Hong Kong-based retailer Chow Sang Sang has launched its first physical store featuring synthetic diamonds, following a two-year online-only presence. The store, under the brand The Future Rocks, opened in Hong Kong earlier this year. The company has also introduced a new collection of synthetic diamond and sapphire jewelry.
However, Chow Sang Sang reported a 13% drop in sales for the six months ending June 30, totaling HKD 11.31 billion ($1.45 billion). Retail sales decreased by 13% to HKD 11.05 billion ($1.42 billion), while revenue from other sources, primarily property investments, fell 20% to HKD 263.7 million ($33.8 million). Profit dropped by 37% to HKD 519.8 million ($66.7 million).
In the first quarter, same-store sales in Hong Kong and Macau rose 4% year on year. However, in China, same-store revenue decreased by 9% due to a comparison with the previous year, when the reopening of the Hong Kong-mainland border boosted luxury purchases. The second quarter saw a 24% decline in same-store sales across China, Hong Kong, and Macau, partly due to rising gold prices.
Over the first half of the year, same-store sales of gold jewelry fell 12% in China, while diamond jewelry sales dropped by 42%. In Hong Kong and Macau, gold jewelry sales decreased by 8%, and diamond-set jewelry revenue declined by 21%.
