Morning Bites (part 1)

💍Hong Kong jewellery and watch sales dropped 21% YoY in May, decelerating from the 29% YoY decline in April, according to the government data. Sales were also down 40% vs. the pre-Covid May 2019. According to Rapaport, the demand for local diamonds was rather sluggish, as Chinese consumers preferred investing in gold, rather than buying diamonds. Despite the soft demand in HK, sentiment on the key US market (~53% of the world's gem-set jewellery trade) remains strong, which might accelerate the industry's stock release in 2024 and add support to the stressed diamond sector, we believe

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