Morning Bites

💍Hong Kong jewellery and watch sales dropped 25% YoY in July, accelerating from the 23% YoY decline in June, according to the government data. Sales were also -32% vs. the pre-Covid 2019 level. According to Rapaport, local demand was subdued in July, as consumers from the Mainland preferred spending abroad, which weighed on sales in Hong Kong, as the main consumers in HK are from China. Despite soft demand in HK, sentiment on the key US market (~53% of the world's gem-set jewellery trade) remains strong. That might accelerate the industry's stock release in 2024 and add support to the stressed diamond sector, we believe

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