Morning Bites

💍Richemont jewellery segment sales inched down 1% YoY in 1Q24, after the 6% YoY gain in 4Q23, the company reports. Sales growth was seen almost in all regions -- the Americas (+12% YoY), Europe (+5% YoY) and Japan (+24% YoY), except for Asia Pacific (-16% YoY)

🇨🇳 Chow Tai Fook’s 2Q24 LFL sales dropped 33% YoY in the gem-set jewellery segment, in line with the 34% YoY decrease in 1Q24, the company has reported. Particularly, sales in the gem-set segment in Mainland China were 33% lower YoY (vs. the 20% YoY fall in 1Q24), while HK and Macau sales declined 37% YoY (vs. the 27% YoY contraction in 1Q24)

Overall, we keep our cautiously positive view on the diamond sector, given strong US downstream demand (~53% of the global market) and upbeat Chinese jewellery sales (~12%) in May, which might accelerate the industry's stock release in 2024, we believe

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