Jewelry Segment Sees Rebound in Recovering China Luxury Market

Jewelry was one of the strongest categories as China’s luxury market expanded in 2023 following the resurgence of tourism, according to a new report by Bain & Co.

The jewelry segment increased between 15% and 20% last year after the government lifted Covid-19 restrictions and travel resumed, Bain said last week. The fashion and lifestyle category also gained 15% to 20%, leather goods 10% to 15%, and beauty 8%. The watch market saw the softest rebound, up 5% to 10%.

While the growth was strong in 2023 compared to the previous year, which saw sharp declines due to restrictions on travel and extended lockdowns, it has still not returned to the record high of 2021. That disparity is primarily attributable to lower consumer confidence, a slower-than-expected economic recovery, and the return of Chinese consumers to purchasing luxury goods overseas.

Overall, China’s personal luxury sales rose 12% in 2023, Bain noted. The market is set to see mid-single-digit growth in 2024. Part of the issue with the slower market recovery is the pricing gaps between luxury goods in China and other markets. Jewelry is as much as 10% higher on the mainland than overseas, while watches cost up to 5% more.

Source: DCLA

Signet Sales Decline in Weak US Market

Signet Jewelers’ sales fell in its third fiscal quarter as the US economy weakened and engagement-ring demand underwent an expected downswing.

Revenue decreased 12% year on year to $1.39 billion for the three months that ended October 28, the retailer reported Tuesday. Same-store sales those at branches open for at least a year were also down 12%, while net profit slid 69% to $11.7 million.

“These declines were driven by the impact of heightened inflationary pressure on consumers’ discretionary spending and the decline in the bridal category, driven by lower engagements,” the jeweler said in a filing with the US Securities and Exchange Commission.

Sales dropped at all of the company’s store chains, the largest of which are Kay Jewelers, Zales and Jared. Overall bridal revenue slumped 15% to $664.6 million, while sales of fashion jewelry dipped 12% to $448.2 million. Signet’s services division including jewelry rental and repairs offset the declines with a 5% increase for a total of $169.9 million.

The results were in line with Signet’s expectations: The company had forecast sales of $1.36 billion to $1.41 billion for the period and projected that engagement-ring sales would only start recovering in the fourth fiscal quarter, which began October 29. A lull in dating during Covid-19 manifested as a drop in proposals this year, management had explained in the past.

The jeweler barely changed its sales outlook for the full year, predicting revenue of $7.07 billion to $7.27 billion down only slightly from an earlier projection of $7.1 billion to $7.3 billion.

Bridal demand rallied in November as anticipated. Still, sales in the fourth fiscal quarter, which includes most of the holiday shopping season, will likely range from $2.4 billion to $2.6 billion, the company said a decline of up to 10% from last year’s $2.67 billion.

“Trends through Black Friday weekend, including sequential improvement in engagement trends, are performing in line with guidance expectations for the fourth quarter,” said Signet CEO Virginia Drosos. “As we enter the holiday season, jewelry remains a top-of-mind gifting category for consumers in a value-conscious shopping environment.”

Total sales for the jeweler’s first three fiscal quarters fell 10% year on year to $4.67 billion. Net profit for the nine-month period, which ended October 28, rose 85% to $184.2 million because of charges in the previous year relating to litigation and a pension settlement.

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

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Because of the way we have designed the cover, we are able to offer very competitive premiums and guarantee no shortcuts in the quality of your replacement in the event of a loss or damage.

We offer 30 days complimentary cover

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More information: Certin 

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Transparency, also called pellucidity, is the material property of allowing light to pass through. In mineralogy, another term for this property is diaphaneity.

Developed by the DCLA , the Transparency Grade is the degree to which a diamond transmits light, directly relevant to its ‘cloudiness’ or ‘haziness.

In other words, it is a comprehensive assessment of light performance based on the quality of the diamond crystal itself.

The Four Ex Diamond

 

Sourcing a diamond is easy with the help and guidance of the DCLA diamond exchange.

Proportion is graded alongside Symmetry, polish and importantly the Transparency.

This is why the Diamond Exchange are the most sought after for those who want the finest diamonds available.

To ensure the highest quality, the Diamond Exchange works with the finest rough diamond producers based in South Africa, Antwerp, Israel and India.

Each diamond is then meticulously analysed by our Laboratory diamond gemologists.

Using sophisticated laboratory equipment every aspect of the individual stone is checked, including the all-important proportions that will produce the most brilliance.

Proportions

Proportions affect how light travels within the diamond.

Diamonds that are cut too shallow and wide, or too deep and narrow lose light out the sides or bottom, causing the diamond to lose brilliance.

A select Diamond exchange Diamond are cut to ideal diamond proportions, creating a superior diamond to reflecting the maximum amount of light back to the eye.

Symmetry

The alignment of a diamond’s facets in relation to each other or opposing facets affects the diamond’s light performance.

Facets which are symmetrical and aligned, reflect light directly back to your eye.

Symmetry grading to Hearts and Arrows standards ensure its brilliance and fire is emitted evenly.

Certification

All Diamond Exchange diamonds are certified by recognised international accredited laboratories.

This provides you an authoritative analysis of your diamond.

Diamond Exchange also verifies that your diamond meets all the specific quality requirements and checks the diamond is cold laser inscribed.

Transparency

Transparency, also called pellucidity, is the material property of allowing light to pass through. In mineralogy, another term for this property is diaphaneity.

Developed by the DCLA , the Transparency Grade is the degree to which a diamond transmits light, directly relevant to its ‘cloudiness’ or ‘haziness.

In other words, it is a comprehensive assessment of light performance based on the quality of the diamond crystal itself.

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Each diamond is then meticulously analysed by our Laboratory diamond gemologists.

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Diamond halo earrings by DCLA Diamond Exchange.

 Diamond halo earrings for everyday or special occasions.

Proportion is graded alongside Symmetry, polish and importantly the Transparency.

This is why the Diamond Exchange are the most sought after for those who want the finest diamonds available.

To ensure the highest quality, the Diamond Exchange works with the finest rough diamond producers based in South Africa, Antwerp, Israel and India.

Each diamond is then meticulously analysed by our Laboratory diamond gemologists.

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WIN ! A PERTH MINT GOLD COIN WORTH OVER $300!

Prize:

The Perth Mint Gold Coin is one of Australia's iconic coins, worth over $300. With Gold prices at an ALL TIME HIGH, hold onto this piece and watch your Kangaroo jump up in value over the years.

How to enter:

Guess the Gold price of this 18 karat, Men's gold bracelet that is 9 years old. Like our page https://lnkd.in/dHTTTEi and comment below your answer to enter!

Date & time:

Competition will close on the 4th of November at 11.59pm.
This giveaway is in no way sponsored, associated, endorsed or administered with Facebook/Instagram.
See full terms and conditions here: https://lnkd.in/deEnaBk 

Kate Moss launches her debut jewellery collection with Messika

 

Despite being the face of many a jewellery campaign over the years, you wouldn’t expect Kate Moss the ultimate poster child for 90s insouciance to care much about high jewellery.

Yet the British supermodel clearly does, as her new jewellery line shows us. It was made in collaboration with French haute joaillerie house Messika, whose casual, contemporary diamond designs have won over the likes of Gigi Hadid, Beyoncé and Rihanna. Moss was the face of Messika’s campaign last year, but this year she takes a much larger role as designer.

It was Moss, as well as Marilyn Monroe, whom founder Valérie Messika first pegged as her muses when she launched her jewellery label in 2005. Through her new collaboration with the fashion icon, things have come full circle.

The ‘Messika by Kate Moss’ line is inspired by pieces in Moss’ own jewellery box. The model’s taste for jewels is actually pretty eclectic, encompassing designs from different eras. In the mix are elaborate Victorian baubles, geometric Art Deco styles and even Indian jewellery, collected from Moss’ travels to India as a teenager.

These influences shine through in the new, 70 piece high jewellery collection, which include sets of earrings, necklaces, rings, bracelets, headpieces and nose jewellery. Some highlights include a tasseled sautoir, sunburst hoops, a three finger ring, and dangling earrings set with pear shaped malachite crystals, after all, are having a moment in jewellery.

These are all enhanced with Messika’s careful selection of diamonds, which are of the highest quality and certified by the Gemological Institute of America (GIA). Messika herself has an intimate understanding of the gems, being the daughter of French diamond dealer André Messika.

Yet none of that steers the Messika by Kate Moss collection away from the modern ethos at the heart of the jewellery brand. As luxuriously as they are crafted, the designs are meant to be effortlessly worn to everyday affairs, not tucked away preciously in a jewellery box. That design approach is shared with other diamond jewellery designers such as Hong Kong based Nicholas Lieou and British designer Monica Vinader, reflecting the tastes of women today.

The entire Messika by Kate Moss collection is slated to launch in November.

Source: DCLA

Kate Moss launches her debut jewellery collection with Messika

 

Despite being the face of many a jewellery campaign over the years, you wouldn’t expect Kate Moss the ultimate poster child for 90s insouciance to care much about high jewellery.

Yet the British supermodel clearly does, as her new jewellery line shows us. It was made in collaboration with French haute joaillerie house Messika, whose casual, contemporary diamond designs have won over the likes of Gigi Hadid, Beyoncé and Rihanna. Moss was the face of Messika’s campaign last year, but this year she takes a much larger role as designer.

It was Moss, as well as Marilyn Monroe, whom founder Valérie Messika first pegged as her muses when she launched her jewellery label in 2005. Through her new collaboration with the fashion icon, things have come full circle.

The ‘Messika by Kate Moss’ line is inspired by pieces in Moss’ own jewellery box. The model’s taste for jewels is actually pretty eclectic, encompassing designs from different eras. In the mix are elaborate Victorian baubles, geometric Art Deco styles and even Indian jewellery, collected from Moss’ travels to India as a teenager.

These influences shine through in the new, 70 piece high jewellery collection, which include sets of earrings, necklaces, rings, bracelets, headpieces and nose jewellery. Some highlights include a tasseled sautoir, sunburst hoops, a three finger ring, and dangling earrings set with pear shaped malachite crystals, after all, are having a moment in jewellery.

These are all enhanced with Messika’s careful selection of diamonds, which are of the highest quality and certified by the Gemological Institute of America (GIA). Messika herself has an intimate understanding of the gems, being the daughter of French diamond dealer André Messika.

Yet none of that steers the Messika by Kate Moss collection away from the modern ethos at the heart of the jewellery brand. As luxuriously as they are crafted, the designs are meant to be effortlessly worn to everyday affairs, not tucked away preciously in a jewellery box. That design approach is shared with other diamond jewellery designers such as Hong Kong based Nicholas Lieou and British designer Monica Vinader, reflecting the tastes of women today.

The entire Messika by Kate Moss collection is slated to launch in November.

Source: DCLA

Jewelry Sales Down 54 per cent in Hong Kong

Sales of jewelry and other luxury goods in Hong Kong fell by more than half in July, according to new figures.

It was the worst affected sector of all, with a year-on-year decline of 53.7 per cent to $328m.

Sales were hit by the ongoing coronavirus pandemic, a two-week quarantine requirement for tourists from mainland China, and continuing anti-government protests.

Figures for the first half of 2020 show revenue from revenue from jewelry, watches, clocks and other valuable gifts was down by 64 per cent to $2.14 bn.

Total retail sales for all sectors were down 23.1 per cent compared with July 2019, at about $3.41bn, according to data released yesterday by the Census and Statistics Department of the Hong Kong Special Administrative Region HKSAR government.

Source: IDEX

Jewelry Sales Down 54 per cent in Hong Kong

Sales of jewelry and other luxury goods in Hong Kong fell by more than half in July, according to new figures.

It was the worst affected sector of all, with a year-on-year decline of 53.7 per cent to $328m.

Sales were hit by the ongoing coronavirus pandemic, a two-week quarantine requirement for tourists from mainland China, and continuing anti-government protests.

Figures for the first half of 2020 show revenue from revenue from jewelry, watches, clocks and other valuable gifts was down by 64 per cent to $2.14 bn.

Total retail sales for all sectors were down 23.1 per cent compared with July 2019, at about $3.41bn, according to data released yesterday by the Census and Statistics Department of the Hong Kong Special Administrative Region HKSAR government.

Source: IDEX

Certified Diamond Insurance

Before you take out insurance on certified diamond jewellery, compare you household policy to CDI stand alone cover.

No excess, No set up costs and replacement by your original jeweler.

These are a few features of the insurance policy underwritten by certain underwriters at Lloyd’s. Lloyd’s is the world’s specialist insurance and reinsurance market.

CDI 

Certified Diamond Insurance

Before you take out insurance on certified diamond jewellery, compare you household policy to CDI stand alone cover.

No excess, No set up costs and replacement by your original jeweler.

These are a few features of the insurance policy underwritten by certain underwriters at Lloyd’s. Lloyd’s is the world’s specialist insurance and reinsurance market.

CDI 

CDI Certified diamond jewellery insurance

World-class Cover

Your insurance is underwritten by certain underwriters at Lloyd’s. Lloyd’s is the world’s specialist insurance and reinsurance market 

CDI Certified diamond jewellery insurance

World-class Cover

Your insurance is underwritten by certain underwriters at Lloyd’s. Lloyd’s is the world’s specialist insurance and reinsurance market 

Pandora to Slash Nearly 400 Jobs

Pandora plans to lay off 397 employees after disappointing second quarter results and a weakened outlook for the rest of the year.

While sales grew 4% in local currencies to $748.2 million (DKK 4.82 billion) for the quarter, the retailer lowered its revenue guidance for the year to an increase of 4% to 7%, from its previous forecast of 7% to 10%. It also expects lower profit margins, after that measure declined in the second quarter, it said Monday. The company’s stock price was down 21% at press time Tuesday.

Streamlining the business will help Pandora’s financial performance by reducing complexity and shifting resources to strategic priorities such as digital and e-commerce sales, CEO Anders Colding Friis explained in a separate statement Tuesday. Pandora has nearly doubled in size in the past three years, with new organizational practices emerging in different parts of the company, the executive added. The changes will reduce costs by about $23.3 million (DKK 150 million) per year, the company said.

“The adjustments are…necessary to protect our profitability,” Colding Friis said. “Sadly, the changes mean that good employees will lose their jobs, and we are supporting them in the best possible way.”
Of the layoffs, 218 will be in Thailand, where Pandora employs 13,000 people, including 5,000 at a new manufacturing center it unveiled in June. The company’s global workforce numbers 27,000.

Pandora has suffered from weak demand for its products in the US, as well as competition from unauthorized traders in the Asia Pacific region. Last month, it said it had reduced retail prices in China to combat the grey market, in which other companies sell its products without a license.

Meanwhile, Pandora has appointed Sid Keswani as president for the Americas. Keswani is a former CEO of grocery store chain Fiesta Mart, and replaces Scott Burger, who left the company in January. He will begin on August 13, reporting directly to the CEO.

Pandora will release its full results for the second quarter on August 9.

Pandora to Slash Nearly 400 Jobs

Pandora plans to lay off 397 employees after disappointing second quarter results and a weakened outlook for the rest of the year.

While sales grew 4% in local currencies to $748.2 million (DKK 4.82 billion) for the quarter, the retailer lowered its revenue guidance for the year to an increase of 4% to 7%, from its previous forecast of 7% to 10%. It also expects lower profit margins, after that measure declined in the second quarter, it said Monday. The company’s stock price was down 21% at press time Tuesday.

Streamlining the business will help Pandora’s financial performance by reducing complexity and shifting resources to strategic priorities such as digital and e-commerce sales, CEO Anders Colding Friis explained in a separate statement Tuesday. Pandora has nearly doubled in size in the past three years, with new organizational practices emerging in different parts of the company, the executive added. The changes will reduce costs by about $23.3 million (DKK 150 million) per year, the company said.

“The adjustments are…necessary to protect our profitability,” Colding Friis said. “Sadly, the changes mean that good employees will lose their jobs, and we are supporting them in the best possible way.”
Of the layoffs, 218 will be in Thailand, where Pandora employs 13,000 people, including 5,000 at a new manufacturing center it unveiled in June. The company’s global workforce numbers 27,000.

Pandora has suffered from weak demand for its products in the US, as well as competition from unauthorized traders in the Asia Pacific region. Last month, it said it had reduced retail prices in China to combat the grey market, in which other companies sell its products without a license.

Meanwhile, Pandora has appointed Sid Keswani as president for the Americas. Keswani is a former CEO of grocery store chain Fiesta Mart, and replaces Scott Burger, who left the company in January. He will begin on August 13, reporting directly to the CEO.

Pandora will release its full results for the second quarter on August 9.