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LUK FOOK SELLS MORE DIAMOND AND GOLD JEWELLERY IN FISCAL 2019

Revenues went up 8.8% to approximately $2.04 billion
Lukfook luxury jewelry store
Credit: Iris Hortman

Hong Kong-based jewellery retailer Luk Fook has had a good fiscal 2019: According to Rough & Polished, based on the jeweller’s financial report for the year ending March 31, 2019, revenues went up 8.8% to approximately $2.04 billion.

 

Lukfook Jewelry Store China
Credit: Lukfook

 

Net profit rose 9.7% to approximately $192.6 million despite “diminishing market sentiment in the second half of the year, largely due to the US-China trade war”, per the report. Meanwhile, sales of gold and platinum jewellery went up 0.9% and accounted for 51.8% of overall sales. Demand for gem-set jewellery rose 17% during the period.

 

Luk-Fook Diamond Rings
Credit: Luk-Fook

 

According to the company, Hong Kong continues to play “a key role in the group’s portfolio”, fueled by Chinese visitors. Hong Kong business for the company rose 11.6% during the period. As of March 31, the Group has a global network of 1,828 shops, including 197 new stores.



Tags: Diamonds News, Jewelry News, Diamond Jewelry News

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