The need for significant capital investments will be the main trend in the diamond mining industry in 2021-2030

The prospects of the diamond industry in the post-crisis period are discussed by the Rough&Polished correspondent with Sergey Mityukhin, Candidate of Geological and Mineralogical Sciences, Honored Geologist of the Russian Federation.

Yesterday

Young Diamantaires: We create initiatives for the benefit of diamond communities worldwide

The World Federation of Diamond Bourses recently launched its Young Diamantaires website. The organization has worked for the past four years with young members of the diamond community all over the world to create a platform through which they can express...

29 june 2020

Those who implement the right anti-crisis strategies have more chances

It is not surprising that because of the pandemic and the crisis, the most heated debate in the jewellery industry is about what is happening and the possible ways of survival. Irina Slesareva, an expert, art director of the Russian Diamond Line contest...

22 june 2020

The secondary diamond market in Russia is not mature although its prospects are huge

Pavel Barannik, the founder and head of the Moscow Gemological Laboratory, the founder of the Gemological Institute and President of the Moscow Diamond Club, graduated from the Gemological Institute of America (GIA). He is an expert and consultant...

15 june 2020

Johan Erikson: The industry needs to spend more on advertising and marketing

First Element is a fully independent Diamond Services Company registered in Belgium, Botswana, South Africa and Dubai. First Element is committed to providing a world class diamond service aimed at adding value to the entire supply chain, from the daily...

08 june 2020

TSL’s profit dips 94% in H1 due to trade row and unrest in Hong Kong

22 november 2019

Tse Sui Luen Jewellery (International) Ltd, the Hong Kong jeweller profit dropped 94 per cent in the first half of its fiscal year. The company has attributed the performance to the impact of the US-China trade war and the social unrest in Hong Kong.
As per the statement, the earnings for the six-month period ending September 30, 2019, were down to $ 0.20 mln from $3.10 mln year-on-year. Revenues fell 14 per cent to $0.21 bln from $0.24 bln a year ago.
Annie Tse, chairman and CEO of TSL also mentioned the low spending power of Chinese visitors. “Domestically, Hong Kong has been gripped by large-scale social unrest since late June. The weak local consumer sentiment due to city-wide protests has made it challenging for retailers to operate, which influenced our performance in the first half of the financial year,” she said.
Tse also mentioned that the situation is unlikely to improve owing to ongoing protests in Hong Kong as well as the lack of a trade consensus between China and the US.
To overcome difficulties, the company is committed to further strengthening its products and services and will implement cost-saving initiatives, including seeking reduced rental fees from landlords as well as cutting down operating expenses.
TSL has a total of 448 shops in more than 130 cities. The company will also expand its reach in the Greater Bay Area.

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