Morning Bites (part 2)

💎 India's gem and jewellery exports are set to drop 10-15% YoY in 2023, according to Vipul Shah, the chairman of GJEPC. In an interview, Mr Shah said that most of the concerns for the segment were related to the US (50% of world jewellery sales) and China (~15%), where demand is slowing. Meanwhile, rising interest rates and inflation also affect consumer confidence, the chairman added. Overall, during 1H23, exports dropped 21% YoY, while a 15% YoY loss in FY23 would mean an ~8% YoY decline in 2H23, on our numbers. To recap, India represents ~95% of world polished diamonds supply; thus, we reiterate our cautious view on the sector

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