Morning Bites (part 2)

💍Hong Kong jewellery and watch sales decreased 17% YoY in March, after the decline of 2% YoY in February, per the government data. The sales were also 37% below the 2019 level. According to Rapaport, in March, local demand for diamonds was sluggish, as Chinese consumers preferred to invest in gold (jewellery sales in China were -7% YoY in March)

Although sentiment slightly weakened in HK, sales in the US and Chinese markets (~53% and ~12% of the world's gem-set jewellery trade, respectively) remain close to its historical highs, which might accelerate destocking, bolstering the stressed diamond sector, we believe

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