Retail March 16, 2023 Signet Cautious After Slowdown in Holiday Quarter Revenue fell 5% year on year in three months that ended January 28.
Market Comment - Mar. 16, 2023
Polished trading slower than expected after Hong Kong show, but dealers more upbeat than before. China outlook positive even though buyers lack urgency and are testing price levels.
US market stable. Large jewelry chains driving demand for small goods. Signet Jewelers 4Q revenue -5% to $2.7B, profit -12% to $277M. Brilliant Earth 4Q sales -2% to $120M, profit -46% to $6M.
Petra Diamonds rough prices +12.5% in 1Q; fancy colors and small stones strong. Gem Diamonds 2022 revenue -6% to $189M, profit -26% to $20M.
Burgundy Diamond Mines buys Ekati owner Arctic Canadian for $136M.
Martin Rapaport to address New York Diamond Dealers Club on Monday, March 20, 2:30 p.m. EST. Register here.