May 22, 2019 - Economy & Business

The diamond market gets cloudy

Dion Rabouin, author of Markets

Photo: David Talukdar/Getty Images

Aside from oil and lean hogs, 2019 has been a tough year for commodities. Coffee prices have fallen 9%, natural gas is 11% lower and soybean prices have fallen 7% to name just a few. The diamond industry is also in a slump, Bloomberg reports.

What's new: De Beers revealed Tuesday its diamond sales fell to a 2-year low, underlining a slump in the industry worldwide. Sales fell 25% from a year ago and were down 29% from an offering last month.

What's happening: "Diamond miners are struggling across the board, especially those producing cheaper and smaller gems where there is too much supply," writes Bloomberg's Thomas Biesheuvel.

Diamond miners also have been hit by a shortage of financing for buyers and stagnant end demand.
The Indian rupee's weakness against the dollar has made gems more expensive for Indian manufacturers, who cut or polish about 90% of the world’s stones.

Go deeper: 60% of wild coffee species are in danger of extinction

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Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 10 p.m. EST: 32,135,220 — Total deaths: 981,660 — Total recoveries: 22,149,441 — Map.
U.S.: Total confirmed cases as of 10 p.m EST: 6,975,980 — Total deaths: 202,738 — Total recoveries: 2,710,183 — Total tests: 98,481,026 — Map.
Politics: House Democrats prepare new $2.4 trillion coronavirus relief package.
Health: Cases are surging again in 22 states — New York will conduct its own review of coronavirus vaccine.
Business: America is closing out its strongest quarter of economic growth.
Technology: 2020 tech solutions may be sapping our resolve to beat the pandemic.
Sports: Pac-12 will play this fall despite ongoing pandemic — Here's what college basketball will look like this season.
Science: Global coronavirus vaccine initiative launches without U.S. or China — During COVID-19 shutdown, a common sparrow changed its song.

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9 hours ago - Sports

Pac-12 will play football this fall, reversing course

A view of Levi's Stadium during the 2019 Pac-12 Championship football game. Photo: Alika Jenner/Getty Images

The Pac-12, which includes universities in Arizona, California, Colorado, Oregon, Utah and Washington state, will play football starting Nov. 6, reversing its earlier decision to postpone the season because of the coronavirus pandemic.

Why it matters: The conference's about-face follows a similar move by the Big Ten last week and comes as President Trump has publicly pressured sports to resume despite the ongoing pandemic. The Pac-12 will play a seven-game conference football season, according to ESPN.

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Dave Lawler, author of World

9 hours ago - World

Global coronavirus vaccine initiative launches without U.S. or China

Data: Gavi, The Vaccine Alliance; Map: Naema Ahmed/Axios

A global initiative to ensure equitable distribution of coronavirus vaccines now includes most of the world — but not the U.S., China or Russia.

Why it matters: Assuming one or more vaccines ultimately gain approval, there will be a period of months or even years in which supply lags far behind global demand. The COVAX initiative is an attempt to ensure doses go where they're most needed, rather than simply to countries that can produce or buy them at scale.

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