China’s biggest jeweller, Chow Tai Fook (CTF) has reported a dip in retail sales due to a rise in Covid across the country, as per media reports.
Chow Tai Fook reported that retail sales value in its 6000 outlets in China grew by 8.5 per cent in the quarter ending 31 March 2022 as against 31.1 per cent in the 3 months ending 13 December 2021.
According to Chow Tai Fook, during the fourth quarter, both Mainland China and Hong Kong and Macau recorded negative same-store sales growth due to the resurgence of the pandemic. The same-store sales dropped by 11.3 per cent year-on-year in the Mainland China during the quarter.
Chow Tai Fook’s dismal performance is attributed to Covid cases spiking in March 2022 and continuing to increase to the current 53000 Covid cases and threatening to increase further.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
Exclusive
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
James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration
London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...
07 october 2024
Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products
Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...
30 september 2024
Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices
The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...
23 september 2024
