Morning Bites

💍 Chow Tai Fook’s 3Q24 LFL sales fell 25% YoY in the gem-set, platinum and K-gold jewellery segment (vs. -32% YoY in 2Q24), according to the company‘s report. Sales in the gem-set segment in Mainland China were down 28% YoY (vs. -33% YoY in 2Q24), while HK and Macau sales slid 17% YoY (vs. the 31% YoY drop in 2Q24)

Despite the retailer's downbeat results, China’s new fiscal support measures (to be announced in early-November) could support the local diamond jewellery market. This, along with solid downstream demand in the US (~53% of global gem-set jewellery trade), is likely to accelerate the ongoing destocking in 4Q24-1Q25, supporting sentiment in the stressed diamond market, we believe

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