On October 22, Hong Kong jewelry giant Chow Tai Fook Jewellery Group released its unaudited key operating data for the quarter ending September 30. The group’s overall retail value declined by 21% YoY. Retail value in mainland China fell by 19.4%, accounting for 87.8% of the group’s retail value, while retail value in Hong Kong, Macau, and other markets dropped by 31%. The group noted that external macroeconomic factors, particularly the soaring gold prices, continued to impact consumer sentiment, reflecting a broader industry trend. However, during the quarter, the decline in same-store sales in mainland China narrowed, while same-store sales in Hong Kong and Macau were similar to the previous quarter.