Further evidence of the slowdown in Hong Kong and Macau consumer sales of jewelry has been provided with Chinese jeweler Chow Sang Sang Holdings International Ltd. reporting that revenue in the two areas dropped 7.7% on the year to $1.4 billion for 2015 due to a fall in gold prices and slower jewelry sales. The company's same store sales in the two Special Administrative Regions posted a sharp fall of 11% on the year.
Overall in 2015, the retailer reported total turnover of $2.46 billion (HK$19.1 billion), 1% down on the HK$19.2 million it generated in 2014. Meanwhile, its net profit rose 4% on the year to $145 million (HK$1.13 billion). The company’s revenues from the Mainland Chinese market totaled $993 million (HK$7.7 billion) last year, up 11.3% on the year. "The year 2016 will be a challenging one, more so in Hong Kong and Macau than in Mainland China," the jeweler said.