Morning Bites

💍Hong Kong jewellery and watch sales gained 16% YoY in August, accelerating from the +9% YoY in July, per government data. According to Rapaport, the positive dynamics were driven by a pick-up in local consumer sentiment and inbound tourism, as well as partly reflected rising gold prices

We reiterate our view that the global diamond market recovery might take longer than we had anticipated, amid still high midstream inventories, risks to supply discipline in 2025-26 and global trade war concerns

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