HK’s jewellery exports up 23.1% from Jan-May

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HK’s jewellery exports up 23.1% from Jan-May

Hong Kong’s exports of jewellery, goldsmiths’ and silversmiths’ wares rose 23.1 percent during the first five months of 2018 compared to the same period in 2017, the Census and Statistics Department reported.

Riding on an overall increase in principal commodity divisions, jewellery exports in May alone were up 31 percent year-on-year, government data further revealed.

According to the 2018 Mid-Year Export Review issued by the Hong Kong Trade Development Council (HKTDC), the jewellery sector performed strongly, with exports in the first four months of 2018 growing by about 20 percent – “the highest among all of the major sectors.”

“This robust export growth was driven by the demand for gold jewellery, while global economic growth also boosted demand for high-end accessories, such as diamonds,” HKTDC revealed. “However, given that the gold price has remained high since the second half of 2017, the growth of fine jewellery exports is expected to slow down somewhat for the remainder of the year.”

Hong Kong’s export of watches and clocks, meanwhile, showed signs of rebound in the first four months of 2018. Demand from a number of traditional markets, such as the US and the EU has been declining, while exports to the emerging markets, including India and the ASEAN bloc, recorded robust growth, largely on account of solid economic growth in developing Asia and the rise of the region’s middle classes.

“Product-wise, mid- to high-priced products are set to remain popular, so the market for high-end smart watches will remain strong. Smart watches aside, hybrid watches, which blend traditional, mechanical watch design with smart features, may drive a fresh demand for timepieces, ultimately benefitting Hong Kong’s export of unassembled watch movements for processing in one of the luxury watchmaking countries, such as Switzerland or Japan,” HKTDC noted.

News Source : jewellerynet.com

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.

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