Morning Bites (part 2)

💎US jewellery sales inched up 1% YoY in May, after the revised +3% YoY in April (and marking the seventh consecutive YoY gain), IDEX reports, citing the US Department of Commerce. According to Rapaport, local diamond trading was seasonally slow, without notable market-moving events, while retailers are not restocking at the moment, as inventories remain at elevated levels. We reiterate our view that the gradual recovery in US demand could speed up the release of industry inventories, supporting sentiment in the global diamond market

The US accounts for ~53% of global gem-set jewellery demand

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