Comparable store sales jeweler Luk Fook increased its quarterly decline, a decline of 37% in a decrease in sales of gold products compared to the high base in the background of the "passive" attitude of consumers.
Product sales of gold from the retailer fell by 47% in the second fiscal quarter, which ended 30 September. To reduce the negative impact of the base effect due to "a small gold rush" a year ago, and the relatively high price of this quarter. Revenues from products made of gold fell by 49% in Hong Kong and Macau, compared to a decline of 30% in mainland China.
Sales of diamond jewelry as a whole fell by 14%, while sales decreased by 3% in mainland China and 14% in Hong Kong and Macau.
Overall comparable retail sales decreased by 23% in mainland China and 39% in Hong Kong and Macau. Tridtsatisemiprotsentnoe drop in sales for the group follows a 24 percent decrease in their in the first fiscal quarter. However, the drop in comparable store growth of revenues from sales of jewelry with precious stones slowed reported Luk Fook.
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On Monday, January 25, during the first meeting of the new Board of the Indian Association of gold and jewelers (India Bullion and Jewellers Association Ltd, IBJA) Mohit Cambodia (Mohit Kamboj) was re-elected president of the organization for the next five years.
The Board of Directors also appointed Mehula Choksi (Mehul Choksi), the chairman and managing director of Gitanjali Group, as senior vice-president of the organization. Sumesh Vadhera (Sumesh Wadhera) became the chief editor IBJA toward the jeweler's art in Karnataka and Pankadzh Pareh (Pankaj Parekh) was appointed president of the organization of West Bengal.
Speaking at a meeting of the board, Mohit Cambodia said: "I am grateful to the Board of Directors for my re-election as president of the National IBJA I also thank all the members of the association for giving them support and confidence.".
During the meeting, the Board of Directors also discussed the current problems faced by the industry of jewelry and precious stones, including mandatory probing the gold monetization scheme and the new rules on the provision of personal tax number when buying jewelry.
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