Morning Bites (part 2)

💍Hong Kong jewellery and watch sales fell 3% YoY in February, after the revised +22% YoY in January, marking the first drop since December 2022, according to the government data. The sales were also 33% below the 2019 level. As we have previously noted, HK’s border with the Mainland fully reopened in February 2023, which limited the YoY recovery this February. However, according to Rapaport, citing a HK official, local inbound tourism is expected to revive further, while rising household income and the government’s initiatives are likely to support the sentiment in retail

Overall, the gradual improvement in consumer sentiment on the US and Chinese markets (~53% and ~12% of the world's gem-set jewellery trade, respectively) might add support to the stressed diamond sector, we believe

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