MARKET WATCH 市场观察 54 | JNA September/October 2024 In recent years, the gem and jewellery industry has been training its sights on Southeast Asia. And why not indeed? The region has a population of around 700 million, making it collectively one of the world’s biggest consumer markets. Data and business intelligence firm Statista projected revenues generated in the Southeast Asian jewellery market to reach US$9.28 billion in 2024. It also expects the market to expand at a compounded annual growth rate of 3.41 per cent from 2024 to 2028. The culture of jewellery is alive and well in each of the Southeast Asian countries. Gold wedding jewellery sets are part of the Malay tradition, with local Malaysians favouring 22-karat gold. The region’s Chinese populations have an equally intense love affair with gold as their counterparts in Greater China. And in the Philippines, many newborn baby girls leave the hospital with pierced ears, inculcating a tradition of jewellery from the onset. Chain reaction Asia’s bigger jewellery retail chains recognise the region’s immense potential. Chow Tai Fook Jewellery Group recently announced the appointment of Gabriela Ferreira as general manger, International, to lead its strategic expansion in Southeast Asia and other markets. According to Chow Tai Fook, it is pursuing growth opportunities in Southeast Asia driven by a range of compelling dynamics including the rising middle class and projected economic growth in the region, coupled with the recovery in tourism and sustained local market demand for jewellery. Kent Wong, managing director of Chow Tai Fook Jewellery Group, said Ferreira's appointment aligned with the group’s strategic direction to expand in popular travel retail markets and in areas with a significant customer population who understand and appreciate Chinese culture, art and beauty. Grand opening of Lukfook Joaillerie TRX in Kuala Lumpur, Malaysia 马来西亚吉隆坡TRX六福精品廊的开幕日 | Olivia Quiniquini 程爱莉 | Southeast Asia’s potential as a jewellery consumption base has not gone unnoticed. Regional chain stores are expanding their presence in the region, while local jewellers adjust strategies to sustain demand in their ever-evolving markets. 东南亚作为珠宝首饰主力消费地区的潜力不容小觑。区域连锁店正在扩大其在 该地区的业务，而当地珠宝商也在调整战略，以维持日新月异的市场需求。 东南亚的珠宝文化 SOUTHEAST ASIA’S culture of jewellery
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