Chow Tai Fook Jewellery Group Ltd. delivered a resilient performance in FY2025, with operating profit rising 9.8% year-on-year to HK$14.75 billion, even as revenue declined 17.5% to HK$89.66 billion due to high gold prices and a sluggish macroeconomic environment.

The company’s ongoing brand transformation helped offset the top-line pressure, with the launch of five new premium-format stores in Mainland China and Hong Kong contributing to a 400 basis point expansion in operating margin, which reached 16.4%. Gross profit margin also improved to 29.5%, driven by a stronger product mix and growing demand for fixed-price gold jewellery.

While net profit attributable to shareholders fell 9% to HK$5.92 billion—largely due to revaluation losses on gold loan contracts—the group maintained a generous dividend payout ratio of 87.8%, declaring a full-year dividend of HK$0.52 per share.

Chairman Dr. Henry Cheng commented, “We are making significant progress in our brand transformation journey. Despite external headwinds, we continue to adapt to shifting consumer preferences and see exciting opportunities for growth across China and beyond. Innovation, craftsmanship, and cultural pride remain central to our identity.”

A standout in FY2025 was the remarkable growth in fixed-price gold jewellery, with sales soaring 105.5% year-on-year. These products now account for 19.2% of Mainland China’s gold jewellery revenue. Signature collections such as CTF Rouge and the Palace Museum collaboration each recorded over HK$4 billion in sales.

The group also accelerated its digital retail strategy. Livestreaming and e-commerce accounted for 5.8% of retail sales value in Mainland China, while online sales in Hong Kong and Macau surged 91%, driven by a revamped website and successful IP-based product collaborations.

Looking ahead to FY2026, Chow Tai Fook expects to benefit from continued brand evolution, improving market sentiment, and disciplined cost management, positioning the company for sustainable, quality-led growth.

Gold prices rose sharply on Friday, June 13, 2025, coming close to their all-time high. This came after Israel launched a major military attack on Iran, hitting important nuclear and military sites. In response, Iran sent over 100 drones toward Israel, causing fears of a wider conflict in the Middle East. Gold prices remain firm as markets focus on Israel’s attacks on Iran.

XAU/USD continues to climb, with prices holding firm above $3,400 while US equities and risk assets plunge. Michigan consumer sentiment and expectations beat estimates, with inflation expectations falling. But ‘risk-off’ tone remains.

Because of these rising tensions, many investors rushed to buy gold, which is often seen as a safe place to put money during uncertain times. This demand pushed spot gold prices up to $3,417.10 per ounce, and gold futures for August delivery to $3,436.90—both near their previous record highs of around $3,500 reached in April 2025.

At the same time, new data showed that inflation in the U.S. is slowing down. This has increased hopes that the U.S. Federal Reserve might lower interest rates soon, which also supports gold prices.

In short, the mix of Middle East conflict and signs of lower U.S. inflation is making gold more attractive to investors looking for stability during uncertain times.

Swarovski has introduced its latest fine jewelry line, the Octagon Collection, centered around a proprietary, patented diamond cut inspired by the brand’s iconic logo. Conceived by Swarovski’s Global Creative Director Giovanna Engelbert, the octagon-shaped cut is a fresh symbol of the brand’s evolving design legacy.

At the heart of the collection is the Swarovski Octagon Cut, boasting 57 precisely engineered facets—32 on the pavilion, 24 on the crown, and one on the table. This unique structure is designed to offer enhanced brilliance and light performance, outshining traditional emerald and baguette cuts.

The Octagon Collection features ten elegant pieces, including bezel-set laboratory-grown diamonds paired with precious metals. Highlights of the collection include a pendant in white or yellow gold, mini hoop earrings in yellow gold, white gold stud earrings, a yellow gold bracelet, and a variety of ring styles—such as solitaire rings in vertical and horizontal settings and a band ring, all offered in both white and yellow gold.

Swarovski described the new line as “a new chapter in Swarovski savoir-faire,” noting that the Octagon cut and its debut collection “balance the timeless elegance of laboratory-grown diamonds with distinctive designs, created to illuminate life’s most meaningful moments—from personal milestones to lasting commitments.”