Chow Tai Fook expanding diamond sales in United States
Hong Kong jeweler Chow Tai Fook plans to start a diamond wholesale business in the U.S. The company is conducting feasibility studies and plans to start the business within a year.
While Chow Tai Fook already has a presence in America through its U.S. unit, Hearts on Fire, the new business will focus on selling polished and uncut diamonds to American retailers.
Managing director Kent Wong noted that the U.S. has the largest demand for diamonds in the world, making up an astounding 40% of all diamond sales globally.
Rather than go it alone in a new market, Chow Tai Fook plans to partner with local retailers who understand the American market, said Mr. Wong.