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

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

Luk Fook's Profit -23%, Sales +7%

07 december 2012

Luk Fook Holdings reported that its profit fell 23 percent year on year to $72.3 million (HKD 560.2 million) during the six months that ended on September 30, 2012. The decline in net income came as costs rose and despite an increase in sales of 7 percent year on year to $764 million (HKD 5.92 billion). The Hong Kong based jeweler noted that cost of sales rose 12 percent to $599.3 million (HKD 4.64 billion) due to a disproportionate increase in Hong Kong and Macau rentals, staff costs and store renovations that it carried out, Rapaport reported.
At the end of the period, Luk Fook operated 36 stores in Hong Kong and eight in Macau where combined revenue rose 4 percent to $560.8 million (HKD 4.35 billion). Growth was impacted by a slowdown in visitor arrivals from Mainland China, the company explained.
Revenue from its operations in Mainland China, which included 857 licensed stores and 77 self-operated shops, grew 47 percent to $52.7 million (HKD 278.5 million). Management noted that local consumption in China remained stable despite a weaker economic environment, while the steady demand for luxury products has led to the group’s fast expansion in China through its licensing business model.
Luk Fook projected that its Mainland China business will continue to drive growth as it expects the government to introduction  various economic stimulus policies coupled with ever-rising disposable income to spur further development in the domestic consumer market.
Revenue from the group’s wholesale division increased 12 percent to $122.4 million (HKD 948.7 million) and revenue from its licensing business grew by 10 percent to $28.1 million (HKD 217.4 million).