Jewelry retailers Chow Sang Sang Holdings (00116.HK) and Luk Fook Holdings 00590.HK) are said to be waiving the craftsmanship fee on their gold products in a bid to spur sales during the upcoming Labor Day holidays.
The promotional period will last for six days until May 2 at Chow Sang Sang, and until May 4 in the case of Luk Fook, according to the Hong Kong Economic Journal.
Chow Sang Sang’s Greater China general manager for retail operations, Lau Hak-bun, was quoted as saying that the move is aimed at addressing a slowdown in business.
The jewelry retailer has seen a 20-percent decline in revenue during the first quarter despite a 10-percent bounce in gold prices.
With the waiver of the craftsmanship fee, customers can save HK$400 to HK$1,000 on wedding bracelets, according to Lau.
A slowdown in tourist arrivals from the mainland has affected Hong Kong’s retail sector, with luxury goods shops particularly feeling the pinch.
Export sales of Swiss luxury watches fell 16.1 percent in March, with sales to Hong Kong tumbling as much as 37.7 percent, according to data from the Federation of the Swiss Watch Industry FH.