Morning Bites

💍Hong Kong jewellery and watch sales grew 20% YoY in July, matching the pace of growth reported in June, per government data. Rapaport attributed the strength in local sales to continued economic expansion, rising household incomes and stable labor-market conditions, which have helped to sustain consumer confidence

However, we remain cautious on the prospects for a broader recovery in the global diamond market in 2026. The pending sale or spinoff of De Beers by Anglo American leaves the company’s future strategy and approach to supply discipline uncertain until the transaction is completed. A sustained market recovery is therefore unlikely before the ownership situation is resolved, while restoring market discipline and pricing power could take several years

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