TradeWire - Friday, March 13, 2009
News: Hong Kong Show mixed but better than expected for carat and under goods. Healthy consistent demand for 0.30-1.99ct, VS-SI, X-VG+ cert goods at -35/40. Pacific Rim buyers supported the show with price point sensitive Asians buyers moving to SI qualities. Engagement rings holding up well in spite of economic turmoil with Far East, China and India outperforming the U.S. Zale’s share price falls below $1. Neimans' 4Q sales -21% to $1 bil, with loss of $509 mil. Bulgari '08 revenue -1.5% to $1.4 bil., and profits -45% to $106 mil. Swatch '08 revenues flat at $1 bil., and profits -17% to $721 mil. Bidz.com 4Q revenue -45% to $35 mil., and profits -65% to $3 mil. Feb. sales decline at department stores with Saks -27% to $167 mil., Nordstrom -11% to $471 mil., Macy's -9% to $1.6 bil., JCPenney -7% to $1.2 bil., but Kohl's +4% to $1 bil. Retail investor Baugur Group to file for bankruptcy. Leviev cuts over half the workforce at Namibian polishing factory. Target Resources suspends diamond mining in Sierra Leone to go after gold.
