Morning Bites (part 1)

💍Hong Kong jewellery and watch sales grew 20% YoY in July, following the 64% YoY increase in June, according to government data. However, the figure remained moderately below the pre-Covid level (-10% vs. July 2019). According to Rapaport, local retail sales continued to rise in July as tourists returned to Hong Kong, while the job market improved. Although the jewellery sentiment in Hong Kong remains upbeat, the positive effect is limited, in our view, given weak diamond sales on key US and China’s markets (~50% and 15% of world gem-set jewellery trade)

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