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

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

Chow Tai Fook delivers strong sales growth in Q2 FY2024

17 october 2023

Chow Tai Fook reported that its mobility and retail activity continued to improve in the Mainland China, Hong Kong and Macau during Q2 FY2024. The group's retail sales value registered positive growth of 5.8% during the quarter, driven by Hong Kong, Macau and other markets. Sales in the Mainland China were stable with a slight increase of 0.6%, despite a higher base last year.

According to the Hong Kong Tourism Board, the influx of Mainland tourists has been supportive to the business in Hong Kong, Macau and other markets, with retail sales rising 54.1% during the quarter, reaching approximately 77% of the corresponding FY2019 levels.

On same store sales basis, Hong Kong and Macau registered an increase of 55.7% during the quarter. The same store sales grew by 43.0% and 116.7% for Hong Kong and Macau respectively, while in the Mainland they dropped by 12.5% year-on-year during the quarter due to the high base of comparison.

Despite current market conditions, the Mainland market has seen solid recovery in mobility and retail activity during festive and holiday periods. Meanwhile, the group continued to observe resilient jewellery consumption in the Mainland during Qixi and National Day holiday. Sales were in-line with management's expectations.

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