Diamond News Archives
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(IDEX Online) - Jewelers Mutual Insurance Company, SI, a member insurer of the Jewelers Mutual Insurance Group, has earned its 33rd consecutive A+ Superior financial strength rating from insurance rating and information source A.M. Best Company.
The rating references Jewelers Mutual's strong risk-adjusted capitalization, operating results and liquidity. A.M. Best also considered Jewelers Mutual's risk management practices and reputation as the leading insurance company specializing in jewelry insurance and the jewelry industry.
It also recognizes the company's extensive loss control programs and well-diversified geographic scope. Jewelers Mutual is headquartered in Neenah, Wisconsin, but operates throughout the United States and Canada.
Ratings from A.M. Best are derived after a comprehensive quantitative and qualitative analysis of a company's balance sheet strength, operating performance and business profile....
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(IDEX Online) - Reports in the Indian press highlight the worry that many diamond traders are feeling about the effects of the ongoing coronavirus outbreak. While there have been isolated incidents of the disease in India, most people are more worried about the effects on the country's diamond trade - especially in Surat.
According to the media, the Surat industry could face losses of around Rs 8,000 crore ($1.12 billion) in the next two months. That's because one of its main export destinations is Hong Kong, which has declared a state of emergency because of the coronavirus outbreak in China.
Hong Kong accounts for about 37-percent of Surat's total exports, said Gems and Jewellery Export Promotion Council (GJEPC) regional chairman Dinesh Navadiya, as reported by India Today.
He also said that Gujarati traders in Hong Kong are coming back to India until the situation in the Far East improves.
The postponement of a number of Hong Kong diamond and jewelry trade fairs is also likely to impact the Surat industry. Last week, the Hong Kong Trade and Development Council (HKTDC) announced that it was moving the HKTDC Hong Kong International Diamond, Gem & Pearl Show 2020 (scheduled for March 2-6) and the HKTDC Hong Kong International Jewellery Show 2020 (scheduled for March 4-8) to May 18-21.
The SEASONS | Spring - Fashion Jewellery & Accessories Fair, which was scheduled for March 3-6, has also been postponed.
Alrosa is also moving its sales events from Hong Kong to other locations around the world....
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The Coronavirus Is A Nightmare For The Global Economy - YouTubeWe’ll stop supporting this browser soon. For the best experience please update your browser[1].
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(For live updates on the stock market, check out our live blog[1].)
Stocks fell on Friday as worries over the coronavirus' impact on the Chinese economy outweighed the release of stronger-than-expected U.S. jobs data.
The Dow Jones Industrial Average[2] traded 300 points lower, or 1%. The S&P 500[3] dipped 0.6%. The Nasdaq Composite[4] also slid 0.6%. Those losses put the major averages on pace to snap a four-day winning streak.
China's National Health Commission on Friday confirmed[5] 31,131 cases of the deadly pneumonia-like virus in the country, with 636 deaths. These numbers have stoked worries about how China's economy — the second-largest in the world — will be affected. Chinese economic slowed down last year to 6.1% from 6.8% in 2018.
"China is really slowing and that's worrying people for sure," said Ed Hyman, chairman of Evercore ISI, on CNBC's "Squawk on the Street[6]." "People are not going out. They are not shopping, and that's what's hurting particularly China." Hyman added he sees 0% growth for the Chinese economy this quarter[7].
A Chinese employee wears a protective mask as he sits in the showroom of an Apple Store after it closed for the day on February 1, 2020 in a shopping district in Beijing, China.
Kevin Frayer | Getty Images
Haibin Zhu, a China equity strategist at JPMorgan, also cut his China GDP growth estimate to 1% for the first quarter.
President Donald Trump tweeted Friday that his Chinese counterpart, President Xi Jinping, is "focused on leading the counterattack on the Coronavirus."
Caterpillar and Boeing — two bellwether stocks for...
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KEY POINTS...
- "Our team has GDP growth at zero for the first quarter," said Evercore ISI Chairman Ed Hyman. "China is really slowing and that's worrying people for sure."
- Hyman said the fast-spreading virus will not have much of an impact on the U.S. economy.
- "We are so solid," Hyman said. "It's not the virus, it's the trade that matters. People are not going out. They are not shopping, and that's what's hurting particularly China."