Morning Bites (part 1)

💍Luk Fook’s 2Q23 LFL sales were up 54% YoY in the gem-set, platinum and K-gold jewellery segment (vs. +66% YoY in 1Q23). Despite the robust growth, sales still remain firmly below pre-Covid levels (>40%, on our estimates). Sales in the gem-set segment in Mainland China were down 3% YoY (vs. -15% YoY in 1Q23), while HK and Macau sales rose 65% YoY (>40% drop vs. 2019), after the 88% YoY spike in the previous quarter. Generally, sales were bolstered by HK’s recovery after the border with Mainland China was reopened. Despite the recovery in the company’s gem-set jewellery sales, we keep our cautious view on the diamond segment, given the adverse macroeconomic conditions globally and the ongoing downturn in US sales (~50% of the world gem-set jewellery trade)

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