Idex Research: Rise in Chow Tai Fook's Gem-Set Jewelry Sales

Idex research indicates a consistent increase in the share of gem-set jewelry sales at Chow Tai Fook since FY2024.

Gold jewelry remained by far the largest product category in Chow Tai Fook's portfolio, accounting for 80.8% of the Group's retail sales value in Mainland China during the second quarter of FY2026.

At the same time, the share of gem-set continued to grow steadily, increasing from 12.4% in FY2024 to 14.2% in FY2025 and 15.3% in the second quarter of FY2026.

The Group reported an even stronger gem-set share in Hong Kong and Macau, where diamond and gemstones jewelry accounted for 17.9% of retail sales value, while gold jewelry represented 75.7% during the same period.

Consumers continued to gravitate toward gold amid economic uncertainty, keeping the category firmly dominant even as the Group deliberately expanded its higher-margin gem-set collections.

Gem-set jewelry sales increased by 14.5% in FY2025, while the category's share of retail sales has risen by a further 7.7% so far in FY2026.

Chow Tai Fook Jewellery Group is one of the world's largest jewelry retailers, operating the flagship CHOW TAI FOOK brand alongside HEARTS ON FIRE, ENZO, MONOLOGUE, and SOINLOVE. The Group's financial year ends on 31 March.

Following record revenue in FY2024, the Group experienced a sharp contraction in FY2025, largely driven by soaring gold prices. In FY2026, however, Chow Tai Fook returned to healthy growth and reported record profits, supported by its strategic shift toward higher-margin, design-led products across both its gem-set and gold jewelry categories.