Today’s customer needs an offer of something unique that others do not have

Oksana Senatorova is the publisher of the Jewelry Trade Navigator magazine and the founder of the Jewellery Business Academy.
She graduated from I. M. Sechenov Medical Academy and the Faculty of Psychology of Lomonosov Moscow State University...

09 january 2020

Inventories accumulated by De Beers, ALROSA to put ceiling on prices near-term even if demand substantially picks up – Zimnisky

As we are in the last month of 2019, it is prudent to examine what the diamond industry went through and the possible trajectory in the upcoming year. Industry expert, Paul Zimnisky spoke with Rough & Polished’s Mathew Nyaungwa to discuss this and other...

30 december 2019

Empowering customers and engaging more with our stakeholders is the new Mission

The unassuming Govindbhai Laljibhai Dholakia, Chairman, Shree Ramkrishna Exports Pvt Ltd (SRK) is not just an ace businessman but a noted philanthropist. He has contributed immensely to social welfare with special focus on education … a noteworthy...

23 december 2019

‘Dubai has proven to be a great port for diamond tenders’

Stargems, which was established by Shailesh Javeri in 1981, has been involved in the trading of rough diamonds and is now also into manufacturing, wholesaling, retailing, tendering of diamonds and diamond jewellery. Although, the company has operations...

16 december 2019

Our main role is to inspire consumers to consider diamonds - Jean-Marc Lieberherr

With over 25 years of experience in a variety of leadership positions across many geographies, functions and businesses, Jean-Marc Lieberherr has more than 10 years’ experience as a diamond industry leader, which includes as a Board member of the World...

09 december 2019

Chow Tai Fook’s sales dip 35% in HK in Q3 FY2020


chow_tai_kook_logo.pngChow Tai Fook Jewellery Group Limited has reported a turnaround in its China operations with same-store sales (SSS) rising 2%, the slump in Hong Kong & Macau, hit by weak consumer sentiment and stagnant customer traffic, continued with SSS down by a significant 35%.
The unaudited key operational data for the three months ended December 31, 2019, indicates a 17% rise in retail sales value across all stores in China, but the RSV in HK & Macau was down by 38%. The uneven performance across main markets was also reflected in terms of product category-wise figures.
In Mainland China, SSS of gem-set jewellery was up 1%, while new POS opened in the past 12 months boosted the RSV growth of gem-set jewellery to 14% during the Quarter. However, SSS of gem-set jewellery in Hong Kong and Macau decreased by 53% during the Quarter as consumers held back spending.
Chow Tai Fook’s gold products recorded a volume decline as a result of gold price volatility, dragging down SSS of gold products in both markets.
The e-commerce business in Mainland China continued to flourish with retail sales value (RSV) rising 26% year-on-year while volume increased by 10% in the Quarter.
According to Chow Tai Fook, it opened a net of 296 POS in Mainland China during the Quarter, including 279 net POS openings of Chow Tai Fook Jewellery stores. However, the Group may close up to 15 stores in Hong Kong as street protests and a tourism slowdown have hit sales.

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