Morning Bites (part 1)

💍Hong Kong jewellery and watch sales shrank 23% YoY in June, broadly in-line with the 21% YoY decline in May, per government data. According to Rapaport, the slump in demand continued, as consumers preferred investing in gold rather than diamonds, while a lack of overseas visitors amplified the effect (in June, 3.1mn visitors arrived in HK, a 39% drop vs. June 2019)

Despite soft demand in HK, sentiment remains strong on the key US market (~53% of the world's gem-set jewellery trade), while Chinese data (~12% of the global market) was upbeat in recent months, which might add support to the stressed diamond sector, we believe

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