Morning Bites (part 2)

💍Richemont jewellery segment sales grew 2% YoY in 2Q24, after the 1% YoY drop in 1Q24, according to a press release from the retailer. Specifically, sales growth was recorded across almost all regions: Japan (+42% YoY), the Americas (+11% YoY) and Europe (+4% YoY). There was only a slowdown in Asia Pacific (-19% YoY), due to both lower consumer confidence and the 2023 high base effect, Richemont explained. We reiterate our view that the gradual recovery in US demand (53% of global gem-set jewellery trade) could speed up the release of industry inventories, supporting sentiment in the global diamond market

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