Morning Bites (part 1)

💍China’s jewellery and watch retail sales declined 12% YoY in May, reversing from the 45% YoY surge in April. The figure was only 2% above the (pre-pandemic) 2019 level. According to local market sources, mixed signals in the Chinese economy affected middle-class consumers, preventing them from big purchases. Overall, even if China’s economy recovers to previous growth trends, we expect a limited effect on the global diamond market (China represents only ~15% of the world's gem-set jewellery trade), and maintain our cautious outlook on the sector — mostly due to adverse global macroeconomic conditions and weak US jewellery sales

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