Chinese jeweller Chow Tai Fook has marked a new milestone with the opening of the first phase of its jewellery park in Wuhan City, China.

Chow Tai Fook jewellery park is an integrated production and development base, comprising six main functions: jewellery production, logistics and distribution, sales exhibition and tourism, training, e-commerce and jewellery business support.

“Each complements the other and together they will generate synergies, bringing new momentum and diversified benefits to further strengthen our vertically integrated business model, enhance the capacity and efficiency of our supply chain, increase production capacity, further increase the proportion of in-house production, support retail business for sustainable development and deepen collaboration with business partners, thus keeping us in pace with the growing jewellery retail market and supporting our sustainable development in the coming decades,” said Chow Tai Fook chairman Henry Cheng.

An investment of HK$2.6 billion (US$335.03 million) has been allocated for the first phase of the project.

The jewellery park targets a production capacity of 1 million jewellery pieces by the end of financial year 2015.

Chow Tai Fook has a retail network of more than 2100 points of sale, nearly 95 per cent of them located in mainland China.