Chow Sang Sang Holdings International Ltd., Hong Kong’s biggest listed jewelry maker and retailer, said sales during China’s Golden Week holidays surged more than 50 percent from a year earlier because of a drop in gold prices.
“We’ve attracted a lot of gold buyers this year due to the plunge in gold prices in late September,” Dennis Lau, director of sales operations, said in an interview today. “A lot of people are taking advantage of this and coming to Hong Kong to shop.” The sales jump occurred in the first six days of the weeklong China holiday that started on Oct. 1.
An average of 117,008 visitors from the mainland arrived in Hong Kong each day in the period, according to data on the city’s Immigration Department website, led by shoppers seeking lower prices and a wider array goods on offer than in China. Gold prices have fallen 13 percent from a record high last month. Gold for immediate delivery rose 0.1 percent to $1,653.40.
Chow Sang Sang rose 9.9 percent to HK$18.44 at the 4 p.m. close of trading in Hong Kong. The stock has lost 3 percent this year, compared with a 23 percent slide for the benchmark Hang Seng Index.