Chow Tai Fook, one of China’s largest and oldest jewellery makers, marks its 96th anniversary in 2025. However, this milestone comes at a time when gold has touched record high prices and when its key market – the greater China region is facing economic headwinds, posing a challenging growth environment for the brand. To navigate these difficult times, Chow Tai Fook has refined its product and pricing strategy, introducing offerings with diverse value propositions to attract customers.
In an exclusive interview with Shilpa Dhamija, Kent Wong, Managing Director of Chow Tai Fook Jewellery Group, shared insights on the brand’s strategy for 2025
China’s Lunar New Year is one of the peak seasons for jewellery sales each year. In 2025, it was celebrated from late January to early February. What trends drove jewellery sales this year during the festive season?
Wong: During the Spring Festival (Lunar New Year), gold jewellery and products symbolising prosperity and wealth are generally more popular.
This year, Chow Tai Fook Jewellery introduced new gold jewellery and decorations featuring Snakes, to meet the festive demand. (According to the Chinese traditional calendar, 2025 is the year of the Snake zodiac). For instance, in our HUÁ Collection, we incorporated the Snake zodiac and other traditional Chinese auspicious motifs to celebrate the Spring Festival.
This series includes exquisite gold ornaments created in collaboration with renowned artist Han Meilin, who designed the mascots “Fuwa” dolls for the 2008 Summer Olympics in Beijing, showcasing the charm of Chinese culture while conveying New Year’s blessings.
Among the many zodiac-related products, the snake zodiac gold coins and red envelopes are particularly popular among customers, who often purchase them as gifts for friends and family. Some companies also use them as gifts for annual dinners or spring banquets.
With the boost from festive consumption, we believe that same-store sales performance will continue to improve in the fourth quarter of the 2025 fiscal year (January to March 2025).
What factors could potentially drive or hinder the growth of the jewellery market in China in 2025?
The Chinese jewellery market continues to demonstrate resilience and strong potential, driven by consumers’ evolving tastes and a cultural affinity for jewellery as a symbol of personal milestones and cherished moments. While the diamond segment has faced challenges due to economic volatility and high gold prices have created a cautious spending environment for gold jewellery, we remain strategically focused on innovative designs that echo with the Chinese culture and popular trends that resonate with the younger generation, aligning our offerings with these shifting preferences.
How important is high jewellery for Chow Tai Fook’s current business and future growth? What’s trending in terms of diamond colours and diamond sizes and cuts, and the use of precious metal alloys such as rose gold and platinum?
High Jewellery is a key part of Chow Tai Fook’s current business and a driver of future growth, especially as luxury consumers in Asia remain resilient despite global economic complexities.
Our high jewellery embodies our craftsmanship heritage, blending Chinese cultural elements with modern design. We combine eastern materials like pure gold and jade with western influences, including diamonds, premium gemstones, and platinum, creating timeless pieces that balance tradition and innovation.
We are committed to presenting some of the world’s finest and most treasured diamonds and gemstones sourced from prestigious origins, worldwide.
Why do high jewellery makers remain loyal to natural diamonds?
Natural diamonds are a staple in this market because of their rarity and exclusivity. They carry emotional and historical significance, often being passed down through generations, which adds to their appeal. Moreover, the established system of certification and provenance for natural diamonds ensures authenticity and documented proof of origin – essential for discerning collectors.
Since 1929, Chow Tai Fook Jewellery has built its reputation on trust, offering diamonds of unparalleled quality and distinct value.
For nearly a century, Chow Tai Fook has sustained consumer trust while growing its business. In today’s world, where fast changing trends influence consumer mindsets and purchasing habits, how does Chow Tai Fook evolve as a heritage brand?
In today’s world, consumers’ sentiments and preferences towards jewellery are influenced by a complex blend of factors, creating a cautious consumer environment. However, there remains a fascination with Guochao (Chinese trends) and Chinese aesthetics. This cultural trend reflects a growing appreciation for heritage and contemporary design, which continues to garner positive attention in the market. We are strategically responding to these trends with a robust bottom-up approach that emphasises brand transformation and product optimisation.
Another standout element of the group’s brand transformation, which started in April 2024, is the innovation in retail experiences. The introduction of new concept stores in Hong Kong, Shanghai, Xi’an, and Shenzhen signifies a bold move towards enhancing customer engagement and brand presence. These stores are not just retail spaces but are designed to offer immersive experiences that resonate with modern consumers. We look to progressively roll out the brand transformation plan over the five-year period.
Further, we have been expanding our product lines with collections like CTF Rouge and Chow Tai Fook Palace Museum Collection, which align with the cultural leanings towards Chinese aesthetics. These collections showcase the brand’s commitment to blending traditional influences with modern design sensibilities, offering consumers products that are both culturally significant and stylish.
How is Chow Tai Fook adapting to Chinese customers’ interests in 2025? Which are your best performing collections?
Some key factors will influence jewellery sales trends this year in China.
Jewellery pieces that embody traditional culture and values will do well. We observed a notable rise in interest in developing a deeper connection to Chinese history and cultural heritage among the young generation.
One of our strategies is to address the emotional needs of the young generation by blending traditional Chinese craftsmanship with contemporary designs. These designs tout the increasing adoption of mixed materials — including gold, diamonds, jade, pearls, and more. Examples include our recently launched Rouge collection and Chow Tai Fook Palace Museum collection, which align with the cultural appreciation towards Chinese aesthetics and have achieved remarkable results since launch.
Also, our Rouge collection that incorporates culturally symbolic motifs was launched to commemorate Chow Tai Fook Jewellery’s 95th anniversary. This bold and contemporary collection highlights our expertise in mixed-material jewellery, seamlessly blending the brilliance of diamonds with gold. The Rouge collection has been a tremendous success, generating over HK$2.4 billion in retail sales value since its launch in April 2024 up to December 2024.
In collaboration with the Palace Museum in Beijing, we developed the Chow Tai Fook Palace Series. Based on the unique culture of the Palace Museum, we have transformed its exquisite artifacts into trendy jewellery suitable for everyday wear. This allows the younger generation to experience the charm and vitality of Chinese culture. The collection has been particularly well-received, generating sales of HK$1.6 billion since its launch in August 2024 up to December 2024.
Another upcoming trend is the “IP Derivative Economy” led by Gen-Z consumers, which involves derivative products from intellectual properties (IPs) such as anime and games. This trend brings business opportunities to various industries, including the jewellery sector. Chow Tai Fook Jewellery has collaborated with the popular game “Black Myth: Wukong”, launching gold ornaments at the end of January. The retail sales value of the collection exceeded RMB 40 million since their release.