diamonds From Venezuela

British couple Paul Makin and his ex-wife Laura, both 31, were arrested in the Venezuelan island of Margarita, reportedly with 52 pounds of cocaine in their suitcases. But Paul told authorities he thought his haul, given to him by a contact in Venezuela, was diamonds that he was supposed to smuggle back to the U.K.


GENERAL NEWS:

Germany's Inhorgenta Show Yields Positive Results

The Inhorgenta Europe 2009 jewelry trade show in Munich, Germany, ended with positive feedback from vendors, most of whom had low expectations for the show. Traders reported good activity for commercial stones and fancy shapes under 3 carats. Demand for larger and better quality diamonds was weak. Overall there were 1,183 exhibitors from 47 countries at the show, compared with 1,224 exhibitors in 2008.


Role of New Umbrella Diamond Industry Organization Endorsed in Principle

A meeting of more than 60 leading diamond industry participants was convened in London to discuss the opportunity for a new diamond industry organization that will engage in category marketing and advocacy of major industry issues. The meeting was the outcome of a series of discussions initiated by industry representatives in St. Petersburg, Russia, in 2008. Participants agreed to form a working group to further pursue the concept and to communicate on its progress to the broader industry.


New Diamond Fund to Launch in March

KPR Capital Limited plans to launch its KPR Diamond Fund on March 2, when it will start investing in high-end diamonds on behalf of its clients. The fund will only deal in five- to 10-carat certified polished diamonds, D to G color, flawless to VVS2 clarity, in round shapes. The fund started recruiting investors in mid-February with a minimum initial investment of $250,000, and KPR reported that interest has exceeded the fund's expected capacity for the quarter.


Jewelers of America Urges Members to Oppose State Luxury Taxes

Jewelers of America (JA) has initiated a letter-writing and fundraising campaign to oppose the introduction of state luxury tax proposals on jewelry and watches. In New York, the most recent state budget includes a luxury tax measure, and the state of Illinois has a specific piece of legislation drafted for the purpose of creating a luxury tax. If passed, both would add a 5 percent luxury tax on all jewelry and watch purchases of more than $20,000.


EGL Asia Offers Pre-Purchase Grading, Laboratory Services for India

EGL Asia certificates are now available for customers in India. EGL Asia, which is based in Hong Kong, is offering grading services through its affiliate EGL India in Mumbai. Customers can now get a guaranteed verbal opinion and grading before buying. The full-service laboratory in India will issue certificates in either Mumbai or Hong Kong at the client's request.


DIAMOND MINING NEWS:


Petra Diamonds Sales +5%, Loss at $88M in 1H

Petra Diamonds reported that its revenues rose 5 percent to $33.8 million in the six months ending December 31, 2008. The diamond mining company posted a net loss of $88.1 million for the first fiscal half, compared with a profit of $8.2 million one year ago. In particular, the company accounted for $75.3 million in impairment losses to its assets during the reporting period, charges it did not have during the previous year.


ALROSA Expects 2008 Profits of $111M

ALROSA will pay dividends for 2008 and expects to have net profits of $111 million (RUB 4 billion) for the year. The final decision on the amount of dividends will be made at an April meeting of the company's supervisory board, which will also be devoted to the results of ALROSA's work and financial indicators for 2008.


Letseng January Tender Prices Estimated at 53% Lower

Gem Diamonds' January rough tender of goods from its Letseng mine in Lesotho achieved an estimated average price of $1,000 per carat, down 53 percent from December. Gem Diamonds has been hit hard by the economic downturn, reporting in early February that the average selling price for its diamonds, across all its mines, fell to $331.26 per carat in the fourth quarter of 2008, from approximately $641 a carat in the third quarter.


De Beers Canada Reduces Workforce at Snap Lake

De Beers Canada has restructured operations at its Snap Lake Mine in Canada's Northwest Territories and reduced staffing and production levels to bring them in line with predicted lower demand for rough diamonds. In the downsizing of the Snap Lake mining operation, 128 De Beers Canada employees have been laid off. In addition, several contractors were told that their contracts would expire or that the scope of their work would be significantly reduced.


Debswana to Shut Two Mines for the Year

Botswana's main mining company is closing two diamond mines for the rest of the year and slashing 588 jobs to cope with plunging demand amid the global economic downturn. Debswana, which is co-owned by De Beers and Botswana's government, said it is shutting down operations at its northern mines in Orapa and Damtshaa.


Chhattisgarh Diamond Reserves Total More Than 1M Carats

An estimated 1.3 million carats of diamonds are in Chhattisgarh, according to a government report, which is 28.2 percent of India's 4.6 million carat total diamond reserves. Chhattisgarh has given exploration permissions to several leading companies to identify locations where diamonds can be mined, including De Beers India Limited, Rio Tinto, BHP Billiton Limited and Jindal Steel and Power Limited.

ECON WATCH:
For the week ending February 26, 2009

 Feb. 26Feb. 19Chng. 
$1 = Euro0.7800.7800.000 
$1 = Rupee50.549.60.9 
$1 = Israel Shekel4.174.150.02 
$1 = Rand9.8910.16-0.27 
$1 = Canadian Dollar1.251.250.00 
     
Precious Metals    
Gold$945.10$973.80-$28.70 
Platinum$1,051.00$1,067.00-$16.00 
     
Stock Indexes   Chng.
BSE8,954.869,042.63-87.77-0.97%
Dow Jones Avg.7,182.087,465.95-283.87-3.80%
FTSE3,915.644,018.37-102.73-2.56%
Hang Seng12,894.9413,023.36-128.42-0.99%
S & P 500752.83778.94-26.11-3.35%
Yahoo! Jewelry Index480.87489.59-8.72-1.78%
     
USA    
Birks & Mayors$0.35$0.33$0.026.06%
Blue Nile $22.98$19.39$3.5918.51%
Charles & Colvard $0.41$0.46-$0.05-10.87%
Collector's Universe$3.58$3.55$0.030.85%
DGSE Companies, Inc.$0.88$0.95-$0.07-7.37%
Fuqi International$4.13$4.74-$0.61-12.87%
JCPenney $15.43$14.92$0.513.42%
Kohl's $34.70$34.71-$0.01-0.03%
Lazare Kaplan $1.85$2.70-$0.85-31.48%
LJ International$0.53$0.53$0.000.00%
Macy's$7.84$7.66$0.182.35%
Man Sang$1.30$1.40-$0.10-7.14%
Movado Group$5.73$6.55-$0.82-12.52%
Nordstrom $12.97$11.83$1.149.64%
Saks $2.36$1.69$0.6739.64%
Signet $7.24$7.98-$0.74-9.27%
Sotheby's$6.77$7.25-$0.48-6.62%
Tiffany $18.96$19.75-$0.79-4.00%
Wal-Mart $48.24$50.45-$2.21-4.38%
Zale $1.21$1.16$0.054.31%
     
EUROPE    
Bulgari€3.06€3.23-€0.17-5.26%
Bijou Brigitte€75.70€79.75-€4.05-5.08%
Esa€2.75€2.99-€0.24-8.03%
Golay-BuchelCHF 1,550.00CHF 1,500.00CHF 50.003.33%
LVMH €46.46€47.29-€0.83-1.76%
Pinault P-R SA€46.67€43.82€2.856.50%
Richemont SACHF 15.89CHF 16.96-CHF 1.07-6.31%
Swatch GroupCHF 133.50CHF 136.90-CHF 3.40-2.48%
Theo Fennell (pence)12.4012.03€0.373.08%
     
INDIA (rupee)    
Classic Diamond7.137.78-0.65-8.35%
Gitanjali Gems38.1544.85-6.70-14.94%
Rajesh Exports23.7023.95-0.25-1.04%
Ren. Jewellery 20.0022.00-2.00-9.09%
Su-Raj Diamonds21.1522.05-0.90-4.08%
Titan762.20769.05-6.85-0.89%
Zodiac JRD9.7510.80-1.05-9.72%
Suashish Diamonds110.75126.00-15.25-12.10%
     
NEW ZEALAND    
Michael HillNZD 0.48NZD 0.51-NZD 0.03-5.88%
     
MINING STOCKS    
(pence unless noted)    
USA    
Anglo American$7.13$8.75-$1.62-18.51%
CANADA    
ArchangelCAD 0.07CAD 0.06CAD 0.0116.67%
Harry WinstonCAD 3.13CAD 3.94-CAD 0.81-20.56%
Mountain ProvinceCAD 0.79CAD 0.99-CAD 0.20-20.20%
Peregrine DiamondsCAD 0.55CAD 0.54CAD 0.011.85%
Rockwell DiamondsCAD 0.04CAD 0.05-CAD 0.01-20.00%
Shore GoldCAD 0.29CAD 0.29CAD 0.000.00%
Stornoway DiamondCAD 0.11CAD 0.12-CAD 0.01-8.33%
True North GemsCAD 0.09CAD 0.10-CAD 0.01-10.00%
UK (pence)    
African Diamonds24.028.0-4.1-14.46%
BHP Billiton1,155.01,180.0-25.0-2.12%
Firestone Diamonds16.318.2-2.0-10.71%
Gem Diamonds173.8187.8-14.1-7.48%
Mano River 2.83.0-0.2-6.91%
Mwana Africa3.43.9-0.5-13.66%
Namakwa Diamonds21.026.3-5.3-20.00%
Petra Diamonds28.530.3-1.8-5.79%
Rio Tinto plc1,874.02,000.0-126.0-6.30%

INDIA MARKET REPORT:

Polished: The stronger dollar against rupee ($1 = INR 50) has weakened trading activity ahead of this holiday weekend.
Round
-1 point: Fair demand: +$300 whites; $250-$350 TTLC
-2 point: Fair demand: +$350 whites; $125-$150 TTLB; $300-$400 TTLC & $90-$110 Dark Browns
2-7 point: Fair demand: +$350 whites; $100-$150 TTLB; $300-$400 TTLC & $100-$120 Dark Browns
8-18 point: Fair demand: +$650 whites; $150-$200 TTLB & $350-$450 TTLC
20 points: Fair demand: +$600 whites
25 points: Fair demand: +$700 whites
33 points: Fair demand: +$900 whites
50 points: Fair demand: $1000-$1500 & +$2000 whites
75 points: Fair demand: +$2000 whites
1 carat+: Good demand: +$2000 whites
Princess
-3 point: Fair demand: $300-330 whites
+3 point: Fair demand: $350-$380 whites
+9-18 point: Fair demand: +14 pts $600-$650 whites
20 point: Fair demand: $700-$750 whites
25 point: Fair demand: $800-$850 whites
50 point: Fair demand: $600-$1,000 whites
75 point: Fair demand: $1,000-$1,200 whites
1 carat+: Good demand: +$1,500 whites
Marquise
-6 point: Fair demand: $250-$350 & $400-$500 whites
+7-18 point: Fair demand: $500-$650 & +14-point $800-$850 whites
20 point: Fair demand: $900-$1,000 whites
25 point: Fair demand: $1,100-$1,200 whites
33 point: Fair demand: $1,300-$1,500 whites
50 point: Fair demand: $1,600-$1,800 whites
75 point: Fair demand: $1,100-$1,400 & $2,600-$2,800 whites
1 carat+: Fair demand: +$1,200 whites
Tapers & Baguettes
Fair demand: $600-$800 +5mm whites; $250-$325
2mm-2.5mm whites; $350-$400, 2.5mm-3mm whites;
             $400-$450 3mm-4mm; $500-$600 4mm-
             5mm & $175-$250 +2mm-3mm whites
Rough: Severe liqudity and falling rupee keep trading activity at very weak levels.
1-5 point: Fair demand: $25-$110 makeables; $75-$160 crystals
Fair demand: $5-$15 & $35-$70 OW TTLB & TTLC
6-20 point: Fair demand: $110-170 crystals; $40-$130 makeables
Fair demand: $40-$50 clivage
Fair demand $50-$100 fancy shapes
$50-$90 OW TTLC & TTLB rounds
21-50 point: Fair demand: $190-250 makeables; $80-$270 crystals
Fair demand: $80-$180 rounds; $50- $90 clivage
Fair demand: $70-$180 fancy shapes
Fair demand $20-$40 OW TTLC & TTLB
0.51-1.00 carat: Fair demand: $70-$100 & $130-$280 makeables
$100-$200 & $250-$400 crystals
Fair demand: $40-$70 clivage
Fair demand $50-$100 fancy shapes
Fair demand $60-$90 OW TTLC & TTLB
1.01-2.00 carat: Fair demand: $180-$500 rounds
$180-$600 crystals
$90-$130 clivage; $170-$350 all fancy shapes
Fair demand $140-$180 OW TTLC & TTLB
2.01-3.00 carat: Fair demand: $200-$1,000 makeables; $350-$800 OW
TTLC & TTLB & $300-$1,400 crystals
Fair demand: $250-$325 clivage; $100-$325 flats &
$400-$800 fancy shapes
5.00 carat+:  Fair demand: $1,000+ makeables, crystals & all fancy shapes till L color
Mixed Lot: Fair demand: $2-$40



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