Morning Bites (part 1)

💎De Beers has reported sales of USD 445mn at its 3rd cycle in 2024, ~19% below the historical average (vs. -26% at the 2nd cycle in 2024) and 18% softer YoY. Per the company's CEO Al Cook, many clients are maintaining a cautious approach to purchases, given uncertain macroeconomic conditions globally and slow retail sales in China. In our view, persistently soft De Beers' sales imply that the industry’s elevated inventory has not yet been unwound. Meanwhile, we expect the global diamond market to gradually recover in the next ~6 months

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