Morning Bites

💎US jewellery sales were flat YoY in March, in-line with February's dynamics, IDEX reports, citing the local Department of Commerce data. According to Rapaport, the US retail market was stable in March, but uncertainty ahead of the announcement of tariffs led some wholesalers to curtail purchases

💍Hong Kong jewellery and watch sales were down 3% YoY in March, vs. the 13% YoY decline in February, 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

We maintain our view that it might take longer than we had originally anticipated for the global diamond market to recover, given the still high midstream inventories in early-2025 and the ongoing escalation in the US-China trade war (jointly, they account for ~65% of the world gem-set jewellery trade) affecting consumer confidence

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