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Completed 09 Feb 2018 04:55 PM GMT Disseminated 12 Feb 2018 12:15 AM GMT Europe Equity Research 12 February 2018 Diamond Market Pulse Post-holidays orders support polished production, prices and restocking demand for rough diamonds January saw improved diamond market sentiment and firmer prices, as EMEA CEEMEA Metals Mining jewe llery retailers reported better than expected holiday season sales and Fraser Jamieson AC started to replenish run-down stocks. While the Bloomberg rough price index (44-20) 7742-5930 was flattish through January, polished price indices recorded +1-5% growth, fraser.jamieson@ supporting margins in the midstream. As polishers continue to ramp up Bloomberg JPMA JAMIESON GO production, we expect seasonal restocking needs should provide continued J.P. Morgan Securities plc support for rough diamond demand. We remain OW on AAL, ALRS PDL. Dominic OKane AC (44-20) 7742-6729  Downstream – ending 2017 on an upbeat note: Major retailers continued dominic.j.okane@ to post healthy end-2017 sales, underpinning positive sentiment. Tiffany’s Bloomberg JPMA OKANE GO same store holiday sales (Nov-Dec’17) w