demand stable as reduced supply of polished and higher rough costs support
price levels. Over $1B of new higher-priced rough entered the market in January
without any increase in polished demand. Oversupply of expensive polished
expected. Chinese New Year good for gold, but gem-set jewelry sales stagnate.
Chow Tai Fook holiday sales +4% in China, -11% in Hong Kong & Macau. U.S.