Morning Bites (part 2)

💍 Chow Tai Fook’s 2Q23 LFL sales were up 1% YoY in the gem-set, platinum and K-gold jewellery segment (vs. +12% YoY in 1Q23). Sales in the gem-set segment in Mainland China were down 4% YoY (vs. -19% YoY in 1Q23), while HK and Macau sales were up 17% YoY, after the 99% YoY spike in the previous quarter. The overall dynamics were neutral: sales in HK continued to recover after the border with Mainland China reopened, but the figure was offset by stressed sales in China itself. To recap, China accounts for ~15% of global diamond jewellery retail sales. Hence, we maintain our cautious view on the diamond sector, which is still heavily stressed by the adverse macroeconomic conditions globally and the continuous downturn in US sales (~50% of the world gem-set jewellery trade)

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