International News
Chow Tai Fook Posts Soft Earnings as China’s Gold Tax Shift Clouds Outlook
Flat profits and tighter margins signal rising pressure on China’s biggest jewellery retailer after Beijing ends a key gold tax rebate.
Chow Tai Fook Jewellery Group reported a muted performance for the first half of the fiscal year, with profits landing just below expectations as the industry braces for the impact of China’s recent policy change on gold taxation. The retailer posted HK$2.5 billion in net income, marginally short of analyst forecasts of HK$2.6 billion, according to its latest filing.
While gross margin eased to 30.5%, the company noted that stronger sales of higher-margin fixed-price jewellery and the appreciation of gold helped offset the pressure. In mainland China, average selling prices for fixed-price gold pieces continued to rise, supported by Chow Tai Fook’s ongoing premiumisation strategy amid fierce competition from domestic rivals such as Laopu Gold.

The jewellery giant has been navigating a tough landscape shaped by volatile gold prices, softer consumer sentiment, and a fast-evolving competitive environment. Despite these challenges, the company said it remains optimistic about sustaining momentum through the second half of FY2026.
However, uncertainty looms after China eliminated a long-standing tax rebate on gold imports on Nov. 1, a move aimed at shoring up government revenues. The change is expected to raise gold acquisition costs and could squeeze retailer margins further if passed on to consumers.
Chow Tai Fook has already revised certain product prices to reflect rising gold rates. Even so, its stock has rallied strongly, climbing 127% year to date, signalling investor confidence despite near-term industry turbulence.
International News
Van Cleef & Arpels Gives Its Iconic Alhambra a Pink Enamel Makeover
The Maison Introduces Five New Alhambra Creations Featuring Translucent Pink Enamel and Yellow Gold
Van Cleef & Arpels has unveiled a vibrant new chapter for its iconic Alhambra collection, introducing translucent pink enamel to the signature four-leaf clover motif for the first time. The new creations combine the Maison’s emblem of luck with yellow gold, bringing a fresh, contemporary expression to the enduring design.
The new five-piece selection comprises a Vintage Alhambra pendant, five-motif bracelet, 10-motif necklace, 20-motif long necklace and Magic Alhambra two-motif earrings. The earrings additionally feature guilloché yellow gold, adding texture and contrast to the pink enamel.



The distinctive pink is the result of several years of research at Van Cleef & Arpels’ enamel workshops. Inspired by the historic 17th-century “gold-ruby” technique, the colour is created using fine particles of gold rather than traditional pigments. Carefully controlled particle size, shape and concentration produce the desired translucent hue.
Adding to its visual depth, the enamel contains tiny bubbles, giving each Alhambra motif a distinctive character while creating subtle variations as the surface catches and reflects light. The motifs are framed by the Maison’s signature gold beaded contours, further enhancing the interplay between the pink enamel and yellow gold.
Since its debut in 1968, Alhambra has continually evolved through different stones, materials and colours while retaining its instantly recognisable four-leaf clover silhouette. The introduction of enamel marks another significant step in that evolution, bringing together heritage craftsmanship, technical innovation and contemporary colour.
With its new pink interpretation, Van Cleef & Arpels continues to reinvent one of jewellery’s most recognisable motifs, demonstrating how traditional savoir-faire can give a familiar icon an entirely new expression.
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