Morning Bites (part 2)  
  
💍LVMH's organic sales of watches and jewellery slid 2% YoY in 1Q24, marking the first decline since 2021, according to the company's report. The segment's total sales were down 5% YoY in 1Q24

🇨🇳 Chow Tai Fook’s 1Q24 LFL sales slid 22% YoY in the gem-set, platinum and K-gold jewellery segment (vs. the flat dynamics in 4Q23), according to the company‘s press release. Sales in the gem-set segment in Mainland China shrank 20% YoY (vs. -2% YoY in 4Q23), while HK and Macau sales dropped 27% YoY, reversing from the +4% YoY in the previous quarter

Despite the slowdown in retailers’ 1Q24 sales, the widely expected US Fed funds rate cut in 2024 might trigger a recovery on the key US and Chinese downstream diamond markets (jointly representing ~65% of the world's gem-set jewellery trade), we believe

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