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Gold retailers expect more sales in H2

Kenny Lee Koi Ian, general manager of Seng Fung Jewellery, told reporters on Thursday that the city’s gold retail sector is expecting more sales in the second half of this year after the mainland’s travel restrictions are lifted.

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UPDATED: 22 Dec 2023, 5:46 am

Kenny Lee Koi Ian, general manager of Seng Fung Jewellery, told reporters on Thursday that the city’s gold retail sector is expecting more sales in the second half of this year after the mainland’s travel restrictions are lifted.

Lee made the remarks after a conference about the gold market by the local branch of Bank of China (BOC) at its headquarters.

Lee noted that Macao’s gold sales decreased 90 per cent in the first half of the year, adding that there had been a slight increase in sales so far in the second half. He said it would be “ideal” if sales in the next few months could be about half as much as they were last year.

Lee said that retailers had not been able to import new gold jewellery because the COVID-19 pandemic delayed shipments from Hong Kong to Macao. He added that if the shipment situation involving security and insurance issues continues until the National Day Golden Week next month, retailers may not have enough goods for their customers. He also pointed out that when gold prices were high, many people sold off their old gold jewellery.

Lee said he hoped that through the conference, people could think about opening a new route for gold imports, instead of solely relying on Hong Kong.

(The Macau Post Daily/Macau News)
PHOTO © The Macau Post Daily/Prisca Tang

UPDATED: 22 Dec 2023, 5:46 am

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