Jewellery sales in China rose significantly in October, driven by the "Double Eleven" online shopping festival, the National Day holiday and government-led policies to spur consumption.

Latest data from the National Statistics Bureau of China (NBC) revealed that gold, silver and jewellery sales increased by 12 per cent to RMB274.9 billion (around US$37.95 billion) from January to October 2023. In October alone, sales grew by 10.4 per cent to RMB26.4 billion (around US$3.64 billion).

Total retail sales saw a 7.6 per cent uptick in October, marking three consecutive months of growth.

China attributed this upward trajectory to the pre-sale activities of the highly anticipated "Double Eleven" online shopping festival, as well as the state-led promotional campaigns conducted nationwide. It noted that “the consumer market has maintained the momentum of recovery, with a continued growth in online consumption.”

According to a report released in October by Chinese e-commerce platforms Tmall and Taobao, jewellery sales on these platforms have grown exponentially over the past three years, fuelled primarily by strong consumer demand.

Diamond, jadeite and gold jewellery collectively witnessed the highest growth rates, reflecting the shift in consumer preferences towards more luxurious and high-end options. 

Gold jewellery stands out as the best-selling jewellery category on Tmall and Taobao, with demand particularly strong for pieces with jade or pearls. The report noted that consumers are drawn to gold jewellery due to its potential for high value retention.