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...


GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

Luk Fook Revenues +47% in Fiscal 2012

06 july 2012

Luk Fook Holdings, a Hong Kong-based jeweler, reported rose 47 percent year on year to $1.54 billion (HKD 11.91 billion) in the year that ended March 31, 2012. Group profit grew 54 percent to $173.7 million (HKD 1.35 billion), Rapaport reports.
Sales were driven by the company’s expansion in Mainland China and tourists to Hong Kong.
“Retail business accounted for the huge surge in the group’s performance owing to rising demand for luxury products from Mainland visitors holding appreciating renminbi [coming with] aspirations of purchasing high quality gold and jewelry items in Hong Kong,” Luk Fook explained.
Luk Fook’s retail sales in Hong Kong, Macau and overseas accounted for majority of revenues and rose 49 percent to $1.15 billion (HKD 8.92 billion), while sales in Mainland China increased 64 percent to $96 million (HKD 744.1 million). The company’s wholesale division had sales increase 33 percent to $233.8 million (HKD 1.81 billion). Sales at its licensee rose 55 percent to $55 million (HKD 426.7 million)
At year end, Luk Fook had 103 wholly owned retail stores under the brand name Lukfook Jewellery and 758 licensee shops.
Management offered some caution for the current fiscal year due to global economic uncertainties but maintained that China’s economy would remain stable, stimulated by rising consumption.
“Demand for luxury and jewelry products, particularly from tourists from Mainland China, has remained robust due to wealth effect deriving from stable economic growth in Greater China, increasing disposable income and urbanization, giving a strong support to retail sales market,” Luk Fook stated. “Facing the huge potential of the [Chinese] market, the group’s approach on retail outlet expansion is aggressive yet prudent. The Group will continue to expand its retail outlets in cities with lower brand penetration and explore various market opportunities so as to increase its market share.”