Image credit: Lao Feng Xiang
Major jewellery retailers in China have reported double-digit growth on the back of strong consumer demand, as per jewellerynet.com.
According to jeweller Lao Feng Xiang, sales rose 24 per cent year on year to $2.63 bn in the third quarter. Sales of gold jewellery were up 22.41 per cent.
This is attributed to the National Day Holiday, China’s traditional wedding season, which could have driven demand for gold jewellery. It is reported that from January to September, the company’s sales grew 4.12 per cent.
Another jeweller Yuyuan Jewelry and Fashion Group, a subsidiary of Chinese conglomerate Fosun International Ltd, showed recovery during the third quarter, with an 18.56 per cent increase in jewellery sales. The total sales during the first three quarters increased by 8.07 per cent to $2.48 bn.
The company owns Chinese jewellery brands Laomiao and First Asia. It has previously acquired the International Gemological Institute and French jeweller Djula. By September 2020, Yuyuan’s jewellery sales network has reached 3,222 stores, after opening a record number of 255 stores during the quarter.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
