市场情报 JNA Mar/Apr 2022 | 49 around 1,000 coloured gemstone cutting factories and more than 2,000 sales companies. Over 70 tonnes of coloured gemstones are set into jewellery every year in Panyu. The district is targeting an annual production of more than RMB100 billion (around US$15.6 billion) as it transitions from a “Made in Panyu” to the “Created in Panyu” distinction. As a highly influential association that represents jewellery manufacturers in the district, the Guangzhou Panyu Jewellery Manufacturers Association last year hosted a series of exhibitions, competitions and events involving vocational skills, design, product promotion and trends broadcasting. “In 2022, our association will continue to act as an ‘advisor’ for government supervision, a ‘service provider’ for enterprise development and a ‘supervisor’ for business practices,” said Wu Wei, president of the Guangzhou Panyu Jewellery Manufacturers Association. The group is aiming to launch more omnichannel initiatives to promote its members and enhance their presence in the trade. Furthermore, the association will also assist them in carrying out their digital transformation initiatives. Among China’s major manufacturers is Shenzhenbased Xingguangda Jewelry. It operates a massive manufacturing complex in Dongguan, a city adjacent to both Shenzhen and Guangzhou. Covering 10.9 acres of land, the facility has a workforce of 1,200 employees and manufactures over one million pieces of jewellery for over 4,500 retailers in China every year. Constantly pursuing innovation in manufacturing including new materials, business models, designs and technology, Xingguangda is focusing on production quantity and smart manufacturing to cater to rising demand for personalised designs from clients, particularly millennials and Gen Z. There is also a growing trend for a highly efficient, responsive and flexible smart production line in the jewellery manufacturing business. Automatic wax injection machine, 3D printing, CNC precision carving machine, and other high-tech equipment and technology play an important role in today’s highly competitive sector. Big data management system meanwhile can accurately capture and interpret consumer demand. A more systematic, accurate and digitalised management system also raises the need for patents to protect intellectual property rights. Xingguangda also operates its own jewellery business academy, which combines online vocational and professional courses and offline training. Moving forward According to the National Bureau of Statistics of China, the country’s gross domestic product (GDP) grew 8.1 per cent year on year in 2021 compared to the two-year average growth rate of 5.1 per cent. The high-end consumer market for diamonds and jewellery usually tends to expand alongside a country’s sustained economic advancement. With a national policy in place to stimulate domestic consumption, China’s economic growth is transitioning from an export and investment-oriented model to a consumption-driven one. In 2021, consumption spending accounted for 65.4 per cent of the economic development, driving the GDP growth by 5.3 percentage points. This indicates that consumption has become the main force behind China’s steady recovery. The National 14th Five-Year Plan, beginning 2021, is meant to unlock higher spending power in the country's lower-tier cities and suburban areas. Online penetration of jewellery meanwhile increased from 7 per cent to 10 per cent in 2021, according to a Bain & Co report on China’s personal luxury market. As major jewellers further expand their footprint to third- and fourth-tier cities, more consumers can easily access information and products. As of January 2022, China has fully vaccinated at least 86 per cent of its entire population. The Covid19 pandemic has been effectively contained in 2020 although there are still some sporadic outbreaks. Retail has bounced back and most jewellers anticipate local consumption recovery to continue through 2022 given the lack of international travel. Patented adjustable rings by Xingguangda Jewelry 星光达珠宝的专利可调式戒指
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