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Good morning. It's Wednesday, June the third. I'm Sharon, and
this is Open Bid from ALT/FNDATA.
Neiman Marcus is closing its Dallas flagship store. The
landmark department store, over 100 years old, is a casualty
of Saks Global's Chapter 11 restructuring. It is one of the
most significant luxury retail closures in the United States
this year.
De Beers has reported that the average cost of a natural mined
diamond reached $4,063 in 2025 — up 25% from 2023. Natural
diamond spending and average stone sizes are both rising.
On the supply side, the Kao diamond mine will go on care and
maintenance from July amid a rough-price downturn.
At Christie's Hong Kong, the Important Watches auction brought
in $36 million, with a Patek Philippe leading the sale at $1.8
million. A multi-gem ring sold for $194,500 — five times its
high estimate.
Swiss watch exports to the United States fell 17% year over
year in April. Meanwhile, Hong Kong luxury sales — covering
jewelry, watches, clocks, and valuable gifts — were up 20%
year over year in the same period. Two very different signals
from two key markets.
From yesterday's Closing Price: Watches of Switzerland surged
14% on FY2026 earnings, with US sales up 24%. Richemont
remains near its record high at CHF 161.80. LVMH is at EUR
473, down 26% year to date. And Signet Jewelers raised its
full-year guidance.
Centre Pompidou Seoul opens tomorrow. RM Sotheby's Bavaria on
Thursday and Friday. Sotheby's Magnificent Jewels on June 9th
in New York — led by a 73.11-carat Fancy Vivid Yellow diamond
by Glenn Spiro. Zegna runway show in Los Angeles on Friday.
That is Open Bid for Wednesday, June the third. Luxury
Spending is out at eight AM this morning, and Closing Price
returns at five PM Eastern.
I'm Sharon, from ALT/FNDATA. See you tomorrow morning.
