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
RkJQdWJsaXNoZXIy NjAxOTU=