Morning Bites

💎US jewellery sales rose 8% YoY in September, accelerating from the +5% YoY in August, IDEX reports. Much of this recovery was driven by multi-line retailers (Amazon, Costco and Walmart), accounting for 2/3 of all US watch and jewellery sales. Meanwhile, local jewelers started preparation for holiday season, but preferred taking goods on memo rather than investing in inventory, per Rapaport

💍Hong Kong jewellery and watch sales fell 17% YoY in September, vs. the 24% YoY decline in August, per government data. According to Rapaport, consumers spent less on luxury items, while outbound tourism increased. However, local officials expect China’s new economic support measures to bolster HK retail sentiment and spending

We reiterate our view that 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