JEWELMASTERS <JEM> SEES NET BELOW ESTIMATES Jewelmasters Inc said it expects to report net income for the year ended January 31 20 to 25 pct below analysts' estimates of 1,750,000 dlrs or 95 cts per share. Jewelmasters sales sales for the year just ended were about 52.5 mln dlrs. In the prior year it earned 1,650,000 dlrs on sales of 45.1 mln dlrs. Jewelmasters said net income for the year was hurt by disappointing sales in December and January, a high level of advertising spending in the fourth quarter, higher than expected opening expenses for 34 additional units and an adjustment to inventory associated with a shift to a more comprehensive inventory system. Jewelmasters said it expects to report audited results for the fourth quarter and year in about three weeks.