Domestic dynamics
In the first quarter, the economy got off to a good start, with residents' income and consumption growing steadily
According to the National Bureau of Statistics, gross domestic product (GDP) in the first quarter was 29,629.9 billion yuan, up 5.3% year-on-year at constant prices and 1.6% quarter-on-quarter last year.
In terms of household income, the per capita disposable income of residents nationwide in the first quarter was RMB11,539, up by 6.2% year-on-year in nominal terms and 6.2% in real terms after deducting price factors. The median per capita disposable income was RMB9,462, up by 6.4% year-on-year.
In terms of household consumption, the per capita consumption expenditure of residents nationwide in the first quarter was 7,299 yuan, up by 8.3% year-on-year in nominal terms and 8.3% in real terms after deducting the impact of price factors. Among them, the per capita consumption expenditure on food, tobacco and alcohol increased by 10.6% year-on-year to MOP2,354, the per capita consumption expenditure on clothing increased by 12.4% year-on-year to RMB492, the per capita residential consumption expenditure increased by 0.1% year-on-year to RMB1,562, the per capita consumption expenditure on daily necessities and services increased by 2.9% year-on-year to RMB380, the per capita consumption expenditure on transportation and communication increased by 14.8% year-on-year to RMB946, and the per capita consumption expenditure on education, culture and entertainment increased by 13.4% year-on-year to 722 yuan, the per capita health care consumption expenditure increased by 3.9% year-on-year to 629 yuan.
In terms of consumer prices, the national consumer price index (CPI) was flat year-on-year in the first quarter. By category, the prices of food, tobacco and alcohol decreased by 1.7 percent, clothing by 1.6 percent, housing by 0.2 percent, daily necessities and services by 0.8 percent, transportation and communications by 1.4 percent, education, culture and entertainment by 2.3 percent, medical care by 1.4 percent, and other articles and services by 2.9 percent.
Total jewellery retail sales in Q1 increased by 4.5% year-on-year
According to the National Bureau of Statistics, the total retail sales of domestic consumer goods reached RMB3,902 billion in March, up 3.1% year-on-year. Among them, the total retail sales of gold, silver and jewellery of units above designated size increased by 3.2% year-on-year to 29.1 billion yuan.
From January to March, the total retail sales of consumer goods in China reached RMB12,032.7 billion, up 4.7% year-on-year. Among them, the total retail sales of gold, silver and jewellery of units above designated size increased by 4.5% year-on-year to 99.6 billion yuan.
The central bank will issue Chinese banknotes for millennium gold and silver commemorative coins
The People's Bank of China announced on April 16 that it would issue a set of Chinese banknotes on April 22 to commemorate the millennium of gold and silver commemorative coins. There are 3 commemorative coins in this set, including 2 gold commemorative coins and 1 silver commemorative coin, all of which are legal tender of the People's Republic of China. The obverse design of this set of commemorative coins is the national emblem of the People's Republic of China, and the name and year of the country are published.
The 150-gram rectangular gold commemorative coin is a Proof coin containing 150 grams of pure gold with a denomination of 2,000 yuan and a maximum mintage of 500 pieces, the 8-gram rectangular gold commemorative coin is a Proof coin containing 8 grams of pure gold with a denomination of 100 yuan and a maximum mintage of 10,000 pieces, and the 30-gram rectangular silver commemorative coin is a Proof coin containing 30 grams of pure silver with a denomination of 10 yuan and a maximum mintage of 20,000 pieces.
Luk Fook Jewellery's retail value increased by 5% year-on-year in the first quarter
From January to March 2024, the total retail value of Luk Fook Group increased by 5% year-on-year.
The retail value of the Chinese mainland market increased by 9% year-on-year, with the retail value of gold and platinum products accounting for 81% and the retail value of priced jewellery accounting for 19%, while retail revenue increased by 7% year-on-year and same-store sales decreased by 10% year-on-year.
The retail value of the Hong Kong SAR and Macau SAR markets increased by 10% year-on-year, the retail value of gold and platinum products accounted for 77%, and the retail value of priced jewellery accounted for 23%, while retail revenue increased by 12% year-on-year, and same-store sales decreased by 4% year-on-year.
During the Reporting Period, the Group added a net of 230 stores, including 218 stores under the "Golden Supreme" brand. At the end of the Reporting Period, the Group had 3,583 stores worldwide, including 3,030 Lukfook brand stores in Chinese mainland.
Emperor Watch & Jewellery's revenue grows 31% in 2023
Recently, Emperor Watch & Jewellery released its 2023 Annual Report. During the reporting period, the company's operating income increased by 30.9% year-on-year to HK$4.823 billion, gross profit increased by 23.2% year-on-year to HK$1.177 billion, and net profit increased by 34.7% year-on-year to HK$222 million.
In terms of sub-regions, the operating income of the Hong Kong Special Administrative Region of China increased by 51.9% year-on-year to HK$2.510 billion, and the operating income of Chinese mainland increased by 15.7% year-on-year to HK$1.373 billion. By product, revenue from watches and clocks increased by 15.3% year-on-year to HK$3,480 million, while jewellery revenue increased by 101.4% year-on-year to HK$1,343 million.
By the end of 2023, the company has 93 stores worldwide, including 44 stores in the Mainland, 35 stores in the Hong Kong SAR and 5 stores in the Macau SAR in China.
Chow Tai Fook's retail value in the first quarter increased by 12% year-on-year
From January to March 2024, Chow Tai Fook Group's total retail value increased by 12.4% year-on-year.
The retail value of the Chinese mainland market increased by 12.4% year-on-year, accounting for 88.6% of the Group's total retail value. Among them, jewellery setting, platinum and karat gold jewellery accounted for 12.4%, and gold jewellery and products accounted for 84.8%.
The retail value of Hong Kong SAR, Macau SAR and other markets increased by 12.8% year-on-year, accounting for 11.4% of the Group's total retail value. Jewellery setting, platinum and karat gold jewellery accounted for 14.0%, and gold jewellery and products accounted for 81.0%.
During the Reporting Period, the Group's "Chow Tai Fook" stores in Chinese mainland decreased by 89 to 7,403, and the total number of Group stores worldwide decreased by 94 to 7,782.
International dynamics
India's diamond imports and exports fell in March
According to the Gem and Jewellery Export Promotion Council of India, in March 2024, India's rough natural diamond imports fell 15.7% year-on-year to US$1.39 billion, and imports decreased 24.1% year-on-year to 10.6 million carats, while finished diamond exports fell 27.4% year-on-year to US$1.16 billion, and exports fell 14.1% year-on-year to 1.61 million carats.
Rough lab-grown diamond imports fell 12.4% year-on-year to US$90 million, while loose diamond exports increased 11.0% year-on-year to US$120 million.
Tiffany & Co. holds an exhibition in Tokyo
Recently, the jewelry brand Tiffany & Co. unveiled the "'Tiffany Wonder' exhibition in Tokyo", which will be open to the public at the "TOKYO NODE" art gallery from April 12 to June 23. The exhibition features 10 zones showcasing nearly 500 precious exhibits, including antique treasures and modern fine jewelry.
LVMH Group: Watches and Jewelry business revenue fell 2% year-on-year in the first quarter
On April 16, LVMH Group released its first-quarter financial report. According to the financial report, the group's revenue in the first quarter increased by 3% year-on-year to 20.70 billion euros. Sales in the Watches & Jewelry segment decreased by 2% year-on-year to 2,466 million euros.
In celebration of the 20th anniversary of the "Quatre" collection, the Maison Boucheron presents several new creations
To celebrate the 20th anniversary of the Quatre collection, the Maison Boucheron has launched a number of new creations featuring stackable rings and bracelets that interpret the emblematic motifs of the Quatre collection. The "Quatre" collection consists of 4 pieces: 2 necklaces, 1 pair of earrings and 1 piece created for the anniversary celebration (this piece can be transformed into 2 necklaces, 1 waist ornament, 3 bracelets and 1 hair accessory).
Swiss watch exports fell in March
According to the Federation of the Swiss Watch Industry, Swiss watch exports fell 16% year-on-year to CHF 2 billion in March. Exports to the United States fell 7% year-on-year to CHF 340 million, while exports to Chinese mainland and Hong Kong SAR markets fell 42% and 44% year-on-year to CHF 150 million. Exports of watches and clocks under CHF 500 fell by 19% year-on-year, watches from CHF 500 to CHF 3,000 fell by 38% year-on-year, and clocks over CHF 3,000 fell by 10% year-on-year.
Special Instructions:
1. The data comes from the Shanghai Gold Exchange;
2. The data on April 19 is the latest price at 15:30 on the same day;
3. The prices of gold, silver and platinum correspond to the trading data of Au99.99, Ag (T+D) and Pt99.95 respectively.
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