HONG KONG - Chow Tai Fook Jewellery, the world's largest jewellery retailer by market value, posted a 13 percent fall in net profit for the year ended March, as slower economic growth and a crackdown on luxury spending weighed on sales.

Net profit fell to HK$5.5 billion ($709 million)from HK$6.34 billion a year earlier, the company said in a statement on the Hong Kong stock exchange. That was compared to a forecast of HK$5.6 billion, according to Thomson Reuters I/B/E/S.