Neiman Marcus Closes Dallas Flagship; De Beers Reports 25% Rise in Diamond Spending

June 3: Neiman Marcus Closes Dallas Flagship; De Beers Reports 25% Rise in Diamond Spending

In this episode:

Luxury Retail
- Neiman Marcus closing its Dallas flagship store, over 100 years old, as part of Saks Global's Chapter 11 restructuring

Jewelry & Gems
- De Beers: average cost of a natural mined diamond reached $4,063 in 2025, up 25% from 2023
- Kao diamond mine going on care and maintenance from July amid rough-price downturn
- Christie's Hong Kong Important Watches auction: $36M total, Patek Philippe top lot at $1.8M
- Christie's Hong Kong: multi-gem ring sold for $194,500 — five times its high estimate

Swiss Watch Exports
- Swiss watch exports to the US fell 17% YoY in April
- Hong Kong luxury sales (jewelry, watches, clocks, valuable gifts) up 20% YoY in April

Equity Recap (from yesterday's Closing Price)
- Watches of Switzerland (WOSG.L): surged 14% on FY2026 earnings, US sales +24%
- Richemont (CFR.SW): near record high CHF 161.80
- LVMH (MC.PA): EUR 473, down 26% YTD
- Signet (SIG): raised full-year guidance

Links:
- ALT/FNDATA: https://www.altfndata.com
- Neiman Marcus / Saks Global: https://www.businessoffashion.com/news/retail/neiman-marcus-to-close-dallas-flagship/
- De Beers diamond spending data: https://rapaport.com/news/natural-diamond-spending-and-sizes-rising-de-beers-says/
- Christie's HK Important Watches: https://rapaport.com/news/important-watches-auction-rakes-in-36m-at-christies-hong-kong/
- Swiss watch exports: https://rapaport.com/news/us-market-continues-to-weigh-on-swiss-watch-exports/

Also from ALT/FNDATA:
- Luxury Spending — Wednesdays at 8 AM ET
- Closing Price — Mon-Fri at 5 PM ET

What is Open Bid — Daily Morning Briefing on Stocks, Auctions, Luxury Market?

Open Bid is your weekday morning briefing on the global auctions and marketplaces for luxury alternative assets. In under five minutes, host Sharon Obuobi delivers the key results, market data, and institutional developments across fine art, jewelry, watches, automobiles, and luxury goods — backed by proprietary data from ALT/FNDATA. Learn more about us at www.altfndata.com

OPEN BID — Wednesday, June 3, 2026
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[INTRO]

Good morning. It's Wednesday, June the third. I'm Sharon, and this is Open Bid from ALT/FNDATA.

[LUXURY RETAIL]

Neiman Marcus is closing its Dallas flagship store. The landmark department store, over 100 years old, is a casualty of Saks Global's Chapter 11 restructuring. It is one of the most significant luxury retail closures in the United States this year.

[JEWELRY & GEMS]

De Beers has reported that the average cost of a natural mined diamond reached $4,063 in 2025 — up 25% from 2023. Natural diamond spending and average stone sizes are both rising.

On the supply side, the Kao diamond mine will go on care and maintenance from July amid a rough-price downturn.

At Christie's Hong Kong, the Important Watches auction brought in $36 million, with a Patek Philippe leading the sale at $1.8 million. A multi-gem ring sold for $194,500 — five times its high estimate.

[SWISS WATCH EXPORTS]

Swiss watch exports to the United States fell 17% year over year in April. Meanwhile, Hong Kong luxury sales — covering jewelry, watches, clocks, and valuable gifts — were up 20% year over year in the same period.

[EQUITY RECAP]

From yesterday's Closing Price: Watches of Switzerland surged 14% on FY2026 earnings, with US sales up 24%. Richemont remains near its record high at CHF 161.80. LVMH is at EUR 473, down 26% year to date. And Signet Jewelers raised its
full-year guidance.

[OUTRO]

That is it on Open Bid for Wednesday, June the third. Luxury Spending is out at eight AM this morning, and Closing Price returns at five PM Eastern.

I'm Sharon, from ALT/FNDATA. See you tomorrow morning.