Pandora’s endorsement of lab-grown stones will not devalue natural diamonds – Zimnisky

Jewellery retailer Pandora recently announced that it will no longer purchase natural diamonds as it had switched to lab-grown diamonds. However, diamond market analyst Paul Zimnisky told Rough&Polished’s Mathew Nyaungwa in an exclusive interview that...

07 june 2021

“The volume of Forevermark diamonds that we drive through Indian partners is much higher than in other parts of the world,” says Sachin Jain

Sachin Jain has been a part of the Indian arm of De Beers that dates back to 2010 when he came on board as Head of Retail. In year 2014 he took over as President of Forevermark and today he is the Managing Director of De Beers, India. His single-minded...

31 may 2021

GSI's new Jaipur office to specialize in colored gemstones

Gemological Science International (GSI) has opened a new laboratory in Jaipur, India. Since this state is the capital of colored gemstones, the laboratory will have a dedicated division specializing in colored gemstone geographical origin and...

24 may 2021

“We welcome the mandatory hallmarking in the interest of consumers, but it is also essential to have proper and evenly spread infrastructure across India,” asserts Ashish Pethe, Chairman, GJC

Ashish Pethe, Chairman of All India Gem and Jewellery Domestic Council (GJC), formerly known as All India Gems & Jewellery Trade Federation (GJF) is based in Mumbai. As the third-generation heir of M/s Waman Hari Pethe Jewellers established...

17 may 2021

ALMAR is a case in point that will serve to develop the process of funding junior companies and geological exploration in general

Arkticheskaya Gornaya Kompaniya (AGK, Arctic Mining Company) develops the diamond deposits in the Lena-Anabar diamondiferous sub-province of Yakutia under the ALMAR (Diamonds of the Arctic) brand. This company attracts investments for...

10 may 2021

Chow Tai Fook’s profit up by 107% in FY2021

11 june 2021
Chow Tai Fook Jewellery Group’s annual results for the fiscal year 2021 showed the company’s profit grew by 107.7 per cent to $775.83 mn. This was a considerable improvement from a loss of 36.6 per cent in FY2020.
The turnaround is attributed to robust market fundamentals in China coupled with solid online sales and effective retail expansion strategies during the year ending March 31, 2021. The group also attributes its positive performance to recovery in the China market amid a challenging business environment.
Chow Tai Fook’s retail network expanded to 4,591 points of sale (POS) as of March 31, 2021, with a net addition of 741 POS. The group opened 746 POS during the year in review, 669 of which were Chow Tai Fook Jewellery shops. Chow Tai Fook’s e-commerce and O2O-related retail business meanwhile recorded 91.8 per cent growth in FY2021.
Henry Cheng, chairman of Chow Tai Fook Jewellery Group said: “Market volatilities in the past year presented opportunities for innovators to maintain competitive advantage. In pursuit of long-term and steady business development, the group accelerated digital transformation efforts in the smart retail arena and expanded its retail network across online and offline channels.”
The company also claims that it is optimistic about the mid-to-long-term growth in the mainland China market, and so will focus on China’s business development in the future. It will continue its retail expansion strategy and push forward its smart retail strategy by focusing on O2O channel integrations to take advantage of digital transformation.

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