Chow Tai Fook Jewellery (CTF) said its retail sales value during the quarter ended June shrank by 20.2 percent from a year ago, with that of Hong Kong, Macau and other markets, which accounted for 11.4 percent of the total, plunging 69 percent year-on-year.
CTF said that the Retail sales value from the mainland China market took up 88.6 percent of the total figure, and went up by only 0.1 percent from a year ago.
The same-store sales decline in the mainland narrowed to 11.2 percent year-on-year last month as business resumed, but Hong Kong and Macau recorded a SSS decline of 72.5 percent and 93.2 percent, respectively.
CTF operated a total of 3,896 stores as of the end of June, with a net addition of 49 stores in the mainland and a net closure of three stores in Hong Kong during the quarter.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
Exclusive
Mmetla Masire: Okavango to resume diamond sales in January
Botswana’s state-owned Okavango Diamond Company (ODC) is set to resume diamond sales in January 2025, whether the market remains depressed or not. ODC managing director Mmetla Masire told Rough & Polished’s Mathew Nyaungwa on the side-lines of...
Today
Helga Pombal: Angola's Stardiam finds solution to the threat posed by lab-grown diamonds
Stardiam manager of production Helga Pombal told Rough&Polished's Mathew Nyaungwa on the sidelines of the Angola International Diamond Conference that lab-grown diamonds are creating a parallel market for more accessible stones, combined with lower...
11 november 2024
Ellah Muchemwa: ADPA to launch Africa's first diamond mining standard next year
The African Diamond Producers Association (ADPA), which is based in Luanda, Angola, and represents the interests of mainly African diamond producers and those with the potential to produce diamonds, will next year launch the Sustainable Development...
04 november 2024
Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future
Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...
28 october 2024
Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
