According to the Hong Kong government, the COVID-19 pandemic has further dented jewellery sales in Hong Kong registering a 78.5 per cent decline y-o-y in February.
During the first two months of the year, retail sales of jewellery, watches and clocks, and valuable gifts were down 58.6 per cent as per data from Hong Kong's Census and Statistics Department.
Overall retail sales dipped 44 per cent y-o-y in February.
According to the Hong Kong government, the retail business is expected to remain subdued in the near term, with the new pandemic severely impacting inbound tourism and local consumption.
The Hong Kong Retail Management Association said that a 30 per cent to 50 per cent dip in overall sales during the first half of 2020 is highly likely.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
