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That is a deduction from  many small facts, too many to summarise in a one-liner. Like in today’s world, they may have had some stock on fast moving items like cases for the Princine. They also would have to make estimations for their movement inventory given the shipping time from Switzerland, but like today, you want to keep inventory as low as possible (=days, not weeks or months) and push inventory to the jewelers I.e. as close to the customer as possible to get the sale.