Hong Kong’s high profile jewellery chain Chow Tai Fook has an ambitious plan to roll out 1000 new stores by 2016.

Thanks to the burgeoning Chinese middle class, the nation’s jewellery market is expanding continuously with 50 per cent growth in the first eight months of this year, according to one estimate.

Chow Tai Fook Jewellery,yielded 30 billion yuan ($4.7 billion) last year. It has 1300 stores of which 1200 are established in mainland and plans to open stores throughout the mainland, with a high concentration in Shanghai and Beijing.

“People’s love for jewellery knows no geographical boundaries. Mainland consumers have strong confidence in Hong Kong brands,” said Chan Sai-cheong, director of Chow Tai Fook.

The company recorded 70 per cent sales growth from mainland shoppers in its Hong Kong stores last year. But despite being considered amongst China’s biggest retailers, the company says it has no plan to enter the global market.

“CTF has no intention of going global. We do business only where there are Chinese,” said Chan.

Also joining Chinese jewellery business success are jewellers Chow Sang Sang, TSL Jewellery and Luk Fook. Luk Fook gained a 64 per cent revenue increase this year, nine per cent higher than last year’s 55 per cent revenue gain.

TSL Jewellery outlets are mostly concentrated in the mainland which make up 85 per cent of its chain. The jeweller gains half of its revenue from mainland outlets.

GB