Diamond News Archives

U.S. job growth in December disappointed markets, but one bright spot for equity investors was wage growth, which was much lower than expected.

Average hourly earnings grew just 0.1% in December, well below consensus expectations^[1] of 0.3%, according to a MarketWatch poll of economists, while year-over-year wage growth fell to 2.9%, the lowest in more than a year.

Though faster wage growth would be a good thing for the majority of Americans who earn their income from largely though labor, it can serve as a headwind for the corporate sector, as higher labor costs eat into profit margins.

“Gains to the labor market come at capital’s expense,” Troy Gayeski, senior portfolio manager at Skybridge, told MarketWatch. He said that while increasing wage growth would be bullish for the broader economy, the trend of rising wages has clearly been a headwind for profit growth in recent quarters.

“From the perspective of CEOs and CFO’s, since 2017 their costs have gone up to pay workers,” which could go a long way in explaining surveys^[2] of C-Suite executives^[3] that show them much less confident^[4] than investors and consumers, Gayeski added....

Besides corporate profits, investors may be hoping for tame wage growth as a guarantee of continued easy monetary policy from the Federal Reserve, which has signalled its intention to keep the Fed Funds rate in the relatively low range of 1.50% and 1.75%, for the foreseeable future, absent a significant spike in inflation. “Clearly if we saw a higher-than-expected rise in core inflation in the next six months, the market is not prepared for it,” said Joe Davis, global chief

(IDEX Online) - Alrosa has announced that for December 2019, it sold $363.8 million worth of rough and polished diamonds (+11% year-over-year). Rough diamond sales by value amounted to $352.1 million, with polished diamond sales totaling $11.6 million.

The company's total rough and polished diamond sales for 2019 amounted to $3.338 billion. During the year, Alrosa's total rough diamonds sales reached $3.273 billion while polished diamond sales totaled $64.7 million.

"In December, we observed signs of stabilizing diamond demand that had emerged earlier in the second half of the year amid the gradual restoration of market balance. This was largely supported by a flexible sales strategy of mining companies," said Alrosa deputy CEO Evgeny Agureev. 

*Including rough diamonds sales to Kristall Production Corporation

** Excluding sales of polished diamonds produced by Kristall Production Corporation...

(IDEX Online) - Ed Bridge, chairman emeritus of Ben Bridge Jeweler, Inc, received the 2020 GEM Award for Lifetime Achievement at the 18th annual Gem Awards, which took place on Friday at Cipriani 42nd Street. Bridge received the award in honor of his dedication to Ben Bridge and the jewelry industry throughout his career. 

He was president of the company/co-CEO from 1990-2017 and chairman/CEO from 2018-2019. Warren Buffet bought Ben Bridge Jeweler in 2000 and it remains part of Berkshire Hathaway.  

The other awards on the night included the GEM Award for Jewelry Design, which went to Nikos Koulis of Nikos Koulis Jewels; the GEM Award for Media Excellence, which was won by Rachel Garrahan of British Vogue and the GEM Award for Retail Innovation, which went to Twist....

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The Counterfeit Society Is Heading Towards A Horrendous Disaster - YouTube

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