NOVEMBER/DECEMBER 2023 ISSUE #442 US$15 2023: The Year That Was 2023: 盘点年度成果 Looking back and looking ahead 回顾辉煌成就， 展望闪亮未来
CONTENTS Issue #442 | NOVEMBER/DECEMBER 2023 20 Pearl sector champions business and design innovation 珍珠行业倡导业务和设计创新 9DIGEST 市场指标 9 Solid luxury jewellery sales at LVMH LVMH奢华珠宝销售额稳健增长 26 DESIGN 设计 26 The tantalising colours of titanium 钛金属的诱人色彩 7 EDITOR’S NOTE 编辑的話 7 JNA: Looking back, looking ahead 《JNA亚洲珠宝》: 回顾辉煌成就， 展望闪亮未来 10 FOCUS 焦点 10 2023: A year of growth and shortfalls in jewellery trade 2023:珠宝贸易增长与阻力 16 Sectoral gains amid challenges in China jewellery market 中国珠宝市场部分分支在挑战中增长
36 INSIGHT 睿智角度 36 Fura Gems’ pink sapphires inspire passion and creativity Fura Gems以粉红蓝宝石诱发炽热灵感 37 Antique and vintage jewellery revival 古董珠宝之复兴 On the Cover 封面 Tiffany & Co's latest high jewellery campaign starring actress and house ambassador Anya Taylor-Joy is a modern take on classic Hollywood glamour. Bespoke jewellery pieces, adorned with extraordinary diamonds and rare gemstones, epitomise the unparalleled artistry, inimitable style and craftsmanship that has defined Tiffany & Co for 186 years. Taylor-Joy dons iconic Schlumberger by Tiffany & Co Bird on a Rock necklace and bracelet and a matching ring. 蒂芙尼的最新高级珠宝广告由女演员兼品牌大使安雅泰勒乔伊(Anya Taylor-Joy) 摩登演译好莱坞的经典魅力。定制的珠宝首饰镶嵌顶级钻石和稀有宝石，展现蒂芙 尼186年来无与伦比的艺术性、独特的风格和精湛的工艺。泰勒乔伊佩戴经典蒂芙 尼Schlumberger石上鸟项链、手链和同款戒指。 Photo Credit 图片鸣谢: Tiffany & Co. Digital version 电子版： https://news.jewellerynet.com/en/publications 38 MARKET INTELLIGENCE 市场情报 38 Sapphires reign supreme in gemstone world 蓝宝石于业界保持优势 42 Solid international turnout at JGW 2023 环球业界踊跃参与JGW 2023 46 Vivid growth prospects for fancy colour diamonds in China 中国彩钻前景旖旎 31 JNA 40th ANNIVERSARY SPECIAL JNA 40周年专题报道 31 ‘Extraordinary 40’ culminates in grand style “非凡四十”华丽盛事创辉煌 34 Red Radiance 绯红璀璨
Every care has been taken to ensure the accuracy of the information in JNA. However, the publication of such information is at the sole discretion of the publisher. The publisher and the editorial team shall not be held responsible or in any way held liable for any errors, omissions or inaccuracies in this publication, or for any consequences arising therefrom. The contents of this publication are protected by copyright and cannot be reproduced, photocopied, transmitted or posted in any form without the prior written consent of the publisher. 本得公以司任已何尽方力式确翻保印《、J仿N制A亚或洲转珠载宝本》刊所物刊任登何的部内份容之正文确字无或误图。片如。因错漏而引致任何损失，本公司概不负责。本公司保留刊登有关资料的一切权利。版权所有，如未获得本公司事先之书面允许，不 Printed by Asia One Printing Limited,13/F, Asia One Tower, 8 Fung Yip Street, Chai Wan, Hong Kong. 印刷商: 宏亚印务有限公司香港柴湾丰业街8号宏亚大厦13楼 Associate Publisher & Editor-in-Chief Olivia Quiniquini 副出版人及主编 程爱莉 EDITORIAL 编辑部 Deputy Editor Bernardette Sto. Domingo 副编辑 杜明高 Assistant Editor Sharon Kwok 助理編輯 郭芷雯 Assistant Digital Product Manager William Yick 助理数码产品经理 易昌耀 ADVERTISING 广告部 Assistant Director Christine Sinn 区域营业总监 冼蕙珠 Digital & Sales Manager Ken Chan 数码业务及销售经理 陈赞健 MARKETING 市場推广部 Senior Marketing & Communications Manager Ronny Pang 高级市场及传讯经理 彭秋影 Assistant Marketing & Communications Manager Monica Kwok 市場及傳訊助理經理 郭君寧 Marketing & Communications Executive Vincent Wong 市场及传讯主任 黄志伟 PRODUCTION 制作部 Production Manager Jennifer So 制作部经理 苏丽娟 Senior Designer Eva Kam 高级设计师 甘铭灵 Assistant Event and Media Service Manager Bonnie Law 助理项目及媒体服务经理 罗凤伦 ADVERTISING REPRESENTATIVES 广告代理 China 中国: 广州代表处 胡淑晶 | Tel 电话: (86) 20 8666 0158 Email 电邮: [email protected] Germany 德国: Liz Dobelmann | Tel 电话: (49) 721 384 1881 Email 电邮: [email protected] Italy 意大利: Mauro Arati | Tel 电话: (39) 02048517853 Email 电邮: [email protected] Japan 日本: Nobuaki Nito | Tel 电话: (81) 3 52961020 Email 电邮: [email protected] Taiwan 台湾: Rita Hung | Tel 电话: (886) 2 2738 3898 Email 电邮: [email protected] Thailand 泰国: Alongkorn Chanyangarm | Tel 电话: (66) 2 036 0500 ext 206 Email 电邮: [email protected] US 美国: Bonnie Chan | Tel 电话: (1) 347 906 4693 Email 电邮: [email protected] President & CEO - Asia Margaret Ma Connolly 亚洲主席及行政总裁 马颖 Senior Vice President - Asia David Bondi 亚洲高级副总裁 庞大为 Director of Jewellery Fairs Celine Lau 珠宝展览部总监 刘小雯 Published by Informa Markets 出版 17/F, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong 香港湾仔港湾道26号华润大厦17樓 Email 电邮: [email protected] JewelleryNet.com
Editor's Note 编者的话 The year 2023 marked four decades of trusted trade news from JNA. In many ways, JNA reflected – and reported on – the ingenuity and resilience of the jewellery trade, particularly in Asia, which persevered during challenging formative years to formulate the guiding principles of the industry, collaborated to establish credibility and order to withstand multiple crises and now continues to adapt to ever-changing business conditions. True to form, JNA’s special content programme on print, digital and social platforms to celebrate our 40th anniversary looked back at industry milestones in the “40 market-moving stories covered by JNA” series and our extensive profiles on the “Extraordinary 40” awardees. We likewise looked ahead at the “40 forces shaping the market of tomorrow” and, in this issue, cover the “Extraordinary 40” activities at Jewellery & Gem WORLD Hong Kong, which also celebrates its 40th edition this year. As always, more extensive versions of our 40th Anniversary print reports and profiles are available online. In keeping with the evolution of media from newspapers to 24-hour news cycles, JNA is also launching news alerts to keep the industry updated on trade developments as they happen. Available on nine topics, the alerts come in daily bursts, weekly releases and curated monthly dispatches. These will continue to be supported by JNA’s original online exclusives and in-depth print analyses. Please scan the QR code to sign up and activate notifications on your devices to begin receiving our news alerts. There is more to come in 2024 as we reaffirm our commitment to provide trusted trade news to help you grow your business! 2023年标志着《JNA亚洲珠宝》已为行业提供商贸新闻资讯40 年，多年来一直深受信赖。《JNA亚洲珠宝》以不同的渠道和方 式报道珠宝业界的消息，反映行业的独特性和坚韧性。本刊物 聚焦亚洲，如实记录着该地区的业界在充满挑战环境中起步， 仍坚持不懈地制定行业指导原则，与同业一起建立信誉和架 构，以应对多次危机的考验，时至今天依然持续适应不断变化 的营商环境。 为庆祝创刊40周年，《JNA亚洲珠宝》在印刷、数字和社交平 台上推出了周年特辑，通过《JNA亚洲珠宝》40篇震撼市场的报 导和“非凡40”获奖者的详细介绍，回顾了行业的里程碑。 我们还在“塑造未来市场的40种力量”特辑中与读者一同 展望未来。而且,今年是环球盛事 | 九月香港珠宝首饰展览会 (JGW)创办40周年，本期报道了在JGW期间举办的“非凡40 ” 庆祝活动。 一如既往，您可在线上查阅40周年印刷版报道的详尽内容。 随着媒体从报纸到24小时新闻周期的演变，《JNA亚洲珠 宝》推出新闻讯息推送，让业界随时了解最新的行业动态。新 闻讯息推送涵盖九个主题，读者可选择每日、每周或每月收到 讯息推送，内容包括《JNA亚洲珠宝》的线上独家报道和印刷版 深度分析。请扫描二维码注册，并在您的设备上激活讯息推送 功能！ 2024年将有更多精彩內容，我们会继续致力提供专业的行 业新闻资讯，助您拓展业务！ JNA: Looking back, looking ahead 《JNA亚洲珠宝》: 回顾辉煌成就，展望闪亮未来 Associate Publisher & Editor-in-Chief Ollie Quiniquini Sign up for JNA News Alerts 订阅JNA新闻讯息推送 JNA 40th Anniversary content programme JNA 40周年特辑
DIGEST 市场指标 JNA November/December 2023 | 9 Serpenti Misteriosi High Jewellery by Bulgari 宝格丽的Serpenti Misteriosi高级珠宝 The Pink Supreme diamond ring The Pink Supreme钻石戒指 Photo credit: Christie’s 照片鸣谢: 佳士得 ZorroGabriel / Shutterstock.com US$8.36 billion 83.6亿美元 Online Trade Updates 新闻快讯 Tracr, Sarine to develop diamond traceability solution Tracr与Sarine共同开发可追溯解决 方案 New gemstone cuts hit the market 全新宝石切工隆重面世 Pandora eyes US$5B in revenues by 2026 潘多拉锐意于2026年实现50亿美元 营收 De Beers’ Tracr Ltd and Sarine Technologies Ltd are developing a new system to track diamonds from source to point of entry into Group of Seven (G7) countries. 戴比尔斯旗下的Tracr Ltd和尚灵钻石科技有限 公司(Sarine Technologies Ltd)现正开发新系 统，用于追踪钻石从源头到进入七大工业国组织 (G7)的整个过程。 Fuli Gemstones and Navneet Gems & Minerals have both unveiled special cuts to enhance the appeal of peridots and rubies, respectively. 富丽宝石和Navneet Gems & Minerals均推出了 特色切工，分别提升了橄榄石和红宝石的吸引力。 Danish jeweller Pandora has raised its growth and revenue targets over the next three years amid a strong operational performance. 丹麦珠宝商潘多拉公布，由于业绩表现理想，将大 幅提高未来三年的增长和营收目标。 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 Revenue of luxury group LVMH’s watch and jewellery segment in the first nine months of 2023. The figure represents a 5 per cent year-on-year increase to EUR7.95 billion (approximately US$8.36 billion), which LVMH attributed to outstanding performances of Bulgari’s newly launched Mediterranea Collection and its iconic Serpenti line as well as Tiffany & Co's new Lock Collection. 奢侈品集团LVMH旗下钟表和珠宝部门在2023年首九个月的收入。这个数 字反映该集团的收入同比增长5%至79.5亿欧元(约83.6亿美元)。LVMH将 此归因于宝格丽新推出的Mediterranea系列及其标志性的Serpenti系列， 还有蒂芙尼全新Lock系列的出色表现。 Growth in Chow Tai Fook Jewellery Group's retail sales in Hong Kong, Macau and other markets during its second fiscal quarter 2024, which was supported by robust tourist arrivals from mainland China. Overall sales, meanwhile, were up 5.8 per cent during the quarter, with the mainland recording a slight uptick of 0.6 per cent. Weight in carats of The Pink Supreme, a fancy intense pink internally flawless diamond set to headline Christie’s Hong Kong auction on November 27, 2023. The Pink Supreme’s fancy intense pink hue is a distinction only a fraction of pink diamonds possesses. The Gemological Institute of America gave it a Type IIA classification, which represents less than 2 per cent of all gem diamonds, according to Christie’s. 周大福珠宝集团于2024财政年度第二季在香港及澳门地区，以及其他市 场的零售额增幅。该集团指受惠于中国内地游客的大幅增长，该季度的整 体零售额上升了5.8%，其中内地市场微升0.6%。 彩钻The Pink Supreme的重量(克拉)。这颗内部无瑕的浓彩粉红钻将 于2023年11月27日在佳士得香港地区拍卖会上成为焦点。The Pink Supreme呈浓彩粉红色调，只有极少数粉红钻属此级别。佳士得指，GIA美 国宝石研究院将这颗钻石评为IIA级，现世上只有少于2%的宝石级钻石属 此级别。 15.48克拉 15.48 carats 54.1%
FOCUS 焦点 10 | JNA November/December 2023 Optimism was rife at the start of 2023, coming from post-pandemic highs achieved in 2022. The year’s bright spots included improving consumption sentiment, sustained investments in technology, industrybacked initiatives to help stabilise demand and supply as well as innovative branding and marketing strategies. Top of mind was China’s decision to reopen its borders in early February 2023 after nearly three years of strict Covid-induced lockdowns. Some viewed the move as a game-changer. Hong Kong – a critical regional jewellery and gemstone hub – was once again hosting major sourcing events, signalling the much-awaited revival of global business. In-person interactions were back, and jewellery manufacturers and diamond and gemstone dealers started entertaining multiple orders from top markets such as the US, Europe and China. High-end jewellers likewise saw robust results, with luxury conglomerates Kering, LVMH and Richemont reporting steady growth in sales. According to the World Gold Council (WGC), pent-up demand alongside celebratory post-pandemic shopping fuelled strong sales of gold jewellery in China in the first quarter of 2023. Chinese gold jewellery demand was up 11 per cent year on year to 198 tonnes, accounting for 41 per cent of total Q1 consumption. This was also the highest Q1 performance for Chinese jewellery demand since 2015. Growth continued in the second half of the year, albeit at a slower pace. Overall gold jewellery demand showed a moderate 3 per cent increase, with China seeing a 28 per cent uptick in demand to 132.2t. However, higher fabrication volumes resulted in inventory ballooning to 15t in Q2, which WGC attributed to Chinese demand falling short of manufacturers’ expectations. By end-June 2023, industry players were pointing to soaring prices of gold and raw materials as potential growth deterrents, on top of other headwinds: The ongoing war in Ukraine, rising US interest rates and inflation, and a gradual slowdown in major economies, including that of China. Economists expect China to miss its growth target of around 5 per cent in 2023 due to a protracted property crisis, export woes and dwindling consumer sentiment. “The world expected demand to pick up significantly when China reopened,” said Lawrence Ma, founding president of the Diamond Federation of Hong Kong, China and CEO of Lee Heng Diamond Group. “But demand did | Bernardette Sto. Domingo 杜明高 with reports from Sharon Kwok 郭芷雯 and Richa Goyal | Industry players remain cautiously optimistic about growth prospects amid a confluence of macroeconomic and geopolitical uncertainties threatening to upend gains in the jewellery trade. 在宏观经济和地缘政治不确定性因素相互作用下，珠宝贸易的收益 受到威胁。尽管如此，业内人士对增长前景仍持谨慎乐观态度。 2023: A year of growth and shortfalls in jewellery trade 2023: 珠宝贸易的增长与阻力 Jewellery pieces by Fai Po Gem & Jewellery Ltd 辉宝珠宝有限公司的项链
FOCUS 焦点 JNA November/December 2023 | 11 not reach the level that we anticipated. There were a few unpleasant surprises in 2023 – inflation, higher interest rates and now the war in Israel, to name a few.” Hope for diamonds A “challenging” 2023 came at the heels of rapid and strong post-pandemic recovery in consumer demand, according to Feriel Zerouki, president of the World Diamond Council (WDC) and senior vice president of Corporate Affairs at De Beers Group. Macroeconomic uncertainties dampened consumer appetite for diamond jewellery, she added. “The pressure was amplified in wholesale markets because of midstream inventory levels and the supply chain ripple effect,” noted Zerouki. Sabyasachi Ray, executive director of India’s Gem & Jewellery Export Promotion Council (GJEPC), agreed, adding that demand from the US weakened due to economic upheavals. Additionally, a post-Covid rebound in Chinese consumption is yet to materialise. “China is grappling with its own economic challenges, affecting jewellery demand. This also led to a 25 per cent decline in India’s gem and jewellery exports to date,” revealed Ray. Echoing Ma’s sentiments, Sidharth Agarwal, director of major diamond dealer Kowloon Trading Co, said further instability can be expected throughout 2023. In fact, demand has dropped so much that it was almost on a par with Covid-19 levels as of October. “September to December is supposed to be a peak buying season in the jewellery trade due to Thanksgiving, Christmas and other festivities, but we are not getting the usual number of orders,” noted Agarwal. “There is little optimism as we navigate the second half of 2023.” Buyers are also playing safe due to price uncertainties, opting to limit their diamond purchases to just meet specific orders. This was a stark difference from the first two quarters of the year when Kowloon Trading Co’s clients would buy in bulk in anticipation of increased orders. Meanwhile, customers could buy on the dip as prices are down, especially for smaller-sized loose diamonds of VVS and VS clarity grades. Even SI goods are also seeing a drop in prices although not as steep as those for better-quality stones, according to Agarwal. “You can say it is a good time to buy, but there is also so much uncertainty in the market. Nobody knows where the bottom line is,” he continued. Hope may be on the horizon though. Both Agarwal and Ma of DFHK are counting on recent industry initiatives to help stabilise the diamond market: India’s voluntary two-month moratorium on rough diamond imports until December 15, 2023; and De Beers’ reported decision to allow its Sightholders to postpone diamond purchases to early next year. “Inventory in the pipeline, especially in the manufacturing and wholesale level, remains quite high. Restricting rough purchases over the next two to three months could lessen inventory buildup in the midstream,” explained Ma. Solid demand for gems Damien Cody, president of the International Colored Gemstone Association (ICA), cited robust market demand for coloured gemstones at international trade shows in 2023. “Gem and jewellery trade fairs recommenced around the globe and were very successful as traders scramble to once again meet customers face to face,” noted Cody. “Meanwhile, higher prices of goods have slowed trading as there is uncertainty as to where prices will eventually settle.” Temur Ansari of Noor Gems said prices of premium gems such as Paraiba tourmalines have risen by as much as 50 per cent to 100 per cent. Supply is also tight as buyers continue to actively seek these top-quality gems, he added. “We offer rare Paraiba tourmalines from Brazil and Mozambique. We also sell Kashmir sapphires and alexandrite, to name a few. All these are enjoying solid market demand,” he shared. The three major shows in Hong Kong were a highlight in Noor Gems’ 2023 as these enabled it to tap international buyers, specifically from the US, Europe and the United Arab Emirates. Ansari however said companies are adopting a wait-and-see position due to continued uncertainties. 5.25% – 5.5% US interest rates at press time – the country’s highest in 22 years. The US Federal Reserve kept the rates steady in September 2023 but indicated one more possible hike before yearend. 截至发稿时的美国利率，为22年来最高 美国联邦储备委员会在2023年9月保持利率稳定，但表示在年底前可能再加息一次 International Colored Gemstone Association President Damien Cody 国际有色宝石协会(ICA)主席Damien Cody
FOCUS 焦点 12 | JNA November/December 2023 Cody remarked that majority of retail markets in advanced economies enjoyed strong consumer demand during the pandemic. In recent months, however, the market has become apprehensive of rising inflation and interest rates. He said, “We are seeing solid demand and high prices at the top end of the market as evidenced by auction results and reported sales.” Sean Gilbertson, CEO of miner Gemfields, also attested to a healthy coloured gemstone market in 2023. He noted, “We saw some numbers in our auctions that were quite frankly almost ‘rubbing the eyes’ worthy. Prices remain robust and strong in 2023. The market is very clearly healthy by all accounts albeit down notably from the irrational exuberance that we saw in 2022, so 2023 is pausing for a little bit of a breather.” Dazzling jewellery The high-end jewellery market is likewise experiencing pressure from external factors such as geopolitical tensions and high interest rates, according to Louis Cheung, chairman of Hong Kong Jewellery & Jade Manufacturers Association (HKJJA) and managing director of Edelweiss Jewellery Co Ltd. “Gold assets are now king as high-end jewellery sales have rapidly declined during the past three months,” he noted. “Volatility in China’s property market also stifled Chinese consumers’ appetite for luxury goods.” Türkiye, a top exporter of gold jewellery and jewellery mountings, also reported a sluggish 2023 mainly due to high gold prices. Sirzat Akbulak, manager of Jewellery Exporters’ Association of Türkiye, said Turkish jewellers performed exceptionally well in 2022, owing to a post-pandemic surge in business. “As Turkish companies primarily specialise in fine gold jewellery, any fluctuations in gold prices and related instabilities have a negative impact on our industry,” explained Akbulak. “The global economy has yet to fully recover as high inflation rates persist around the world. Business prospects stand to improve should inflation drop and investments increase.” Fai Po Gem & Jewellery Ltd, for its part, is pointing to a rosy 2023, having witnessed a steady and positive business performance and sustained growth in wholesale exports throughout the year. Its primary clientele hails from the US, Europe and Southeast Asia. Jacky Chan, founder and CEO of Fai Po, said the company offers top-grade products and customer services and regularly upgrades designs in line with current trends to drive business growth. “In recent years, stacking became popular across different jewellery types like rings, necklaces and bracelets. While cuff earrings were a hit two years ago, unilateral earrings are all the rage now as asymmetrical styles are favoured by fashion-forward buyers,” disclosed Chan. Dangling earrings and classic designs featuring recurring nature-inspired elements are also trendy. Diamonds, meanwhile, have consistently held their position as the most sought-after product category. Pearls also witnessed a remarkable performance in 2023 while labgrown diamonds are gaining traction as more affordable options for consumers, added Chan. Onwards to 2024 The industry can adopt a more upbeat outlook in the coming six months, specifically from Q4 2023 to Q1 2024, as demand for diamonds is likely to recover, remarked Ma of DFHK. For now, industry players should focus on cost, inventory and expense management, and increased marketing to promote natural diamonds. “We all remain cautiously positive. The trade is prepared for one or two more quarters of slower demand but eventually, we will see a revival of China’s economy, backed by government-led initiatives to spur economic activity,” he noted. Zerouki of WDC agreed, adding that the diamond industry has always been cyclical. She said, “With strong underlying consumer desire for natural diamonds and a track record of diamonds rebounding strongly in the wake of challenging economic times, we can look forward to brighter times ahead once we navigate through the current period – and with our responsible approach to supply coupled with our investments in growing demand, we are taking the right steps to position ourselves for the upturn.” Meanwhile, technology and design customisation are keys to sustainable growth and longevity in the trade, according to Agarwal of Kowloon Trading Co. Asia could be the next big market for jewellery and companies should focus on strengthening their business in the region, he added. Collective industry efforts to rebuild consumer confidence through curated marketing campaigns could help bolster diamond jewellery sales, according to Simon Hui, director, Raw Material, Diamond Management Centre at Chow Tai Fook Jewellery Group. “At the end of the day, emotional connection is the most important selling factor. Powerful storytelling and education are integral to the future success of our industry. We should focus on this to restore consumer confidence,” said Hui. Cheung of HKJJA, for his part, said companies should leverage new technology and techniques to advance their product offerings and adopt innovative marketing strategies to boost competitiveness in the market and achieve sustainable growth. Sorbis / Shutterstock.com
FOCUS 焦点 JNA November/December 2023 | 13 随着疫情结束後2022年珠宝业逐步反弹，乐观情绪 自2023年初开始回升。这一年的亮点包括消费情 绪的改善、技术方面的持续投资、有助稳定供需 且获行业支持的举措，以及创新的品牌和营销策略。 最受关注的是在经过近三年的严格封锁后，中国决定于 2023年2月初重新开放边境。有些人认为此举是经济向上逆 转的契机。 香港地区作为重要的珠宝和宝石中心，再次举办大型采 购活动，标志着全球业务正在复苏。而实体活动的回归，促 进业界亲身交流互动，珠宝制造商、钻石和宝石经销商开始 接受来自美国、欧洲和中国等重要市场的订单。 高端珠宝商的业绩同样强劲，奢侈品集团开云(Kering)、 路威酩轩(LVMH)和历峰(Richemont)的销售额均录得稳步 增长。 根据世界黄金协会(WGC)的数据，于2023年第一季度， 被压抑的需求以及疫情后的“报复性”消费推动了中国黄 金首饰的强劲销售。中国黄金首饰需求同比上升11%至198 吨，占第一季度总消费量的41%。这创下了自2015年以来中 国金饰需求最高的首个季度。 虽然增速放缓，但下半年仍然持续增长。金饰的总体需 求温和上升3%，其中中国的需求上升28%至132.2吨。 然而，较高的加工量导致第二季库存激增至15吨。WGC 认为这归因于中国市场的需求低于制造商的预期。 业内人士指出，到2023年6月底，除了其他不利因素外， 黄金和原材料价格的飙升也是窒碍增长的潜在因素。其他 不利因素包括：乌克兰战争持续不断、美国利率和通胀率上 升，以及包括中国在内的主要经济体增长逐步放缓。经济学 家预计，由于旷日持久的房地产危机、出口困境和消费者情 绪低迷，中国将无法实现2023年5%左右的增长目标。 香港钻石总会(DFHK)创会会长兼利兴钻石集团首席执 行官马墉宜说：“全世界都期待中国重新开关后需求会大幅 回升，但需求并未达到我们预期的水平。2023年出现了一些 令人不快的意外，如通货膨胀、利率上升及以巴冲突等等。” 钻石的希望 世界钻石理事会(WDC)主席兼戴比尔斯集团企业事务高 级副总裁Feriel Zerouki表示，消费者需求在疫情后快速强劲 复苏，但2023年随即迎来“充满挑战”的一年，她补充说，宏 观经济的不确定性抑制了消费者对钻石首饰的需求。 Zerouki说：“由于中游库存水平和供应链的连锁反应，令 批发市场的压力被放大。” 印度宝石和珠宝出口促进委员会(GJEPC)执行董事 Sabyasachi Ray也认为，美国的需求因经济波动而减弱。此 外，疫情后中国消费的反弹尚未出现。 Ray说：“中国正努力应对自身的经济挑战，因此影响了 对珠宝首饰的需求。这也导致印度迄今为止的宝石和珠宝 出口下跌25%。” 主要钻石交易商Kowloon Trading Co董事Sidharth Agarwal赞同马墉宜的观点。他估计整个2023年都会出现进 一步不稳定市况。事实上，需求量已经大幅下滑，截至10月 份为止几乎与疫情期间的水平相若。 Agarwal指出：“感恩节、圣诞节和其他节庆活动快将来 临，9月至12月本应是珠宝贸易的交投旺季，但我们却没有收 到一般订单数量。我们的情况在2023年下半年并不乐观。” 鉴于价格充满不明朗因素，买家们也采取了保守的策 略，他们限制钻石的购买量，仅满足特定订单的需要。这与 今年前两个季度的情况截然不同，当时Kowloon Trading Co 的客户因预期订单会增加而大量采购。 另一方面，由于价格下跌，客户可以趁低价购买，尤其是 净度等级为VVS和VS的小裸钻。Agarwal指即使是SI级产品 的价格也在下跌，但跌幅没有品质较好的钻石那么大。 Agarwal说：“你可以说现在是入手的好时机，但市场也 存在很多不确定性。没有人知道最低价。” 不过，未来仍然充满希望。Agarwal和DFHK的马墉宜都 指望近日的行业举措能帮助稳定钻石市场：印度自愿暂停 毛坯钻石进口两个月，直至2023年12月15日；据报道指，戴 比尔斯决定允许其会员将钻石采购推迟到明年初。 马墉宜解释道：“市场中的库存水平仍然相当高，尤其是 制造和批发范畴。在未来两三个月内限制毛坯采购可以减 少中游的库存积压。” US$1,918.50 1,918.50美元 Gold price per ounce as of October 16, 2023, according to data from the World Gold Council 根据世界黄金协会的数据，截至2023年10月16日为止的每盎司黄金价格 Feriel Zerouki, president of the World Diamond Council and senior vice president of Corporate Affairs at De Beers Group 世界钻石理事会(WDC)主席兼戴比尔斯集团企业事务高级副总裁 Feriel Zerouki
FOCUS 焦点 14 | JNA November/December 2023 对宝石的殷切需求 国际有色宝石协会(ICA)主席Damien Cody表示，2023年 的国际贸易展览会上，买家对彩色宝石的需求强劲。 Cody说：“全球各地的宝石和珠宝贸易展览会相继复办， 由于贸易商争相与客户面对面交流，令这些展会取得了巨 大成功。另外，商品价格上涨导致交易放缓，因为价格最终 落在什么水平仍存有不确定因素。” Noor Gems的Temur Ansari则表示，帕拉依巴碧玺等优 质宝石的价格上涨了50%至100%。他补充说，由于买家继续 积极寻找这些顶级宝石，供应也很紧张。 Ansari说：“我们提供来自巴西和莫桑比克的稀有帕拉伊 巴碧玺。我们还出售克什米尔蓝宝石和亚力山大石等。所有 这些宝石都有稳定的市场需求。” Noor Gems表示，于2023年参与在香港地区举办的三大 展会令人难忘，因为该公司能通过这些展会接触到国际买 家，特别是来自美国、欧洲和阿联酋的买家。不过，Ansari指 基于不确定性因素持续，各公司正保持观望态度。 Cody指出，发达经济体的大多数零售市场，在疫情期间 都有强劲的消费需求。然而，最近几个月，市场开始担心通 货膨胀和利率的上升。他说：“从拍卖结果和报告的销售情 况来看，我们留意到高端市场的殷切需求和高昂价格。” 矿业公司Gemfields的首席执行官Sean Gilbertson也认 同彩色宝石市场于2023年稳健发展。他指出：“坦白说，我 们在拍卖会上看到的一些数字几乎让人‘眼前一亮’。2023 年的价格依然强而有力。尽管与2022年的非理性增长相 比，2023年的市场明显有所下降，但从各方面来看，市场都 非常健康，2023年的市场正在稍作喘息。” 璀璨夺目的珠宝 香港珠宝玉石厂商会(HKJJA)会长、大宝珠宝有限公司 董事长张敬猷表示，高端珠宝市场同样面临着地缘政治紧 张局势和高利率等外围因素的压力。 他指出：“在过去三个月，高端珠宝的销售额迅速下降， 变成全民皆黄金。中国房地产市场的波动也抑制了中国消 费者对奢侈品的需求。” 黄金首饰和珠宝镶嵌出口大国土耳其也报告称，主要由 于金价居高不下，令2023年的业绩低迷。土耳其珠宝出口商 协会(JTR)经理Sirzat Akbulak指疫情后的生意激增，土耳其 珠宝商在2022年的表现异常出色。 Akbulak解释说：“由于土耳其公司主要经营高级黄金首 饰，任何金价波动和相关不稳定因素都会对我们的行业产 生负面影响。再者，全球通胀率居高不下，经济尚未完全复 苏。如果通胀率下降，投资增加，商业前景将有所改善。” 辉宝珠宝有限公司则展望2023年的美好前景，全年业务 表现稳健积极，批发出口持续增长。该公司的主要客户来自 美国、欧洲和东南亚。 辉宝珠宝的创始人兼首席执行官陈荣辉表示，该公司提 供一流的产品和客户服务，并定期根据当前的流行趋势推 出崭新设计，以推动业务增长。 陈荣辉透露：“近年较流行叠戴款式，由戒指、项链、到手 链均受追捧。耳环方面，两年前耳骨夹耳环较流行，而现在 单边佩戴的耳环则大受欢迎，我们留意到不对称的款式受 到前卫买家的青睐。” 陈荣辉续指，吊坠耳环和以大自然元素为特色的经典设 计历久常新。另外，钻石一直是最受追捧的产品类别。珍珠 在2023年也有非常理想的表现，而实验室培育钻石作为更 实惠的选择，也日益赢得消费者欢心。 展望2024年 香港钻石总会的马墉宜表示，钻石需求可能会在未来六 个月复苏，特别是2023年第四季至2024年第一季，行业前景 将更乐观。目前，业内人士应专注于成本、库存和开支管理， 并加强营销，推广天然钻石。 马墉宜说：“我们都保持谨慎乐观的态度。业界已经做好 了未来一两个季度需求放缓的准备，但在政府主导的刺激 经济举措支持下，我们最终会看到中国经济的复苏。” WDC的Zerouki对此表示同意，并补充指钻石业一直都 是周期性的。Zerouki说：“消费者对天然钻石有强烈需求，而 且钻石以往在经济困难时期总会强劲反弹，一旦我们渡过 现阶段，我们可以期待前景会更加光明。我们致力保证负责 任的供应，以及进行投资以应付不断增长的需求，我们正在 采取正确的举措，为经济好转做好准备。” 另外，Kowloon Trading Co的Agarwal认为，优良的技术 和定制服务是珠宝行业可持续增长和长盛不衰的关键。他 说，亚洲可能是珠宝业的下一个重要市场，各公司应重点加 强在该地区的业务。 周大福珠宝集团钻石管理中心原材料总监Simon Hui表 示，业界共同努力通过精心策划的营销活动重建消费者信 心，将有助促进钻石珠宝的销售。 Hui说：“归根结底，情感联系是最重要的购买因素。强而 有力的故事叙述和教育对我们行业未来的成功不可或缺。 我们应该重视这一点，以恢复消费者的信心。” HKJJA的张敬猷则认为，企业应利用新技术和工艺来改 进产品，并采取创新的营销策略，以增强市场竞争力，实现 可持续增长。 3.7% Annual inflation rate for the US for the 12 months ending September 2023, according to US Labor Department data published October 12, 2023 根据美国劳工部2023年10月 12日公布的数据，截至2023年9月为止12个月的美国通货 膨胀年增长率
FOCUS 焦点 16 | JNA November/December 2023 | Julius Zheng 郑嵘 | Before Time necklace with a 51.71-carat D-colour pear-shaped centre diamond of flawless clarity grade by Kimberlite Diamond Photo courtesy of Kimberlite Diamond. 金伯利钻石的“时光之眼”项链，镶嵌51.71克拉D颜色、无瑕净度级别梨形钻石。照片由金伯利钻石提供 China’s jewellery and gemstone sector faces a tough road to real and lasting recovery, owing to soaring prices and cautious market sentiment. The country, however, is seeing solid growth in specific sectors. 由于价格飙升和谨慎的市场情绪， 中国珠宝和宝石行业真正持久复苏任重道远。然而，国内的一些特定分支正在实现稳健增长。 SECTORAL GAINS AMID CHALLENGES IN china jewellery market 中国珠宝市场部分分支在挑战中增长
FOCUS 焦点 JNA November/December 2023 | 17 China has seen unparalleled growth in the jewellery and gemstone sector over the last few years, but the year 2023 is proving to be quite challenging for the trade as continued increases in prices alongside muted consumer sentiment take their toll on some areas of the business. Traditional products such as gold jewellery, however, remain highly favoured. Data from the 2022 China Jewelry Industry Development Report by the Gems & Jewelry Trade Association of China (GAC) showed that gold continues to enjoy solid demand locally, accounting for around 57 per cent of the overall jewellery market in 2022. Gold is likely to help offset losses from diamond jewellery in 2023, according to industry experts. Demand for luxury jewellery, meanwhile, is also expected to stay strong. Lacklustre demand China’s diamond sector saw its market share shrink to 11 per cent in 2022 from 12.9 per cent in 2021, largely due to challenges in the midstream. In particular, companies are observing slow demand in the bridal jewellery category. The year 2023 has been especially difficult for some diamond dealers since a great deal of major retailers opted not to place large orders – an unprecedented occurrence in 30 years. Some traders attribute this lacklustre performance to lingering effects of the pandemic alongside economic uncertainties, declining marriage rates and the rise of lab-grown diamonds. The bridal jewellery sector, meanwhile, is leaning more towards gold jewellery. “The middle market is suffering from more cautious consumers. There is also macroeconomic instability. The cost of living has likewise increased, particularly affecting younger consumers. There has definitely been a slowdown this year,” said David Kellie, CEO of the Natural Diamond Council. It remains to be seen whether China’s diamond market is suffering from a real slowdown or simply a sluggish pace of growth after long periods of exceptional development over the last 10 to 15 years, added Kellie. In fact, some sectors of the trade are showing promise, especially the high-end jewellery segment. Chinese luxury jewellery brand Kimberlite Diamond recently launched its new “Nature’s Artistry” series of 24 high jewellery pieces, demonstrating its confidence in the luxury jewellery sector. Chen Zuwei, president of Rosy Clouds Colored Diamonds, however noted that current prices of fancy colour diamonds seem “unacceptable” and could negatively affect the future of the trade. “Our company focuses on high-quality fancy colour diamonds. We purchased collectiongrade fancy colour diamonds at Jewellery & Gem WORLD Hong Kong in September 2023 and the price levels were significantly higher compared to a few months ago. We saw about 10 per cent to 15 per cent increase in prices,” revealed Chen. Colourful prospects The coloured gemstone market in China holds more promise as demand further strengthened in 2023 amid price increases. Coloured gemstones are rising in popularity among younger consumers and this new demand is driving strong sales and price hikes. According to GAC Capital, a research and investment firm associated with GAC, the average price increase for all categories of coloured gemstones in China in the first half of 2023 ranged from 30 per cent to 50 per cent. Prices of larger stones or rarer gemstones, meanwhile, rose by as much as 100 per cent to 150 per cent. The average unit price per carat of rubies and sapphires were up by about 30 per cent while that of other gems like spessartite garnet, aquamarine and morganite in niche categories climbed by 10 per cent to 30 per cent. Traders said demand is present but many of them question the sustainability of current price levels. “Wholesale prices are rising rapidly and consumers have yet to accept these new levels,” said Clement Sabbagh, director of Ben Sabbagh Brothers and former president of the International Color Gemstone Association (ICA). Lu Ying, founder and designer of Shanghai-based Privaguet Jewelry, agreed, adding that China’s jewellery industry is at a new crossroads. “As a business owner who has been operating brick-andmortar stores for many years, I feel that the current jewellery market in China is entering a very intriguing situation,” noted David Kellie, CEO of Natural Diamond Council. Photo courtesy of NDC 天然钻石协 会首席执行官David Kellie。照片由NDC提供 Bespoke diamond jewellery by Kimberlite Diamond. Photo courtesy of Kimberlite Diamond 金伯利钻石的定制钻石首饰。照片由 金伯利钻石提供
FOCUS 焦点 18 | JNA November/December 2023 在过去几年中，中国的珠宝和宝石行业实现了前所 未有的增长，但2023年对于珠宝和宝石行业来说 是相当具有挑战性的一年，因为价格的持续上涨 和消费者情绪的低迷对某些领域的业务造成影响。 然而，黄金首饰等传统产品仍然备受青睐。中国珠宝玉 石首饰行业协会(GAC)发布的《2022年中国珠宝行业发展报 告》数据显示，国内对黄金的需求依然稳固，2022年占整个 珠宝市场规模的57%左右。 据业内专家称，黄金首饰的业务在2023年很可能有助抵 消在钻石首饰方面的损失。与此同时，奢华珠宝的需求预计 也将保持强劲。 Lu. “Consumer-level products, which we thought were costeffective in the past, are no longer as easy to sell as they used to be.” Instead, two major market developments are taking place: Top-notch products that can be considered as investments are moving faster than before while inexpensive but personalised items are gaining greater favour among younger customers. “Change in the industry in inevitable. A number of companies may enjoy steady sales because they focus on a niche category while some may face challenges since they cannot acquire inventory at high prices and cannot sell at retail,” Lu remarked. Further price hikes can be expected, following price increases for rubies, sapphires and emeralds. According to the company official, prices of Mahenge and jedi spinel likewise registered substantial price hikes. Other gems such as opals and some varieties of tourmaline such as lagoon tourmaline are likely to follow suit. Lu continued, “Chinese jewellers still have strong purchasing power, especially among emerging e-commerce jewellers and those with digital and social media expertise.” Allure of pearls China’s pearl jewellery sector accounted for around 3 per cent of the country’s jewellery market in 2022, but it has witnessed the highest growth over the last two years. Prices, too, have escalated. Li Tao, director of Purchasing of top retailer Keer Jewelry, said, “Prices of Akoya pearls have significantly increased in recent years, with the current price levels approximately two to three times higher than pre-pandemic times. Prices in 2023 have risen by 60 per cent.” Prices of Tahitian and South Sea pearls have likewise skyrocketed. Traders are attributing these hikes to lower production amid growing demand in China. Younger consumers are buying more pearls as manufacturers increasingly develop more modern designs and utilise digital channels and celebrity marketing to boost sales. Freshwater pearls are also witnessing solid demand. According to He Tieyuan, secretary general of Zhejiang Pearl Trade Association, the quality of some freshwater pearls produced in China can easily rival that of their saltwater counterparts. And they are more affordable. China is the world’s largest producer of freshwater pearls. Shanxiahu Town in Zhuji City, Zhejiang Province, also known as the Pearl Capital of China, has the biggest freshwater pearl market, accounting for 73 per cent of global freshwater pearl production and 80 per cent of China’s freshwater pearl output. China, however, has been producing fewer freshwater pearls as some pearl farms, which failed to meet government standards, were shut down. Data from the Zhejiang Pearl Trade Association showed that overall production of pearls in China reached 800,000 kilograms in 2021, down from 1 million in 2020 and 1.2 million in 2019. Government data showed prices of freshwater pearls grew 30 per cent to 50 per cent in 2023. Special pearls have become even more expensive, with an 80 per cent uptick in prices. Many pearl dealers and retailers are willing to replenish their inventories but there are also price concerns, according to industry players. Tiara adorned with sapphires, pearls and diamonds by Privaguet Jewelry. The patented piece was designed for the 69th Miss Universe China in 2020. Photo courtesy of Privaguet Jewelry Privaguet宝姬珠宝的冠饰，饰以蓝宝石、珍珠和钻石，这款专利设计 产品是为2020年第69届环球小姐中国赛区设计的。照片由Privaguet 宝姬珠宝提供 Bespoke diamond jewellery by Kimberlite Diamond. Photo courtesy of Kimberlite Diamond 金伯利钻石的 定制钻石首饰。照片由金伯利钻石提供
FOCUS 焦点 JNA November/December 2023 | 19 钻石需求不足 中国钻石行业的市场份额从2021年的12.9%降至2022 年的11%，主要原因是来自中等消费者市场的挑战，婚庆珠 宝类的需求缓慢。2023年对一些钻石经销商来说尤其艰难， 因为许多大型零售商开年以来未下大订单，这是30年来从 未有过的情况。 一些交易商将这种低迷的表现归因于疫情对消费者心理 的影响还未消退，以及经济不确定性、结婚率下降和实验室培 育钻石的兴起。与此同时，婚庆珠宝行业则更倚重黄金首饰。 天然钻石协会首席执行官David Kellie说：“由于消费者 更加谨慎，中等消费者市场受到影响。宏观经济不稳定，生 活成本也同样增加，对年轻消费者的影响尤为明显。因此,今 年市场的增长速度有所放缓。” Kellie补充说，中国钻石首饰市场是否真正放缓，还是在 过去10到15年的长期高速发展之后出现了增速放缓，还有 待观察。 事实上，一些行业领域，尤其是高端珠宝领域，正展现出 勃勃生机。中国高端珠宝品牌金伯利钻石最近推出了全新 的“自然艺境”系列，共24件高级珠宝作品，表明该品牌对奢 华珠宝行业的信心。 另外，罗希克劳珍稀彩钻公司总裁陈祖伟认为，目前彩 钻的价格似乎是“不可接受的”，可能会对该行业的未来产 生负面影响。他续说：“我们公司专注于高品质彩钻。9月份， 我们在环球盛事 | 九月香港珠宝首饰展览会上采购了收藏 级彩钻，价格水平比几个月前高出很多。我们看到价格上涨 了约10%至15%。” 多彩前景 在2023年,彩色宝石价格上涨的同时，需求也进一步增 强，预期中国彩色宝石市场的前景更加广阔。彩色宝石越来 越受到年轻消费者的青睐，这一新需求推动了强劲的销售 和价格上涨。 根据与中宝协的关联研究和投资公司中宝协基金的数 据，2023年上半年中国各类彩色宝石的平均价格涨幅在 30%至50%之间。 而较大的宝石或稀有宝石的价格则上涨了100%至150%。 红宝石和蓝宝石的每克拉平均单价上涨了约30%，而其他宝 石如锰铝榴石、海蓝宝石和摩根石等细分类别的单价则上 涨了10%至30%。 贸易商表示，需求是存在的，但是对目前价格水平的可 持续性存疑。Ben Sabbagh Brothers公司董事、国际彩色宝 石协会(ICA)前任主席Clement Sabbagh说：“批发价格正在 迅速上涨，而消费者尚未接受新的价格水平。” 总部位于上海的Privaguet宝姬珠宝创始人与设计师陆 颖也认为，中国珠宝业正处于一个新的十字路口。 她说：“作为一个经营实体店多年的企业东主，我觉得当 前中国的珠宝市场正在进入一个非常耐人寻味的局面。过 去我们认为有性价比的消费级产品，不再像过去一样那么 简单顺利地进行销售了。” 相反，市场出现了两大发展：可以考虑成为投资的顶级 产品的销售速度比以往更快，另外一端则是年轻的客人更 青睐价格较低但是个性化的产品。 陆颖补充道：“行业变局是在所难免的。一些公司可能会 因为专注于某一细分品类而获得稳定的销售额，而另一些 公司则可能会因为无法在高价位下采购库存货品，也无法 在零售端实现销售而面临挑战。” 她还表示，继红宝石、蓝宝石和祖母绿价格上涨之后，预 计还会有进一步的价格上涨。“马亨盖和绝地尖晶石的价格 也上涨了。其他宝石也会相继跟随涨价，例如澳宝及某些碧 玺品种(如Lagoon碧玺)。” 陆颖继续评论：“中国珠宝商仍然拥有强大的购买力，尤 其是新兴的电子商务以及拥有数字和社交媒体专业知识的 珠宝商。” 珍珠魅力 2022年，中国珍珠首饰业约占全国珠宝市场的3%，但在 过去两年中增长最快。珍珠的价格也不断上升。 领先零售商千叶珠宝采购总监李涛说：“近年来，Akoya 珍珠的价格大幅上涨，目前的价格水平大约是疫情前的两 到三倍。2023年价格涨幅达到60%。” 大溪地珍珠和南洋珍珠的价格也同样飙升。交易商将 这些涨幅归因于中国需求增长，但是产量下降。随着制造商 日益开发更富有现代感的设计，并利用数字渠道和名人来 进行推广，現今年轻消费者更愿意购买珍珠,大大提高了销 售額。 淡水珍珠的需求也十分强劲。据浙江省珍珠行业协会秘 书长何铁元介绍，中国生产的一些淡水珍珠的质量可以媲 美海水珍珠，而且价格更实惠。 中国是世界上最大的淡水珍珠生产国。被誉为“中国珍 珠之都”的浙江省诸暨市山下湖镇拥有最大的淡水珍珠市 场，淡水珍珠产量占全球的73%，占中国淡水珍珠产量的 80%。 然而，随着一些不符合政府法规的珍珠养殖场被关闭， 中国的淡水珍珠产量一直在减少。浙江省珍珠行业协会 的数据显示，2021年中国珍珠总产量达到80万公斤，低于 2020年的100万公斤和2019年的120万公斤。 政府数据显示，淡水珍珠的价格在2023年增长了30%至 50%。特殊品类的珍珠更加昂贵，价格上升了80%。 据业内人士称，许多珍珠经销商和零售商愿意补充库 存，然而也存在价格方面的担忧。 Coloured gemstone ring and earrings by Privaguet Jewelry. Photo courtesy of Privaguet Jewelry. Privaguet宝姬珠宝 的彩色宝石耳环和戒指。照片由 Privaguet宝姬珠宝提供
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