International News
Chow Sang Sang sees 15% decline in sales, 20% drop in profit
Chow Sang Sang’s- China’s third biggest jewelry retailer (by revenue) – 2024 financial results reveal a company grappling with significant headwinds in its core markets. The reported net loss of 74 stores out of 1,032, coupled with a 15% decline in sales and a 20% drop in profit, paints a picture of a retailer under considerable pressure.
Significant Closures: The closure of 122 stores, predominantly in Mainland China, highlights a strategic retreat in response to declining sales. This indicates a recognition of over-saturation or underperforming locations. Limited Expansion: Opening only 48 stores suggests a conservative approach, focusing on optimizing existing resources rather than aggressive expansion.Future Uncertainty: The company’s statement regarding “prudent… physical store network consolidation” implies further closures are possible, reflecting a pessimistic outlook on near-term market recovery.
Revenue Decline: The 15% drop in revenue (HKD 21.18bn) signifies a substantial reduction in consumer spending on jewelry .Profit Slump: The 20% decrease in profit (HKD 805.6m) underscores the impact of reduced sales and potentially heightened operational costs.Same-Store Sales Decline: The steep decline in same-store sales (38% in Mainland China and 24% in Hong Kong and Macau) indicates a systemic issue, not just localized problems. This suggests a broader consumer shift away from jewelry purchases.
Weak Demand: The report attributes the poor performance to “weak demand,” suggesting a shift in consumer preferences or reduced discretionary spending.Record-High Gold Prices: Elevated gold prices likely impacted affordability, particularly for gold jewelry, potentially driving consumers to alternative investments or postponing purchases.Economic Slowdown: The economic slowdown in China, Hong Kong, and Macau created a challenging retail environment, affecting consumer confidence and spending.Declining Diamond Demand: The report specifically mentions a drop in diamond demand as a primary driver of the same-store sales decline. This may indicate a shift in consumer preference away from diamonds, or a reduction in high value purchases in general.
Focus on Cost Optimization: The store closures indicate a focus on cost reduction and operational efficiency.Potential Product Diversification: The decline in diamond demand may necessitate a strategic shift towards other product categories or price points.
E-commerce and Online Strategies: In a challenging physical retail environment, strengthening online sales channels becomes crucial.Market Adaptability: The company’s ability to adapt to changing consumer preferences and economic conditions will be critical for its future performance.
International News
VO Vintage Returns To Vicenza With Prestigious Jewellery, Watches and Collecting Culture
The B2C Marketplace Will Bring Together 52 Italian and International Dealers, Unique and Collectable Pieces, and A Programme Of Talks and Meetings With Experts, Collectors and Leading Figures In Watchmaking Culture
Vintage jewellery and watches will once again be main features in Vicenza from 4th to 7th September with VO Vintage, the B2C marketplace where a selection of leading Italian and international dealers specialising in vintage jewellery and collectable timepieces will gather in Hall 8.1 at Italian Exhibition Group’s Expo Centre.
An off-shoot of Vicenzaoro’s experience in meeting the growing demand of an increasingly informed and keen audience, VO Vintage has grown with each edition, asserting its identity as a leading event for collectors, enthusiasts, dealers and experts.
The format combines a highly curated selection of items with a strong cultural and experiential dimension. Besides the chance to purchase unique and valuable pieces, visitors will be able to meet specialists, learn more about the history and craftsmanship of the objects, and engage with a like-minded community.
With a selection of 52 dealers, 29 Italian and international jewellery retailers and 23 specialist watch retailers, the September edition will be 25% larger than last year, matching the variety of products that visitors were able to enjoy in January.
Matteo Pollini, Exhibition Manager at Italian Exhibition Group Explained:

“VO Vintage’s growth also reflects the younger generations’ interest in the world of vintage as they are increasingly drawn to the opportunity to discover and purchase items with a history, identity and value that can extend beyond the commercial sphere.”
which organises the event during Vicenzaoro September. “We blend passion, expertise and discovery, creating an environment where the public can approach collecting with greater awareness.”
PRESTIGIOUS VINTAGE JEWELLERY AND WATCHES
From unique 20th-century pieces and valuable icons to watches that have shaped the history of watchmaking, VO Vintage offers a journey through historic companies, rarities and items of particular interest to collectors.




One of the most eagerly awaited returns is Spangaro & Co., which will be back with a preview of its famous The One auction event, adding a further highlight to the exhibition programme for fine watchmaking collectors and enthusiasts.
The pre-owned watch line-up will include Antonio Nocco’s Il Quadrante, Prezioso, Vintage Watches Milano, Gioielleria Cenciarini and Casciola dal 1950.
Vintage jewellery will be represented by Zagari, Neapolitan jewellers who have been specialising in vintage signed jewellery, old-cut diamonds and coloured gemstones for five generations; E.L.A. Antichità from Bergamo, a leading name in Italy amongst enthusiasts of period and vintage jewellery for 25 years; and the I Santi Medici art gallery in La Spezia, which deals in period jewellery from aristocratic collections.
For collectors who place particular emphasis on the quality of stones and gems, Italian Vintage Jewellery from Crema, founded by two gemmologists with experience in international diamond and jewellery companies, will be in attendance.
From the Netherlands, EL&L Finery, run by Lisa Finkelman van der Plas, who, following in her family’s footsteps, is renowned for collectable European pieces ranging from late 19th to early 20th-century antiques to vintage items from the 1960s, ‘70s and ‘80s.
New entries will include Thomas Huijbrechts, also from the Netherlands, Twinkle D from Monaco, and Nishyda, Daniel Nessim, Excellent Diamond and Fabiani Group from Italy.
A WEEKEND OF PASSION AND INFORMATION
VO Vintage also asserts its identity through a programme of events. An integral part of the experience is its agenda of meetings, talks and in-depth sessions that offer the chance to gain a first-hand understanding of the timepiece world’s history, craftsmanship and evolution as well as to delve into the universe of collecting, not only through the rare pieces on display, but also through the stories and the people involved.
On Saturday, 5th September, Dody Giussani, editor of L’Orologio magazine, and Pietro Pannone, founder of Ghiera Orologi and co-author of the Laboratorio podcast, will be recording a live episode on the theme Watchmaking that speaks Italian to the world dedicated to the challenges of managing a major watchmaking group: from distribution to the differentiated management of licences and in-house brands.
Massimo Carraro, President and CEO of the Morellato Group, will be taking part in a discussion on the business model of a group that now boasts 14 in-house brands, 7 licensed brands and 5 distributed brands, including Sector, Philip Watch, Karl Lagerfeld, Maserati, Fossil, Emporio Armani and Diesel.
The event aims to highlight the increasingly central role of outreach and community building in the contemporary watchmaking world by comparing expertise, experience and new ways of enhancing watch culture.
The Watch of the Year 2026 awards ceremony (on invitation only), an award assigned by L’Orologio magazine readers, will take place in the evening.
On Sunday, Irene Baiardi, watchmaker and Chamber of Commerce-accredited expert at Gioielleria Orologeria Baiardi Andrea in Bologna, will present The Art of the Chronograph: iconic companies, mechanics and a glossary for collectors, an in-depth exploration of how the chronograph works through the process of reassembly, covering both the mechanisms and history of watchmaking, to delve into the chronograph’s appeal and tradition.
Watch Insanity will be presenting two events. Editor-in-chief Michele Mengoli and publisher Jacopo Giudici will be bringing DEEP-X to VO Vintage, the collective project celebrating Watch Insanity’s 10th anniversary with a one-of-a-kind timepiece and an ultra-personalized Made in Italy movement, outlined by Riccardo Paradisi, founder of Paradisi Watches, Giancarlo Rota, operations director at Oisa 1937, and watch designer, Carmelo Amalfi (Saturday).
On Sunday, the event entitled The Italian micro-brand out to conquer the world will focus on Venezianico, a company that has achieved a turnover of 15 million euros and an annual production of around 40,000 watches.
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