Morning Bites (part 3)

💍 Chow Tai Fook’s 3Q23 LFL sales dropped 21% YoY in the gem-set, platinum and K-gold jewellery segment (vs. +1% YoY in 2Q23), the company has reported. Meanwhile, the sales were ~36% below pre-pandemic 2019 levels, while the slight increase in 2Q23 was mostly due to the low base effect (-30% vs. 2Q19), on our numbers. Particularly, sales in the gem-set segment in Mainland China were down 28% YoY (vs. -4% YoY in 2Q23), while HK and Macau sales fell 4% YoY, after the 17% YoY growth in the previous quarter. Overall, given weak data from the main gem-set jewellery trading hubs (the US and China, which jointly represent ~65% of the global polished stones demand) we maintain our cautious view on the diamond sector, that is still heavily stressed by the adverse macroeconomic conditions globally

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