SPOTLIGHT 市场聚焦 PEARL REPORT | 47 | 2023-2024 Edison Pearl is a new type of large-sized freshwater pearl that comes in a range of colours. “Pearls used to be regarded as an expensive purchase best suited for mature women. Today, given the introduction of more youthful designs, pearl jewellery has become an affordable luxury. The ‘celebrity effect’ has also increased the gem’s appeal among young women,” he noted. According to Zhan, premium gems including South Sea, Tahitian and Akoya pearls as well as Edison Pearls continue to benefit from stable consumption in both international and domestic luxury jewellery markets. Meanwhile, freshwater pearls are also highly favoured, particularly white rice pearls of 3mm to 6mm in diameter. Shifting preferences Industry stakeholders at the World Pearl Conference held in May 2023 in Zhuji, Zhejiang province, China, attested to freshwater pearls’ increasing popularity, thanks to their younger, more versatile appeal, especially among a new generation of buyers. Meanwhile, the market also saw growing demand for pearls in irregular shapes and unique colours, which are mainly eye-catching to buyers opting for a more personalised style. What mostly sells are medium- to high-quality pearls, according to industry players. Allen Gao, general manager of QingDao HongSheng Jewelry Co Ltd, said baroque pearls are gaining popularity for their attractive appearance and relatively affordable prices. Gao added that China’s growing interest in golden South Sea, rainbow-golden and Tahitian pearls is expected to continue. QingDao HongSheng Jewelry is a pearl wholesaler and pearl jewellery retailer. Gao remarked, “One of our brands, iPearl Jewelry, specialises in bespoke premium pearl jewellery for local affluent clients. As long as the quality is great, clients are willing to pay a premium for luxury pearl jewellery.” Owing to the current demand and supply situation, prices of pearls across all categories have surged, surpassing those in previous years. Some varieties such as white South Sea, Akoya and freshwater pearls saw a more significant increase. Zhan of Grace Pearl said, “Prices of white rice pearls rose from RMB4,000 to RMB6,000 (around US$545 to US$822) per kilogram to RMB9,000 to RMB12,000 (around US$1,233 to US$1,644) per kg over the last two years.” Tu said that since pearls are a cultivable resource, supply could normalise in two to three years, and only then can the market regulate prices to more reasonable levels. Digital arena E-commerce and other online initiatives such as livestreaming played a crucial role in driving pearl industry growth. According to the 51st Statistical Report on China’s Internet Development released by the China Internet Network Information Center, the number of livestreaming viewers in the country reached 751 million as of December 2022, accounting for 70.3 per cent of all internet users there. Of this, 515 million used livestreaming to purchase goods. Meanwhile, GAC data showed that total online jewellery sales in 2022 reached approximately RMB235 billion (around US$32.2 billion), up 27 per cent year on year. Of these, jewellery sales on Douyin hit above RMB60 billion (about US$8.2 billion). “The rapid development of e-commerce on social media and livestreaming platforms during the pandemic has brought about immense business opportunities to the pearl industry,” said Zhan. The rise of the livestreaming phenomenon started on traditional e-commerce platforms Taobao and Tmall and later expanded to Douyin, Xiaohongshu, WeChat and more. “Livestreaming enables our Edison Pearl brand’s influence to grow exponentially, transforming pearls from an exclusive luxury to an accessible fashion staple. This rapid expansion of the pearl consumer base is fuelling industry growth,” Zhan said. Grace Pearl’s business focuses on the wholesale and retail of pearls. It has adopted an “online + offline” sales model, using cultural integration, technological innovation, design empowerment and brand endorsement as strategies to build the renowned pearl brand. Pearl sorting. Photo credit: Shenzhen Pearl Industry Association 筛选珍珠(图片: 深圳市珍珠行业协会) Pearl farm in China. Photo credit: Shenzhen Pearl Industry Association 中国内地的珍珠养殖场(图片: 深圳市珍珠行业协会)
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