NOVEMBER/DECEMBER 2022 ISSUE #436 US$15 Prudent optimism pervades jewellery sector 珠宝业界普遍呈现 审慎乐观气氛 China navigates challenges post-Covid 中国珠宝业应对后疫情时代的挑战 The rise of Asian connoisseurs 亚洲鉴赏家崛起
CONTENTS Issue #436 | NOVEMBER/DECEMBER 2022 8 MARKET INDICATORS 市场指标 8 Solid sales at LVMH’s jewellery business LVMH珠宝业务的稳健销售 7 EDITOR'S NOTE 编者的话 7 Unlocking fresh content possibilities with JewelleryNet 崭新行业资讯 尽在JewelleryNet 24 PERSPECTIVE 精辟视野 24 Türkiye gears up for growth 土耳其业界积极推动发展 10 FOCUS 焦点 10 2022 in review: Prudent optimism pervades jewellery industry 珠宝业界普遍呈现审慎乐观气氛 18 China navigates challenges and bright spots in jewellery sector 中国：驾驭珠宝业挑战和亮点
On the Cover 封面 Bubble Rings capsule collection featuring white and brown diamonds; blue and fancy sapphires and the signature gold mesh chain by FOPE FOPE的Bubble Rings胶囊系列搭配了白色和棕色钻石；彩色刚玉及蓝宝石和 标志性的金网链 Digital version 电子版： https://news.jewellerynet.com/en/publications 36 STRATEGY 企业策略 36 GIA’s leading sustainability strategies GIA以可持续策略领导业界 32 The emerging art of jewellery design mobility 灵动纤巧的珠宝艺术 38 New horizons for De Beers 戴比尔斯的新视野 46 Belgian gem dealer makes the cut 比利时宝石经销商提供精细切割 48 Tribute to fallen industry leaders 向两位已故行业翘楚致敬 50 JGW Singapore fuels trade recovery JGW新加坡展推动行业复苏 54 The rise of Asian jewellery connoisseurs 亚洲珠宝鉴赏家之崛起 44 MARKET INTELLIGENCE 市场情报 44 Poland’s growing fascination for top-quality pearls 波兰对优质珍珠的喜爱与日俱增 28 DESIGN 设计 28 FOPE’s illustrious and innovative journey FOPE在创新之路上大放异彩
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Editor's Note 编者的话 Jewellery News Asia published its first issue in 1983. The trade magazine blazed a new trail in the gem and jewellery world with a unique proposition – a focus on Asia and industry forces affecting business in the region while offering an international perspective to a global audience. Over the years, it established itself as an authoritative resource on matters in Asia and beyond. As its influence grew and its coverage widened so did its portfolio, with sister titles and digital content expanding its scope and reach. Along the way, it officially became JNA, a brand synonymous with experienced, responsible and professional journalism. As JNA steps into its fourth decade next year, it evolves once again from a news outlet to an integrated multimedia journalistic content platform that provides valuable information and insights on developments, challenges and opportunities in the international gem and jewellery industry. From December 2022, our industry-leading print titles will be backed by digital formats, online industry news, market intelligence, trade resources, personalisation features and in-depth reports available exclusively for members of JewelleryNet, our one-stop portal for jewellery professionals. Subscription packages are also available for print editions. Please register for a free JewelleryNet account to enjoy full access to JNA online content as well as digital editions of the magazine and its supplements. Membership benefits also include business-matching services and sourcing opportunities powered by Informa Markets Jewellery. We at JNA remain committed to bringing you high-quality industry news, features and analyses you can trust to enrich your business. Join our JewelleryNet community today! 《JNA亚洲珠宝》前稱《Jewellery News Asia》，在1983年正式 创办，一直以独到的观点掌握亚洲市场动向，同时为全球读者 开启国际视野，在珠宝行业开创先河。 多年来，本刊已成为亚洲以至其他地区的专业权威杂志。随 着影响力不断提升，专题特刊系列日渐丰富，其数字内容更覆 盖全球，无远弗届。经过多年来的蜕变，《JNA亚洲珠宝》品牌隆 重诞生，成为资历深厚、肩负使命和专业新闻的代名词。 明年《JNA亚洲珠宝》将踏入四十周年，本着推陈出新、与时 俱进的精神，《JNA亚洲珠宝》从旧有的专业刊物革新为综合多 媒体新闻平台，为业者提供有关国际珠宝行业发展、挑战和机 遇的珍贵资讯和专业分析。 从2022年12月起，除了一系列领导业界的专业杂志外， 我们还会为JewelleryNet的会员独家提供数字版杂志、在线 业内新闻、市场情报、行业资源、个性化专题文章和深入报 导。JewelleryNet是我们为珠宝业者打造的一站式门户网站， 同时亦提供印刷版杂志订阅服务。 欢迎您免费注册成为Jewel leryNet用户，浏览所有《JNA 亚洲珠宝》的在线内容，其中包括数字版杂志及特刊的精彩内 容。会员还可享有Informa Markets Jewellery支援的业务配对 服务，并发掘更多采购机会。 《JNA亚洲珠宝》不断精益求精，致力为您呈献值得信赖的 优质行业新闻、专题报道和分析，令您在业务上大展鸿图。欢迎 立即加入JewelleryNet的珠宝业社群！ Unlocking fresh content possibilities with JewelleryNet 崭新行业资讯 尽在JewelleryNet Associate Publisher & Editor-in-Chief Ollie Quiniquini Register NOW 立即注册
MARKET INDICATORS 8 | JNA November/December 2022 40% Tiffany & Co boutique 蒂芙尼精品店 (Jonathan Weiss / Shutterstock.com) Revenue growth recorded by the watch and jewellery arm of luxury conglomerate LVMH Moët Hennessy Louis Vuitton from January to September 2022. Tiffany & Co, which the group acquired in 2021, drove the business, particularly in the US. Revenues in the first nine months of the year reached EUR7.58 billion (around US$7.41 billion) 2022年1月至9月，酩悦·轩尼诗－路易·威登 (LVMH)集团的手表和珠宝部门录得的收入增长。 集团在2021年收购的蒂芙尼公司推动了业务发 展，尤其是在美国。2022年前九个月的收入达到 75.8亿欧元(约74.1亿美元)。 1亿美元 Lukfook jewellery store 六福珠宝店 (Sorbis / Shutterstock.com) Increase in overall same-store sales of Luk Fook Holdings (International) Ltd during the second quarter of its fiscal year ending March 31, 2023. Sales of gold products rose 62 per cent, led by the Hong Kong market. The Hong Kong-based retailer attributed this to the softening of gold prices. Data from the World Gold Council showed gold prices reached US$1,631.70 per ounce as of October 19, 2022, down from a high of US$2,039.5/oz recorded on March 8, 2022. 六福集团（国际）有限公司在截至2023年3月31日 财年的第二财季整体同店销售额增长。黄金产品 销售额跃升62%，增幅由香港地区带动。这家总部 位于香港的零售商将此归因于金价走软。世界黄 金协会表示，金价在2022年10月19日达到每盎司 1,631.70美元，低于2022年3月8日创下的2,039.5 美元/盎司的高位。 Value of Israel’s polished diamond exports in the first three quarters of 2022, representing a 25 per cent year-on-year improvement, revealed the Israel Ministry of Economy and Industry. Polished diamond imports meanwhile grew 19 per cent to US$2.5 billion. Israel Diamond Exchange President Boaz Moldawsky said growth was achieved amid volatility in the global diamond industry arising from high inflation in the US and the war in Ukraine. 以色列经济和工业部透露，2022年首三季度以色列抛光钻石出口 的金额，同比增长为25%。同期抛光钻石进口增长19%，达到25亿 美元。以色列钻石交易所总裁Boaz Moldawsky表示，增长是在美 国高通胀和乌克兰战争导致全球钻石行业波动的情况下实现的。 US$3.2B 32亿美元 23%
市场指标 JNA November/December 2022 | 9 Almas Tower in Dubai 迪拜的阿尔马斯大厦 Online Trade Updates 新闻快讯 ‘Williamson Pink Star’ sets record at US$57.73M 威廉姆森粉红之星刷新5,773万美元成交纪录 Argyle diamond ring unveiled after mine closure 阿盖尔钻戒在矿山关闭后亮相 Fura unearths world’s largest gem-quality ruby Fura开采出全球最大的宝石级红宝石 The 11.15-carat Williamson Pink Star has fetched HK$453.22 million (around US$57.73 million) at Sotheby's Hong Kong, making history as one of the most valuable diamonds ever sold at auction. 重11.15克拉的"威廉姆森粉红之星" (Williamson Pink Star)于香港苏富比以4.5322亿港元(约5,773万美元)成交，成为拍卖史上最有价值的钻石之一。 Australian miner Rio Tinto has unveiled its first significant Argyle Pink DiamondsTM jewellery piece since the closure of the legendary Argyle mine in 2020. 自2020年传奇的阿盖尔矿关闭以来，澳大利亚矿业公司Rio Tinto推出了其首个重要 的Argyle Pink DiamondsTM珠宝首饰。 A 101-carat extremely rare, vivid red rough from Mozambique, named ‘Estrela de Fura,’ is the largest gem-quality ruby ever discovered, revealed Fura Gems Inc. Fura Gems Inc.透露，产自莫桑比克极罕见的101克拉鲜艳红色宝石原石，被命 名为"Estrela de Fura"，是迄今为止发现的最大颗宝石级红宝石。 Our digital platform provides additional content for an even more comprehensive industry perspective. Scan the QR code for the full story and more trade news. 我们的数字平台载有更多更全面的行业视角报道，请扫瞄二维码查看全文和更多行业信息。 news.jewellerynet.com/en/jnanews Scheduled release of the Gemological Institute of America’s (GIA) most popular report, the GIA Diamond Dossier®, in digital format, marking an important step towards digital transformation within the company. The diamond dossier is the first of GIA’s printed reports to be digitalised. The institute earlier announced that all GIA printed reports will be digital by 2025. Number of ultra-modern diamond-cutting machines that Synova SA’s new manufacturing centre in Dubai will house. The Dubai Multi Commodities Centre or DMCC and Swiss-based Synova recently inaugurated the new automated diamond manufacturing facility located in Almas Tower. DMCC said the two 5-axis DaVinci Diamond Factory® systems can transform rough diamonds into uniquely cut gems within a matter of hours. The system also increases the value extracted from each diamond as cut-off diamond chips can be reused and are not polished away and lost. 美国宝石研究院(GIA)计划以数字格式发布其最受欢迎的报告GIA Diamond Dossier ®的日 期，标志着该公司向数字化转型迈出了重要一步。GIA Diamond Dossier ®是该公司首份实现 数字化的纸本报告，而该公司较早前表示，所有旗下的纸本报告都将在2025年前实现数字化。 Synova SA将在迪拜的新制造中心设置的超现代钻石切割机数 量。迪拜多种商品交易中心（DMCC）和瑞士的Synova公司最近为 设于Almas Tower的全新自动化钻石加工制造设施举行了落成 典礼。DMCC表示，两套五轴DaVinci Diamond Factory®系统可以在数小时内将毛坯钻石转化为独特切割的宝石。该系 统还增加了从每颗钻石中提取的价值，因为切下的钻石碎片可以再次利用，不会被打磨掉而丢失。 January 2023年1月 Two
FOCUS 10 | JNA November/December 2022 2022年回顾：珠宝行业审慎乐观 Prudent optimism in the jewellery sector 2022 in review: Industry stakeholders are taking a cautious stance amid continued macroeconomic volatility. Steady gains, marked by robust demand for high-end goods with investment value alongside stronger consumer desire for meaningful purchases, are however fuelling hope and optimism in the trade. 在宏观经济持续波动的情况下，行业利益相关者态度谨慎。然而，消费者对 具有投资价值的高端货品趋之若鹜，对具有意义的购买呈强劲需求， 这些是稳定增长的标志，并为行业注入希望和乐观情绪。 | Bernardette Sto. Domingo 杜明高 | With 2022 drawing to a close, industry leaders are taking stock of bright spots and hurdles during what they describe as a “promising and interesting” year. Throughout 2022, the international gemstone and jewellery trade demonstrated incredible resilience in the face of continued challenges – Covid-19, rising inflation in the US, the Russia-Ukraine war, and a generally unstable macroeconomic environment. The gem and jewellery business started to pick up amid difficulties, albeit gradually, as major markets progressively relaxed pandemic restrictions by end-2021 to early 2022. The US ended 2021 with US$886.7 billion in holiday retail sales, up 14.1 per cent from 2020, thanks to solid consumer demand. Clothing and clothing accessory stores, which include jewellery retailers, recorded the
焦点 JNA November/December 2022 | 11 highest increase in sales at 33.1 per cent. Growth persisted in the US retail sector but somehow became stagnant by September, owing to continued price hikes, political unrest and economic instability. Earlier this year, Mastercard SpendingPulse™ said US retail sales are expected to surge during the traditional holiday season of November 1 to December 24, supported by emerging consumer trends. Citing its annual holiday forecast, it predicted US retail sales to grow by 7.1 per cent in 2022 from 2021 and by 18.8 per cent compared to pre-Covid 2019. Jewellery sales alone could soar by 2.2 per cent year on year and by 33.4 per cent from 2019 during the holidays. Mastercard SpendingPulse™ measures in-store and online retail sales across all forms of payment. Hong Kong, which only eased its strict pandemic restrictions in late September this year, witnessed fluctuations in jewellery sales, characterised by doubledigit drops in February to April due to a sudden surge in Covid cases; and spikes, driven by government-led consumption vouchers. By August, improving fundamentals in Hong Kong lifted overall sales, with the jewellery category inching up by 4.3 per cent year on year to HK$3.3 billion (around US$420.4 million). From January to August, jewellery sales were up 0.8 per cent year on year to HK$24.89 billion (around US$3.17 billion). By comparison, jewellery sales reached a record high of HK$11.53 billion (around US$1.46 billion) in December 2013. Hong Kong’s resurgence Industry leader Lawrence Ma, president of the Diamond Federation of Hong Kong, China, said the city state remains an important market and business platform for gems and jewellery. While full recovery is yet to be achieved, Hong Kong is poised to regain its footing in the international trade. Jewellery retail and exports are strengthening while relaxed travel restrictions could bode well for tourism and business travel, especially from mainland China. Government data showed that visitors from China reached over 51 million in 2018 and 43 million in 2019. Mainland visitor arrivals plummeted to 2.7 million at the height of Covid in 2020 and to 65,000 in 2021. The number for January to August 2022 reached 150,309, up 284.5 per cent from the same period last year. “If Hong Kong’s Covid policies are further relaxed, we can resume at least 70 per cent of normal operations. We are also waiting for China to ease pandemic restrictions,” noted Ma. “We are however facing other issues on the political and macroeconomic front like inflation, supply chain difficulties, unsteady prices and interest rate hikes.” Another challenge to local retailers is the potential loss of business opportunities as consumers redirect their disposable funds from retail shopping to travelling and dining out. Exports to major markets like the US were particularly encouraging, noted Ma. As of August 2022, exports of jewellery, goldsmiths’ and silversmiths’ wares rose 7 per cent to HK$22.14 billion (around US$2.82 billion). Over the last few months, shipments to Southeast Asia also increased as markets like Singapore and the Philippines started to open up. Sparkling trade Market appetite for diamonds continued to weather industry headwinds, thanks to robust consumer demand for diamond jewellery. At De Beers Group, rough diamond sales reached US$3.3 billion in the first half of the year. The average realised price rose 58 per cent to US$213 per carat, driven by the sale of a larger proportion of higher-value rough diamonds as well as a 28 per cent growth in De Beers’ rough diamond price index. While the Russia-Ukraine war negatively affected industry sentiment at the outset as the trade assessed its potential impact on supply and demand, consumer 8.2% Annual inflation rate in the US in September 2022 2022年9月美国的年通胀率
FOCUS 12 | JNA November/December 2022 demand for diamond jewellery in the key US market sustained growth, revealed De Beers. Exports of major diamond manufacturers were also on the rise. India reported a 12 per cent jump in polished diamond shipments to US$2.13 billion year on year in September 2022. Israel’s polished diamond exports in the first three quarters of 2022 meanwhile reached US$3.2 billion, up 25 per cent year on year. Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB), said the impact of the RussiaUkraine conflict was not immediately felt in the diamond sector, despite luxury sectors usually getting hit first when a crisis erupts. “Gold prices declined while real estate slowed down earlier in 2022. We were affected only in the last quarter due to a certain extent to fewer Russian goods in the market starting in the second quarter,” explained the WFDB official. All in all, Dvash described 2022 as a “good year” and “better than most” for the diamond trade. Demand and prices remain strong throughout the year, especially for fancy-shaped diamonds due to tighter supply in the market. Fancy colour diamonds Consumer interest in top-quality fancy colour diamonds is also robust, owing to their exceptionality and high appreciation value, according to Harsh Maheshwari, executive director of Kunming Diamonds. Prices, especially of pink diamonds, have increased organically over the years, offering the market some level of stability amid continued market volatility, he added. According to the Fancy Color Research Foundation (FCRF), prices of fancy colour diamonds rose in the second quarter of the year, driven by robust demand across the value chain. Prices in all colours and sizes demonstrated an average increase of 0.8 per cent, with those of fancy vivid diamonds across all colour categories rising by 1 per cent. Fancy and fancy intense categories meanwhile saw 0.7 per cent and 0.8 per cent price hikes, respectively. Maheshwari said prices of pink diamonds were up across the board while those of rarer stones with highsaturated colours saw double-digit increases. “Demand for fancy colour diamonds is influenced by the very nature of the stone,” shared Maheshwari. “The rarity factor sets them apart from others in the market. There are also fewer diamonds mined every year, especially when the Argyle mine closed, making these diamonds even more exceptional.” More sophisticated and educated consumers who are looking to diversify their diamond jewellery collection are also fuelling market appetite. Hong Kong however is yet to see a resurgence in demand for fancy colour diamonds to match prepandemic levels. This is contingent on the city opening more and further relaxing Covid restrictions, the company official noted. Sustained growth also hinges upon resumption of consumer confidence. According to Maheshwari, buyers remain cautious and are choosing to set aside funds as cushion for the coming months. Yash Khinduka, managing director of HYT Jewelry, echoed this sentiment, adding that Covid and the RussiaUkraine war somehow dented the fancy colour diamond and coloured gemstone market. Demand remained strong but supply tightened by the second quarter of 2022. Amid the challenges, Khinduka described 2022 “as a promising year,” based on his company’s solid sales performance and successful participation in Hong Kong shows. “We had a strong start to 2022. Demand rose for fancy colour diamonds and Colombian emeralds, which we specialise in. The Hong Kong shows in June and September were also critical, helping us meet a great deal of new clients and driving more sales,” he revealed. “Our Argyle pink diamond collection did very well so far and has been the main driver of growth for our brand’s high jewellery collections.” 624M 6.24亿 Confirmed cases of Covid-19 globally as of October 21, 2022, according to the World Health Organisation 根据世界卫生组织的数据，截至2022年10月21日， 全球确诊的新冠病例
焦点 JNA November/December 2022 | 13 Khinduka attributed the market’s increasing desire for fancy colour diamonds to a number of factors, including effective marketing. “Celebrities sporting fancy colour diamonds helped spur demand, especially for pinks, yellows and blues and even Colombian emeralds,” he remarked. Colourful prospects Recovery marked 2022 for the coloured gemstone sector, according to Clement Sabbagh, president of the International Colored Gemstone Association (ICA). The year was however beset by supply chain disruptions and other challenges that forced ICA members to innovate. Owing to strict travel restrictions, online trade became a viable solution, although this was more effective for diamond dealers. “It only works for harmonised products such as diamonds, and not for coloured gemstones as each gem is naturally unique,” explained Sabbagh. “Showing goods online using various platforms is helpful in making connections but it is a challenge to finalise sales and ship goods. Until now, we have yet to find a trading platform that can fully replace in-person encounters.” Demand for coloured gems remained strong in 2022, led by sapphires, emeralds and rubies. Paraiba tourmalines from Brazil; jedi-red spinel from Myanmar and cobalt-blue spinel from Vietnam; rubellite from Brazil and Nigeria; and tsavorite from Kenya were also topperforming gems. Celebrity promotions also influenced demand for coloured gems. This year’s Pantone colour of the year, Very Peri, inspired sales of many blue gems possessing violet-red undertones such as tanzanite, amethyst, alexandrite, purple sapphire, ametrine and iolite, as well as famous blues like sapphire, spinel, blue topaz and aquamarine. “Forecasters believe that ‘Digital Lavender’ is going to be the colour of the year for 2023. This is somehow similar to ‘Very Peri’ but has a more subtle, pastel tone,” shared Sabbagh. Major markets like the US, the United Arab Emirates, India and Thailand were the main growth drivers. Nirmal Bardiya, president of RMC Gems India Pvt Ltd, also observed rising consumer interest in coloured gemstones. “We are seeing strong demand for all sizes and varieties of Paraiba tourmaline, Santa Maria aquamarine, pink tourmaline and tsavorite, among Top stories of 2022 2022年头条新闻 October 十月 Williamson Pink Star sells for US$57.73M "威廉姆森粉红之星"刷新5,773万美元成交纪录 September 九月 Fura unearths 101-carat ruby Fura开采出全球最大的宝石级红宝石 August 八月 Pandora to launch lab-grown diamond business in US 潘多拉于北美推出实验室培育钻饰系列 Signet buys online jeweller Blue Nile Signet收购珠宝电商Blue Nile July 七月 NGTC, Sarine unveil new grading service in China NGTC与 Sarine 为中国市场推出全新分级服务 June 六月 GIA to issue digital-only reports by 2025 GIA 计划在2025年前推出全数字报告 May 五月 Zambian gem is largest uncut emerald - Guinness 赞比亚的未经切割祖母绿打破吉尼斯世界纪录 De Beers to track all diamonds via blockchain 戴比尔斯通过区块链追踪所有钻石来源 April 四月 Zero duty to push India jewellery exports to UAE to US$10B 零关税措施将推高印度对阿联酋珠宝出口至100亿美元 March 三月 Alrosa exits Responsible Jewellery Council Alrosa退出责任珠宝业委员会 February 二月 ‘The Enigma’ black diamond sells for US$4.3M 黑钻“The Enigma”以430万美元成交
FOCUS 14 | JNA November/December 2022 others. There is a shortage of high-end stones in the market hence prices have been going up substantially. Prices of some coloured gemstones have risen by 50 per cent and, in some cases, even 100 per cent,” noted Bardiya. Luxury jewellery High-end jewellery remains abundantly sought after in the jewellery trade, according to Raphael Gübelin, president of jeweller House of Gübelin. Buyers’ increasing penchant for individuality, colours and connoisseurship is fuelling this demand, especially for jewellery adorned with top-quality coloured gemstones and diamonds. The trend is expected to continue through 2023. “There are also more occasions to wear high jewellery at events and galas that are once again taking place,” explained Raphael. “Economic factors also contribute to strong demand for high jewellery. People appreciate goods that are valuable. Jewellery fulfils this unique combination of financial and emotional value.” The challenge now lies in empowering the endconsumer and promoting consumer confidence. Transparency is also expected to gain further traction in the jewellery trade moving forward. “Transparently traded gems and jewellery will shape the business. People want to know about the journey of the gemstone. Without transparency in the value chain, there is no sustainability,” noted Raphael. 2023 Guarded optimism is likely to pervade the jewellery sector over the coming months mainly due to economic uncertainties, particularly higher interest rates, according to Ma of DFHK. “We expect more cautious spending. The festive season is here and traditionally there should be more demand. We have conservative expectations for December and January holiday sales as market corrections continue,” he said. “Once travel resumes, we will see a significant increase in business.” WFDB’s Dvash meanwhile is predicting a “stable” 2023. Major markets should also reopen soon. “We need to wait until December to be able to predict how the industry will fare in 2023, but we are quite optimistic,” he noted. “Once China and Asia completely lift Covid restrictions, these markets will spring back to life. When the US eased restrictions, demand for diamonds and jewellery rose immensely. We hope this will happen in Asia as well.” Maheshwari, for his part, raised the importance of offering more creative jewellery designs as buyers gravitate more towards experiential and meaningful purchases. Traceability is also fast becoming a strong consideration for buyers as demand for ethically sourced, conflict-free gemstones and jewellery continues to gain ground. “We hope to see more awareness of fancy colour diamonds, too. We will be heavily promoting fancy colour diamonds and associating them with collectable art to help further uplift their profile in the diamond industry,” he noted. Transparency and ethical practices alongside digitalisation will also be critical in the coloured gemstone trade. Sabbagh commented, “There is a rising movement of consumers rethinking their consumption habits to more conscious decisions. Additionally, with a growing digital presence and the ability to connect directly to consumers, coloured gem suppliers see a rise in non-conventional clientele such as Instagrammers, influencers and independent designers, instead of the traditional industry wholesalers and buyers of celebrated brands.” 103.2 US consumer confidence index in August 2022, demonstrating an uptick from 95.3 in July, according to a Bloomberg survey. This also represents the first increase in four months. 根据彭博社的调查，2022年8月美国消费者信心指数， 显示比7月的95.3有所回升。这也是四个月来的首次增长。
焦点 JNA November/December 2022 | 15 2022年接近尾声，行业领袖正纷纷总结他们称之 为“有前景和有趣”的一年中的亮点和障碍。纵观 2022年，国际宝石和珠宝贸易在面对持续的挑 战——新冠疫情、美国的通货膨胀率上升、俄乌战争，以 及普遍不稳定的宏观经济环境时，表现出令人难以置信 的韧 随性 着。 主要市场在2021年底至2022年初逐步放宽防疫 限制，宝石和珠宝业务开始在困难中回升，尽管是逐步 回升 美。 国在2021年年底的假日零售额为8,867亿美元，比 2020年增长14.1%，这得益于坚实的消费需求。包括珠宝 零售商在内的服装和服装配饰店的销售额增幅最高，达 到3 美 3.1 国% 零。 售业不断增长，然而鉴于持续的价格上涨、政 局动荡和经济不稳定，到9月时多少陷入停滞。 今年早些时候，万事达卡SpendingPulse™表示，在新 兴消费趋势的支持下，美国的零售额预计将在11月1日 至12月24日的传统假日季节激增。 该机构引用其年度假期预测，估算2022年的美国零 售业销售额将比2021年增长7.1%，与疫情之前的2019 年相比上升18.8%。 万事达卡SpendingPulse™统计所有支付形式的店内 和网上零售销售，在节日期间，仅珠宝销售就可能同比增 加2.2%，比2019年飙升33.4%。 香港地区在今年9月底才放宽严格的防疫措施，见证 了珠宝销售的波动，其特点是2月至4月因新冠病例突然 激增而出现两位数的下降，以及在政府主导的消费券推 动下出现的高峰。 8月，香港的基本面改善，提升了整体销售额，珠宝类 别同比增长了4.3%，达到33亿港元（约4.204亿美元）。 从1月到8月，珠宝销售同比增长0.8%，达到248.9亿港元 （约3 比 1 较 .7亿之 美下 元，2 ） 0 。 13年12月的珠宝销售额达到了115.3亿 港元（约14.6亿美元）的历史高位。 香港地区复苏 行业领袖、香港钻石总会会长马墉宜表示，中国香港 仍然是宝石和珠宝的重要市场和商业平台。 虽然尚未实现全面复苏，但香港地区已准备好在国际 贸易中重新站稳脚跟。珠宝零售和出口正在加强，而放宽 旅行限制可能预示着旅游业和商务旅行的增加，尤其是 来自中国内地方面。 政府数据显示，2018年来自中国内地的游客达到 5,100多万，2019年为4,300万。内地游客人数在新冠疫 情高峰期的2020年骤降至270万，2021年则降至6.5万。 从2022年1月到8月，这个数字已经上升到150,309 人，比去年同期增长284.5%。 “如果香港的新冠疫情防控政策进一步放宽，我们 至少可以恢复到正常运营水平的70%。我们也在等待中 国內地放宽防疫限制，”马墉宜指出。“然而，我们在政治 和宏观经济方面还面临其他问题，如通货膨胀、供应链问 题、价格不稳和加息因素。” 本地零售商面临的另一项挑战，是随着消费者将可支 配资金从零售购物转向旅游和外出就餐，因此他们可能 会失 马去 墉商 宜业 指机 出会， 。对美国等主要市场的出口表现尤其令人 鼓舞。截至2022年8月，珠宝、金器和银器的出口录得7% 增长，金额达到221.4亿港元（折合约28.2亿美元）。 在过去几个月中，随着新加坡和菲律宾等市场开始开 放，对东南亚的出货量也有所增加。 贸易亮点 由于消费者对钻石首饰的强劲需求，钻石继续在市场 上抵御行业逆风。今年上半年，戴比尔斯集团毛坯钻石销 售额达到33亿美元，平均价格上升了58%，达到每克拉 213美元，驱动因素在于销售更高比例的高价值毛坯钻 石，以及戴比尔斯的毛坯钻石价格指数增长28%。 戴比尔斯公司透露，鉴于行业评估俄乌战争对供应 和需求的潜在影响，战争一开始对行业情绪产生了负面 影响，但关键的美国市场对钻石珠宝的消费需求保持了 增长 主。 要钻石制造商的出口也在增加。印度报告称，2022 年9月，抛光钻石出货量同比增长12%，达到21.3亿美元。 同时，以色列在2022年前三季度的抛光钻石出口达到32 亿美元，同比增长25%。 世界钻石交易所联合会（WFDB）主席Yoram Dvash表 示，尽管奢侈品行业在危机爆发时通常会首先受到冲击， 但钻石行业并没有立即感受到俄乌冲突的影响。 “黄金价格下跌，而房地产在2022年早些时候放缓。 我们仅仅最后一个季度受到影响，这在一定程度上是由 于从第二季度开始，市场上的俄罗斯货品减少了，”这位 WFDB要员解释说。 总而言之，Dvash将2022年描述为钻石行业的“好年 头”和“比大多数年份更好”。全年的需求和价格都保持强 劲，特别是花式切割钻石，因为市场上的供应比较紧张。 彩钻 Kunming Diamonds执行董事Harsh Maheshwari表 示，由于顶级彩钻的特殊性和高投资价值，消费者对其也 有浓 他厚 补兴 充趣 说。，多年来，尤其是粉钻的价格有机上涨，在市 场持续波动的情况下为市场提供了一定程度的稳定性。 根据彩钻研究基金会（FCRF）的数据，在整个价值链 强劲需求的推动下，今年第二季度彩钻的价格上涨。所有 颜色和尺寸的价格平均上涨了0.8%，所有颜色类别的艳 彩钻石的价格上升了1%。同时，中彩和浓彩类别的价格 分别录得0.7%和0.8%的涨幅。 Maheshwari说，粉钻的价格全面上升，而那些具有高 饱和度颜色的稀有粉钻的价格则有两位数的增长。“对 彩钻的需求受到宝石本身性质的影响，”Maheshwari说。 “稀有性因素使它们不同于市场上的其他产品。每年开
FOCUS 16 | JNA November/December 2022 采的这类钻石也比较少，特别是阿盖尔矿关闭后，使这些 钻石 更更 多显 精特 明殊 、。熟” 悉市场的消费者希望自己的钻石首饰系 列多样化，这也刺激了市场的需求。 然而，香港地区对彩钻的需求还没有恢复到疫情前的 水平。该公司的代表指出，这取决于本地是否更加开放， 以及进一步放宽新冠疫情防控限制。持续增长也取决于 消费者信心的恢复。据Maheshwari称，买家仍然很审慎， 并选择为未来几个月留用资金作为缓冲。 HYT珠宝的总经理Yash Khinduka对此表示赞同，并 补充说，新冠疫情和俄乌战争在某种程度上削弱了彩钻 和彩色宝石市场。需求仍然强劲，但到2022年第二季度 供应 在趋 挑紧 战。 中，Khinduka将2022年描述为“有前景的一 年”，因为他的公司有稳固的销售业绩，而且成功参与了 香港“ 的我 展们 会在 。 2022年有一个强劲的开端。对于我们专业 经营的彩钻和哥伦比亚祖母绿，需求有所上升。6月和9 月的香港展会也很关键，帮助我们接待了大量的新客户， 推动了更多的销售，”他透露。“到目前为止，我们的阿盖 尔粉钻系列表现非常好，是我们品牌的高级珠宝系列增 长的 K 主hi 要 nd 动uk 力 a将”。市场对彩钻日益增长的渴望归功于几个 因素，包括有效的营销。他说：“名人追捧彩钻有助刺激需 求，特别是对粉红色、黄色和蓝色，甚至对哥伦比亚祖母 绿的需求。” 多彩前景 国际有色宝石协会（ICA）主席Clement Sabbagh表 示，2022年标志着彩色宝石领域的复苏。然而，它受到了 供应链中断和其他挑战的困扰，迫使ICA成员进行创新。 由于严格的旅行限制，网上贸易成为一个可行的解决 方案，尽管这对钻石经销商来说更有效。“它只对钻石等 品质统一的产品有效，不适用于彩色宝石，因为每颗宝石 都是天然独特的，”Sabbagh解释说。“利用各种平台在网 上展示商品，对建立联系很有帮助，但要最终完成销售和 运送货物是一项挑战。直到现在，我们还没有找到一个可 以完全取代当面洽商互动的交易平台。” 2022年，由蓝宝石、祖母绿和红宝石引领，彩色宝石 的需求依然畅旺。巴西的帕拉依巴碧玺、缅甸的绝地红尖 晶石和越南的钴蓝尖晶石、巴西和尼日利亚的红碧玺，以 及肯尼亚的沙弗莱石也是表现最好的宝石。 名人的推广也影响了消费者对彩色宝石的需求。今 年的彩通（Pantone）年度色彩长春花蓝（Very Peri）激发 了许多拥有紫红色底色的蓝色宝石的销售，如坦桑石、 紫水晶、亚历山大变石、紫色蓝宝石、紫黄晶和堇青石， 还有蓝宝石、尖晶石、蓝色托帕石和海蓝宝石等著名的 蓝色“ 宝预 石测 。者认为‘数码薰衣草’将是2023年的年度色 彩。这在某种程度上与‘长春花蓝’相似，但有一个更微妙 的、粉柔的色调。”Sabbagh分享道。 美国、阿联酋、印度和泰国等主要市场是主要的增长 动力。RMC Gems India Pvt Ltd的总裁Nirmal Bardiya也 观察到消费者对彩色宝石的兴趣正在上升。“我们看到对 所有尺寸和品种的帕拉伊巴碧玺、圣玛丽亚海蓝宝石、粉 红色碧玺和沙弗莱石等的强劲需求。市场上缺乏高端宝 石，因此价格大幅上涨。一些彩色宝石的价格已经上升了 50%，在某些情况下，甚至上涨了100%。”Bardiya指出。 奢华珠宝 据珠宝商House of Gübelin的总裁Raphael Gübelin 称，高端珠宝在珠宝贸易中仍然受到追捧。 随着买家对个性、色彩和鉴赏力的日益增长，他们的 偏好正在推动着相关的需求，特别是对饰有顶级彩色宝 石和钻石的珠宝。这一趋势预计将持续到2023年整年。 “再次举办活动和晚宴后，佩戴高级珠宝的场合也越 来越多，”Raphael解释说。“经济因素也促成了消费者对 高级珠宝的强劲需求。人们欣赏有价值的商品。珠宝满足 了这种金融和情感价值的独特组合”。 当今的挑战，在于赋予终端消费者权力和增强消费者 信心。透明度也有望在未来的珠宝贸易中进一步获得一 席之地。“具透明度的宝石和珠宝交易将塑造业务，因为 人们想了解宝石的旅程。价值链如果缺乏透明度，就没有 可持续性。”Raphael指出。 2023年 据香港钻石总会马墉宜说，在未来几个月里，珠宝业 可能会弥漫谨慎乐观情绪，主要是由于经济的不确定性， 特别是更高的利率。 “我们预计支出会更加谨慎。节日季到了，传统上应 该有更多的需求。随着市场继续调整，我们对12月和1月 的假期销售有保守的预期。”他续称：“一旦旅行恢复，我 们将看到业务大幅增加。” WFDB的Dvash同时预测2023年将是“稳定的”。主要 市场也应很快重新开放。 “我们需要等到12月才能预测2023年的行业情况， 但我们相当乐观，”他指出。“一旦中国和亚洲完全放开新 冠疫情防控限制，这些市场将重新焕发活力。当美国放宽 限制时，对钻石和珠宝的需求大大增加。我们希望亚洲也 会跟 M 上 ah ” e 。 shwari则指出提供更多有创意的珠宝设计的重 要性，因为买家更倾向于体验式和有意义的购买活动。随 着对来源符合道德、无冲突的宝石和珠宝的需求不断增 加，可追溯性也迅速成为买家的一个重要考量。 “我们也希望看到人们对彩钻有更多的认识。我们将 大力推广彩钻，并与可收藏的艺术品联系起来，以帮助进 一步提升其在钻石行业的形象。”他指出。 透明度、道德实践及数字化也将是彩色宝石行业的关 键。Sabbagh评论说：“一项运动正在抬头——消费者正 重新思考消费习惯，并做出更有意识的决定。此外，随着 数字化的持续发展，以及其直接与消费者联系的能力，彩 色宝石供应商观察到非常规客户的增加，如Instagram用 户、网红和独立设计师，而不是传统的行业批发商和著名 品牌的买家。”
软文 JNA November/December 2022 | 17 中国消费者日益成熟，零售业也致力迎合下一代 的喜好，为内地市场创造重大的转变。国际铂 金协会（PGI®）的最新研究报告中，检视了中国 珠宝行业的八大新兴趋势，并向珠宝企业出谋献策，促进 业务增长。以下是其中一项分析。 零售业之变革 现今消费者的要求越来越高，因此一些精心策划和高 度集中的零售点，如设计师买手店和潮牌集合店，正在中 国内地市场强势崛起。设计师买手店是一种体验式概念 店，出售的产品和品牌反映出特定的主题或风格，包括国 内外小众设计师品牌、网红品牌和KOL推荐的品牌。 潮牌集合店则云集具有独特美学的时尚品牌。产品 充满现代感且设计前卫，以年轻客群为主。以上的零售形 式，都能够使消费者在同一个地点购买符合其个性、风格 和价值观的时装和生活产品。 珠宝零售空间 珠宝通常是买手店的点睛之笔，但并非必需品。作为 服装的补充，珠宝配饰的价格一般低于服装；而销售收入 少，导致店内单品的数量也少。配饰的销情很大程度上取 决于珠宝设计本身，而更重要的是该饰品是否容易与衣 服搭配。不过，由于买手店和集合店开设的目标，是为特 定细分市场的顾客提供一站式的零售体验，因此他们仍 然对合适的珠宝品牌存在需求。 另外，一些时尚珠宝品牌已具备了自己的风格和明星 单品，或已走红于网络。这些品牌能自带流量，容易变现， 同时受到买手店欢迎。拥有更多产品系列和SKU的珠宝 配饰品牌则更受追捧，合理的价格范围也是重要的因素。 设计元素延展到不同产品的品牌，容易在买手店和集 合店取得成功。有些品牌把自己的标志性设计扩展到其 他产品线，让顾客可以自由搭配成套装，从而促进销量。 此外，买手也会选择设计风格独特的不知名新锐品牌。 详细的报告可以关注“铂金Pt行业中心” The China market is undergoing substantial shifts as consumer tastes grow in sophistication and retail formats evolve to meet next-generation preferences. In a recent report, Platinum Guild International (PGI) examined eight emerging trends in the Chinese jewellery industry and proposed growth strategies for the trade. Here is one analysis. Retail evolution Highly curated and focused retail destinations such as independent buyer shops and multi-brand boutiques are on the rise in mainland China as consumers become more discerning in their purchases. Independent buyer shops are experiential concept stores that carry products and brands that reflect an overarching theme. Their offerings include local and foreign niche designer brands, influencer-created labels as well as specific brands recommended by Key Opinion Leaders or KOLs. Multi-brand boutiques, meanwhile, carry a mix of labels that represent a specific lifestyle. Items are usually modern, contemporary and design-forward, catering primarily to younger consumers. These retail formats enable consumers to shop for fashion and lifestyle products that appeal to their personality, style and values under one roof. Jewellery space Jewellery is often a complementary purchase at these stores, drawing softer revenues due to lower price points. Stock turnaround and updates are therefore slower. Purchases also hinge largely on jewellery design and, more importantly, its suitability with the clothing and lifestyle items on offer. But as independent buyer shops and multi-brand boutiques aim to provide a one-stop retail destination for specific market segments, they offer good prospects for the right jewellery brand. Those with a solid following online or that have distinguished themselves with a signature style or concept bring a much-welcomed new and steady clientele to the stores. Brands with a deep inventory of styles and product lines would likewise be well-received, as would jewellery labels with reasonable price points. Brand extensions also fare well at independent buyer shops and multi-brand boutiques. Those that incorporate their signature design elements in other product categories enable consumers to buy matching sets, thereby boosting unit sales. Independent buyer shops are drawn too to lesserknown brands and those with a standout design aesthetic and cutting-edge positioning that would help them reaffirm their overall concept. PGI steers trade through eight key trends in China jewellery industry The rise of new retail concepts in mainland China brings fresh growth opportunities for jewellers with the right mindset and approach. 中国内地逐渐兴起一股零售新趋势，为磨砺以须的珠宝业者带来增长机遇。 PGI®发布珠宝行业8大趋势展望 带领行业迈向未来
FOCUS 18 | JNA November/December 2022 Shining House retail shop 钻石世家店面 中国珠宝业：挑战和亮点 China navigates challenges and bright spots in jewellery sector Amid a general recovery in China’s jewellery sector, key indicators point to continued challenges in turnover and profit for jewellery retailers and wholesalers. 中国的珠宝行业整体复苏，然而关键指征显示，珠宝零售商和批发商的 营业额和利润持续面临挑战。 | Julius Zheng 郑嵘 | The year 2022 was particularly tough for China’s jewellery industry. Covid outbreaks in several cities, coupled with hard lockdowns under the country’s strict zero-Covid policy, weighed heavily on significant jewellery markets and manufacturing hubs such as Shenzhen, Guangzhou, Shanghai and Beijing. According to the National Bureau of Statistics of China, jewellery sales based on key sampling involving jewellers with annual sales of RMB5 million (around US$759,000) and above fell by 1.3 per cent in the first half of 2022. Sales however saw a 2.2 per cent year-onyear growth from January to September, demonstrating slight recovery. While plain gold jewellery remained highly favoured among Chinese consumers alongside pearls, smaller, independent players were more challenged. Many chain stores saw declining profit rates. Allure of diamonds Diamond jewellery accounted for US$15.5 billion or 13.9 per cent of China’s overall jewellery retail sales in
焦点 JNA November/December 2022 | 19 Revenue and profit of listed jewellery companies in China, 1H 2022 2022年上半年中国珠宝上市公司收入和利润 Jewellery retailer 珠宝零售集团 Revenue 收入 YOY Change 同比变化 Net profit attributable to shareholders of listed companies 归属于上市公司股东的净利润 YOY Change 同比变化 LAO FENG XIANG 老凤祥 5,121.13 6.80% 135.09 -14.53% YUYUAN 豫园股份 3,340.67 -3.85% 114.45 -47.06% CAIBAI 菜百股份 809.02 3.58% 37.64 26.44% CHOW TAI SENG 周大生 773.81 82.80% 85.15 -3.40% CHJ 潮宏基 329.98 -5.31% 22.77 -25.63% DR 迪阿股份 316.47 -10.13% 87.88 -20.62% CUIHUA 萃华珠宝 300.23 46.95% 5.54 -11.35% MCLON 曼卡龙 106.71 11.70% 5.42 -19.40% HIERSUN 恒信玺利 95.32 -41.99% 1.07 -88.62% LEYSEN 莱绅通灵 82.42 -31.20% 0.80 -94.76% IDEAL 爱迪尔 24.44 -63.26% -13.44 2021. It is also the second biggest sector, after plain gold jewellery, which represented 58.3 per cent of sales. China’s diamond jewellery market is experiencing intense pressure, compared with 2020 and 2021, mainly due to amore challenging consumer market as evidenced by a dip in diamond jewellery retail business. Winny Chun, chairman of China-based diamond jewellery retailer Shining House, attributes this lacklustre performance to the market’s anxiety over public health and economic uncertainties. Opting to be more frugal in their spending, Chinese buyers saw a considerable increase in savings in the first half of the year. “There was a drop in retail sales of large-sized diamonds due to reduced budgets of wealthy customers and collectors. Sales of mainstream goods for bridal jewellery in the 0.50- to 2-carat range have also decreased,” said Chun. Amid the new normal, Shining House, which operates around 500 stores in the country, is aiming to boost business through synergies and an omnichannel sales system. To further expand its brand influence, the retailer is implementing various branding strategies, including working with new ambassadors, one for its brand and one for its patented diamonds. Capitalising on its 20th anniversary, it launched a series of omnichannel promotional campaigns aimed at attracting new customers and strengthening its private domain. Moreover, the brand has developed new channels, including joint marketing initiatives with high-end brands like Diamond House x DIOR, Lancôme and Rolex. It is also collaborating with other large and medium-sized conglomerates such as technology company Vivo and the Industrial and Commercial Bank of China Ltd in its “pop-up store” projects. Pop-up stores are temporary retail installations that can be built and dismantled quickly and are usually installed in a busy area of a mall or within a big shop. Unit: US$ million 单位：百万美元 Source: Financial reports of above listed companies 数据来源：上市公司财报 ‘Soul’ diamond necklace by Shining House ‘魂’钻石世家设计的钻石项链
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