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To: Peter Church who wrote (17590)	9/20/1998 11:38:00 AM
From: Glenn D. Rudolph	Respond to of 164684

**OT** Glenn, I would think with that kind of pricing pressure, the jewelry business is going in for some big red ink. Would you recommend some short sale candidates in your market? Peter, The US jewelry still has strong demand. There is very little product mind in the Pacific Rim. I suppose used product is low but we do not deal in that. I did not notice a few week slow down in retail sales when the market slid. Retail sales started to get stronger again last week. Short candidates would likely be companies with a strong retail presence in the Pacific Rim. One that comes to mind is Tiffanys but I am not sure their clientel there has stopped buying. The Pacific Rim only accounts for 5% of their sales regardless. I really do not see a short candiditate. I can say I have not studies over seas exposure to the larger chains. I likely know no more than you regarding problems for the larger chain stores that are publically traded. There is pricing pressure on loose diamond goods exported from Russia. However, DeBeers is buying them up and not placing them on the open market. DeBeers maintains one very strong monopoly and a strong balance sheet. They can and do control supply. Russia's minds seldomly produce the larger finer goods. PS. Where can I get the watch? I know if you go to Hong Kong you can obtain a preowned watch very inexpensively.I suspect a local jeweler that deals in preowned product may have some for you. We do not deal in preowned and I have never made an effort to obtain a quantity of preowned watches, etc. There are some good stories and likely better insight on this issue at: national-jeweler.com Their stories are fee and accurate. I suppose with a little poking around you could find a phone number to obtain the watch on that sight. The only experience I have had with a very reduced price was a few parcels of loose diamonds from Japan that needed to be dumped by the jewelers due to lack of capital. These goods already had passed through DeBeers and so those jewelers took a major loss. There is not enough to affect supply in the US and European markets. I hope I helped. Glenn PS I am concerned the entire economy may have a slow down due to foreign problems. That would reduce demand here and at that time pricing pressure will certainly occur due to the lack of demand.