Trading relatively quiet as jewelers begin restocking after holiday season. Top-tier independents and luxury retailers outpacing large jewelry chains: Signet Jewelers Nov./Dec. sales -3% to $1.8B, Richemont’s Cartier and Van Cleef & Arpels 3Q revenue +9% to $2.3B, Forevermark 2018 US sales +8%. Cautious outlook for Chinese New Year as Chow Tai Fook 3Q same-store sales -7% in China, -6% in Hong Kong/Macau. India trade uncertain due to tightening bank credit, slim profit margins, and excess inventory of unwanted lower-quality polished. Rough prices and supply expected to be steady at next week’s De Beers sight. India 2018 polished exports +6% to $24.4B, rough imports -9% to $16.9B.