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Chinese New Year Boosts Jewellery Sales

Sales of jewellery and other luxury goods grew in both Hong Kong and China last year amid improved consumer sentiment, Rapaport writes in a press release.

In Hong Kong, full-year sales of jewellery, watches, clocks and valuable gifts rose 5%, reaching $9.6 billion (HKD 75.05 billion), the municipality’s Census and Statistics Department reported .

In mainland China, gold, silver and jewellery sales grew 6% to $47.12 billion (CNY 297 billion) during the same period, according to the National Bureau of Statistics.

Solid retail growth in Hong Kong during December reflects rising consumer sentiment, said a government spokesperson. Favorable employment and income conditions, as well as the return of inbound tourism, contributed to this improvement.

“The near-term outlook for the retail trade stays positive,” the spokesperson added.

Source: Rapaport