Status-symbol cuffs are in… Despite global gloom, luxury jewelers like Cartier, Bulgari, and Tiffany are growing as branded bling booms. Last year the luxe jewelry market grew 7% from prepandemic totals. Bulgari’s planning to double production at its massive Italian jewelry factory, and Cartier is looking to open two new plants next year. Even fashion-focused Prada is launching its first jewelry collection. Branded pieces like Cartier Love bracelets are driving demand more than nameless gems.
FTX-tra messy… Lawyers for bankrupt crypto exchange FTX went to court last week to explain just how bad the company's books are. Think: a "substantial amount" of customers' crypto was stolen or is just straight up missing — that kind of bad. The Bahamian-based exchange owes $3B+ to its top 50 creditors (but hasn't publicly identified them). If they're institutional players (like crypto lenders), that bad debt could supercharge contagion. Meanwhile, customer funds remain frozen, and experts say sorting through FTX's mess could take years.