Lukfook closes 76 stores as diamond sales fall 24%
Hong Kong’s Lukfook Jewelry announced its third-quarter performance for 2024, revealing an overall retail value decline of 1% compared to the previous year. In this quarter, excluding the performance of authorized brand stores, the retail revenue from Lukfook’s self-operated stores and e-commerce dropped by 25%, with same-store sales decreasing by 35%. As of the end of the reporting period, Lukfook operated a total of 3,408 stores worldwide, a net decrease of 76 locations. The high prices of gold and diamonds have led to sluggish sales, particularly with same-store sales of gold products down 38%, while diamond products experienced a 24% decline. Despite the impact on sales in the mainland market, the pricing of gold products in the Hong Kong and Macau regions saw a 12% YoY increase.