Chinese moves against corruption have sparked a sell-off in jewellery retailers in Hong Kong after Beijing ordered an end to adverts that suggest giving luxury gifts to bosses.
Shares in jewellery chains Chow Tai Fook, Chow Sang Sang and Luk Fook lost 6-7 per cent over the second half of last week. Watch retailers did even worse with Oriental Watch down more than 8 per cent and Emperor Watch and Jewellery down almost 13 per cent.
The Chinese leadership’s anti-corruption drive, alongside a poor bonus round and job cuts among investment bankers in Hong Kong, is expected to hurt sales of jewellery, gifts widely used to grease the wheels of commerce in China.
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