Morning Bites (part 2)

💍Hong Kong jewellery and watch sales gained 4% YoY in November, vs. the +9% YoY seen in October, per government data. According to Rapaport, the performance was supported by high gold prices and strong inbound tourism (the number of Mainland visitors was up 19% YoY in November)

We maintain our cautious view on the medium-term prospects for a recovery in the global diamond market, given the risks to supply discipline related to Anglo American's planned sale of De Beers (which is currently disrupting the price-over-volume strategy), as well as geopolitical/trading concerns

#diamonds