Morning Bites (part 1)

💍Hong Kong jewellery and watch sales rose 57% YoY in August, following the 21% YoY increase in July, according to the government data. To recap, the robust recovery trend began after HK’s border with the Mainland reopened in early 2023 (in August, 4.1mn visitors arrived in HK vs. <60k a year ago). Sales have also outpaced pre-Covid 2019 levels by 31%. However, sentiment remains subdued in the key US and China diamond markets (~53% and ~12% of the world's gem-set jewellery trade, respectively). Hence, given the adverse economic conditions globally, as well as the warning signals from miners and the midstream, we reiterate our cautious view on the diamond sector

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