Hong Kong’s jewellery sales dip 25.7% in September vs last year

According to a report from the Hong Kong government, the jewellery retail sales declined at 25.7 per cent in September 2020 year-on-year. The decline was slower during September as against previous months due to the easing of COVID-19 infections in the city (in August the slump was 37.8 per cent and in July it reached 54.3 per cent). Jewellery sales in the first three quarters were down 59.6 per cent.
The prediction is that retail trade will remain challenging in the near term as inbound tourism is unlikely to see a swift rebound and the labour market is under pressure.
However, with the stabilisation of the local epidemic and the recent relaxation of social distancing measures, local consumption sentiment is likely to revive further.
Shipments of jewellery, goldsmiths’ and silversmiths’ wares were down 5.2 per cent from 13.2 per cent in August. From January to September, jewellery exports sank 23.5 per cent year on year.
According to the government, the improvement in merchandise exports was led by visible acceleration in exports to mainland China. Exports to the US reverted to moderate growth, and those to the EU saw a slower decline while other major Asian markets showed mixed performance.

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