Zhang Yuntao, chief executive officer of the China Golden Association, said the following: “People are not in the mood to buy jewelry. Most shops and shopping centers are closed due to the virus. Gold jewelry and bullion sales declined significantly this year. ”
Metals Focus, a London-based analytical firm, is forecasting a 6% decline in sales in China this year, down to a seven-year low. The decline will be out of the ordinary, given that the period of celebration of the Lunar New Year is usually considered the most successful for the gold market.
According to Bloomberg Intelligence, retailers in Hong Kong are not eligible for revenue in 2020 amid an epidemic.
Chow Tai Fook Jewelery Group, which has the world's second-largest chain of jewelry stores after Tiffany & Co., plans to close about 15 of its stores in Hong Kong as net profit plummeted after public unrest last year, and now coronavirus.