Amid the mass closures of physical gold stores, recent reports say that Chow Tai Fook, a major jewelry company, has stopped production at its Shenzhen factory. A suspension notice was issued by the Shenzhen Chow Tai Fook Jewellery Manufacturing Company on May 29. The notice explained that due to changes in the market and the need to transform their business, the company decided to move the production operations from the Beishan factory. This includes moving the production lines, equipment, and materials. The factory will stop production starting June 1, 2024, and the length of the shutdown and future plans will depend on the market and the company’s strategy.
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China’s Jewelry Giant Chow Tai Fook’s Shenzhen Factory Halts Suddenly, Gold Shops Run off With Money
