Morning Bites (part 2) 
 
💍LVMH has reported a 3% YoY gain in the organic sales of watches and jewellery in 3Q23, vs. the 14% YoY growth in 2Q23. On a 9mo23 basis, proceeds from the segment were also up 9% YoY, supported by store chain expansion and new collections releases, according to the company's report. However, we note that the positive dynamics have materially decelerated in 3Q23, likely amid adverse economic conditions globally and subdued sales in the main trading hubs (the US and China, which jointly represent ~65% of the world's polished diamonds demand). Hence, we maintain our cautious view on the diamond sector, which is likely to stay stressed, at least in the near future
 
#diamonds 
https://metals-wire.com/sector/Diamonds