Rapaport Weekly Market Comment May 30, 2014
JCK Las Vegas show opens amid rising U.S. consumer confidence. Dealers hoping the show will set the stage for strong U.S. holiday demand. Diamond markets stable but buyers are very price sensitive. Indian manufacturers slowly returning from vacation while liquidity concerns persist. Indian jewelers hoping new government will ease gold import rules to help stimulate demand. Signet buys Zale for $21 per share. Shrenuj & Co. FY revenue +20% to $775M, profit +22% to $15M. Christie’s HK sells $92M (81% by lot) with pair of 25.49ct. and 25.31ct., D, IF, type IIa diamonds for $9.7M ($191,746/ct.). WDC agrees to finance and operate KP administrative support.