Striving for excellence

Despite the pandemic, the exhibition "Carl Fabergé & Feodor Rückert. Masterpieces of Russian Enamel” was successfully held at the Moscow Kremlin Museums where about 400 pieces of precious metal with enamel were displayed made by the Russian jewelry...

Yesterday

Botswana Diamonds deal with Diamexstrat, Burgundy more extensive than that with Alrosa – Campbell

Botswana Diamonds recently entered into a cooperation agreement with Diamexstrat Botswana and its partner, Burgundy to fund exploration of its prospecting licence assets in the southern African country. Company managing director James Campbell told Rough&Polished's...

01 march 2021

‘By democratizing luxury, lab-grown diamonds are heading towards opening the widest consumer base globally the diamond industry has ever experienced’, asserts Amish Shah, President, ALTR Created Diamonds

A third-generation diamantaire, Amish Shah, President of ALTR Created Diamonds and pioneer of the lab-grown diamond market has never been afraid to challenge the status quo. After gaining experience, through his family business in the diamond industry...

22 february 2021

Debbie Azar: “I believe that natural and laboratory-grown diamonds are two separate products that can complement each other through their unique features and benefits”

GSI is one of the largest gemological organizations in the world with 13 laboratories globally. GSI’s four pillars – integrity, innovation, professional service, and research & education – serve as the backbone of its business and provide a layer of...

15 february 2021

Consumer spending on diamonds exceeds expectations as rough demand outstrips supply – Zimnisky

Consumer spending on diamonds exceeded expectations in the fourth quarter of 2020 and has continued through early 2021, according to a top industry expert. Diamond industry analyst Paul Zimnisky told Rough&Polished’s Mathew Nyaungwa that a multi-year...

08 february 2021

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

19 january 2021
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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