Morning Bites (part 2)

💎US jewellery sales shrank 2% YoY in July, vs. the revised 5% YoY drop in June, IDEX reports, citing the US Department of Commerce. This was the 10th month of YoY drops since October 2022 (only January 2023 saw a rise, of 1% YoY). According to IDEX, still high inflation and rising interest rates continue to weigh on consumer spending, especially as concerns luxury goods. This underpins our view that persistently weak US sales (~50% of world gem-set jewellery trade) are likely to put further stress on the demand for rough diamonds, which has been affected by the adverse macroeconomic conditions globally

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