Observe. Think. Chat. Do. Trade. Repeat…
Non-farm payrolls surged by 272,000 for the month – a significant increase from April’s 165,000 and surpassing the consensus forecast of 190,000.
Concurrently, the unemployment rate increased to 4%, marking the first instance it has reached this level since January 2022.
“Diamonds don’t really fit in anymore despite the strong legacy of De Beers under Anglo,” independent diamond industry analyst Paul Zimnisky reportedly said.
According to Zimnisky’s rough diamond index, diamond prices have decreased by 5.7% this year, marking a decline of over 30% from their peak in 2022.
Lab-grown diamonds, potentially up to 85% less expensive than natural ones, are created in a controlled environment using high pressure and heat to mimic the formation of natural diamonds in the Earth’s mantle.
Sales of lab-grown diamonds have increased from a mere 2% of the global diamond jewellery market in 2017 to 18.4% in 2023, as reported by Zimnisky.
A fall in marriage rates as well as growing popularity for gold and lab-grown gems all drove down Chinese demand for diamonds, according to market research firm Daxue Consulting.
The lifting of pandemic restrictions has led consumers to redirect their spending towards travel experiences rather than diamond products.
The preference for lab-grown diamonds plays a critical role in driving down prices of natural diamonds.
Infineon is capitalizing on the AI surge, aiming to generate billions in revenue through the sale of premium chips.
As AI applications proliferate, encompassing data centre servers and integrated chipsets for PCs and mobile devices, the demand for AI chips is skyrocketing. This trend has only one direction, and that is up.
Infineon is certainly one to watch – it may just become the next major player in the industry.
Others to watch: ARM Holdings, AMD and Intel
Exports increased by 7.6% in May from the previous year, surpassing the analysts’ expectations of 6% growth. Imports, however, increased by 1.8% during that time, missing forecasts of an expected 4% growth.
According to analysts’ calculations based on official data, China’s imports and exports to the U.S. and EU declined during that period. However, trade with the Association of Southeast Asian Nations (ASEAN) increased, with a 4.1% year-on-year rise in China’s exports to the region from January to May.
China’s exports to Russia decreased, but its imports from Russia grew by 7.5%. Despite trade tensions with the U.S., China’s exports have remained robust, contributing to the country’s overall economic growth.