Morning Bites (part 2)

💍US preliminary jewellery sales are down 7% YoY in December, after the 4% YoY fall estimated for November, according to Mastercard SpendingPulse. Of note, the official results for November-December 2022 are to be published in early January-February 2023, respectively. Meanwhile, during the last two months of the year, consumers and retailers displayed resilience amid increasing economic pressures. Hence, we reiterate our view that the weakness in US jewellery sales, were it to materialise, is a negative factor for rough diamond demand, especially amid the recent news about business issues in India's Surat – the world's largest diamond cut-and-polish hub. We remind our readers that the US accounted for ~50% of global diamond jewellery retail sales in 2021

#diamonds
https://metals-wire.com/sector/Diamonds