Vallabhbhai Shamjibhai Patel tells about the ongoing construction of the Surat Diamond Bourse

The under-construction Surat Diamond Bourse (SDB) is India's second diamond trading hub based at Surat, Gujarat, spread across 35.54 acres with more than 4,000 offices for national & international traders. On the onset, the project which...

18 june 2018

The strategy of regulating the Russian jewellery industry

At the General Meeting of the Russian Jewellers Guild Association held in April, two principally important documents were adopted: The Strategy of Regulating the Jewellery Industry of Russia and The Charter of a Good Faith Taxpayer. Besides, the issues...

13 june 2018

Our first priority is to better understand artisanal and small-scale mining - Elodie Daguzan

The Diamond Development Initiative (DDI), the organization dealing with the traditional diamond mining, recently announced the appointment of Élodie Daguzan as its first Goodwill Ambassador. Ms. Daguzan, who currently works as head of communication...

04 june 2018

Zimnisky on De Beers’ Lightbox: It’s a strategic, bold move that will benefit the entire natural diamond industry

De Beers shocked all and sundry end of May when it announced the launch of a new company called Lightbox Jewelry, which will market a new brand of laboratory-grown diamond jewellery in September. This effectively meant that the group had departed from...

01 june 2018

Tracking the provenance and lifecycle of a product is a natural and necessary evolution in our industry

A senior executive with a demonstrated history of working globally at management and board levels, Marcus ter Haar has been the Managing Director at Okavango Diamond Company (ODC), Botswana for about 10 months now, prior to which he held the...

28 may 2018

Chow Tai Fook Group net profit up 33% for FY 2017-18

13 june 2018
news_13062018_ctf.jpgChow Tai Fook’s sales and profit rose during the fiscal year, amid a recovering Chinese market and increased tourism to Hong Kong. The Group’s sales grew 15% to $7.54 bn for the year that ended March 31. Retail sales in mainland China jumped 16% to $3.58 bn, while revenue from Hong Kong and Macau rose 7% to $2.63 bn. The company also operates a wholesale business, which accounted for 18% of overall revenue.
Net profit soared 33% to $535.7 mn for the year. According to the company, they have enjoyed a year of recovery, with resilient business performance seen in both mainland China and Hong Kong and Macau. Against the backdrop of the shifting retail landscape, the company remains confident in the prospects of the greater China jewelry market in fiscal year 2019 and beyond.
Same-store sales in mainland China increased 8% for the period, while those in Hong Kong and Macau rose 10%. Group sales of gem-set jewelry rose 5% to $1.49 bn for the year, while revenue from gold surged 15% to $3.59 bn. During the year, the retailer added a net 204 new outlets, primarily in mainland China, and had 2,585 points of sale as at March 31.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished


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