Morning Bites (part 4)

💍US jewellery sales were down 3% YoY in February, following the revised <1% YoY decrease in January. The figure was affected by fears of a recession and financial crisis, in our view. Furthermore, the National Retail Federation expects overall US retail sales to remain sluggish throughout 2023, amid adverse macroeconomic conditions. Hence, we maintain our view that the decline in US jewellery sales (for the 5th consecutive month) might further weigh on the demand for rough diamonds — at least in the short term. We highlight that the US accounts for ~50% of world diamond jewellery sales

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