Jeweller Chow Tai Fook says China remains an important market.

There has been some media speculation that it is expanding into the US market after it acquired the American diamond retailer Hearts on Fire.

However, MD Wong Siu Kee says they will only start tackling the US market once the China market reaches saturation.

“China is still in its developing phase and the market is far from saturated in the country,” he told China Daily.

He said China’s emerging middle class and its increasing spending power has been the the company’s growth driver for the past years. And demand in the world’s second largest economy is expected to rise over time.

Chow Tai Fook will cater to that demand by opening 200 new stores in China annually over the next 10 years, with a major focus in lower tier cities.

The company is optimistic Hearts on Fire will become popular in mainland China, Hong Kong and Macau.