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Revenue Tumbles at Singapore’s SK Jewellery

Retailer notes weak consumer outlook in Asian markets.
Nov 19, 2019 9:00 AM   By Rapaport News
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Singapore-based retailer SK Jewellery Group saw a heavy decline in sales for the third quarter amid economic challenges in key markets and the closure of its gold-trading platform.

Revenue fell 46% to SGD 32.6 million ($24 million), while net profit slumped 58% to SGD 359,000 ($263,889), the company said in a statement earlier this month.

“Continuing tensions between Japan and Korea, Brexit, and the Sino-US trade war have contributed toward a pessimistic consumer outlook,” according to the company, which operates more than 60 stores across Singapore and Malaysia.

The jeweler recently launched two flagship stores in the Chinese cities of Chongqing and Chengdu, and plans to expand further into China through franchise stores. However, in May, weak demand prompted it to shut its SK Bullion subsidiary, a service for consumers to buy and sell gold and precious metals. The move cost the group SGD 29.3 million ($21.6 million) in revenue during the three months ending September 30.

SK, which has a grading partnership with De Beers, also entered the lab-grown diamond market in October with the launch of synthetics line Star Carat, including at its Love & Co. bridal brand. 

Image: Items from SK Jewellery’s Star Carat line of lab-grown diamonds. (SK Jewellery)
Tags: Rapaport News, Singapore, SK Jewellery, Soo Kee, Soo Kee Jewellery
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