SPOTLIGHT 市场聚焦 PEARL REPORT | 40 | 2025-2026 China’s pearl industry experienced a slowdown in 2024, following an extraordinary boom in 2023. According to the 2024 China Jewellery Industry Development Report by the Gems and Jewelry Trade Association of China, pearl jewellery sales in China decreased by 40 per cent year on year to RMB21 billion (around US$2.9 billion) in 2024, accounting for around 3 per cent of the country’s total jewellery sales. Industry players attributed this downturn to global economic headwinds and cautious consumption sentiment, which they also described as a “natural cycle.” The market has since steadily recovered through the first half of 2025. “From 2023 to the first half of 2025, pearl prices were like a roller coaster ride,” said He Bin, vice chairman of the Professional Association of Pearls, Zhejiang. For instance, prices of Tahitian pearls experienced a decline and reached their lowest point around June to September 2024 from the peak in 2023 before gradually returning to an upward trajectory in the first quarter of 2025. Meanwhile, the price of rice pearls plummeted to a low of RMB2,000 (around US$278) per kilogram by the end of 2024, from RMB10,000 (approximately US$1,390) per kilogram in 2023. An excess of rice pearls in the market may continue to exert pressure on prices in 2025, added He. Technological advancements in freshwater pearl cultivation alongside overseas expansion and the rising demand for higher-quality pearls could further support growth in China’s pearl industry, according to stakeholders. Lustrous freshwater pearls Known as the “Pearl Capital of China,” Zhuji in Zhejiang Province produced 600 tonnes of freshwater pearls in 2024, accounting for 70 per cent of total production worldwide. In 2024, annual sales of pearls in Zhuji exceeded RMB50 billion (around US$6.98 billion), government data showed. Zhuji’s pearl sector encompasses freshwater pearl cultivation, processing, manufacturing, wholesale, research and development, and retail sales. | Sharon Kwok 郭芷雯 | CHINA’S Innovations in pearl cultivation combined with strategic initiatives and compelling narratives are placing high-quality freshwater pearls in the limelight. These developments alongside global expansion are paving the path for China’s freshwater pearl industry. 中国淡水珍珠业积极以创新的珍珠养殖技术、战略举措及引人入胜的叙事，把高品质的淡水珍珠推 向聚光灯下。而全球扩张的进程，正为中国淡水珍珠产业的未来发展开辟康庄大道。 中国淡水珍珠大有可为 Promising future for freshwater pearls Shanxiahu, Zhuji 诸暨山下湖
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