Part 2: KPCSC wants Russia to help end impasse on new definition of conflict diamonds

In the first installment of this two-part exclusive interview with Shamiso Mtisi, the coordinator of the Kimberley Process Civil Society Coalition (KPCSC), we focused on illegal diamond mining in the continent and where the contraband ends up...


Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

18 october 2021

The jewelry industry in Russia needs to be upgraded in a serious way

Dina Nasyrova is a vice-president of the International Jewelry Exhibition-Congress J-1 recently hosted by the Atrium of Gostiny Dvor in Moscow. As a partner and the Muse of the famous jeweler Ilgiz Fazulzyanov, she actively participated in the preparation...

11 october 2021

Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

Zulu Ghevriya, the CEO and Co-Founder of Smiling Rocks, Founder of Vedantti Jewellery and Managing Director of Prism Group has been in the diamond and jewellery industry for over 20 years. Zulu started his business, Prism Group, as a natural diamond...

04 october 2021

Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

27 september 2021

Luk Fook’s jewellery sales improve in Q3; eCommerce sales outstanding

19 january 2021
Image credit: Luk Fook

Hong Kong jewellery retailer Luk Fook Holdings (International) Ltd saw continued improvement in sales in the third quarter of the fiscal year 2021, thanks to sustained economic revival in China. The retail sales from October 1 to December 31, 2020, were down 29 per cent from year-ago figures but reflected a slower rate of decrease from a drop of 55 per cent in the second quarter.
According to Luk Fook, its same-store sales turned from a decline to an increase during the quarter, with effective control of COVID-19 in the mainland market; and e-commerce business was outstanding.
Sales of self-operated stores in China rose 4 per cent year on year in Q3, with those of gold products rising 11 per cent. Licensed shops, which account for around 96 per cent of Luk Fook’s total stores in China, recorded a similar trend.
Hong Kong and Macau meanwhile saw an upturn in sales, with the decline narrowing substantially to 35 per cent from 63 per cent in Q2. Macau recorded a loss of 20 per cent in jewellery sales in Q3 from about 80 per cent in the previous quarter. Online business in China was also booming, with a year-on-year increase of 54 per cent in sales.
Luk Fook anticipates that with the introduction of vaccines the COVID-19 pandemic will gradually subside, and the macroeconomy and retail sentiment will further improve.

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