Memorial Foundation of Carl Fabergé continues to fulfill its tasks

Valentin Skurlov, Ph. D., who is an Honorary Academician of the Russian Academy of Arts, professor, scientific secretary of the Fabergé Memorial Foundation, consulting researcher studying the Fabergé heritage at the Russian department of the Christie's...

30 march 2020

Gaetano Cavalieri: We need to protect the long-term health of our industry

The World Jewellery Confederation (CIBJO) represents the entire jewelry industry embracing a whole variety of companies, from those mining precious metals and gems to those, which are manufacturing and selling final products. The confederation...

23 march 2020

Sierra Leone mulls setting up entity to buy diamonds from artisanal miners

Sierra Leone will revise its Mines and Minerals Act that will, among other issues, pave way for the establishment of a State entity that can buy diamonds from artisanal miners, an official has said. The National Minerals Agency of Sierra Leone director-general...

16 march 2020

David Block, CEO of Sarine Technologies believes that AI will play a bigger role in the industry in the next few years

Armed with an MBA degree from the Kellogg-Recanati School of Business, and a Bachelor's degree in Computer Science from the Tel Aviv-Jaffo Academic College in Israel, David Block is the present CEO of Sarine Technologies, a worldwide leader in the...

10 march 2020

Botswana wants to fully participate in research and development led by De Beers

Although the government of Botswana has refused to review its latest demands from the ongoing negotiations for a new sales and marketing deal with De Beers, it has indicated its desire to fully participate in research and development led by the diamond...

02 march 2020

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

16 january 2020

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