Jewellery sales in China maintained their upward trajectory in the first three quarters of the year on the back of government-led policies to spur consumption.

Latest data from the National Statistics Bureau of China (NBC) revealed that gold, silver and jewellery sales rose 12.2 per cent to RMB247.2 billion (around US$33.79 billion) from January to September 2023. In September alone, sales increased 7.7 per cent to RMB27.9 billion (around US$3.81 billion).

Total retail sales saw a 5.5 per cent uptick in September, marking two consecutive months of growth. 

China attributed the rebound in consumption to a series of state-led policies aimed at bolstering domestic demand and consumer confidence. 

“During the Mid-Autumn Festival and National Day holidays, there was a significant growth in the number of travellers, tourism consumption and revenue generated from accommodation as well as food and beverage. It underscored the resurgence of China’s market and consumption potential,” the government commented. 

China’s gross domestic product (GDP) rose 5.2 per cent to RMB91.3 trillion (around US$12.48 trillion) in the first nine months the year, with the government saying consumption played a fundamental role in driving economic growth.