Gismondi 1754 SpA is an Italian-based awards winning company active in the designing, marketing and distribution under its proprietary brand of very high-end jewelry handcrafted from precious gems. Weak Sector Demand Affects 1H; 3Q Revenues +8% y/y; New Agreement in the Far East Securing €20mn Revenue. We are cutting top-line and EBITDA estimates for the next three years by avg 20% and 60%, respectively. We revise GIS’s fair value to €4.0 p/s.