Monday, June 12, 2017
Sales of jewelry and other luxury goods in Hong Kong in January fell despite the Chinese New Year, which occurred during the reporting period.
Spending on jewelry, watches and valuable gifts decreased by 3.9% compared with the same period last year, to $ 944 million (HKD 7,33 bn) according to the Department of Statistics and Census of Hong Kong.
Chinese New Year fell on January 28, in contrast to February 8 last year, but this potential momentum for the January sales could not lead to higher consumer spending, the data showed. The fall occurred despite the increase in the number of tourists to Hong Kong, which amounted to 4.8% during the reporting month.
The short-term outlook for retailers in Hong Kong will depend on tourism levels and on whether local consumer sentiment deteriorated due to global uncertainty.
Decline in sales of jewelry and expensive gifts should be the growth of consumer purchases by 2.3% in December, which was the first in more than two years.
Total retail sales in Hong Kong in all categories dipped by 0.9% in January.
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The price index for colored diamonds (Fancy Color Diamond Index) for the first quarter of 2016 indicates that the prices of blue diamonds rose by 1.7%. Over the same period the prices of yellow diamonds fell by 1.8%, while prices for pink diamonds increased by 0.3%.
In general, prices for all category of colored diamonds remained virtually unchanged during the quarter. For comparison, if we take the index RAPI ™, the picture of the price of colorless diamonds in the first quarter of 2016 appears mixed: stone weighing 0.5 carats and 1 carat rose in price by 5.2% and 1.4%, while prices 3 carat weight stones have undergone a decrease of 2.9%.
In the first quarter of 2016 the strongest price indicators showed an intense blue diamonds and bright blue all weight sizes as well as a bright pink diamond weighing 5 carats and above. Yellow diamonds, especially small weight sizes, caused lower prices on all the stones of the color category.
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