Charles Wong

Last week, members of our leadership team were in China to visit our flagship De Beers Jewellers boutiques in the region and connect with industry partners. During the visit, our CEO Al Cook sat down with FTChinese to discuss the diamond market in China, his confidence in the long term outlook and De Beers’ investments in the region. Al noted that China has been the fastest growing market for diamond jewellery demand in recent decades and while the current macroeconomic environment was challenging, both natural diamonds and China’s economic development were expected to maintain long-term resilience. He also discussed that China is home to more than half of our De Beers Jewellers stores globally and would be a key region for the brand’s continued growth. On consumer trends, Al noted that Chinese consumers are increasingly buying diamonds to celebrate a wide range of moments in their lives beyond just weddings and engagements. And that sustainability and diamond provenance was now a key consideration for discerning Chinese consumers. On lab-grown diamonds, Al noted the importance of ensuring that consumers know they can all be readily detected so that people can continue to be confident when buying a natural diamond. The full interview is available here: https://lnkd.in/dAzcZAQi #DeBeers #diamonds

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The 2024 Beijing International Gold, Jewelry, and Gemstone Exhibition concluded on June 3 at the Beijing Exhibition Center. The event featured exhibitors not only from major Chinese cities such as Beijing, Shanghai, Shenzhen, and Guangzhou but also from various international jewelers. Chinese consumers showed consistent enthusiasm for gold, jade, pearls, and other precious items. Notably, there was a marked interest in colored gemstones, with a significant crowd around the booths of exhibitors from Pakistan and Sri Lanka. "The quality of colored gemstones from Pakistan and Sri Lanka caught my eye, so I stopped to ask about the prices. I might find something good to buy," a consumer shared with the reporter. In 2023, the total import and export value of China's jewelry industry reached a record high of $145.334 billion, an increase of 8.62% year-on-year. Chinese consumers show a strong interest in gold and silver jewelry products for both their aesthetic and investment value. Additionally, Pakistan's exports of gems and precious stones to China saw a 47 percent increase in 2023, indicating growing recognition of the quality of Pakistani gemstones among Chinese buyers. Muhammad Amjad, the owner of PIEDRA, a Pakistani colored gemstone company, brought emeralds, aquamarines, and other gems from Peshawar to the exhibition. "I came to China in 2006 and have been in the colored gemstone business ever since. The reason for choosing to do business in China is simple: the good relationship between the two countries and the strong purchasing power of Chinese consumers. My partners here have never deceived me, which I value highly. Although sales have fluctuated in the past few years due to various factors, the market is now recovering, and I am very confident," Muhammad Amjad told the reporter. Since 2023, demand for colored gemstones in China has been steadily expanding, supplementing the traditional safe-haven asset of gold. According to market research by the China Gems and Jade Association (Beijing) Fund Management Co., the average price increase for colored gemstones across all categories in China during the first half of 2023 ranged between 30% and 50%. Prices for larger or relatively rare gems surged by as much as 100% to 150%. "Although the demand for precious-colored gemstones hasn't surged as dramatically as that for gold, it has remained relatively stable, with a consistent customer base. In recent years, with the rise of e-commerce and social media platforms, younger consumers have become increasingly accepting of colored gemstones," said Ma Xiaozhong, a jeweler from China. Ma owns Muny Asia Jewellery, a colored gemstone company in Beijing, and has been in the business for over 20 years. "We source raw gemstones from around the world, process them domestically, and sell them both locally and in Western markets. #China #ColoredGemstones #Pakistan

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🛑 [REPORT] Check out the latest Digital Trends & Best Practices in China from Top performing brands in APRIL and best practices, including #christianlouboutin #valentino #louisvuitton #hermes #gentlemonster #gianvitorossi #casadei 🙌

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Venturing to China is not an easy path. In fact, international ventures are increasingly challenging these days, with the possible exception of Singapore, where we welcome you with open arms. Due to the rise in nationalism, whether you are heading to the EU, US, UK, China, or Japan, the local market is not going to welcome you with open arms. #andrewtanatomisingapore #theatomiway #atomiconsultancy #陈湧泉老师创业创新课程 #theatomiway #andrewtanatomisingapore #atomiLIFESTYLE #atomi #actushause #atomiFURNITURE #theentrepreneurialmindset #thegrowthmindset #entrepreneurship #陈湧泉 #英文 #中文 #日文

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Founder, Chairman and CEO, Baozun Inc., Vincent Qiu recently shared in Hong Kong Economic Journal on GAP’s transformation in China since Baozun’s acquisition last year. The apparel brand’s transformation has reached the mid-way mark and is adjusting its style and product offerings to cater to Chinese consumers sense of #fashion and lifestyles. As a major fashion brand, Gap's extensive operations consist of various aspects - from #design, #supplychain, factory management to fabric innovation. These insights in brand management helps Baozun to ensure seamless integration from supply to demand. The team plans to expand GAP's presence by opening more stores this year in China. Read more about the Hong Kong Economic Journal coverage here: https://lnkd.in/gisWh6gg #Baozun #ApparelIndustry #ProductDesign #Phygital #eCommerce #BrandStrategy #Apparel #SocialCommerce #Retail #DigitalCommerce

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Meet Hiro, our new stylist with a flair for the art of hair! Hailing from Japan, he pieces together each haircut like a puzzle for a flawless, sharp finish. 🇯🇵 Bringing top-notch Japanese hairstyling ethics and techniques straight to CHALK. Welcome to the team Hiro! #chalk #chalksalon #dubaisalon #hairsalon #luxsalon #hair #celebritysalon #haircut #haircare #highlights #japanesehairstylist #hairtransformation"

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🌟 Beloved & Beyond - MarketPlace: The Gifting Platform 🌟 Are you looking for the perfect place to send meaningful gifts to your family, friends, or colleagues? Discover MarketPlace - The Gifting Platform by Beloved & Beyond! We not only offer thousands of unique products, but also provide an easy and convenient gifting experience with just a few simple steps. Whether it's a special occasion, an anniversary, or a small gesture to show care, MarketPlace helps you connect with your loved ones in the most heartfelt way. 🎁 MarketPlace Highlights: - Wide product selection: From personal gifts and household items to unique art pieces. - Convenient and fast: Secure payment systems and flexible delivery ensure your gifts arrive on time. - Community connection: Build a loving community where people share joy and emotional values through gifting. - Earn rewards: Every purchase gives you the opportunity to earn points that can be redeemed for exciting offers. Let Beloved & Beyond help you spread joy and love to the special people in your life. 💝 Try it here https://belovedbeyond.com/ #BelovedBeyond #Marketplace #GiftingPlatform #CustomerCare #LoyaltyProgram #CommunityEnhancement #RelationshipManagement #Ecommerce #GiftingCulture

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🌟 Why Are So Many US and European Brands Turning to Vietnam for Jewelry Manufacturing? 🌟 If you're a jewelry brand looking to gain a competitive edge, it's time to explore why Vietnam is rapidly becoming a top destination for jewelry production. With a unique combination of high-quality craftsmanship, cost efficiency, and a commitment to sustainable practices, Vietnam offers advantages that global brands can’t afford to overlook. At Jinyi Jewelry Vietnam Manufacturer, we bring over 20 years of expertise, blending traditional artistry with modern technology to deliver exceptional jewelry that aligns with today's trends. Here's why top brands are choosing Vietnam for their jewelry sourcing: ✨ Superior Craftsmanship: Our skilled artisans create stunning pieces, from lab-grown diamonds to eco-friendly materials, while maintaining a high level of precision and detail. ✨ Cost-Effective Solutions: Lower production costs paired with premium quality, allowing brands to increase profit margins while offering stunning collections. ✨ Sustainability & Ethics: We prioritize eco-friendly and responsible sourcing practices to meet the growing demand for ethical jewelry. ✨ Efficient Supply Chain Management:  For instance, Vietnam has free trade agreements (FTAs) with the European Union (EVFTA) and the United States (through various bilateral trade policies), which result in reduced tariffs on jewelry imports, shorter shipping times, and streamlined production processes. At Jinyi Jewelry, we optimize supply chains to ensure fast, cost-efficient delivery, helping brands meet deadlines and scale production effortlessly. ✨ Support for Innovation and Design Customization: Vietnam’s manufacturers, like Jinyi Jewelry, offer flexibility and adaptability, allowing brands to create unique, customized jewelry that sets them apart from competitors. Whether it's custom designs or trend-forward collections, we work closely with brands to bring their visions to life and ensure they resonate with modern consumers. Read more 👉 https://lnkd.in/gUGhfNJb Ready to take your brand to the next level? 📈 👉 Visit our website: http://www.jyjew.com/home to learn more about our quality control standards and innovative craftsmanship. Schedule an appointment today: https://lnkd.in/gMSSVrHt to visit our Vietnam factory and see firsthand how we can help your brand grow! #JewelryManufacturing #VietnamJewelry #JewelrySupplyChain #tariffs #EVFTA #EcoFriendlyJewelry #JewelryBrands #EthicalJewelry #JewelryBusiness #JinyiJewelry #JewelryForRetailers #JewelryVietnamManufacturer #VietnamJewelryManufacturer #JewelryTrends #SterlingSilverJewelryManufacturer #SterlingSilverJewelryVietnamManufacturer #BrassJewelryManufacturer #BrassJewelryVietnamManufacturer

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Chow Tai Fook (CTF) Group is one of largest jewelry retailers in China. It has over 7000 retailer stores. Its Shenzhen factory closed at the end of May. This is one of three #CTF factories on mainland China, as far as I know. There are various rumors about why CTF closed this factory. One of the reasons is the high operating costs at the Shenzhen factory. However, upon closer examination, the rising price of #gold appears to be the primary factor. 24K gold jewelry products are one of CTF’s main products. These items have been very popular over the past few years due to technological advancements in gold processing. They were among the most prominent products in the Chinese jewelry industry and retail business. However, this year’s increase in gold prices has negatively impacted consumer demand in China. By the end of April, there was a noticeable slowdown in the demand for gold jewelry. Jewelry retailers are now hesitant to restock these products. For 18K gold #jewelry, there is also a noticeable slowdown due to the high gold prices. #VCA has also announced price increases in China. Setting aside the overall Chinese economy, the high price of gold is currently the biggest risk factor for the jewelry business in China and globally.

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The luxury fashion market in Q3 2024 is marked by significant regional and channel-driven dynamics. 🌍Asia's Challenges & Opportunities: The APAC region continues to be a critical area for luxury brands, contributing 30-50% of total revenue. However, the Chinese market remains a key challenge as consumer confidence has waned, largely due to lingering post-pandemic uncertainties. At the same time, markets like Japan are experiencing a resurgence, with strong growth driven by favorable currency dynamics. The weakened yen has attracted international buyers, boosting luxury sales and showing the importance of seizing regional currency advantages. 🏙️Retail Channel Resilience: Retail remains a crucial channel, with several brands seeing solid performance in their physical stores. The importance of in-store experiences, particularly those that are locally tailored, continues to be reinforced. Brands that have diversified their channels—both retail and wholesale—are seeing better resilience, with a consistent strategy across regions driving growth. Luxury brands that combine direct-to-consumer retail experiences with targeted wholesale partnerships are better positioned to weather regional challenges. 📉Fluctuating Markets: The U.S. and European markets are seeing more modest growth or slight declines, with brands facing relatively flat performance. However, regional nuances still play a role here. While the U.S. luxury market struggles with inflationary pressures, Europe remains steady, showing that a nuanced, market-specific approach is key. The luxury sector in these regions is facing slower consumer spending, which underscores the importance of having a diverse product offering and flexible pricing strategies. 💡Key Insight: The luxury sector in Q3 highlights the need for adaptability—regional market conditions, currency fluctuations, and consumer confidence are all shifting. Brands that can adjust to these changes—whether through strategic regional expansion, in-store innovation, or tailored marketing efforts—are more likely to thrive. As we move into Q4 and beyond, success will rely on the ability to read the market: leveraging retail presence, capitalizing on regional opportunities, and maintaining a diversified portfolio of channels and products to respond to ongoing global shifts. Adapting to market dynamics and developing a flexible, regionally-informed strategy will be key to sustaining growth in this ever-changing landscape, a principle that remains central to effective global expansion strategies, as seen in the insights shared by industry leaders like KEA International. #LuxuryFashion #GlobalExpansion #MarketInsights #SalesChannels #RetailStrategy #KEAInternational #LuxuryBrands #GlobalGrowth #Ecommerce #RetailInnovation

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As we all know, Japan's exchange rate has reached its lowest level since 1986, and Chinese tourists have been buying luxury goods in Japan for several months. Louis Vuitton is even jokingly called "souvenir product from Japan" by the Chinese tourists. Although Japan is also considered an Asian market, in our traditional concept, wherever people consume these brands, the money will go into the pockets of these brand companies. But the reality is that due to the low exchange rate, even if the brand continues to raise prices in the Japanese market, the net profit or profit level is far lower than that in the Chinese market, which directly drags down the company's revenue. Therefore, brands hope to keep consumers in China. On this point, Hermès has done very well in this regard. The latest financial report shows that the brand's market share in China is almost unaffected by the diversion of outbound customers. So, who is the biggest victim of this incident? It is the Shanghai market! First of all, Shanghai is relatively close to Japan, and it is very easy for customers in the Shanghai market to go abroad. When the domestic luxury goods market has begun to decline, the situation where consumers choose to go to Japan for shopping due to price advantages is directly worse! Secondly, the representative of China's high-end luxury shopping malls, Shanghai Hang Lung Plaza, saw its tenant sales plummet by 23% in the first half of the year, shocking the entire retail industry and further proving that the Shanghai market is the biggest victim of this phenomenon. Thus, the luxury brands have to accept the truth that majority of Chinese luxury consumers have always been a consumer group that is unquestionably sensitive to price.

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𝗝𝗼𝗶𝗻 𝘁𝗵𝗲 𝗚𝗖 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆! - 𝗦𝗵𝗮𝗿𝗲 𝘁𝗵𝗲 𝗕𝗲𝗵𝗶𝗻𝗱-𝘁𝗵𝗲-𝗦𝗰𝗲𝗻𝗲𝘀 𝗦𝘁𝗼𝗿𝘆 🧡 Our founder Gogo Cheng built the GC Community for people who share a passion 🔥 for client excellence in the luxury industry and to support those who sometimes feel alone as they strive in their career, just like what she did in her early career times, sharing the behind-the-scenes story from Gogo below: “My first experience with the luxury industry was as a Management Trainee at DFS Group Limited Hong Kong. My now very dear friend Crystal Kwok and I were the only two local Hong Kong graduates with ordinary upbringings who made it to this position; the rest of the management trainees (in our batch or the earlier batch) were either renowned international university graduates, or they were the children of company investors or luxury senior managers. Some of my early struggles included attending a company networking event or speaking up in a group meeting. I was not confident enough to be in a room full of bright people, nor did I let my voice come through to represent a different perspective, especially since English is not a naive language. As time went by, I was blessed to have the opportunity to build/strengthen the Private Client function for world-class companies like Burberry, Louis Vuitton, and FARFETCH. Though they were fruitful journeys, one of the main challenges I faced throughout my corporate time was that since I was the leader of the function, it was difficult to seek guidance within the organisation on subject matter knowledge. There was also no centralised customer loyalty-related knowledge hub/community to get inspiration from, or to bounce off ideas with luxury peers from different companies/markets.” Gogo is very passionate about putting her learnings into the contents and initiatives to share with you, and to build a community for like-minded customer-centric individuals to connect and exchange insights, and as such: 🧡  If you've ever felt the luxury industry can be intimidating, but you're eager to grow your career within it. 🧡  If networking or attending events sounds daunting, you want to build your confidence. 🧡  If you believe mastering communication is the most powerful tool in work and life. 🧡 If you want access to inspirational quotes from industry leaders, a collection of bite-size knowledge about customer retention strategies and communication techniques, articles of insider tips and business case studies. 🧡 If you want to be part of a broader customer loyalty community and have access to events and webinars hosted by top customer-focused experts across the industries to exchange insights. Then, join us on our website and be part of the GC community 🤝 - this is just the beginning 🔥 ! #GogoChengConsulting #GCCommunity #TheArtandScienceofClienteling #luxury #CustomerLoyalty

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REFASH’s first Hong Kong store brings the best of their Singapore and Malaysia shopping experience. Hong Kongers can look forward to a specially-curated inventory of ‘brand new with tags’ (BNWT) women’s fashion from popular Singapore and other leading Southeast Asian brands. Aloysius Sng, founder and CEO at REFASH, said, "We are excited by great initial results in Hong Kong. In Jan and Mar this year, we partnered with Carousell Hong Kong to do a decluttering event for instant cash, and collected around 3,500 pieces of clothes. Majority of which are in almost-new condition. We are excited to officially launch our store and continue to expand more stores in Hong Kong.” #retail #marketexpansion #fashion ------ -[Awards] MARKETECH APAC is launching its inaugural "Marketing Technology Awards" where we recognise the groundbreaking achievements in marketing technology, uniting the brands and tech organisations within the region’s marketing community. Learn how your brand can be a part of it by checking it more details HERE: https://bit.ly/3SVtoIa -[Industry Series] We have launched our latest industry initiative "E-commerce Marketing Series" where we aim to equip businesses with the latest strategies and insights to navigate the dynamic world of e-commerce, as well as discuss cutting-edge concepts, trends, and case studies shaping the future of online commerce. Learn how you can be part of this industry discussion by checking out more details here: https://bit.ly/4aiMEX4 -[Report] Learn how brands can strategically implement conversational commerce and leverage these platforms to craft exceptional and personalized customer experiences in this in-depth report: https://bit.ly/3SSKVCG

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UNIQLO has opened its lower priced “trend driven” sub brand called Gu in the New York. This is the first outpost of this brand outside of Asia. At first glance it looks like a standard UNIQLO store. Even the website feels very much like the mother brand. It doesn’t have a trendier feel than Uniqlo in my opinion. It is gender neutral and hopes to attract a younger Gen Z audience. It’s price points are about $10 cheaper than Uniqlo which isn’t expensive to begin with. It is more curated than its competitors i.e. H&M or Zara Will be interested to see if they expand the concept into Canada. #fastfashion #retail #retailing #fashionretail #genz #trend

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