LEADING JEWELRY MAKER and retailer Chow Sang Sang (HK: 116) saw sales surge by double digits in Mainland China in the first five months, with an executive saying the 50-store openings per year target was still on track.
Chow Sang Sang Director and Group General Manager Vincent Chow said that the jeweler has stuck to its schedule of launching 50 new stores per year over the past few years, and this year would be no different.
One of the more high-profile such occasions was Chow Sang Sang recently cutting the ribbon on its long-awaited four-storey flagship store alongside Hong Kong’s busy Carnarvon Road.
At the opening ceremony, the Hong Kong-listed firm launched its new “Infini Love” series, with gemologists and diamond experts from Belgium on hand to assess the collection.
As for the high-end jeweler’s January-May performance, Mr. Chow said same-store-sales in Mainland China saw double-digit growth over the period, but added that predicting a full-year trend was a tall order.
He also said customers have become “more cautious” in making consumption decisions due to a slight slowdown in the PRC economy as well as a range of external factors, AA Stocks reported.
That being said, he still saw gold as an untarnished investment bet.
Although global gold prices have softened of late, Mr. Chow said he could not envision a scenario in which customers flock to convert their gold into cash, and remains “neutral” towards the gold price trend.
Chow Sang Sang's board recently announced it would grant a HK 49 cents per share dividend for full-year 2011 pending approval from shareholders at its AGM.
All these moves come at the perfect time for Chow Sang Sang after the World Gold Council stated recently that demand for the yellow metal could jump by as much as 30% this year, which would catapult the PRC into first place and replace India as the world's top consumer of bullion.
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