Morning Bites

💍China’s jewellery and watch retail sales declined 7% YoY in March, after the flat dynamics in 2mo24. The sales, however, remained close to historical highs, and were also 21% above their pre-Covid 2019 level. Overall, the softening in local diamond demand might have been at least partially driven by the switch of Chinese consumer interest to gold investment, according to Rapaport

Despite some slowdown in Chinese sales, we note that demand in the key US and Chinese markets, which jointly represent ~65% of the world's polished demand, remains close to historical highs, which might support stock release in the diamond industry

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