RE:New guidance after q3? below is an excerpt from a storey about MPVD and thei latest diamond sales. if you read the Oct presentation you may remember a comment where ET points out that even a 20% decline in rough prices would have only a minor 1% to 2% hit to the bottom line due to the make up of their diamond metrics.
anyway , here it is:
Mr. Brown and Mr. Mackie were a bit more descriptive of the current rough diamond market in discussing the October sale. They say that that the company got good price bids for its better-quality larger diamonds that provide most of the value, but the lesser goods experienced price declines in the mid-single digits. They added that the decline was predominately driven by the recent rapid weakening of the Indian rupee against the U.S. dollar, and to some extent by lower demand ahead of the Diwali holiday. (Diwali is the Hindu festival of lights; in recent years it has become a convenient excuse for diamantaires.)