FOCUS 12 | JNA May/June 2023 diamond jewellery as a symbol of love. Since the wedding jewellery market in lower-tier cities has yet to be tapped, we are ready to capture this opportunity and enhance our product portfolio to meet the needs of millennials who are eager to express themselves.” Growth opportunities Wedding rings account for more than half of the Chinese diamond market, according to the 2022 Annual Diamond Trading Report by Shanghai Diamond Exchange. The number of marriage registrations in China has however been on a steady decline in recent years, data from the China Civil Affairs Bureau indicate. Wedding rates peaked in 2013, which witnessed 13.47 million marriage registrations, before declining every year since. In 2022, only 3.732 million marriages were recorded nationwide, nearly half of the number registered in 2021. While 2022 was a unique case as pandemic-related disruptions prompted the postponement of most wedding plans, the downtrend in weddings could be difficult to reverse in a short period of time. The report also pointed out that 80 per cent of newlywed couples in Tier 1 cities plan to purchase wedding rings, and diamond rings of 1 carat or more have become the preferred choice of many couples for their weddings. Further growth in wedding jewellery sales is thus poised to come from second- and third-tier cities as well as lowertiered markets. Internet connectivity likewise plays a role in determining market potential. As of December 2022, the number of Internet users in China reached 1.067 billion, some 35.49 million more than was reported in December 2021, according to the 51st Statistical Report on the Development Status of the Internet in China prepared by the China Internet Network Information Center (CNNIC). The country’s Internet penetration rate meanwhile was 75.6 per cent. Making inroads All these growth factors echo the urgency for jewellers to expand in lower-tier cities. Declining marriage rates imply that more young consumers intend to live independent lives, with more disposable income and greater opportunities for selfreward purchases. Establishing a strong presence in lowertier cities will enable jewellers to better cater to these burgeoning customers. Omnichannel initiatives will likewise help promote brands to the billion of netizens in China. 0 200 400 600 800 1000 1200 1400 1600 2012 1324 2013 1347 2014 1307 2015 1225 2016 1143 2017 1063 2018 1014 2019 927 2020 813 2021 736.6 2022 373.2 Source: China Civil Affairs Bureau 来源：中国民政局 Marriage registration in China 2012-2022 (unit: 10,000 couples) 2012-2022 中国结婚登记人数量（单位：10,000对） Kent Wong, managing director, Chow Tai Fook Jewellery Group 周大福珠宝集团董事总经理黄绍基先生
RkJQdWJsaXNoZXIy NjAxOTU=