Morning Bites

💍China’s jewellery and watch retail sales slid 12% YoY in July, after the 11% YoY gain in June. Meanwhile, on the 7mo24 basis, sales were broadly flat YoY. According to Rapaport, local demand for engagement rings was rather weak in July, while Mainland consumers preferred spending at overseas destinations. Despite the soft Chinese dynamics, we reiterate our view that the ongoing recovery in US downstream demand (~53% of global retail gem-set jewellery trade) could accelerate the release of industry inventories in 2H24, supporting sentiment in the stressed diamond market

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