💍Hong Kong jewellery and watch sales gained 31% YoY in January, vs. the +14% YoY in December, per government data. According to Rapaport, the growth was partially driven by the early arrival of the Chinese New Year in 2025, which weighed on January’s YoY comparison. Nevertheless, the retail sector maintained its positive trajectory, while the sustained growth of inbound visitors and the economic growth momentum will likely continue to underpin local consumption

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