Morning Bites (part 1)

💎US jewellery sales shrank 4% YoY in June, vs. the revised 2% YoY drop in May – IDEX reports, citing the US Department of Commerce. This was the ninth month of consecutive YoY drops since October 2022 (ex. January 2023, when there was +1% YoY). Although the country’s inflation is gradually slowing, consumer sentiment remains cautious, which is likely to keep weighing on diamond consumption, at least in the near future. Hence, we reiterate our view that the ongoing decline in US sales (~50% of world gem-set jewellery trade) might further stress rough diamonds prices

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