Morning Bites (part 3)

💍Hong Kong jewellery and watch sales rose 27% YoY in October, following the 28% YoY increase in September, according to the government data. To recap, the reopening of HK’s border with the Mainland became a major trigger for the trade recovery in early 2023 (and in October, 3.5mn visitors arrived in HK vs. 81k a year ago). Sales were also 30% stronger than the pre-Covid 2019 levels. Despite some recovery in HK, sentiment remains subdued in the key US and China diamond markets (~53% and ~12% of the world's gem-set jewellery trade, respectively). Hence, given the adverse economic conditions globally, as well as the supply discipline measures recently taken by major miners and the midstream, we reiterate our cautious view on the diamond sector, at least in the short term

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