Hong Kong Retail Sales Plunge

Sales of jewelry and other luxury items in Hong Kong slid in October, marking the second-highest monthly decline on record as protests in the municipality dented consumer sentiment.

Revenue from jewelry, watches, clocks and other valuable gifts fell 43% year on year to HKD 3.92 billion ($500.2 million) during the month, the municipality’s Census and Statistics Department reported Monday. . Sales across all retail categories slipped 24% to HKD 30.12 billion ($3.85 billion).

Demonstrations against an extradition bill have been ongoing since June, interfering with retail sales and hitting local consumer sentiment and tourism. Although the bill has been scrapped, violence in the municipality has continued.

“[Total] retail sales continued to plunge in October, and showed the largest year-on-year decline for a single month on record, as the local social incidents…depressed consumption sentiment and severely disrupted tourism and consumption-related activities,” a government spokesperson noted.

August showed the highest decline for jewelry since the Census and Statistics Department began publishing results in 2005. While January was the only month this year to note an increase, leading to a nine-month consecutive decline, sales during August, September and October each fell more than 40%.

The situation has led to a sharp drop in travelers from China and abroad, as well as weakened local purchasing. Tourism in Hong Kong was down 44% to 3.3 million visitors in October, the Hong Kong Tourism Board reported. Of those, 2.5 million came from mainland China, 46% fewer than the same period last year.

The government expects weakness in the market to continue as conditions persist, stressing that the market would likely not improve until the unrest subsided.

“Ending the violence in the local social incidents and restoring social order are crucial to the creation of an environment for the retail business to recover,” the spokesperson added, noting the government would continue to monitor the situation’s repercussions on both the municipality’s labor market and the overall economy.

In the first 10 months of the year, retail sales of jewelry, watches, clocks and other valuable gifts decreased 19% to HKD 57.67 billion ($7.37 billion). Sales in all retail categories for the January-to-October period fell 9% to HKD 365.12 billion ($46.6 billion).

Source: DCLA

Hong Kong Retail Sales Plunge

Sales of jewelry and other luxury items in Hong Kong slid in October, marking the second-highest monthly decline on record as protests in the municipality dented consumer sentiment.

Revenue from jewelry, watches, clocks and other valuable gifts fell 43% year on year to HKD 3.92 billion ($500.2 million) during the month, the municipality’s Census and Statistics Department reported Monday. . Sales across all retail categories slipped 24% to HKD 30.12 billion ($3.85 billion).

Demonstrations against an extradition bill have been ongoing since June, interfering with retail sales and hitting local consumer sentiment and tourism. Although the bill has been scrapped, violence in the municipality has continued.

“[Total] retail sales continued to plunge in October, and showed the largest year-on-year decline for a single month on record, as the local social incidents…depressed consumption sentiment and severely disrupted tourism and consumption-related activities,” a government spokesperson noted.

August showed the highest decline for jewelry since the Census and Statistics Department began publishing results in 2005. While January was the only month this year to note an increase, leading to a nine-month consecutive decline, sales during August, September and October each fell more than 40%.

The situation has led to a sharp drop in travelers from China and abroad, as well as weakened local purchasing. Tourism in Hong Kong was down 44% to 3.3 million visitors in October, the Hong Kong Tourism Board reported. Of those, 2.5 million came from mainland China, 46% fewer than the same period last year.

The government expects weakness in the market to continue as conditions persist, stressing that the market would likely not improve until the unrest subsided.

“Ending the violence in the local social incidents and restoring social order are crucial to the creation of an environment for the retail business to recover,” the spokesperson added, noting the government would continue to monitor the situation’s repercussions on both the municipality’s labor market and the overall economy.

In the first 10 months of the year, retail sales of jewelry, watches, clocks and other valuable gifts decreased 19% to HKD 57.67 billion ($7.37 billion). Sales in all retail categories for the January-to-October period fell 9% to HKD 365.12 billion ($46.6 billion).

Source: DCLA

Drake’s New Rolls-Royce Diamond Owl

The rap icon has sold over 170 million albums since hitting the music scene in 2019, and with that kind of success comes all kinds of cash for going bonkers on cars.

His latest acquisition is a Rolls-Royce Phantom, but being this is Drake’s new ride, it’s not just a Phantom if such a thing exists.

Among other things, it has a custom golden owl for a hood ornament that’s also covered in diamonds. More on that in a bit.

The owl has been a thing with Drake for years, and it’s also the symbol for his record label OVO Sound, so having it affixed to the Phantom’s nose isn’t just a random act of weirdness.

As mentioned, the owl is solid gold and uses diamonds for its eyes. Diamonds also encompass the entire base, with Drake’s name engraved for good measure.

Source: DCLA

Drake’s New Rolls-Royce Diamond Owl

The rap icon has sold over 170 million albums since hitting the music scene in 2019, and with that kind of success comes all kinds of cash for going bonkers on cars.

His latest acquisition is a Rolls-Royce Phantom, but being this is Drake’s new ride, it’s not just a Phantom if such a thing exists.

Among other things, it has a custom golden owl for a hood ornament that’s also covered in diamonds. More on that in a bit.

The owl has been a thing with Drake for years, and it’s also the symbol for his record label OVO Sound, so having it affixed to the Phantom’s nose isn’t just a random act of weirdness.

As mentioned, the owl is solid gold and uses diamonds for its eyes. Diamonds also encompass the entire base, with Drake’s name engraved for good measure.

Source: DCLA

Double-Digit Growth in Number of Bids at Rio Tinto Argyle Pink Diamonds Tender

The number of bidders at the recent 2019 Argyle Pink Diamonds Tender saw double-digit growth with buyers vying to get their hands on some of the last diamonds to come from the Argyle diamond mine. The mine is scheduled to close at the end of 2020.

While Rio Tinto does not disclose the value of winning bids, it said that over the past 19 years, the value of diamonds sold at Tender has appreciated over 500 percent, outperforming all major equity markets.

The most valuable lot in the collection, the Argyle Enigma, a 1.75-carat modified radiant fancy red diamond, was won by Australian based Argyle Pink Diamonds partner Blue Star & Kiven Diamonds who also won the 1.37-carat oval-shaped fancy vivid purplish pink Argyle Verity.

“No other diamonds on earth match the rarity and provenance of Argyle pink diamonds. To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few Fancy Red Argyle diamonds in existence is the ultimate privilege,” said Ron Kiven, director of Blue Star & Kiven Diamonds.

This year, Rio Tinto also offered The Argyle Pink Everlastings Collection comprising smaller Argyle pink and red diamonds totaling 211 carats. The entire collection was purchased by Hong Kong fancy colored diamond specialist Kunming Diamonds.

“This is a dream come true, a rare opportunity to acquire a once in a lifetime collection of pink and red Argyle diamonds,” said Kunming Diamonds director Harsh Maheshwari. “With the imminent closure of the Argyle mine, a collection such as this deserves to be showcased to the world and we look forward to announcing our plans at a later date.”

Source: DCLA

Double-Digit Growth in Number of Bids at Rio Tinto Argyle Pink Diamonds Tender

The number of bidders at the recent 2019 Argyle Pink Diamonds Tender saw double-digit growth with buyers vying to get their hands on some of the last diamonds to come from the Argyle diamond mine. The mine is scheduled to close at the end of 2020.

While Rio Tinto does not disclose the value of winning bids, it said that over the past 19 years, the value of diamonds sold at Tender has appreciated over 500 percent, outperforming all major equity markets.

The most valuable lot in the collection, the Argyle Enigma, a 1.75-carat modified radiant fancy red diamond, was won by Australian based Argyle Pink Diamonds partner Blue Star & Kiven Diamonds who also won the 1.37-carat oval-shaped fancy vivid purplish pink Argyle Verity.

“No other diamonds on earth match the rarity and provenance of Argyle pink diamonds. To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few Fancy Red Argyle diamonds in existence is the ultimate privilege,” said Ron Kiven, director of Blue Star & Kiven Diamonds.

This year, Rio Tinto also offered The Argyle Pink Everlastings Collection comprising smaller Argyle pink and red diamonds totaling 211 carats. The entire collection was purchased by Hong Kong fancy colored diamond specialist Kunming Diamonds.

“This is a dream come true, a rare opportunity to acquire a once in a lifetime collection of pink and red Argyle diamonds,” said Kunming Diamonds director Harsh Maheshwari. “With the imminent closure of the Argyle mine, a collection such as this deserves to be showcased to the world and we look forward to announcing our plans at a later date.”

Source: DCLA

Christie’s Garners $11M at London Auction

Christie’s brought in GBP 8.3 million ($10.7 million) from its Important Jewels sale in London on Wednesday, with pearls dominating the event.

The priciest was a cut-cornered rectangular step-cut, 18.02-carat, D-color, VVS1-clarity, type IIa diamond ring, which fetched GBP 881,250 ($1.1 million) against an estimate of GBP 800,000 to GBP 1.2 million ($1 million to $1.6 million). Four of the top 10 lots were jewelry items featuring pearls, which sold for well over their high estimates.

An emerald, diamond and cultured-pearl necklace by Meister, set with a rectangular cut-cornered, 10.99-carat emerald, garnered GBP 275,000 ($355,943), almost 23 times its GBP 12,000 ($15,532) high estimate. Meanwhile, a necklace containing 45 natural pearls went for GBP 268,750 ($347,922), well above its GBP 120,000 ($155,351) high valuation.

A pair of 19th-century natural-pearl earrings, which previously belonged to Eugénie de Montijo, the last empress of France and wife of Emperor Napoleon III, fetched GBP 237,500 ($307,375), smashing its GBP 80,000 ($103,537) upper estimate. A set of button-shaped, natural-pearl and diamond earrings, went for GBP 187,500 ($242,696), exceeding its GBP 80,000 ($103,537) high presale valuation.

Other notable items included a diamond necklace by Shinde, which garnered GBP 539,250 ($697,908), nearly three times its GBP 200,000 ($258,844) high valuation, and a Van Cleef & Arpels diamond necklace from the mid-20th century, which swept past its GBP 150,000 ($194,206) upper valuation, bringing in GBP 347,250 ($449,587).

Source: DCLA