Retail sales in Hong Kong and China were down in November 2022, following steady performances in the previous months, latest government data showed.  

Sales of jewellery, watches and clocks, and valuable gifts in Hong Kong dipped 8.3 per cent to HK$2.91 billion (around US$372.22 million) during the month in review. By comparison, sales in October last year had risen 13.6 per cent to HK$4 billion (around US$514.15 million), buoyed by government-issued consumption vouchers.

Hong Kong however is counting on further relaxation of social distancing measures and continued improvement in labour market conditions alongside an increase in tourist arrivals to support consumption. 

Retail sales of gold, silver and jewellery in China meanwhile fell 7 per cent to RMB25.6 billion (around US$3.71 billion, indicating a second consecutive month of decline after months of robust business, latest government data showed. 

China recorded a 2.7 per cent dip in jewellery sales in October to RMB24.6 billion (approximately US$3.57 billion) after enjoying months of steady increases since June 2022. Sales saw the sharpest decline of 26.7 per cent at the height of the Covid pandemic in April last year.

The country lifted strict Covid restrictions in December 2022 – a move that industry players hope will help spur demand and activity in the jewellery sector.