Morning Bites (part 1)

💍Hong Kong jewellery and watch sales rose 52% YoY in May, following April's spike of 75% YoY, according to government data. The robust recovery trend began after HK’s border with the Mainland was reopened in early 2023 (in April, 2.9mn visitors arrived in HK vs. <5k a year ago). Although sales have been showing a strong double-digit increase this year, we note that the 2022 comparison base was low: May sales were 24% below the pre-Covid (May-19) level. In addition, the jewellery segment remains subdued in the US and China (~50% and ~15% of the world's gem-set jewellery trade, respectively). Hence, considering the adverse economic conditions globally, we reiterate our cautious view on the diamond sector

#diamonds 
https://metals-wire.com/sector/Diamonds