Diamond trade slow due to seasonal lull and market uncertainty. US jewelry sales compensating for weakness elsewhere, but retailers holding less inventory. New US tariffs on China imports to impact jewelers more than diamantaires. Trade war affecting confidence as stock-market wealth declines, with Dow -3% (August 1 to 7). Political protests creating concern for important Hong Kong show. Yuan’s devaluation to CNY 7/$1 and rupee’s slide to over INR 70/$1 raise costs of local China and India diamond buying. Tiffany expands into India, with Delhi store to open in 2H. Titan Company 1Q sales +16% to $737M, profit +11% to $51M. Jewelers of America elects Holly Wesche as new chair.