Morning Bites (part 3)

💍US jewellery sales were down 2% YoY in January, after the revised 3% YoY fall in December. Overall, the figure came in materially below the preliminary expectations (+6% YoY). According to market participants, the cautious market mood persists, amid slow trading and low production volumes. Hence, we reiterate our view that the ongoing decline in US jewellery sales (since October 2022) is likely to keep weighing on the global diamond sector (at least in the near future). To recap, the US represents ~50% of world diamond jewellery sales

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