Charles & Colvard Ltd., the exclusive maker of diamond-like moissanite jewels, reported a net loss of $440,000 for the fourth quarter of 2009, compared to a net loss of $1.3 million in equivalent period of 2008. The gem maker’s results indicate it’s still struggling, but declining losses show signs of improvement.
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Zale Corp reported net earnings of $6.7 million during the fiscal quarter ended January 31, 2010, compared with a loss of $31.8 million in the equivalent period last year, the company announced Wednesday. The report marks Zale’s first quarterly profit in two years.
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Zale Corp reported net earnings of $6.7 million during the fiscal quarter ended January 31st, 2010, compared with a loss of $31.8 million in the equivalent period last year, the company announced Wednesday. The report marks Zale’s first quarterly profit in two years.
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Jewelers of America (JA) is calling on Congress to reintroduce and pass legislation that would close an Internet sales tax loophole hurting traditional jewelry businesses, the JA announced Friday. The JA has been trying to mobilize its membership and others in the trade to contact their Congressional representatives regarding the sales tax fairness legislation.
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The road to economic recovery is slow, but not without promise, as the January retail sales figures released by the National Retail Federation (NRF) indicate. The NRF found that January retail industry sales increased 0.5 percent compared to the previous month and decreased 0.2 percent compared to the same month last year.
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As was expected, diamond giant De Beers S.A. posted a sharp drop in income in 2009. Rough diamond sales by the Diamond Trading Company (DTC) totaled $3.23 billion, 45.5 percent below last year’s $5.93 billion. Annual diamond production was 24.6 million carats, 49 percent below 2008.
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Jewelry and watch sales at all retailers in the U.S. market fell to $59 billion in 2009, a 1.6 percent decline from the prior year’s sales of $60 billion, based on preliminary figures from the U.S. Department of Commerce. Further, jewelry and watch sales in 2009 were about $2.6 billion below the record level of $61.6 billion in 2007, a 4 percent decline from their peak two years ago.
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LVMH Moët Hennessy Louis Vuitton recorded a revenue of €17.1 billion ($23.31 billion) in 2009. The luxury products group suffered a 1 percent decline in revenue and 13 percent drop in profit compared to 2008. The Watches & Jewelry segment suffered a severe blow, declining to €764 million ($1.04 billion).
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Three of the U.S.’s leading department store chains – Neiman Marcus, Saks and JCPenny – posted their January sales results Thursday. While the results reflected varying outcomes for the three chains, one area was unanimously high: jewelry.
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Indian diamond manufacturer Classic Diamonds reported annual net sales of Rs 1.66 billion ($35.9 million) for the quarter ended December 31, 2009, a 6 percent decrease over the same period in 2008, according to information filed with the Bombay Stock Exchange.
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