Morning Bites

💍Hong Kong jewellery and watch sales grew 12% YoY in August, vs. the 20% YoY increase in July, per government data. Rapaport highlighted e-commerce and rising inbound tourism (the number of Mainland visitors was up 13% YoY in 8mo26) as the key drivers of local sales growth

However, we remain cautious on the prospects for a broader recovery in the global diamond market in 2H26-1H27. 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

#diamonds