Hong Kong Jewelry Exports Face Slowdown

RAPAPORT... Hong Kong's jewelry exports are expected to slow in 2019 after strong growth last year, due to sluggisheconomic conditions, the municipality'strade body has warned. "Less robust economic growth is likely to affect Hong Kong'sjewelry exports," predicted Alice Tsang, assistant principal economist at theHong Kong Trade Development Council (HKTDC). Shipments of precious jewelry rose 15% to HKD 47.27 billion ($6.03 billion) in the first 10 months of 2018, becoming Hong Kong's fastest-growing major export category, HKTDC noted.However, demand for high-end items may weaken as consumers become more careful about spending, Tsang explained in the forecast that was published in December. This could be offset by the rising popularityof products that feature good branding, design, quality andcraftsmanship, she added.  Chinese and Indian consumer demand for gold jewelry shouldprop up the trade, while platinum and diamonds may also have a strong year,Tsang said. HKTDC predicted that exports of luxury watches and clockswill likely be stable in the coming year, having increased 2% to HKD 55.04 billion ($7.03 billion) in the first 10 months of 2018.  The municipality's total export value will grow 5% this year,the HKTDC forecast. Some 51% of exporters expect their sales to increase orremain unchanged, a survey by the organization found. Image: Hong Kong container terminal. (Photocapy)