Morning Bites (part 2)
💍Hong Kong jewellery and watch sales gained 9% YoY in September, vs. the +16% YoY in August, per government data. According to Rapaport, the positive dynamics were driven by improving local consumer sentiment and sustained growth in inbound tourism (the number of Mainland visitors was up 7% YoY in September), as well as partly reflected high gold prices
We reiterate our view that it might take time for the global diamond market to recover, given still high midstream inventories, risks to supply discipline in 2025-26 and concerns about a global trade war
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