Morning Bites

💎US jewellery sales were flat YoY in February, vs. the revised -1% YoY in January, IDEX reports, citing the local Department of Commerce data. According to Rapaport, the market was steady in February with retailers seeing stable but not record-breaking sales

💍Hong Kong jewellery and watch sales dropped another 13% YoY in February, after the 18% YoY decline in January, per government data. According to Rapaport, over the last few months, visitors have been turning away from luxury purchases, while HK residents have been spending money while traveling abroad rather than domestically

Overall, we maintain our cautiously upbeat view on the global diamond market, but it might take longer than we had originally anticipated to recover, given the still high midstream inventories and the slowdown in the US downstream market in early-2025 (~53% of the world gem-set jewellery trade)

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