June 3: Neiman Marcus Closes Dallas Flagship; De Beers Reports 25% Rise in Diamond Spending

In this episode:

Luxury Retail
- Neiman Marcus closing its Dallas flagship store, over 100 years old, as part of Saks Global's Chapter 11 restructuring

Jewelry & Gems
- De Beers: average cost of a natural mined diamond reached $4,063 in 2025, up 25% from 2023
- Kao diamond mine going on care and maintenance from July amid rough-price downturn
- Christie's Hong Kong Important Watches auction: $36M total, Patek Philippe top lot at $1.8M
- Christie's Hong Kong: multi-gem ring sold for $194,500 — five times its high estimate

Swiss Watch Exports
- Swiss watch exports to the US fell 17% YoY in April
- Hong Kong luxury sales (jewelry, watches, clocks, valuable gifts) up 20% YoY in April

Equity Recap (from yesterday's Closing Price)
- Watches of Switzerland (WOSG.L): surged 14% on FY2026 earnings, US sales +24%
- Richemont (CFR.SW): near record high CHF 161.80
- LVMH (MC.PA): EUR 473, down 26% YTD
- Signet (SIG): raised full-year guidance

Links:
- ALT/FNDATA: https://www.altfndata.com
- Neiman Marcus / Saks Global: https://www.businessoffashion.com/news/retail/neiman-marcus-to-close-dallas-flagship/
- De Beers diamond spending data: https://rapaport.com/news/natural-diamond-spending-and-sizes-rising-de-beers-says/
- Christie's HK Important Watches: https://rapaport.com/news/important-watches-auction-rakes-in-36m-at-christies-hong-kong/
- Swiss watch exports: https://rapaport.com/news/us-market-continues-to-weigh-on-swiss-watch-exports/

Also from ALT/FNDATA:
- Luxury Spending — Wednesdays at 8 AM ET
- Closing Price — Mon-Fri at 5 PM ET