Morning Bites (part 2)

💍China’s jewellery and watch retail sales rose 11% YoY in June, in line with the 10% YoY growth in May. However, according to Rapaport, Chinese diamond demand remains soft, as shoppers switched to gold buying and there is a lack purchase power amid concerns over local economic growth. Meanwhile, China’s jewellery sales returned close to the historical highs (+10% vs. June 2019, and +3% vs. June 2021), which might be a favourable read-across for local diamond demand in the long term, were this trend to persist

Overall, a further improvement in sentiment on the China and US downstream markets (which jointly represent ~65% of global demand for polished diamonds) might accelerate the diamond industry’s stock release, we believe

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