Diamond prices dip globally with consumers choosing services over jewellery

People are eating out, traveling and spending money on experiences rather than luxury goods, according to analysts.

Published Date – 01:15 PM, Mon – 2 October 23


Diamond prices dip globally with consumers choosing services over jewellery



New York: Prices for rough diamonds — the raw, unpolished, and uncut stones — have dipped in 2023 as many post-pandemic consumers are shying away from luxury goods, the media reported.

According to the Zimnisky Global Rough Diamond Index, prices are the lowest they’ve been in a year. Industry analysts attribute the slump to declining sales at the jewellery counter, CNN reported.

As consumers spent less money on dining and travel during the pandemic, people had excess money to spend on discretionary purchases, noted Paul Zimnisky, a global diamond analyst.

Diamond prices have adjusted to consumers choosing services over jewellery. People are eating out, traveling and spending money on experiences rather than luxury goods, according to analysts.

“Diamonds are a completely consumer-driven market,” CNN quoted Edahn Golan, an independent diamond analyst, as saying.

Shopper demand for diamond jewellery influences rough diamond prices and, to an extent, retail prices.

Retailers stoke consumer demand by pouring hundreds of millions of dollars into advertising.

The plummeting prices follow two record-breaking years in rough diamond sales.

In 2021 and 2022, demand for natural diamond jewellery was at an all-time high, CNN reported.

“There was a parabolic move up, and now there’s a correction on the other side,” Zimnisky noted.

Industry analysts expect to see a jump in retail sales during the winter holidays and into early 2024.

The winter months are peak engagement season, and Christmas and Valentine’s Day are typically lucrative holidays for jewellery companies.

While this might lead to a small spike in rough diamond prices, “overall, we’re going to see a year-over-year decline of sales in the holiday season”, predicts David Johnson, a spokesperson for De Beers, one of the largest diamond companies in the world.

Saudi Arabia expects budget deficit up to 2026


The photo shows a general view of the Saudi capital city of Riyadh on February 20, 2022. (By Reuters)

Saudi Arabia is expecting to post a budget deficit up to 2026 despite earlier predictions of a surplus as the world’s biggest crude exporter is undergoing reforms to diversify its economy beyond oil revenues.

In a preliminary budget statement released on Saturday, the Saudi Finance Ministry projected budget deficits of 1.9, 1.6, and 2.3 percent of gross domestic product (GDP) in the coming three years.

It said the “limited budget deficits” would continue in the medium term because of expansionary spending policies and conservative revenue estimates.

The ministry also said total revenues this fiscal year, which runs from January to December, were expected to be 1.18 trillion riyals ($314 billion), with expenditure estimated at 1.26 trillion riyals. This is while an earlier projection had put the numbers at 1.130 and 1.114 trillion riyals, respectively.

It further pared its growth forecast for this year from 3.1 to 0.03 percent. 

Inflation and supply chain problems have hampered growth, but “the government is working to expand government spending that has a transformative effect, while maintaining fiscal sustainability in the medium and long term,” the statement read.

Last December, Saudi Arabia announced it had recorded its first annual budget surplus in nearly a decade on the back of oil price hikes.

This year, however, the country’s oil revenue has fallen by 17 percent as prices have dipped and Riyadh has cut production “to stabilize the oil market.”

Meanwhile, the kingdom is pursuing its ambitious and very expensive Vision 2030 project meant to shift the economy away from fossil fuels.

In an assessment report last month, the International Monetary Fund (IMF) projected Saudi Arabia to swing to a fiscal deficit of 1.2 percent of GDP in 2023, from a surplus of 2.5 percent in the previous year.

 

Qatar calls for international oversight of Israel’s secret nuclear activities

Qatar says Israel’s nuclear facilities must be subjected to the IAEA safeguards.

Doha says it views Israel’s compliance with the IAEA safeguards and joining the NPT as essential to a nuclear-weapon-free zone in West Asia.

While Israel remains an implacable opponent to Iran’s peaceful nuclear energy program and rejects international oversight of its clandestine nuclear projects, the regime is speculated to possess 200 to 400 nuclear weapons.

BRS car driven by KCR, unlike BJP being steered by Adani, says KTR

The Minister promised that the IT Tower, which was being developed with Rs.700 crore, would be completed in 36 months

Published Date – 01:08 PM, Mon – 2 October 23


BRS car driven by KCR, unlike BJP being steered by Adani, says KTR



Hyderabad: Responding to Prime Minister Narendra Modi’s comment that the steering of the BRS car (the party’s poll symbol) was in the hands of AIMIM chief Asaduddin Owaisi, IT Minister KT Rama Rao said on Monday that the ‘Car’ steering was safe in the hands of Chief Minister K Chandrashekhar Rao at a time when the BJP’s steering was controlled by Adani and not the Pradhani.

Telangana leads the chart in terms of highest Per Capita Income in the country. Whenever the Prime Minister or any prominent leader visits Hyderabad, they fail to speak to about the positive growth, he said while laying the foundation stone for an IT tower at Malakpet here.

The Minister promised that the IT Tower, which was being developed with Rs.700 crore, would be completed in 36 months. He said he would lead a delegation along with Owaisi to the United States and Middle East countries to get more IT companies launch their operations here.

“I will also personally speak to leading companies like Microsoft, Adobe and others and make them set up their units at the IT tower in Malakpet. In the past, TV towers used to be a landmark in Malakpet but once the 30-floor IT tower comes up, people will recognise it as the new landmark here,” Rama Rao said.

Stating that the BRS would emerge victorious in the next elections, the Minister said the State government had been performing extremely well, besides maintaining law and order. Under the State government’s able leadership, there were no disturbances or unrest, which used to be regular features in the past, he said.

Hyderabad had become a shining example for the rest of the country. There were reports of mob lynching and other disturbances in other States but in Telangana, no such incidents were reported in the last nine years, he said.

“I would like to ask the Prime Minister and Congress leader Rahul Gandhi, is there any communal disturbance in Telangana? People here are living happily. When Ganesh idols immersion and Milad-un- Nabi festival were scheduled to be celebrated on the same day, the Muslim community postponed their rallies and facilitated apeaceful Ganesh idols immersion. This is Hyderabad’s Ganga Jamuni Tehzeeb,” Rama Rao said, adding that this example set by Telangana should be propogated all over India.

The IT Tower is being coming up in an area spread over 11 acres. It will have 1.5 million square foot space and of these 5.5 lakh would be earmarked for IT space and rest non-IT services. About 20,000 to 25,000 youngsters would get employment at this IT tower.

The Minister also promised to construct a skywalk from the nearby Metro station to the IT tower as was done at Raidurg station in the city.

Stating that this was just a trailer, the Minister said much more work was to be done in old city. River Musi beautification, an expressway from Western part of ORR to Eastern part of ORR covering 55 km and expansion of Hyderabad Metro services network to 415 kms would be taken up in the next term, he said.

AIMIM Chief and Hyderabad MP Asaduddin Owaisi said a gentleman from New Delhi had come to Mahabubnagar on Sunday and spoke trash. As the Hyderabad MP was about to commence his speech, the IT Minister invited him to address the gathering from his seat.

Responding to this, Owaisi said: “I was standing near the corner of the stage and Minister KT Rama Rao called me over here. Now, you can judge yourself as to who is driving the vehicle.”

Stating that the foundation for IT Tower at Malakpet was an emotional moment, the Hyderabad MP said there was peace and harmony in the old city but unaware of the brotherhood among the people, many try to project things in a wrong way.

Thanking the IT Minister for his vision to develop the IT sector in Hyderabad, the AIMIM chief said many were not aware that the Minister works long hours to expand IT and ITES services all over Hyderabad. The T-Hub developed by the State government, was helping the youth in developing their skills and achieving new heights in their careers, he said.

 

Hockey India announces 20-member Sub Junior men, women squads for Netherlands tour

Hockey India announced the 20-member Sub Junior Men and Women squads that will embark on an exciting tour of the Netherlands

Published Date – 12:55 PM, Mon – 2 October 23


Hockey India announces 20-member Sub Junior men, women squads for Netherlands tour



New Delhi: Hockey India on Monday announced the 20-member Sub Junior Men and Women squads that will embark on an exciting tour of the Netherlands, scheduled from October 9 to October 16.

This tour marks the first time that the Indian Sub Junior Men and Women’s Teams will compete in international matches, a testament to the growing prowess of Indian hockey at the grassroots level, while also elevating the country’s stature on the global hockey stage.

During this tour, the Indian Sub Junior Men’s Team will face off against the Netherland Boys U18 team and the Netherland Boys U16 side, with two games scheduled against each. On the other hand, the Indian Sub Junior Women’s Team will battle it out against the Netherland Girls U18 team and the Netherland Girls U16 side, also playing two games against each opponent.

Also, during the tour, Indian Sub Junior Men and Women’s Teams will play a match against Men and Women’s teams of a senior club in the Netherlands. Notably, the Indian Sub Junior Men’s team will be Captained by Manmeet Singh Rai, while Aashu Maurya will serve as the Vice Captain.

For the Indian Sub Junior Women’s Team, Bhavya has been appointed as the Captain, while Rajni Kerketta has been named as the Vice Captain.

Meanwhile, coaches of the Sub Junior Men and Women’s Teams expressed their excitement about this tour. Indian Sub Junior Men’s Team Coach Sardar Singh said, “This tour represents a historic milestone in the journey of our budding talents. We are exhilarated about this opportunity for our young players to showcase their skills on the grand international stage. The experience gained here will be a catalyst for their growth and development as they take their first steps toward becoming future stalwarts of Indian hockey.”

Also, Indian Sub Junior Women’s Team Coach Rani expressed her thoughts on the tour and commented, “Our girls have put in relentless effort, displaying commendable dedication and spirit during the National Coaching Camp, and we believe this tour will be a valuable stepping stone in their careers. Playing against strong international opposition will provide them with the exposure and experience, which are vital elements for their progression to the highest levels of the sport. We believe in their potential to shine brightly on this global stage.”

Teams: Men’s; Goalkeeper: Rahul Bhardwaj Defenders: Rohit Kullu, Pradip Mandal, Sohil Ali, Ujjwal Pal, Sukhmanpreet Singh, Aashu Maurya (Vice Captain), Neeraj, Midfielders: Rahul Yadav, Rohit Tirkey, Suresh Sharma Adhikarimayum, Manmeet Singh Rai (Captain), Rahul Rajbhar, Ghuran Lohra, Forwards: Ritender Singh, Deepak Pradhan, Ajeet Yadav, Ketan Kushwaha, Rohit Irengbam Singh, Srijan Yadav Women’s; Goalkeepers: Hodam Pabitra Devi, Tarra Sailaja Defenders: Bhavya (Captain), Komal Pal, Parwati Topno, Ritika Ahirwar, Midfielders: Rajni Kerketta (Vice Captain), Tamanna, Karuna Minz, Priyanka, Tanuja Toppo, Kajal Pundir, Kirti Forwards: Krishna Sharma, Kajal, Purnima Yadav, Switi Dungdung, Doli Bhoi, Nisha Dadel, Ravina

Table Tennis: Sutirtha, Ayhika Sign Off With Bronze After Losing To Korea

Sutirtha-Ayhika Pair Settles For Historic Bronze In Asian Games Table Tennis

Women’s doubles pair of Sutirtha Mukherjee and Ayhika Mukherjee© Twitter

Sutirtha Mukherjee and Auhika Mukherjee’s giant-slaying run ended with a historic bronze medal at the Asian Games after the Indian duo lost the closely-fought women’s doubles semifinal 3-4 to North Korea in Hangzhou on Monday. Sutirtha and Ayhika lost 3-4 (11-7, 8-11, 11-7, 8-11, 9-11, 11-5, 2-11) to Suyong Cha and Sugyong Pak but grabbed the bronze following a sensational victory over world champions from China on Saturday. (Asian Games Medals Tally)

With the result, the Indian challenge ended at the Games. The medal came from an unexpected event with the Indian duo beating the Chinese pair of Meng Chen and Yidi Wang in the quarterfinals.

In 2018, India made history by picking up an unprecedented men’s team and mixed doubles bronze.

The difference in the contest on Monday from the quarterfinal match was the fact that the North Koreans were not as troubled in the game by the anti-spin rubber of Ayhika unlike the rattled Chinese pair.

“We failed to show the patience which they did. We were a little nervous in the last game and they attacked well to finish the points,” said Sutirtha.

“But we are happy for a podium finish, the first in women’s doubles,” added Ayhika.

The Indians needed to sustain the attack in the last game but were not able to do so. In fact, the North Koreans went on a counter-offensive to take a 6-1 lead.

The spirited Indian pair had no answer to that and their fate was sealed when Sutirtha netted a forehand.

Nevertheless, it was still a monumental achievement by the Indians who are now ready to build on their success.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Topics mentioned in this article

Iranian rowers win 2 bronze medals in Asian Games

The Iranian 2x Canoe and Kayak teams have each won the bronze medals at the men’s 500m competitions in the sporting event.

Adel Mojallali and Kia Eskandani in Canoe and Sepehr Sa’atchi and Peyman Ghavidel in Kayak succeeded in reaching the end line with a time of 1:50:48 and 1:39:29 minutes respectively.

More than 12,000 athletes from all 45 members of the Olympic Council of Asia are participating in the 19th Asian Games being held in Hangzhou, People’s Republic of China from 23 September to 8 October. A total of 481 events are competing in the event.

Iran participated in the competition with 289 athletes (211 male and 78 female) in 30 sports.

AMK/5900582

10 Migrants Killed, 17 Injured After Speeding Truck Overturns In Mexico

10 Migrants Killed, 17 Injured After Speeding Truck Overturns In Mexico

The driver of the truck fled the scene of the accident

Chiapas:

At least 10 Cuban migrants died and 17 others were seriously injured when a cargo truck ferrying them had an accident in the southern Mexican state of Chiapas, Mexico’s migration institute said on Sunday. The accident took place along the Pacific coast stretch of the Pijijiapan-Tonala highway in Chiapas, a common route taken by migrants who cross into Mexico from Guatemala on their way north towards the United States.

The driver of the Ford truck, which is not designed to carry so many people, fled the scene of the accident, the National Migration Institute (INM) said in a statement.

“According to the first reports, the driver was speeding, lost control of the unit and overturned,” the INM added.

Images shared by authorities showed a truck without number plates turned on its side in a ditch by the highway, with half of the wooden bed and the tall side panels on its right side torn off.

The 17 injured people were taken to hospitals and are being monitored, INM said. One of the dead migrants was a child.

Road accidents involving migrants are not uncommon in Mexico, where many people crossing the country to the United States travel in unauthorized and poorly maintained vehicles.

In December 2021, at least 54 people believed to be of mostly Central American descent were killed when the truck they were in flipped over in Chiapas.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Pune IS case: NIA’s most wanted terrorist Shahnawaz arrested by Delhi Police

Special Cell of Delhi Police has arrested Shahnawaz, a.k.a Shafi Uzzama, who was on the NIA list of most-wanted terrorists

Published Date – 12:45 PM, Mon – 2 October 23


Pune IS case: NIA’s most wanted terrorist Shahnawaz arrested by Delhi Police

IANS Photo

New Delhi: In a major breakthrough, the Special Cell of Delhi Police has arrested Shahnawaz, a.k.a Shafi Uzzama, who was on the National Investigation Agency’s (NIA) list of most-wanted terrorists, top police sources said on Monday.

The sources said that the police have also detained some other people. “Few other members of the module detained. Module was planning to carry out terror incidents in North India, taking instructions from foreign based handlers,” said a senior police official. “Incriminating materialrecovered including materials suspected to be used for IED fabrication,” said the official.

The NIA had previously offered a reward of Rs 3 lakh for the capture of Mohammad Shahnawaz Alam, a.k.a Uzzama or Abdullah, due to his involvement in the Pune IS case.

Shahnawaz, who works as an engineer, is a resident of Delhi and had managed to escape from police custody in Pune.

Subsequently, he had been living in the national capital. On September 30, the NIA had initiated a rigorous search operation to locate three individuals with suspected links to the Islamic State in Central Delhi.

Sources reveal that the NIA’s mission focused on locating Uzzama, Rizwan Abdul Haji Ali, and Abdullah Fayaz Shaikh, all of whom are sought in connection with the Pune IS module case. More details awaited.