The Coronavirus is reeking havoc on jewelers.
Diamond World reported Sales are down a whopping 60% for Chow Tai Fook Jewellery Group, one of the world’s largest jewelry companies, with total assets of around $8 billion. The company operates more than 2,200 stores across 500 cities worldwide including Hong Kong, mainland China, the U.S., Singapore, Malaysia and South Korea.
Businesses in the jewelry districts of LA and NY have reported a virtual stop in traffic and buyers. “Nobody is shopping, people aren’t in the mood and everyone is afraid”, said a LA jewelry mart vendor.
Some jewelers have closed their doors to protect their employees and prevent contracting the disease, also affecting all of the surrounding businesses that rely on those customers and businesses to survive.
But not all of the reporting has been negative, online sales and companies are doing OK.
One fashion diamond company rep said their online sales have spiked by 20% since the outbreak. “People are staying away from crowds and malls but still need to get their bling fix!” she added.
We also found another e-tailor with positive news. “Our business has remained steady and unaffected”, reported a luxury watch seller we interviewed. “More customers are staying home so they can easily shop online in the comfort and safety of their own home. They just click-click and a day or two later, a package arrives right to their door, anywhere in the world, with the timepiece of their dreams”, he added.