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Hong Kong Jewelry Exports Face Slowdown

Jan 2, 2019 10:23 AM   By Rapaport News
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 Hong Kong’s jewelry exports are expected to slow in 2019 after strong growth last year, due to sluggish economic conditions, the municipality’s trade body has warned.

“Less robust economic growth is likely to affect Hong Kong’s jewelry exports,” predicted Alice Tsang, assistant principal economist at the Hong Kong Trade Development Council (HKTDC).

Shipments of precious jewelry rose 15% to HKD 47.27 billion ($6.03 billion) in the first 10 months of 2018, becoming Hong Kong’s fastest-growing major export category, HKTDC noted.

However, demand for high-end items may weaken as consumers become more careful about spending, Tsang explained in the forecast that was published in December. This could be offset by the rising popularity of products that feature good branding, design, quality and craftsmanship, she added. 

Chinese and Indian consumer demand for gold jewelry should prop up the trade, while platinum and diamonds may also have a strong year, Tsang said.

HKTDC predicted that exports of luxury watches and clocks will likely be stable in the coming year, having increased 2% to HKD 55.04 billion ($7.03 billion) in the first 10 months of 2018. 

The municipality’s total export value will grow 5% this year, the HKTDC forecast. Some 51% of exporters expect their sales to increase or remain unchanged, a survey by the organization found.

Image: Hong Kong container terminal. (Photocapy)
Tags: Alice Tsang, China, Diamond Federation of Hong Kong, HK Jewelry Exports, HKTDC, Hong Kong Trade Development Council, Rapaport News
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