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Chow Tai Fook Targets Diamond Sales in the U.S.

Jul 26, 2016 9:43 AM   By Rapaport News
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RAPAPORT... 
Chow Tai Fook is looking to supply diamonds to U.S. retailers as the jeweler seeks new revenue streams following a sales slump in China and Hong Kong.

The company plans to start the business-to-business enterprise within a year and has set up a team to conduct feasibility studies, a spokesperson told Rapaport News.

The venture will see Hong Kong-based Chow Tai Fook sell polished and rough diamonds to retailers, Bloomberg reported earlier on Tuesday, citing the jeweler’s managing director, Kent Wong (pictured).

“We are interested in the U.S. market because it has the largest demand for diamonds in the world. It contributes to 40 percent of diamonds sales,” Wong was cited as saying in the report.

Chow Tai Fook’s revenue dropped 12 percent in the fiscal year that ended March 31 and profit tumbled 46 percent driven by a downturn in the Chinese economy and a decline in tourist arrivals in Hong Kong. Retail revenue in Hong Kong and Macau in the first quarter of the current fiscal year dived 22 percent and same-store sales slumped 17 percent.
Tags: Chow Tai Fook, Hong Kong, Kent Wong, Rapaport News, retail, u.s., wholesale
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