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China reports 4.7% rise in Oct jewellery sales

Retail sales of jewellery in China remained positive. October 2018 figures registered a 4.7 percent year-on-year increase, wrote JNA in a press release.

Sales rose 8.3% from January to October to RMB226 billion (US$32 billion) compared to the same period last year, showed latest data from the National Bureau of Statistics of China.

Total retail sales in China grew 8.6%.

The World Gold Council said in its Gold Investor Report for October 2018 that China’s jewellery market is poised for further growth, provided the industry continues to innovate and adapt to changing consumer tastes.

Chow Tai Fook Jewellery Group also noted that jewellery demand remains strong as the economy becomes more consumption driven. The retailer also expects to benefit from China’s expanding middle-class consumers and rising income levels.

Source: JNA