Jewelry Sales Plunge due in part to unrest in Hong Kong. Furthermore, jewelry sales decline in diamonds along with other luxury items were noted. For example, handbags and exotic cars were not selling well. Also, this news comes in as protests in the municipality dent consumer confidence. Additionally, on Monday the Hong Kong municipality’s Census and Statistics Department reported Monday that sales across all retail categories. Additionally, they slipped 24% to HKD 30.12 billion ($3.85 billion). Furthermore, revenue from jewelry, watches, clocks and other valuable gifts fell an astonishing 43%. Moreover, that translates to HKD 3.92 billion ($500.2 million).
For example, one Hong Kong spokesperson mentions that “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." Furthermore, jewelry sales plunge particularly steep in October. Thus, marking the second-highest monthly decline on record.
For example, in August marking the largest decline for jewelry since the Census and Statistics Department began publishing results in 2005. Likewise, the month of January saw a slight increase in sales which broke a nine-month consecutive decline. Also, sales during August, September, and October each fell more than 40%.
While jewelry sales plunge and the situation in Hong Kong worsens, it has seen a sharp drop in travelers from China. Furthermore, foreign travelers coming into the island were at a standstill. and abroad. Additionally, this has weakened local purchasing. For example,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. Thus contributing to the troubling jewelry sales decline.
The Chinese government expects weakness in the market to persist as conditions carry on. Thus contributing to the continued jewelry sales plunge. Therefore, the diamond and jewelry market will likely continue to suffer. Furthermore, the diamond and jewelry market is not expected to improve until the unrest subsides.
A spokesperson for the Chinese government explains that "ending the violence in the local social incidents and restoring social order is crucial to the creation of an environment for the retail business to recover.” Furthermore, that same the spokesperson explains that the government would continue to monitor the reason as to why jewelry sales plunge. Adding that, the repercussions on both the municipality’s labor market and the overall economy could be devastating in the long term.
Also taking a hit in the first 10 months of the year, were retail sales of jewelry. In this instance, watches, clocks, and other valuable gifts decreased substantially. For example, 19% to $7.67 billion ($7.37 billion). Also, sales in all retail categories for the January-to-October period fell 9% to HKD 365.12 billion ($46.6 billion). Thus, marking a particularly steep in decline for October. Thus marking the second-highest monthly decline on record.
The demonstrations against the proposed Chinese extradition bill have been continuously ongoing since June. Thus, interference with retail sales have hit local consumer confidence, and more importantly, tourism. Additionally, it should be noted that the bill has since been done away with.
Jewelry Sales Plunge. For example, pink diamond rings and other diamonds are not selling well.
https://1800loosediamonds.com/wp/2020/02/jewelry-sales-and-luxury-jewelry/
Diamond Business(Opens in a new browser tab)
Grading Diamonds(Opens in a new browser tab)
Diamond Demand(Opens in a new browser tab)
Jewelry Sales Decline (Opens in a new browser tab)
Wholesale Diamond Industry(Opens in a new browser tab)
Diamond Jewelry Sales(Opens in a new browser tab)
Pink Diamond Ring(Opens in a new browser tab)
Diamond Complaints(Opens in a new browser tab)
Holiday Diamond Sales(Opens in a new browser tab)
Chinese Diamond Industry(Opens in a new browser tab)
Jewelry Websites(Opens in a new browser tab)
color diamonds(Opens in a new browser tab)
Hong Kong Diamond Market(Opens in a new browser tab)
Diamond Tennis Necklaces(Opens in a new browser tab)
Diamond Consumers(Opens in a new browser tab)
Rose Gold Diamond Ring(Opens in a new browser tab)
Diamonds Suffer(Opens in a new browser tab)
Jewelry Industry(Opens in a new browser tab)
Jewelry Industry Marketing Strategy(Opens in a new browser tab)
Diamonds Help(Opens in a new browser tab)
Engagement Rings(Opens in a new browser tab)
Homepage(Opens in a new browser tab)
Jewelry Industry Technology(Opens in a new browser tab)
Jewelry Trade Show(Opens in a new browser tab)
Diamond Industry(Opens in a new browser tab)
Global Diamond Production(Opens in a new browser tab)
Diamond Sales(Opens in a new browser tab)
India Raises Gold Import Tax(Opens in a new browser tab)
Diamond Price List(Opens in a new browser tab)
https://classic.rapnet.com/News/
