De Beers only selling Elizabeth Bay Mine in Namibia, move to sustain operations beyond 2019

Namdeb Holdings, a 50/50 joint venture between the Namibian government and De Beers is not selling Daberas, Sendelingsdrift and Southern Coastal mines in the southern African country. It had been alleged that Namdeb was planning to close and offload...

Today

Colorless diamonds as an investment class are evolving beyond their traditional ability to preserve, relocate and pass on wealth

Antonio Cecere, the Founder & VP of Monaco Diamond Exchange dons many caps simultaneously. Currently, he is the President of Geneva Diamond Exchange, the President of Diamond Investment Club and the Principal of the Cecere Group. Antonio’s ability to...

15 april 2019

Jewellery with diamonds, even with small ones, sells better than without diamonds

The Yakut jewellery firm Kierge was set up 25 years ago on the basis of the jewellery workshop PKF Yakutrembyttekhnika which, in its turn, was founded way back in the 1970s. Over this period, Kierge turned into a well-established company successfully...

08 april 2019

Lucapa’s Wetherall on the past, present and the future

Lucapa Diamond chief executive Stephen Wetherall recently attended a mining conference, in Cape Town South Africa, where he met Rough & Polished’s Mathew Nyaungwa and granted him an exclusive interview. They discussed Angola’s first international diamond...

01 april 2019

India’s gem and jewellery industry expects the government will consider its demand for lower import duty on raw materials

A go-getter at heart, with an attitude to match, Pramod Kumar Agrawal, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) of India is a man in a hurry. He has not left any stone unturned to bring back the Indian gem & jewellery...

25 march 2019

CTF’s last quarter growth hit by market uncertainties

17 january 2019
chow_tai_kook_logo.pngChow Tai Fook Jewellery (CTF) has posted a 6 per cent decline in same-store sales growth in Hong Kong and Macau in the last quarter of 2018 amid the uncertain macro environment, reports The Standard.
CTF’s same-store sales growth in the mainland dropped by 7 per cent, while growth in the mainland and Hong Kong and Macau were 6 per cent and 23 per cent respectively in the previous quarter. Besides, the same-store sales volume growth dipped by 11 per cent both in Hong Kong and Macau and in the mainland.
In Hong Kong and Macau, same-store sales of gem-set jewellery declined by 8 per cent, 2.5 per cent down from the previous quarter.
In the mainland market, the company’s same-store sales of gem-set jewellery dropped by 5 per cent, but its respective retail sales value increased by 3 per cent, with a 4.3 per cent quarter-by-quarter decline in average.
According to the report, the same-store sales of gold products in both markets were affected by a decline in volume growth as gold price strengthened. Hong Kong and Macau reported a 6 per cent decline and the mainland saw an 11 per cent drop.
However, CTF’s average selling price of gold products improved in the quarter due to an increase in average weight per gold product sold, with 5.7 per cent increase in Hong Kong and Macau and 10 per cent jump in the mainland.
The sales contribution from mainland tourists improved to 47 per cent as compared to 42 per cent for the same period last year.

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