Surge in Gold Prices Hits Luk Fook Revenue

Luk Fook reported a 27 per cent slump in its half-year revenue and the closure of 175 of its 3,500-plus retail jewelry stores amid a surge in gold prices and weak consumer demand.

Earnings for the six months to 30 September were down to $700m. The Hong Kong-based jewelry chain blamed: “various challenges including macroeconomic uncertainties, further rising gold prices and cautious consumer sentiment, coupled with a high base effect”.

Luk Fook said the sharp rise in gold prices – an increase of 23 per cent during the six months – affected consumer sentiment, resulting in a 24 per cent drop in the sales of gold and platinum products. Overall same stores sales were down 34 per cent.

CEO Wong Wai Sheung said: “Although the spike in gold prices may affect sales performance, an increase in profit margin will help mitigate the impact of the decline in sales.

“Sales of the gold products are expected to resume to the normal levels after consumers adapt to the high gold prices.

Gross profits for the six months were down 14 per cent to $228m, net profit fell 56 per cent to $54m.

In March, Luk Fook reported a 28 per cent increase in revenue, driven by a post-Covid influx of tourists.

ource: DCLA

Fancy Yellow Diamond Earrings Sell for $8m

A pair of fancy vivid orange-yellow diamond earrings sold for almost $8m at Christie’s Hong Kong.

They were the lead item in the Magnificent Jewels sale that raised just over $60m on 29 October.

The Oriental Sunrise earrings feature a pair of Type 1b oval mixed-cut diamonds – 12.20 carats (VVS2) and 11.96 carats (VS1) – surrounded by white shield and tapered baguette-cut diamonds, set in platinum and gold. The pre-sale estimate for the earrings was $6.4m to $10.3m.

Among other highlights was a necklace of 26 oval-shaped rubies (5.38 carat to 1.27 carat), some of them listed as “pigeon blood red” – with white pear and marquise-shaped diamonds, that sold for $6.4m.

A Cartier ring, set with a Type IIa 12.60-carat D-color, IF clarity round-cornered rectangular brilliant-cut Goloconda diamond, sold for $1.4m. The high estimate was $1.1m.

Source: IDEX

Record Gold Prices Hit Chow Tai Fook Sales

Chow Tai Fook (CTF), the jewelry chain with 7,500 stores across mainland China, posted a 21 per cent plunge in retail sales value (RSV) in the three months to 30 September, as gold prices hit an all-time high.

The Hong Kong-based company warned that interim profits for the half year to September could fall by 42 to 46 per cent.

Gold prices have broken multiple records in recent months and currently stand at just over $2,700 an ounce.

Central banks, particularly China’s, have been aggressively buying gold to diversify their reserves and reduce reliance on US dollars, thereby forcing the price up.

Before the gold surge CTF reported a record high revenue (up 18.5 per cent) and core operating profits for the year to 1 March (FY 2024).

Core operating profit for the year surged almost 29 per cent to US$1.58bn (HKD 12.2bn) with the company saying business had been boosted by post-Covid improvements in mobility and retail activity, especially tourism from mainland China to Hong Kong and Macau, which saw retail sales values rise by 32 per cent and 53 per cent respectively.

But in its latest quarterly update, CTF says: “Macro-economic externalities, particularly record gold prices, continued to weigh on consumer sentiment, a phenomenon observed across the industry”.

Same store sales across its franchised stores on mainland China fell by 24 per cent, and by 31 per cent at its outlets in Hong Kong and Macau.

Source: DCLA

Yellow Gold Is Hot, Diamonds Are Not At Hong Kong Jewelry Trade Show

The pulse of the jewelry industry and its relationship with the constantly changing world is reflected each year at Jewellery & Gem World Hong Kong (JGWHK).

This year the annual jewelry trade show attracted more than 3,300 exhibitors, a 5% decline from 2023, according to Informa Markets, which owns and operates the fair. Although final buyer numbers aren’t available, walking the floors on the first four days, it’s easy to see that foot traffic was down as well. Still the show is expected to attract about 50,000 visitors.

Buyers in the Fine Design Pavilion of Jewellery & Gem World Hong Kong

More important than the numbers themselves is what they represent. A major typhoon in the Shanghai area a few days before the show began meant many exhibitors and buyers from the area could not immediately make the trip to Hong Kong. Obviously, war in Ukraine and in Gaza has kept people in these regions from attending. After years of exponential growth, the U.S. jewelry market has softened, partly due to the upcoming presidential election. The China market has softened as well, reflecting the country’s overall economic challenges. These are the two largest markets in the world for jewelry. Then for the first time in memory, the fair coincided with the Mid-Autumn Festival on September 18, which further reduced overall attendance, at least temporarily.

For a fair that has been held during trade wars, citywide political protests and a once-in-a-century typhoon, these distractions were mild by comparison. Through it all JGWHK remains, by far, the largest jewelry trade fair in the world, and for good reason.

Read full article: DCLA

“Most Coveted” A 16.9 ct Fancy Vivid Yellow Diamond

A flawless 16.92 carat vivid yellow diamond was unveiled last week at Jewellery & Gem World Hong Kong.

Mumbai based Venus Jewel says the radiant shaped natural diamond is one of the “most coveted diamonds” it has released in its 55 year history.

It was cut from a 28.78 carat rough stone. Natural vivid yellow colored diamonds are extremely rare. One out of approximately 10,000 carats mined is a natural fancy color diamond. Of those only a small percentage are fancy vivid, the highest grading for color saturation and brilliance.

“We are delighted to present the Yellow Lava, a true testament to our craftsmanship, energy and dynamism,” said Rajesh Shah, a partner in the company.

“The name Yellow Lava is derived from its evenly distributed vivid yellow color and flawless clarity.”

Source: DCLA

Sotheby’s Hong Kong Watch Sale Sees Two World Records

Two timepieces set new auction records at the most recent Sotheby’s watch sale in Hong Kong, while nearly half of the lots sold above their high estimates.

A Patek Philippe Ref. 2526, the first self-winding wristwatch from collector J.B. Champion, brought in HKD 5.7 million ($729,977), within its estimated range, Sotheby’s said Monday. Meanwhile Cartier’s Paris Cloche, No. 1/1, fetched HKD 1.7 million ($210,882), more than four times its high estimate. Both set a record for the highest auction amount for the specific model, Sotheby’s noted.

In total, the April 7 Hong Kong Important Watches auction garnered HKD 126.3 million ($16.1 million). Over two-thirds of buyers were from China and the US, the auction house noted.

Meanwhile, the top lot of the auction, a Patek Philippe Ref. 2499 made in 1960, saw fierce bidding between participants in the room and on the phone. That piece, which sold within its estimated range, went for HKD 8 million ($1 million) after nearly 20 bids.

Source: DCLA

55.55ct. Diamond Steals Spotlight at Sotheby’s Hong Kong

An unmounted 55.55-carat diamond was the top seller at the most recent Sotheby’s auction in Hong Kong, bringing in HKD 45.2 million ($5.8 million).

The price for the oval brilliant-cut, D-flawless stone, named the Fortune Five, fell within its HKD 38 million to HKD 50 million ($4.9 million to $6.4 million) presale estimate, Sotheby’s said Saturday. In total, the April 6 Magnificent Jewels sale garnered HKD 285.7 million ($36.5 million), with 76% of items finding buyers.

Colored diamonds and gemstones proved popular choices, comprising half of the best sellers, as were jewels from well-known design houses, including Graff, Harry Winston, & Tiffany & Co.

Here are the rest of the top 10 items at the sale:

This ring, set with a cushion-shaped, 7.01-carat, fancy-vivid-yellowish-orange, VS2-clarity diamond, smashed its $2 million upper estimate to fetch HKD 29.5 million ($3.8 million).

A Harry Winston ring bearing a cushion-shaped, 16.65-carat Kashmir sapphire flanked by two triangular diamonds just missed its high price, bringing in HKD 19.8 million ($2.5 million).

Sotheby’s sold this ring featuring a cushion-shaped, 5.07-carat, pigeon’s blood Burmese ruby surrounded by diamonds for HKD 12.7 million ($1.6 million), just under its lower estimate.

A ring with a cushion-shaped, 66.44-carat, fancy-intense-yellow, VS2-clarity diamond, offered without reserve, went for HKD 11.6 million ($1.5 million), a bit shy of its upper presale price.

A necklace with 29 intense-green jadeite beads secured by a ruby and diamond clasp realized HKD 10.7 million ($1.4 million), within its expected range.

This unmounted emerald-cut, 20.19-carat, D-flawless, type IIa diamond garnered HKD 10.7 million ($1.4 million), within its presale price parameters.

A pair of earrings, each set with a step-cut Colombian emerald — one weighing 10.84 carats and the other 9.79 carats — and diamonds, beat predictions to yield HKD 10.4 million ($1.3 million).

This Harry Winston ring containing a pear-shaped, 15.26-carat, D-color, VVS1-clarity diamond center stone achieved HKD 7.7 million ($989,602), falling slightly below its HKD 7.8 million ($1 million) lower presale price.

A ring by Graff set with an oval-shaped, 10.02-carat, D-flawless diamond, between two heart-shaped diamonds, brought in HKD 7 million ($892,264), within its original range.

Source: DCLA

Colored Diamonds and Jadeite to Shine at Sotheby’s Hong Kong

A ring with a rare fancy-vivid-yellowish-orange diamond is set to lead the upcoming Sotheby’s jewelry sale in Hong Kong, which will take place during its luxury week.

The auction house has not disclosed the estimate for the cushion-shaped, 7.01-carat, VS2-clarity diamond it will offer at the April 6 Magnificent Jewels event.

Along with that stone, Sotheby’s will feature several other colored diamonds in its top 10, as well as jadeite pieces. Jewels from well-known design houses, including Harry Winston, Graff, Chopard, Tiffany & Co., Bulgari, and Boucheron, will also take center stage.

Here are the rest of the top 10 jewels Sotheby’s will offer at the auction:

This unmounted oval brilliant-cut, 55.55-carat, D-flawless, type IIa diamond has a presale estimate of HKD 38 million to HKD 50 million ($4.9 million to $6.4 million).

A ring with a heart-shaped, 10.33-carat, fancy-intense-orangey-pink, VVS1-clarity diamond is estimated to fetch HKD 25.3 million to HKD 40 million ($3.2 million to $5.1 million).

Sotheby’s will sell this ring bearing a round-cornered rectangular modified brilliant-cut, 4.01-carat, fancy-intense-purplish-pink, internally flawless diamond for up to HKD 30 million ($3.8 million).

This necklace, containing 18 oval jadeite cabochons with brilliant-cut diamonds, is estimated to bring in up to HKD 28 million ($3.6 million).

A collection featuring a detachable pendant necklace, composed of seven oval jadeite cabochons as well as diamonds, in addition to a pair of earrings and a ring will be offered for HKD 18 million ($2.3 million) to HKD 28 million.

A ring by Jacques Timey for Harry Winston contains a cushion-shaped, 16.65-carat Kashmir sapphire flanked by two triangular-shaped diamonds. It carries a presale estimate of HKD 17 million to HKD 20 million
($2.2 million to $2.6 million).

This jadeite bangle is set to go under the hammer at the Hong Kong auction, where it has a price range of HKD 16.8 million to HKD 22 million
($2.1 million to $2.8 million).

A ring with a cushion-shaped, 5.07-carat, pigeon’s blood Burmese ruby surrounded by epaulette- and marquise-shaped diamonds is due to bring in between HKD 12.8 million ($1.6 million) and HKD 18 million.

Another jadeite collection, comprising a necklace set with 14 oval jadeite cabochons and brilliant-cut, pear- and marquise-shaped diamonds, together with a ring and a pair of earrings, has a price range of HKD 12 million ($1.5 million) to HKD 18 million.

Source: DCLA

Asian Star Sales Slip Amid Weak Diamond Demand

Sales slumped at Indian diamond manufacturer Asian Star in the final three months of the year amid a weak market and an oversupply in the midstream.

Revenue on a consolidated basis — which includes subsidiaries in the US, Dubai and Hong Kong — fell 13% year on year to INR 6.98 billion ($84.1 million) in the company’s third fiscal quarter, which ended December 31, it reported last week. Sales slid 24% compared to the previous quarter. Net profit grew 37% to INR 182.5 million ($2.2 million).

Those figures reflected weak demand for diamonds in the US and Chinese markets, which discouraged jewelers from restocking. In China, gold jewelry was more popular throughout the period than those set with diamonds, according to Hong Kong jewelry retailers Chow Tai Fook and Luk Fook.

Revenue from the company’s diamond segment dropped 17% to INR 5.7 billion ($68.7 million), while sales of gold jewelry increased 9% to INR 1.74 billion ($20.9 million).

Source: DCLA

21 ct Yellow Harry Winston Diamond Could Fetch $1.4m

A 21.38 carat Fancy Vivid Yellow diamond is to be auctioned tomorrow (31 January) at Sotheby’s Hong Kong with an estimate of HKD 8,000,000 to 11,000,000 HKD ($1m to $1.4m).

The radiant-cut VS1 gem is flanked by two tapered baguette diamonds, mounted in platinum and 18 karat yellow gold, inscribed HW (Harry Winston).

The FCRF (Fancy Color Research Foundation) gives the stone a visual score of 7 out of 12. It says the stone looks slightly larger in relation to its weight, which is an important feature to consider when buying color diamonds.

“A large vivid yellow radiant cut diamond features a low inner grade and prominent colorless patches around the crown area,” it reports. “No significant green or brown undertone is visible in the hue.”

The stone leads the live Important Jewels auction, Sotheby’s first jewelry auction of the year in Hong Kong, comprising a selection of diamonds, colored stones, jadeites and signed jewels.

Source: IDEX

Rising Gold Prices and Tourism Drive Luk Fook Jewelry Sales

Retail sales at Hong Kong based jeweler Luk Fook soared in the third fiscal quarter as tourism recovered and the price of gold surged.

Sales grew 46% year on year for the three months that ended December 31, 2023, the company said last week. The rise comes on the back of a mounting revival in visitor traffic to the municipality since early last year, when the border reopened as the latest Covid-19 restrictions eased. Sales were up 40% compared to the same period of 2019, prior to the start of the pandemic.

“Following the complete reopening of borders among Hong Kong, Macau and the mainland, the Hong Kong and Macau market has shown a sustained recovery,” the company reported. “Despite an annual rise of over 14% in the average international gold price overall same store sales for gold products still displayed significant growth of 80%.”

In Hong Kong and Macau specifically, retail sales spiked 97%, with same-store sales those at branches open for at least a year gaining 80%. On the mainland, those figures increased 37% and 18% respectively.

Same store sales of gold products jumped 94% in Hong Kong and Macau, as the rising price of gold led to higher value transactions. In that category, fixed price gold jewelry as opposed to gold sold by weight rose 88%, while diamond-set jewelry went up 25%.

In China, same store sales of gold products advanced 22%. Fixed priced gold jewelry was up 23%, somewhat offsetting a 35% drop in diamond-set jewelry.

Source: DCLA

Hong Kong Busts $64M Diamond Scam

Hong Kong authorities have arrested four people suspected of running a money-laundering syndicate that falsely declared synthetic diamonds as natural.

The operation, which authorities codenamed “Gem Crusher,” was the first money-laundering case using transnational diamond trading the Hong Kong Customs and Excise Department has detected, the government organization said Thursday.

On December 19 and 20, customs raided eight premises across multiple areas in Hong Kong, including residential and business locations. So far, authorities have frozen HKD 8.2 million ($1.1 million) in assets belonging to those in custody.

Hong Kong customs officials were alerted to the scheme earlier this year and launched a financial investigation, exchanging information with authorities in India, the department explained.

Members of the crime syndicate had established diamond-trading companies in both Hong Kong and India. Throughout 2021, the syndicate exported low-value lab-grown diamonds from Hong Kong to India with fictitious declarations presenting them as high-value naturals.

The purpose was to “transfer significant amounts of suspicious funds from India to Hong Kong,” authorities alleged. The suspects laundered around HKD 500 million ($64 million), the department claimed.

During the raid, customs seized a “large quantity of suspected synthetic diamonds, a small quantity of natural diamonds, about HKD 1 million [$128,055] in cash, a number of mobile phones, computers, company [seals], checkbooks, bank cards, bank documents and trading documents” from the four suspects, authorities said.

The four men — believed to be the “masterminds, ring leaders and members” of the syndicate — were arrested on suspicion of “dealing with property known or reasonably believed to represent proceeds of an indictable offense.”

The investigation is ongoing, and further arrests cannot be ruled out, customs noted.

Source: DCLA

Hong Kong Luxury Sales See Further Revival

Hong Kong retail sales rose in October as tourism to the municipality continued to improve and the government implemented initiatives to stimulate the economy.

Revenue from jewelry, watches, clocks and valuable gifts climbed 27% year on year to HKD 5.1 billion ($653.1 million) for the month, according to data the government’s Census and Statistics Department released Thursday. Retail sales across all product categories increased 6% to HKD 33.77 billion ($4.32 billion).

The growth also reflected a favorable comparison with the same period last year, when the municipality was still operating under strict Covid-19 restrictions, leading to extremely low tourism. Hong Kong derives a large portion of its luxury revenue from tourists — primarily from China — who come to purchase goods. The border between Hong Kong and the mainland reopened at the beginning of the year.

For the first 10 months, proceeds from jewelry, watches, clocks and valuable gifts surged 55% to HKD 50 billion ($6.4 billion). Total retail sales for the period grew 17% to HKD 336.06 billion ($43.03 billion).

In October, 3.5 million visitors arrived in Hong Kong, compared to 80,524 during the same month of 2022. Of those, 2.7 million were from the mainland, versus 47,607 the year before.

“The value of total retail sales increased further in October over a year earlier alongside the continued revival of inbound tourism,” a government spokesperson said. “Further recovery of visitor arrivals should benefit the retail sector. Continued improvement in household income and various activities that bolster the economy, including the ‘Night Vibes Hong Kong’ [events], should also provide support. Yet factors such as tight financial conditions and economic uncertainties could weigh on consumption sentiment.”

Source: DCLA

Low Diamond Demand, Struggling Chinese Economy Dent TSL

Hong Kong-based jeweler Tse Sui Luen (TSL) reported a loss in the first fiscal half amid economic challenges in China and dwindling demand for diamond jewelry.

The company’s net loss came to HKD 58.3 million ($7.5 million) for the six months that ended September 30, compared with a profit of HKD 1.8 million ($230,000) a year ago, TSL said last week. Sales for the period rose 8% to HKD 1.35 billion ($172.8 million).

Revenue in mainland China, TSL’s biggest market, decreased 3.2% to HKD 870.6 million ($111.7 million) as consumers tightened their budgets in light of the challenging economy. The company also sold more gold products as diamond demand dropped.

“Affected by international economic concerns and China’s property sector challenges, consumers are more conservative in their spending,” the company stated. “The Chinese government has rolled out measures to bolster consumer confidence and speed up economic recovery, which has led to some improvement in retail sales. Riding on the uptrend of pure gold demand, the group has focused more on [that] business to partially compensate for the loss of sales caused by the sharp decline in diamond demand.”

In Hong Kong and Macau, sales surged 41% to HKD 407.5 million ($52.3 million) as the municipality saw a steady rebound in tourism following the reopening of its border with mainland China. The company also benefited from the Hong Kong government’s distribution of new stimulus vouchers, as well as large-scale campaigns to stimulate the economy.

“These government initiatives helped the group to achieve a notable increase in the turnover of its Hong Kong and Macau retail business,” Tse Sui Luen added.

Source: DCLA

Hong Kong Rebound Boosts Luk Fook Revenue

Hong Kong-based jeweler Luk Fook saw sales rise in the second fiscal quarter as tourists returned to the municipality in search of luxury items.

Same-store sales — at self-operated shops open for at least a year — jumped 31% for the three months ending September 30 compared with the same period a year ago, the company reported Wednesday.

Hong Kong’s border with the mainland reopened to tourists in January, while the territory’s government removed local restrictions. The municipality derives much of its luxury revenue from visitors — primarily from China — who travel there to purchase goods.

The retailer also attributed the growth to strong sales over the National Day Golden Week holiday as well as its decision to carry a greater proportion of gold products, which are more popular than diamond jewelry.

“Given the decreased demand for diamond products [on the] mainland, the group will continue to actively promote non-diamond fixed-price jewelry products, especially fixed-price gold products, in order to improve…performance,” it said.

The 41% increase in Hong Kong and Macau outweighed an 8% dip on the mainland resulting from a challenging economic situation and subdued consumer sentiment, the company explained.

Luk Fook’s same-store sales of gold — priced by weight at international market rates — grew 30% year on year during the quarter, while “fixed-price jewelry,” which refers to products sold at prices determined by the retailer, was up 36%. Overall, sales of fixed-price gold products increased 76%, while fixed-price diamond goods rose 19%.

“Since the full reopening of borders amongst Hong Kong, Macau and mainland…the Hong Kong and Macau market has shown consistent improvement,” Luk Fook noted. “The macroeconomic in the mainland market showed no signs of improvement and its consumption sentiment exhibited a slower recovery compared to the Hong Kong and Macau market…. This year marked the first National Day Golden Week after the return to normalcy following the pandemic. During this Golden Week period…the Hong Kong and Macau market sustained growth momentum.”

Source: DCLA

Hong Kong Luxury Sales Strengthen Amid Tourism Boom

Hong Kong retail sales continued to gain speed in July as tourists flocked back to the municipality and the job market improved.

Hong Kong retail sales from jewelry, watches, clocks and valuable gifts climbed 20% year on year to HKD 4.95 billion ($632.9 million) for the month, according to data the government’s Census and Statistics Department released last week. Retail sales across all product categories rose 17% to HKD 33 billion ($4.22 billion).

The growth also reflected a favorable comparison with the same period a year ago, when Hong Kong was experiencing tight Covid-19 restrictions. Tourism to the municipality was exceptionally low at the time. Much of Hong Kong’s luxury revenue is derived from visitors — primarily from China — who travel there to purchase goods. Hong Kong’s border with the mainland reopened at the start of the year.

For the first seven months, proceeds from jewelry, watches, clocks and valuable gifts surged 64% to HKD 35.36 billion ($4.52 billion). Total retail sales for the period jumped 20% to HKD 238.05 billion ($30.43 billion).

In July, 3.6 million visitors arrived in Hong Kong, compared to 48,048 during the same month last year. Of those who traveled to the municipality in June, 3 million were from the mainland, versus 40,083 in 2022.

“The value of total retail sales continued to increase visibly in July over a year earlier alongside the increase in visitor arrivals and positive consumption sentiment,” a government spokesperson said. “The revival in inbound tourism should continue to benefit the retail sector in the coming months. Improved labor-market conditions and the government’s various measures to support consumption should also help.”

Source: DCLA

Hong Kong Retail Sales Still Struggling to Recover

                             Hong Kong Retail

Hong Kong’s hard-luxury market saw its weakest growth figure for six months as the retail sector’s rebound ran out of steam amid a lack of tourism.

Revenue from jewelry, watches, clocks and valuable gifts grew 27% year on year to HKD 3.2 billion ($410.6 million) in July but was still 42% lower than in the same month of 2019, the municipality’s Census and Statistics Department reported Tuesday. The increase was also gentler than June’s 32% year-on-year growth and was the thinnest rise since January, when Hong Kong was struggling with a fourth coronavirus wave.

“Retail sales continued to increase in July over a year earlier as the local epidemic remained stable and labor market situations improved further, although the growth pace moderated somewhat as compared to the preceding month,” a government spokesperson said.

Sales in all retail categories rose 3% year on year to HKD 27.24 billion ($3.5 billion) but were down 21% from two years earlier.

The closure of borders to reduce the spread of Covid-19 has hit Hong Kong — a key luxury destination for tourists. Although the municipality has reduced its border restrictions, tourism has not yet returned to normal levels. The number of visitors was down 58% year on year in July and plummeted 99% for the first seven months of the year, according to the Hong Kong Tourism Board.

However, the government expects sales to pick up in August amid the launch of a consumption voucher scheme — a program to stimulate spending by offering citizens electronic vouchers worth HKD 5,000 ($644).

“The electronic vouchers that the government began to disburse in August have helped stimulate consumption sentiment and will render support to the retail business in the rest of the year,” the spokesperson explained. “Yet, it is essential for the community to keep the epidemic under control and strive towards more widespread vaccination, so as to strengthen the foundation for continued recovery of the retail sector and the overall economy.”

For the first seven months of 2021, sales of jewelry, watches, clocks and valuable gifts climbed 33% year on year to HKD 21.94 billion ($2.81 billion). Revenue from all retail segments increased 8% to HKD 201.6 billion ($25.87 billion).

Source: DCLA

Hong Kong Retail Sales Still Struggling to Recover

                             Hong Kong Retail

Hong Kong’s hard-luxury market saw its weakest growth figure for six months as the retail sector’s rebound ran out of steam amid a lack of tourism.

Revenue from jewelry, watches, clocks and valuable gifts grew 27% year on year to HKD 3.2 billion ($410.6 million) in July but was still 42% lower than in the same month of 2019, the municipality’s Census and Statistics Department reported Tuesday. The increase was also gentler than June’s 32% year-on-year growth and was the thinnest rise since January, when Hong Kong was struggling with a fourth coronavirus wave.

“Retail sales continued to increase in July over a year earlier as the local epidemic remained stable and labor market situations improved further, although the growth pace moderated somewhat as compared to the preceding month,” a government spokesperson said.

Sales in all retail categories rose 3% year on year to HKD 27.24 billion ($3.5 billion) but were down 21% from two years earlier.

The closure of borders to reduce the spread of Covid-19 has hit Hong Kong — a key luxury destination for tourists. Although the municipality has reduced its border restrictions, tourism has not yet returned to normal levels. The number of visitors was down 58% year on year in July and plummeted 99% for the first seven months of the year, according to the Hong Kong Tourism Board.

However, the government expects sales to pick up in August amid the launch of a consumption voucher scheme — a program to stimulate spending by offering citizens electronic vouchers worth HKD 5,000 ($644).

“The electronic vouchers that the government began to disburse in August have helped stimulate consumption sentiment and will render support to the retail business in the rest of the year,” the spokesperson explained. “Yet, it is essential for the community to keep the epidemic under control and strive towards more widespread vaccination, so as to strengthen the foundation for continued recovery of the retail sector and the overall economy.”

For the first seven months of 2021, sales of jewelry, watches, clocks and valuable gifts climbed 33% year on year to HKD 21.94 billion ($2.81 billion). Revenue from all retail segments increased 8% to HKD 201.6 billion ($25.87 billion).

Source: DCLA

A Nearly 64 Carat Diamond Cartier Bracelet Could Fetch HK$40 Million at Sotheby’s

 

An iconic Cartier bracelet with 63.66 carats of pear-shaped D color, internally flawless diamond set on rock crystal is expected to fetch between HK$40 million and HK$65 million (US$5.16 million and US$8.39 million) at Sotheby’s Hong Kong’s sale of magnificent jewels in April.

Taking nearly 2,000 hours to create, the bangle-bracelet from the collection “L’Odyssée de Cartier —Parcours d’un Style,” pays homage to an Art Deco inspiration featuring sparkling stones and the French maison’s emblematic panther, orchid, and Oriental motifs.

Louis Cartier, the brand’s third-generation jeweler was a pioneer in working with rock crystal, which became popular in the 1920s. Cartier utilized a polishing technique from the Renaissance period to give a soft shine to rock crystal which, when paired with a diamond, creates an intriguing light effect.

The unique piece “combines a phenomenal diamond, mesmerizing design and impeccable craftsmanship, and represents a high jewelry collectible that will shine through time,” Wenhao Yu, deputy chairman of jewelry at Sotheby’s Asia, said in a statement.

Also on offer is “Circle of Happiness,” a bangle made of 277.7 carats of green jadeite-jade from Myanmar. Sotheby’s did not disclose the estimate of this bracelet.

Sotheby’s sale of magnificent jewels will also feature pieces from the houses of Boucheron, Bulgari, Chanel, Chopard, Graff, Harry Winston, Hermès, Van Cleef & Arpels, and more.

“The appetite for high-quality jewels has never been stronger in Asia, with discerning collectors looking for rare diamonds and gemstones, as well as unique and iconic designs,” Yu said.

Source: DCLA

A Nearly 64 Carat Diamond Cartier Bracelet Could Fetch HK$40 Million at Sotheby’s

 

An iconic Cartier bracelet with 63.66 carats of pear-shaped D color, internally flawless diamond set on rock crystal is expected to fetch between HK$40 million and HK$65 million (US$5.16 million and US$8.39 million) at Sotheby’s Hong Kong’s sale of magnificent jewels in April.

Taking nearly 2,000 hours to create, the bangle-bracelet from the collection “L’Odyssée de Cartier —Parcours d’un Style,” pays homage to an Art Deco inspiration featuring sparkling stones and the French maison’s emblematic panther, orchid, and Oriental motifs.

Louis Cartier, the brand’s third-generation jeweler was a pioneer in working with rock crystal, which became popular in the 1920s. Cartier utilized a polishing technique from the Renaissance period to give a soft shine to rock crystal which, when paired with a diamond, creates an intriguing light effect.

The unique piece “combines a phenomenal diamond, mesmerizing design and impeccable craftsmanship, and represents a high jewelry collectible that will shine through time,” Wenhao Yu, deputy chairman of jewelry at Sotheby’s Asia, said in a statement.

Also on offer is “Circle of Happiness,” a bangle made of 277.7 carats of green jadeite-jade from Myanmar. Sotheby’s did not disclose the estimate of this bracelet.

Sotheby’s sale of magnificent jewels will also feature pieces from the houses of Boucheron, Bulgari, Chanel, Chopard, Graff, Harry Winston, Hermès, Van Cleef & Arpels, and more.

“The appetite for high-quality jewels has never been stronger in Asia, with discerning collectors looking for rare diamonds and gemstones, as well as unique and iconic designs,” Yu said.

Source: DCLA