Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

Yesterday

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Chow Tai Fook delivers growth in Q1 FY 2024

12 july 2023

Chow Tai Fook announced its unaudited key operational data of the group for the three months ended 30 June 2023 indicating positive overall results.

During 1Q FY 2024, recovery in general mobility and retail activity in the Mainland and Hong Kong and Macau had a positive impact on the group's business. Same store sales (SSS) in the Mainland recorded positive growth of 8.5%. With the reopening of the Mainland border, SSS in Hong Kong and Macau increased notably by 64.2% during the Quarter, with Hong Kong showing an increase of 64.9% and Macau up by 62.1%.

Correspondingly, the group's retail sales value (RSV) achieved a growth of 29.4% during the Quarter. Mainland RSV increased 25.2%, while that of Hong Kong and Macau rose 64.0% during the quarter, reaching approximately 76% of the corresponding FY2019 levels.

Demand for gold jewellery and products remained resilient in the first quarter. In the Mainland, the SSS of the gem-set, platinum and k-gold jewellery category declined by 4.1%, while its RSV grew by 8.0% during the quarter. SSS of the product category in Hong Kong and Macau increased by 16.9% during the quarter, driven by healthy volume and price increase.

The group continued to strengthen its product differentiation and optimize its product portfolio. With an expanded gold offering portfolio, the group is able to cater for different consumer segments, effectively capturing emerging growth opportunities and trends.

As part of elevating the group's brand positioning to increase brand desirability and build revenue resiliency, the group centralized its marketing strategy to improve consistency and maximize impact and synergy across all channels.

This complements the group's growth trajectory, building on the verticals of targeted brand positioning and product optimization. To that end, the group will be launching new designs for the HUÁ Collection together with its global campaign launch in mid-July 2023.

The group continues to monitor the fluid market conditions closely and adopt a flexible approach with expansion plans. It stays prepared at all times with the ability to recalibrate its network and resources to capture growth opportunities as they emerge.

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