Diamond Prices Fall in March

" That's in the demand for diamonds and high end jewelry these days is down. Definitely lackluster sales causing many well known jewelry stores to close up shop. Or file for bankruptcy --"

" Fortune off -- online jewelry retailers suffer the same fate. Diane Irvine is the president and CEO of blue Nile one of the largest online retailers of certified diamonds. And very fine jewelry as you can see here from the despite thank you very much for coming in they appreciate you being here. Now some people say that because there have been some bankruptcies fortune off and others. That it gives the writ big folks still standing even more leverage than they had before do you find it. Even though you haven't had a great first quarter I imagine but that you were in a better position now because of the other bankruptcy."

" Absolutely it's interesting our business was formed because we believe that the physical model for recount touring with support economic ones. Especially shows itself during times like today. There's only a -- have they have that's right and we feel this is a tremendous opportunity for us to continue to gain share we because we don't have stores we don't have that overhead. Were able to sell for twenty to forty even 50% less than the prices of diamonds in the typical store -- were also a great value for consumers today -- So I get the bargain hunters accompanied the blue Nile but there are fewer bargain -- now. -- diet it can't tell me that businesses up in any way shape or form are kept it. Right in our -- call after Valentine's Day we sit here today were down 15%. One which was better then in the fourth quarter. I think if -- will be a challenge for consumers and businesses alike but it is our time to gain shares so we watch how we're doing compared to the industry. 5% of the retail capacity went out of the industry -- US last year we expect more this year and we have a lot of plans for innovation and I continued enhancement of our customer experience too early --"

" Our by the way is doing extremely well today I don't know it's up five and a half percent city. Gave -- a very fine recommendation -- ten days back so there are a lot of people that are looking at blue miles investments stock investing that's right and people continue to get married so those who are in the market for diamonds and."

" I think we are destination for value. Speaking of value on wearing a necklace I guess you'll you'll kindly lent to me for the moment help coordinate. Dash out of here you'll see I think preference they're okay this is up 25000 dollars but tell me about this necklace and do you expect to sell something like this on any given day they are on the big pieces just not moving my. Well the big pieces have been down more than kind of standards so that they're the big piece or this is very much this is a fifteen carriers over designed diamond clips of -- beautiful English but we do every day we fell 20000 dollar in products so that donating."

" Now my producer was telling me about a study I assume you started about me but yeah. That OPEC is standing here if we can get a close -- look Betty people who again have a blue Nile signature diamond."

" How much would those steps the votes or 18000 dollars --"

" Two -- total weight and the diamonds are surrounded by Michael Huffington and that quality of the diamonds I know the diamonds have come down but how how do you get the best quality for the blue Nile."

" As -- shopping with us you know I think some consumers love all of our diamonds are well -- color -- clarity so it's just very looking to maximize her way or the kind of speaking of -- we've we've got to engagement diamond yes you know one of them to square one it -- for the -- yes it's his assets -- so down market you know we're -- this -- failure right. Yeah -- is now we're on the square one at a I can get that's who cared for in the center. And that costs. That we help -- nineteen sounds. And the other is so one and a half carat round kind in the sixth prime platinum setting in that retail for just under 10000 dollars and speaking of platinum let's talk about the commodity itself as well as school was concerned gold topped out at just about a thousand dollars and I can't breached that does that mean that you would just your prices accordingly with the price of metals. We have adjusted price is the good news is platinum has come way down so we -- order I think metals. And because most of the value of the product would be in a diamond if you had gold ring for example. We -- our time -- increases to certain health and believe this company because attitude not what this is an economy like this I'm looking at say a blue Nile or to restore saying this is precisely the company that needs to -- series survival but you feel that he's laying off people will be doing. We're actually we're we're still hiring people were investing in our future because we need to make sure innovating your customer experience invest in technology make the web -- better. Our customers more features and functionality very important for the long term."

" Quickly what about the appliance stores that Tiffany's in places like this are they dinosaurs in this kind of environment."

" Well I don't think Tiffany's at dinosaur but I think if anything -- building -- online for the next generation with a very high quality. With a different type of experience and for much less the ocean blue -- the company Diane -- is the CEO -- been a pleasure to -- you very -- and I -- for the 3 -- and so. That's where it went -- a -- up a bank I."