Morning Bites

💍China’s jewellery and watch retail sales jumped 58% YoY in April, accelerating from the 45% YoY growth in March. Although the growth was mostly due to the low base effect from 2022 (when demand was negatively affected by strict Covid-19 restrictions), the figure was also 7% above the (pre-pandemic) 2019 level. We reiterate our view that China’s reopening might further bolster local jewellery spending this year. However, the positive impact on the global rough diamond market (the momentum of which is negative, amid global recessionary risks and inflationary pressures) is likely to be limited: China represents only ~15% of the world's gem-set jewellery trade

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