Growing concern that European financial crisis may spread and affect the global recovery. Trading centers stable with moderate expectations for Vegas show. Good demand and trading volume for under the carat goods. Carat and larger sizes facing upward pressure due to shortages of rough. 2ct improving, 3ct hot, 4ct relatively weak. Signet 1Q sales +6% to $810m, profits +98% to $52m. Tiffany 1Q sales +22% to $633.6m, profits +165% to $64.4m. Zale 3Q sales -5% to $360m, loss +38% to $12.1m. Zimbabwe bans all diamond exports, including Rio Tinto production until KP’s Marange approval. China’s 1Q polished imports +127% to $260m. Damas appoints Anan Fakhreddin new CEO.
RapNet Data: May 28, 2010
Diamonds 674,177
Value $4,327,393,551
Carats 759,451
Average Discount -30.37%