Morning Bites (part 1)
 
💍LVMH's organic sales of watches and jewellery stood flat YoY in 2Q25, in line with 1Q25's dynamics, according to a press release from the retailer. The company’s Watches & Jewellery segment remained stable YoY, despite a 7% YoY sales decline in its two other major segments (Fashion & Leather and Wines & Spirits) and the ongoing renovation of Tiffany & Co. stores

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 2025. Meanwhile, further de-escalation of the US-China trade war (jointly, they account for ~65% of the world gem-set jewellery trade), would be a favourable factor for consumer confidence, we believe

#diamonds