Market Comments 8/15/2008
India IIJS Show did well with strong showing of foreign suppliers opening up new sourcing opportunities for local dealers and retailers. Good demand for larger certs but strong price resistance limited sales. High end Indian consumer demand steady with improving sales for less expensive jewelry brands in spite of weak stock market and double digit inflation. U.S. July jewelry prices surge +9.2% to highest level since Mar. '96 (CPI Jewelry Index). U.S. June polished exports +70% to $1.9 bil. surpass polished imports $1.6 bil. (+21%) for first time. Whitehall to liquidate $750 mil. of inventory from 450 stores. Israel July polished exports at $822 mil. (+28%) and rough imports at $468.23 million (-5%). Dubai 1H08 rough exports $1.88 bil (+44%). China 1H08 imports at $267 mil. (+37%). Macy's 2Q08 sales $5.718 bil. (-3%) with same store sales -2%; profits $73 mil. (-1.4%). Finlay 2Q08 sales $191 mil. (+28.8%) with same-store sales -4.8%. RAPAPORT CONFERENCE - MONDAY SEP. 8 - NEW YORK WALDORF ASTORIA HOTEL - RESERVE NOW! idc@diamonds.net -- www.diamonds.net/idc