Ann: Ruby Project Operations Update, page-219

Not bad color for the small size stones photographed. I would like some disclosure on proportions and size of course to give. The British princess with the pink sapphire ring is working well with Chinese retailers this New Year so I know there will be a nice pick up in a week or two. Some of our people picked up a few odd parcels of shares themselves when it was silly prices a few weeks ago and only told us when they came to pay respect in the last few days. Good buying for them I should think.
I still think most people underestimate the pink sapphire value and only calculate on ruby. I still think transparency and confidence assigns a value to these goods and unlocks company value.
Pink will do very well in Japan this next 6 month season. I think there is some upside after the new design ranges were shown in Tokyo in January. The calculation will be done in Hong Kong in March when we see which markets are featuring which stones and sizes and then work out demand.
Lots of people meeting in Bangkok this week of the holidays. We will be looking for the Mustang people here, and then in Hong Kong next week. An open invitation to join our table in Hong Kong most nights if B would like to join us again and hear the industry views.
I think I change to buy a little if they are offered cheap. Give me some transparency, it becomes a good subject of conversation in Bangkok and maybe it is worth holding a few extra.