Morning Bites (part 1)

💎US jewellery sales declined 2% YoY in June, vs. the revised +1% YoY in May, IDEX reports, citing local Department of Commerce data. According to the agency, this decline reflects growing concern over the impact of US tariffs (which came into force on 1 August), along with broader economic uncertainty in the market and high gold prices

💍Hong Kong jewellery and watch sales rose 6% YoY in June, vs. the -3% YoY seen in May, per government data. According to Rapaport, citing a government spokesperson, the ongoing upturn in employment earnings, buoyant local stock market, and effort to promote tourism bolstered retail sales in Hong Kong

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