Hong Kong based jeweller Chow Tai Fook says sales in its core Hong Kong market plunged 29 per cent over Lunar New Year.

However an 11 per cent rise in mainland sales saw its total sales rise nine per cent during Lunar NY 2015 compared with the same season in 2014.

In the mainland, same store sales of gem-set jewellery rose 62 per cent and of gold by two per cent. But in Hong Kong and Macau, gem-set sales fell 17 per cent and gold sales by 38 per cent – a rate even worse than the disappointing last quarter of 2014.

In a statement, the company blamed weak consumer sentiment for a decline in sales of high-end products.

Also a likely factor was the changing demographic of Chinese tourists into Hong Kong: in the past such visitors were usually cashed up and high spenders, but those tourists are now venturing further abroad into other Asian destinations and to Europe. Some have been spooked by the Occupy Central protests. The new mainland tourists into Hong Kong are of more modest means and often travelling for the first time.