Jewelry sales in Hong Kong soar 22% with demand for safe assets

Jewelry and watch sales in Hong Kong surged by 22% in the first nine months of the year, driven by wealthy Chinese seeking safe assets amid stricter foreign investment regulations. Official data shows sales reached HKD 45.8 billion, the highest since 2019. This growth outpaced overall retail, with jewelry accounting for about 15% of total sales. Despite a decline in luxury spending in mainland China, demand for jewelry remained strong, reflecting a shift in priorities among affluent consumers focused on preserving wealth. The appeal of gold and precious stones as a value reserve has increased due to ongoing challenges in the Chinese real estate sector and tightening capital outflow restrictions. Recent trends indicate a growing interest in tangible assets, with international brands expanding their presence in Hong Kong.