Revenue Tumbles at Singapore's SK Jewellery

RAPAPORT... Singapore-based retailer SK Jewellery Group saw a heavy declinein sales for the third quarter amid economic challenges in key markets and theclosure of its gold-trading platform. Revenue fell 46% to SGD 32.6 million ($24 million), whilenet profit slumped 58% to SGD 359,000 ($263,889), the company said in a statement earlier this month. "Continuing tensions between Japan and Korea, Brexit, andthe Sino-US trade war have contributed toward a pessimistic consumer outlook,"according to the company, which operates more than 60 stores across Singaporeand Malaysia. The jeweler recently launched two flagship stores in theChinese cities of Chongqing and Chengdu, and plans to expand further into Chinathrough franchise stores. However, in May, weak demand prompted it to shut its SKBullion subsidiary, a service for consumers to buy and sell gold and preciousmetals. The move cost the group SGD 29.3 million ($21.6 million) in revenueduring the three months ending September 30. SK, which has a grading partnership with De Beers, alsoentered the lab-grown diamond market in October with the launch of syntheticsline Star Carat, including at its Love & Co. bridal brand. Image: Items from SK Jewellery's Star Carat line of lab-grown diamonds. (SK Jewellery)