China’s jewellery retailers recorded a 0.4 per cent increase in sales in 2019 amid geopolitical and macroeconomic challenges, data from the National Statistics Bureau of China showed.
January to December figures went up slightly to RMB 260 billion (around US$37.48 billion) from 2018 while retail sales in December registered a 3.7 per cent year-on-year increase to RMB 26.8 billion (around US$3.86 billion).
China earlier reported a slower rate of decline in November while year-on-year January to November figures remained unchanged.
Retail sales of jewellery, gold and silver fell 1.1 per cent in November compared to the same period in 2018 while October sales were down 4.5 per cent year on year, representing four straight months of declining demand. January to October figures showed a 0.1 percent uptick. China’s jewellery sales had been on a downward trend since July when demand dipped 1.6 per cent. Jewellery sales dropped 7 per cent in August and 6.6 per cent in September. Sales in this category were up 7.8 per cent in June and 3.5 per cent in the first half of the year, the statistics bureau said.
Demand for jewellery saw a hefty decline in the third quarter owing to high prices of gold as well as market uncertainties, according to the World Gold Council.