Jewelry retailer Finlay Enterprises Inc filed for Chapter 11 protection in a Manhattan court late on Wednesday 5 August and said it would sell its assets in an auction supervised by the bankruptcy court.
A rare, 5-carat pink diamond will be sold in Hong Kong this December by Christie's, which expects the stone to hover near world record prices, thanks in part to the buying prowess of top Asian jewelry collectors.
Italy's Bulgari more than halved its quarterly net loss and said sales at its own stores picked up pace in July despite the global crisis still hurting demand for jewellery, watches, perfumes and accessories.
De Beers' far from sparkling results show its management is finally tackling costs and over-production, but that won't stop Anglo American CEO Cynthia Carroll fretting about the diamond group's debts as she tries to wriggle out of Xstrata's bear hug.
Hundreds of luxury jewelers defied the downturn and partied late into the night on Thursday 16 July in glitzy Park Lane at the 2009 UK Jewelry Awards in which avant-garde designer Shaun Leane won a top accolade.