Hong Kong jewellery manufacturers are adapting to global challenges and evolving consumer preferences through technology and high-quality customisable products.

According to industry players, buyers have become more conservative as various factors, including geopolitical tensions, the US elections and rising gold prices, affected consumption sentiment. This resulted in an overall slow business performance in 2024 despite a solid start to the year. 

Satish Dhameliya, business development manager of Kayra Creation HK Ltd, said the rise of lab-grown diamonds and e-commerce expansion had an impact on the diamond jewellery business. 

“Buyers shifted from natural diamonds to lab-grown diamonds for bigger-sized stones, specifically in the 2-carat to 3-carat range,” remarked Dhameliya. “Also, they no longer replenish their inventories with a large quantity of stock and instead purchase products only when they receive online orders.” 

Adam Lau, managing director of Able Jewellery Mfg Ltd, observed an interesting trend. He noted, “It has been a while since we have received orders from buyers in Eastern Europe such as Poland and Latvia, but they were present at the Hong Kong and Italian jewellery fairs in September.”

Despite challenges in 2024, jewellers remain cautiously optimistic about prospects in 2025. With the US elections over, there are also hopes for a de-escalation of conflicts in Russia/Ukraine and the Middle East, and a potential drop in gold prices, which could restore consumer confidence and spending in the jewellery market.

Meanwhile, manufacturers are also exploring potential markets to drive the business moving forward, with the Middle East and Southeast Asia emerging as promising regions.   

Dhameliya, for his part, said the company is assessing current market dynamics and opportunities in the Middle East, following its participation at a jewellery fair in Dubai this year.

New trends

Coloured gemstones and platinum jewellery are expected to shine brighter in 2025. 

Eldwin Wong, director of Joint Wealth Ltd, said demand for coloured gemstones is on the rise. In 2022, diamond jewellery accounted for 70 per cent of the company’s business while coloured gemstones made up the remaining 30 per cent. Currently, more than half of its inventory consists of coloured gemstones.

“Ruby, emerald and sapphire along with non-traditional gems such as red garnet, yellow citrine and amethyst are highly sought after this year. This momentum is likely to continue in 2025 and will be our focus as well,” said Eldwin. Coloured gemstone jewellery is popular among buyers from the Middle East and Europe, he added.

In addition, there is noticeable rise in platinum jewellery amid high gold prices. Some of the smaller items such as earrings and engagement rings are now increasingly being crafted in platinum instead of white gold. However, market demand for these materials varies by region. For example, Japan shows a stronger preference for platinum jewellery while Southeast Asian buyers tend to favour 18-karat gold.

Diamond Goal Director Tracy Wong, meanwhile, noted growing demand for special-cut diamonds. Diamond Goal is a wholesaler and retailer of diamond and gemstone jewellery, with a focus on the Hong Kong market. 

“We offer unique cuts such as star, hexagonal, heart and bear-shaped diamonds, which are increasingly popular among consumers,” Tracy explained.

Technology

Technology such as artificial intelligence (AI) could significantly enhance the long-term development of the jewellery industry, particularly in design, operations and marketing applications, according to jewellery manufacturers. 

“AI can accelerate the flow of information, helping enterprises accurately predict market trends. However, current data about the jewellery industry is insufficient. I hope more comprehensive data will be available in the future,” said Lau of Able Jewellery.

Eldwin of Joint Wealth noted that his company is experimenting with AI to streamline operations and improve the jewellery design process. 

“We use AI to prepare promotional materials for exhibitions. For instance, we employ AI software to create mascots based on our specifications. AI makes it easier to adjust designs, which saves cost and time. In the past, we would have to hire a designer for this kind of work,” Eldwin explained.

AI also facilitates quick generation of simple jewellery design sketches, allowing for further modifications that significantly shorten the back-and-forth process between designers and clients, he continued. 

Made in HK

Jewellery made in Hong Kong holds a distinct appeal for true enthusiasts since Hong Kong is regarded as a world-renowned jewellery manufacturing hub.

Diamond Goal has established its workshop in Hong Kong with a team of master craftsmen with over 30 years of experience. They offer customisation based on original designs as well as bespoke services tailored to individual preferences. 

Tracy of Diamond Goal said, “At the moment, we are focusing on mid-priced products. Looking ahead, we hope to attract high-end consumers by enhancing our brand image and broadening our fine jewellery offerings that appeal to our target customers.”

Goldenage International Ltd, which is known for its top-quality findings, is also expanding its fine jewellery division. 

Danny Fung and Aaron Chan, directors of Goldenage International, emphasised their commitment to establishing a jewellery factory in Hong Kong, with plans to launch a new brand specialising in fine custom jewellery in 2025.

“We aim to offer 100 per cent made-in-Hong Kong jewellery,” Chan remarked. “We prioritise transparency. Customers are invited to visit our factory to see the design and production processes first-hand. We encourage them to learn more about jewellery as well.”

Fung added, “Through continuous communication with our customers, we gain insights into their needs. We ensure that we are well-prepared in terms of stock and designs, so that we can meet their demand promptly as business opportunities are fleeting, and customers do not want to wait.”

Hong Kong jewellery manufacturers have time and again demonstrated flexibility and adaptability to maintain their competitiveness amid challenging times. This commitment to quality craftsmanship and customer engagement reinforces Hong Kong's reputation as a leading destination for exquisite jewellery.