Morning Bites

💎US jewellery sales grew 3% YoY in May, vs. the revised +2% YoY in April, IDEX reports, citing local Department of Commerce data. According to Rapaport, local dealers noted the oversupply of slow-moving goods, but steady market interest for 1.25 ct. and larger stones

💍Hong Kong jewellery and watch sales slid 3% YoY in May, vs. the -2% YoY seen in April, per government data. According to Rapaport, rising gold prices deterred many local customers from purchasing jewellery, while increased outbound tourism also weighed on both Hong Kong and Mainland sales

We reiterate our view that the global diamond market recovery might take longer than we had anticipated, given still high midstream inventories and the risks to supply discipline in 2025

#diamonds