Morning Bites

💎US jewellery sales shrank 5% YoY in May, after the 7% YoY drop in April, according to the Department of Commerce. Sales have been showing negative dynamics since October 2022 (ex. January 2023, when there was growth of ~1% YoY). Overall, consumer sentiment remains cautious amid the adverse economic conditions, which results in weaker demand for jewellery and keeps weighing on diamond prices. Hence, we reiterate our view that the ongoing decline in US jewellery sales is likely to weigh further on the demand for rough diamonds, as the US accounts for ~50% of world diamond jewellery sales

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