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The Hong Kong government said jewellery retail sales in September declined at a slower pace compared to previous months, with the easing of Covid-19 infections in the city.

Sales of jewellery, watches and clocks, and valuable gifts fell by 25.7 per cent year on year in September compared to 37.8 per cent in August and 54.3 per cent in July, data from the Census and Statistics Department of Hong Kong showed. 

Jewellery sales in the first three quarters were down 59.6 per cent.

A government spokesman commented that retail sales improved from a higher base of comparison in August as the third wave of infections abated.

“Retail trade will remain challenging in the near term as inbound tourism is unlikely to see a swift rebound and the labour market is under pressure. However, with the stabilisation of the local epidemic and the recent relaxation of social distancing measures, local consumption sentiment is likely to revive further,” the spokesman continued.

Jewellery exports also improved in September.

Shipments of jewellery, goldsmiths’ and silversmiths’ wares were down 5.2 per cent from 13.2 per cent in August.

From January to September, jewellery exports sank 23.5 per cent year on year.

The government said that the improvement in merchandise exports was “mainly led by the visible acceleration in exports to the mainland China.” Exports to the US reverted to moderate growth and those to the EU saw a slower decline while other major Asian markets showed mixed performance.