2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0.31 0.64 0.77 1.16 4.40 5.35 6.99 13.11 20.33 22.36 17.48 20.37 25.15 27.4 18.51 14.24 29.24 15.84 17.30 2.10 0 5 10 15 20 25 30 MARKET INTELLIGENCE 48 | JNA Mar/Apr 2022 (GAC) revealed that China’s diamond jewellery segment reached roughly US$12.4 billion in 2021, accounting for 13 per cent of the country’s jewellery market. By comparison, the average share of diamond jewellery in the global market is 26 per cent. Although China is the second largest diamond jewellery consumer in the world, the local diamond jewellery sector, which is significantly lower than global average, is poised for further growth. Golden opportunities Securities trading and brokerage firm China Merchants Securities Co Ltd said in a report that gold jewellery sales continued to be strong during the Chinese New Year. Research showed that in January, ahead of the CNY celebrations, sales of major jewellery brands in select areas rose by 47.29 per cent year on year. Comparing the CNY sales period of 2021 (February 4 to 14, which included Valentine’s Day) and 2022 (January 25 to February 4), this year’s sales were up 12.8 per cent compared to last year despite a high baseline. Domestic brands such as Lao Feng Xiang and Chow Tai Sang, for instance, saw sales increases of more than 50 per cent to 60 per cent in majority of their shops. Hong Kong-based jeweller Chow Tai Fook meanwhile recorded double-digit growth in retail sales in mainland China from January 1 to February 6, 2022. China Merchants Securities also revealed that consumer enthusiasm for gold is expected to continue for another three to five years. This in turn will fuel demand for gold jewellery. Plain gold jewellery accounts for around 55.7 per cent of the jewellery retail market. Recent developments showed that local retailers have been increasing the range of per-gram priced items in their inventory. Consumers have been clamouring for an adoption of a per-gram pricing method, which is deemed more transparent, or for retailers to disclose the weight of the product in grams if they are priced by the whole piece. There are concerns however that this practice may affect the quality of design and craftsmanship. The research also showed that the average monthly sales required for a single store to break even has leapt from RMB200,000 to RMB300,000 (around US$31,000 to US$46,500) to RMB600,000 to RMB700,000 (US$93,000 to US$108,500). This is expected to lead to further business consolidation in favour of larger-scale companies. Jewellers meanwhile are likely to gravitate more towards diamond jewellery or coloured gemstone jewellery, which accounts for around 5 per cent of the market, for better profits. Manufacturing hub Panyu, a district of Guangzhou City in Guangdong Province, hosts more than 400 jewellery manufacturing enterprises from over 30 countries and regions, and Net polished diamond imports into China via the SDE from 2002 to 2021 2002至2021年上海钻石交易所成品钻石进口金额 (unit: US$ 100 million) (單位：以1億美元計)
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