Morning Bites (part 3)

💍Hong Kong jewellery and watch sales added 50% YoY in December, following the 61% YoY increase in November, according to the government data. Overall, in 2023 the figure gained 55%, mostly due to the low base effect (sales were -9% vs. the 2019 results). To recap, the reopening of HK’s border with the Mainland became a major trigger for the trade recovery in early 2023. Despite some recovery in HK, market sentiment remains rather subdued, as even with the 10% price cut by De Beers' in its 1st cycle in 2024, volumes remained low, indicating the still elevated levels of the industry’s inventories

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