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.

06 july 2020

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

Chow Tai Fook to expand Monologue chain, shut signature stores

01 july 2020
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Image credit: Chow Tai Fook

Hong Kong jewellery retailer Chow Tai Fook is expanding its new lower-priced chain to target younger shoppers in mainland China and is also to close up to eight Hong Kong and Macau stores by the end of the current financial year. Up to six will also close next year with most of the shops that are being axed located in tourist areas.
MD Kent Wong said the new chain will not provide a huge boost to revenue for now but the launch was a must-do to avoid it losing younger consumers.
Its new chain, called Monologue, offers jewellery at around a third of the price of the products in Chow Tai Fook stores. The first Monologue store opened last autumn in Shenzhen with up to six more planned this year.
Hong Kong has seen a major tourist downturn in recent years and this has hurt its retail trade, particularly at the luxury end of the market. But Chow Tai Took has also been affected by intense competition among jewellers in key tourist areas, as well as by Hong Kong’s high retail rents. However, Kent Wong said the company’s business is improving with consumer sentiment recovering in Q4 and comparable sales in mainland China also rising.

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