Morning Bites (part 2)

💍Hong Kong jewellery and watch sales grew 27% YoY in September, decelerating from the 57% YoY increase in August, according to the government data. We remind readers that the recovery in sales was triggered by the reopening of HK’s border with the Mainland in early 2023 (in September, 2.8mn visitors arrived in HK vs. 66k a year ago). Sales were also 17% stronger vs. the pre-Covid 2019 levels. However, given the weak sentiment on the main retail gem-set jewellery markets (the US and China, which jointly represent ~65% of the global polished stones demand), we keep our cautious view on the diamond sector, as it is still heavily affected by the adverse macroeconomic conditions globally

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