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Hong Kong
By Mary Kavanagh
Time will tell if the upcoming Christmas holiday period will positively impact the generally depressed retail market in Hong Kong. Overall sales in September fell 4.1 percent in value compared to the same month in 2015, a significantly smaller decrease than the 10.5 percent drop in August and the smallest decline in monthly sales since the 3 percent drop in August 2015 — perhaps a sign of more positive times to come. Sales of jewelry, watches and clocks and other valuable items fell 12.3 percent year-on-year in September, a marked decrease from the 26.5 percent decline in August. Thomson Cheng, chairman of the Hong Kong Retail Management Association (HKRMA) said the figures were encouraging, but it was difficult to predict if this recovery would continue.
In an acknowledgement of the creative talent of Asian jewelry designers, two Asian jewelers were among the four new exhibitors invited to join this year’s exclusive Biennale des Antiquaires in Paris. Sculptural jeweler, Cindy Chao, was the first Taiwanese and second Chinese jeweler ever to exhibit at the Biennale. Chao followed in the footsteps of acclaimed Hong Kong jewelry designer, Wallace Chan, who was the first Asian jeweler to exhibit in 2012, having promoted Asian philosophy and art through his jewelry for decades. Indian luxury jeweler and designer, Nirav Modi, whose creations have been auctioned at Sotheby’s and Christie’s, was also invited to display his designs alongside the elite jewelry creators. “There is immense potential in Asia,” Modi said in the South China Morning Post. “Diamonds and jewelry are part of our heritage, and when we marry this with our unparalleled diamond cutting and setting skills, the result is exceptional and fit for a global audience. The presence of Cindy Chao and Nirav Modi at the Biennale des Antiquaires is a step in this process and we have a long way to go,” he added. Chao said, “I am very proud to be part of this movement for Asians in the fine jewelry world. I hope that more talent will be encouraged to walk their own creative paths.”
As overall jewelry retail sales continue to decline, sales of high-end and design-driven jewelry appear to be more stable and the falling rents are attracting new tenants. In contrast to the local retail jewelry chains, which are consolidating and decreasing their shop numbers, Modi recently opened his third outlet in the city, a new international flagship store in Hong Kong at the city’s cultural and shopping landmark, 1881 Heritage. Originally looking for a smaller location, Modi, who currently has eight stores in his international portfolio, decided to open a flagship store based on the success of his first two outlets. “We would like to have 100 stores by 2025, and next year we are opening between six and eight, including one in Beijing,” he added.
Other prestige jewelers in the city are also exploring ways to diversify and expand both their clientele and sales. K.S. Sze & Sons originally from Shanghai but having a presence in Hong Kong for more than 50 years, has started to highlight its heritage to attract new customers. It organizes regular events to nurture existing client relationships. “We maintain the relationship with regular clients, who sometimes bring along new ones,” said Dr. Sze Nien-dak, the firm’s director. The jeweler also hosts informative seminars on gemology to share specialized knowledge with its clients, which often results in increased purchases. Another up-market jeweler, Larry Jewelry, known for its designs with top-grade gemstones, has diversified to cater to fashion-conscious professional women. “They require efficiency in everything and want versatility in jewelry. While their requirements may have changed, their appreciation of quality materials and craftsmanship remains the same,” said executive director and CEO, Caric Hon. The company has expanded its designs to make them suitable for both daily wear and special occasions.Article from the Rapaport Magazine - December 2016. To subscribe click here.
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