Morning Bites

💍China’s jewellery and watch retail sales rose 5% YoY in August, reversing from the -4% YoY in July. However, according to Rapaport, Chinese customers remain cautious amid local economic uncertainties and expect prices to decline further, while mainland jewelers report high stocks and weak sales. This underpins our bearish view on the diamond sector, following adverse macroeconomic conditions globally and weak sales data in the US (53% of new polished diamond demand in 2022), in addition to downbeat signals from Alrosa. To recap, China represents ~12% of the world’s gem-set jewellery sales

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