Morning Bites (part 1)

💍Richemont's Jewellery Maisons segment sales grew 12% YoY in 3Q25, vs. the 7% YoY gain in 2Q25, per a company press-release. Richemont highlighted the broad-based rise in demand in its Watch & Jewellery segment. Specifically, overall sales were up in the Asia Pacific (+4% YoY), Europe (+9% YoY), Americas (+12% YoY), Japan (+4%) and Middle East regions (+16% YoY)

Despite some improvement in the performance of retailers, we maintain our cautious view on the medium-term prospects for global diamond market recovery, given risks to supply discipline (until De Beers spin-off, as it continues to trade even at weak prices) and concerns about a global trade war

#diamonds