Diamond News Archives

(IDEX Online) – Sales of fine jewelry and fine watches rose by 8.7 percent in the U.S. market in June, when compared to the same month a year ago, as the graph below illustrates. <?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /?>

However, the big news story was that the US Bureau of Economic Analysis (BEA) revised its figures for sales going back 10 years to 2008. That was the year of the great financial crisis, with the market taking several years to recover as a deep recession bit into sales in the United States which suffered a big rise in unemployment and a strong decline in consumer spending.

The BEA's revised figures reduced the size of the US jewelry and watch market overall by at least 15 percent, with some estimates suggesting that it may have been deeper still.

However, it seems clear that the pattern of American jewelry sales remained upwards over the past decade despite the BEA's downward revision.

IDEX figures based on BEA figures before the revision for estimated jewelry and watch sales in 2017 were almost $92 billion, with the figures for 2016 showing a total of $88 billion.

But the latest update puts the figure at close to $77 billion for 2017, a drop of 16%. Nonetheless, this revised figure was still a rise of 5% on the previous year which was revised down to just over $73 billion.

The BEA periodically revises its data according to updated statistics from the U.S. Census Bureau (CB), though this revision was particularly deep and was based on updated data from...

Gold was fairly steady overnight, trading either side of unchanged in a narrow range of $1203.20 - $1208. It consolidated its $20 gain from Friday, with activity a bit muted due to the UK on holiday.

Early during Asian hours, gold slipped to its low as it faded some strength in the US dollar - which was buoyed by weakness in emerging market currencies (Turkish lira plunged 3.5% after weeklong holiday), and the euro ($1.1650 - $1.1595).

Later during European time, gold recovered as the DX softened from a bounce in the euro ($1.1622) from a better than expected German IFO Report.

Global equities were firmer and a headwind for gold, still riding the bullishness from Powell’s speech on Friday. The NIKKEI was up 0.9%, the SCI gained 1.9%, Eurozone shares were +0.5-0.6% (UK on holiday), and S&P futures were +0.2%. A dip in oil (WTI from $68.64 – $68.33) weighed on stocks.

Just ahead of the NY open, news emerged that the US and Mexico were close to concluding their trade deal. Along with this was a comment from Economist Mohamed El-Erian saying there's a 60 percent chance that Trump's hard line with China and Europe yields "fairer trade”.

S&P futures popped higher (+10 to 2888), and the yield on the US 10-year bond climbed from 2.815 – 2.815%. The dollar softened (DX to 95) as the Mexican Peso rallied strongly (18.86 – 18.66), the Chinese yuan strengthened (6.8245 – 6.8155), and the euro continued to climb ($1.1650). Gold rose, but was initially capped in front of the overnight high at $1208.

By late morning, Trump announced that the US and Mexico indeed reached a trade deal, paving the way to replace the much-maligned NAFTA deal, with negotiations with Canada to...

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References

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One of the earliest Roman settlements ever to be discovered in the Yorkshire^[1] region has been unearthed by a group of crowdfunded archaeologists.

The exact location of the high-status settlement has been kept a secret to protect it from night hawkers (illegal metal-detectorists) and looters, but archaeologists have described it as astounding.

The first sign that there may be something worth exploring at the site came three years ago when some metal detectorists uncovered a hoard of 2,000-year-old silver coins.

Friends Paul King, Robert Hamer and Robin Siddle found the hoard of 18 silver coins in 2015, but the discovery has been kept secret until now, to enable archaeologists to explore the area, which appears to be a high-status Roman settlement.

Last week more silver coins were uncovered, with hundreds of Roman pottery sherds and a tiny brooch, found on one of three neonatal burials.

Lisa Westcott Wilkins, who has been managing the excavation, said: “This is one of the earliest Roman settlements in the north that we have discovered to date. It has felt like a Richard III moment in terms of excitement,” referring to the discovery of the remains of the Plantagenet king under a car park^[2] in Leicester in 2012.

The finds so far date from the 1st century, she added: “All the coins date back to the time of the emperor Vespasian [AD 69–79], when the Romans marched north and established a centre at York.

“Some of the items we have found have been very exciting. These people were burying infants with jewellery – there was a beautiful brooch – which would have been for a cloak. This suggests to us that it was high status.”

The excavation is being...