Morning Bites

💍Hong Kong jewellery and watch sales grew 26% YoY in May, vs. the 19% YoY gain in April, per government data. Rapaport reports that the local authorities anticipate steady sales growth, with a boost from higher inbound tourism (the number of Mainland visitors was up 16% YoY in 5mo26) and stronger consumer confidence

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 concerns

#diamonds