Morning Bites

💍Hong Kong jewellery and watch sales gained 26% YoY in March, vs. the 24% YoY gain in February, per government data. According to Rapaport, local government expects retail sales to continue their positive trajectory, supported by strong inbound tourism (the number of Mainland visitors was up 20% YoY in 3m26)

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

#diamonds