Morning Bites (part 1)

💎US jewellery sales fell 2% YoY in September, in-line with the revised 2% YoY drop in August, IDEX reports, citing the US Department of Commerce. This marked the 12th month of consecutive YoY drops since October 2022 (ex. January 2023, with the revised +2% YoY). According to IDEX, although consumer spending is gradually picking up in the US, interest and inflation rates remain elevated, putting pressure on consumer sentiment. Therefore, we maintain our view that the adverse macroeconomic environment globally and the ongoing decline of sales in the US and China (which jointly represent ~65% of the global demand for polished stones) is likely to keep weighing on the demand for rough diamonds, at least in the short term

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