Sales declined by 1.5 per cent for the three months ending 31 March, headlined by an 8 per cent decrease in China specifically, where more than 80 per cent of revenue is generated.
“The fourth quarter unfolded amid heightened external uncertainties and unprecedented gold price levels and volatility, leading to mixed effects on purchasing behaviours,” a statement explained.
The report noted that gold jewellery sales reflected a broader trend among consumers, suggesting an adjustment to price increases. Gold jewellery sales increased by 47 per cent in Hong Kong and Macau and 7 per cent in China. In contrast, jewellery featuring gemstones declined in both markets.
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