Morning Bites

💎US jewellery sales shrank 3% YoY in August, vs. the revised 4% YoY drop in July, IDEX reports, citing the US Department of Commerce. This marked the 11th month of consecutive YoY drops since October 2022 (ex. January 2023, with the revised +2% YoY). Although the country’s inflation has slowed in recent months, 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 unfavourable macroeconomic environment globally and the ongoing decline in US sales (~53% of world gem-set jewellery trade) might further stress the demand for rough diamonds

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