China's largest jewelry retailer, Chow Tai Fook Jewellery Group Ltd., experienced a significant decline in revenue of 20.4% for the half year ending in September. This is the largest drop for this period since 2016.
The company attributed this decline to the slowing Chinese economy and high gold prices, which have negatively impacted luxury spending. The group's revenue totaled HK$39.4 billion (approximately $5.1 billion), while profit decreased by 44.4% to HK$2.6 billion.
This decline in profit was primarily due to losses from the revaluation of gold loan contracts caused by fluctuating prices.