Low expectations for Sep. Hong Kong show due to slowdown in Chinese demand and escalation of political protests. Trade war affecting confidence. US jewelers likely to raise local manufacturing as 10% tariff on diamond and jewelry imports from China takes effect Sep. 1. Weak Macy’s 2Q results reflect struggling malls and drop in tourist spending. Devalued yuan adds price pressure for Chinese diamond importers. Hong Kong 1H polished imports -6% to $9.1B. Rough market quiet, with cutters reducing factory output through Oct. 27 Diwali break. Sarine 2Q revenue -35% to $12M, net loss of $1.4M vs. profit of $3.6M. India July polished exports -18% to $1.5B, rough imports -34% to $1.1B.