CONTENTS Issue #443 | JANUARY/FEBRUARY 2024 8DIGEST 市场指标 8 Global jewellery market could hit US$33B in 2023 2023年全球珠宝市场规模或 高达330亿美元 22 DESIGN 设计 22 Design directions in 2024 2024年设计趋势 26 'Peach Fuzz' embodies subtle sophistication “柔和桃＂展现低调精致感 10 FOCUS 焦点 10 Jewellery trade: Growth and recovery in 2024 珠宝贸易：2024 年的增长与复苏 16 Prospects amid challenges in China’s jewellery market in 2024 2024年中国珠宝市场——挑战中的展望
On the Cover 封面 Butterfly sleeper earrings in white gold with 2.33 carats of diamonds and Butterfly open ring in white gold with 1.62 carats of diamonds from De Beers Jewellers' The Portraits of Nature Collection. This sparkling selection honours the transformative nature of butterflies, highlighting their elegance and playfulness in delicate openwork designs with pavé-set diamonds accentuated by a mix of fancy cut diamonds. 戴比尔斯珠宝商Portraits of Nature系列的Butterfly白金垂坠式耳环，镶嵌2.33克 拉钻石；以及Butterfly白金开放式双指戒指，镶嵌1.62克拉钻石。这闪烁动人的精选 系列颂赞蝴蝶的蜕变天性，透过精致的镂空设计、并以多种不同形状的花式切割美 钻结合密钉镶钻石，突显蝴蝶优雅且饶富玩味的特质。 Digital version 电子版： https://news.jewellerynet.com/en/publications 38 MARKET INTELLIGENCE 市场情报 38 Green shoots in China's diamond market 中国钻石市场前景明朗 42 Spotlight on innovative artistry 创新艺术耀眼登场 32 MARKET WATCH 市场观察 32 Tapping growth segments in the UK market 窥探英国市场新面向 30 PERSPECTIVE 精辟视野 30 DFHK bolsters natural diamond initiatives 香港钻石总会推广天然钻石不遗余力 46 Glittering road ahead for coloured gemstones 彩色宝石迈向璀璨未来
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DIGEST 市场指标 8 | JNA January/February 2024 €30B (around US$33B) 300亿欧元 (约330亿美元) Duration of a voluntary moratorium on rough diamond imports by India from October 15, 2023 to December 15, 2023. The Gem & Jewellery Export Promotion Council (GJEPC) said the initiative, which was meant to address demand and supply imbalance in the trade, helped stabilise the country’s diamond industry. 从2023年10月15日至2023年12月15日，印度实施自愿暂停进口毛坯钻石行动的期限。 印度宝石和珠宝出口促进委员会(GJEPC)表示，这一举措旨在应对供需失衡带来的挑 战，有助稳定印度钻石业。 2 months 2个月 Projected market value of the global jewellery market in 2023, with fine jewellery proving to be a bright spot for investments amid uncertainty, according to the latest Bain & Co report conducted with Italian luxury goods manufacturers’ association Altagamma. 贝恩公司与意大利奢侈品制造商行业协会Altagamma共 同发布的最新报告中，所预测的2023年全球珠宝市场的 市值。在充满不确定性因素的情况下，高级珠宝首饰将成 为焦点投资项目。 Expected growth in global silver jewellery manufacturing between 2023 and 2033, according to a report conducted by Oxford Economics and commissioned by the Silver Institute. Combined production of industrial, jewellery and silverware manufacturers is forecast to rise by 42 per cent through 2033 – double the rate of increase recorded a decade ago. Asia is expected to contribute majority of the growth. China will likely account for 51 per cent of growth in global production of “other manufacturing” sectors, which include jewellery. “This suggests that there will be some move in silver jewellery production from India to China,” revealed the report. 根据世界白银协会委托牛津经济研究院撰写的报告，全球 银饰制造业在2023至2033年期间的预期增长。估计到了 2033年，工业、珠宝和银器制造商的总产量将上升42%， 是10年前增长率的两倍。亚洲将成为最高增长的地区。中 国将有机会占全球“其他制造业”类别(包括珠宝)生产增长 的51%。报告指：“这表明银饰制造将从印度转移至中国。” 34% 133.03-carat fancy vivid yellow diamond Photo credit: Sotheby’s 133.03克拉艳彩黄钻 图片来源：苏富比 133.03 carats克拉 Weight in carats of a yellow diamond, which was among the highlights of Sotheby’s Magnificent Jewels auction in New York on December 5, 2023. Fetching US$5.5 million, the unmounted cushion modified brilliant-cut, VS2-clarity stone is now the largest fancy vivid yellow diamond ever to be sold at auction, according to Sotheby’s. 在2023年12月5日于纽约苏富比瑰丽珠宝拍卖会上呈献的瞩目黄 钻的重量。据苏富比称，这颗未经镶嵌的枕形改良明亮式切割VS2 净度黄钻，以高达550万美元成交，是迄今为止在拍卖会上售出的 最大艳彩黄钻。
DIGEST 市场指标 JNA January/February 2024 | 9 RMB302.4B (around US$42.4B) 3,024亿元人民币 (约424亿美元) Online Trade Updates 新闻快讯 Gemfields latest ruby sale yields US$70M Gemfields最新红宝石 拍卖收入达7千万美元 G7’s Russian diamond ban draws mixed response 七国集团的俄罗斯 钻石禁令引起不同反响 HK jewellers embrace strategic approach amid soft demand 香港地区珠宝商采取策略应对 疲软需求 Gemfields’ final ruby auction for 2023 saw robust buying activity, demonstrating the ongoing vitality of the ruby market, according to the company. Gemfields表示，该公司2023年最后一场的红宝石 拍卖交投踊跃，显示红宝石市场持续强劲。 The World Diamond Council (WDC) is supporting a high-level decision by the Group of Seven (G7) to restrict Russian diamond imports pending further consultations while India – a major diamond cutting and polishing hub – says the move raises “valid concerns.” 世界钻石理事会(WDC)支持七国集团(G7)限制俄 罗斯钻石进口的决定，并等待进一步磋商，而印度 作为主要的钻石切割和抛光中心，则表示此举引 发了“合理的忧虑”。 Creative designs and better-quality jewellery pieces are keys to driving the jewellery business amid continued macroeconomic headwinds. 在宏观经济持续抵御逆风之际，创意设计和更优 质的首饰是推动珠宝业务发展的关键。 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 China’s sales of gold, silver and jewellery from January to November 2023, representing an 11.9 per cent year-on-year increase, data from the National Statistics Bureau of China showed. In November alone, sales grew by 10.7 per cent to RMB27.8 billion (around US$3.9 billion). China attributed this to government-led policies aimed at boosting local consumption. Growth rate in US online jewellery sales on Cyber Monday in November 2023 compared to an average day in October of the same year, Adobe Analytics data showed. Online spending during the US holiday season hit record highs, with Cyber Monday growing 9.6 per cent year on year to US$12.4 billion, and Cyber Week (the five days from Thanksgiving to Cyber Monday) up 7.8 per cent year on year to US$38 billion. Vivek Pandya, lead analyst at Adobe Digital Insights, said, “The record online spending across Cyber Week shows the impact that discounts can have on consumer demand, especially with quality products that drove a lot of impulse shopping.” 根据中国国家统计局数据，中国金银珠宝类别在2023年1月至11月的销 售额。这代表了同比增长11.9%。仅11月份，销售额就上升了10.7%，达到 278亿元人民币(约39亿美元)。中国将此归功于政府主导的刺激消费政策。 根据Adobe Analytics的数据，美国线上珠宝销售额在2023年11月“网络 星期一”的增长率。这是与同年10月的平均日子相比所得的数字。美国 假日期间的线上消费创下历史新高，“网络星期一”同比上升9.6%至124 亿美元。“网络周”(从感恩节到“网络星期一”的五天)同比上升7.8%，达 到380亿美元。Adobe Digital Insights首席分析师Vivek Pandya说：“整个 网络周的线上消费创记录新高，表明了折扣优惠对消费者需求的影响显 著，尤其是优质产品推动大量冲动购物。” 99%
FOCUS 焦点 10 | JNA January/February 2024 Coming from a particularly challenging year, the jewellery and gemstone industry is poised to witness positive multisectoral developments in 2024 amid ongoing uncertainties. Prices are expected to stabilise while a balanced demand and supply situation could be achieved as consumption levels normalise, or strengthen even, based on more upbeat prospects. Technology and sustainability will continue to influence movements in the fine jewellery segment, with companies increasingly innovating their operations and business practices to meet the market’s evolving preferences. The luxury sector could emerge a winner in the trade. According to jewellers and high-end diamond and gemstone dealers, demand for upper-range designer pieces and investment items will likely remain unabated, thanks to affluent buyers with high disposable incomes. Global consultancy firm McKinsey & Co reaffirmed this observation. In its State of Fashion 2024 report, McKinsey said consumers’ discretionary spend will likely be intended for trusted brands and categories. Hard luxury goods, jewellery included, will benefit from this as buyers recognise their potential investment value during challenging times. The market’s growing inclination towards colour and vivacity in their jewellery pieces, meanwhile, is expected to bode well for the coloured gemstone industry. Colours are believed to infuse sparkle and inspiration in people’s lives in the face of geopolitical and macroeconomic instability. Buyers are likely to zero in on gemstones bearing warm and radiant tones of peach, with the Pantone Color Institute naming “Peach Fuzz” as 2024 colour of the year. A warm shade that emanates compassion, kindness and unity, and subdued elegance, Peach Fuzz also imparts a message of | JNA team with reports from Richa Goyal and Julius Zheng 郑嵘 | Industry stakeholders adopt a more positive outlook in 2024, citing sparkling business prospects as demand strengthens and prices stabilise. 行业持份者对 2024年的前景持略为乐观的态度，认为随着需求增长和价格稳定，商业前景将更加光明。 Jewellery trade: Growth and recovery in 2024 珠宝贸易：2024年的增长与复苏
FOCUS 焦点 JNA January/February 2024 | 11 caring and sharing, community and collaboration, according to the institute. Rose gold, amber or melo pearls as well as Padparadscha sapphires, morganites, fire opals, mandarin and spessartite garnets and peach moonstones, to name a few, are at the centre of fine jewellery design interpretations featuring Peach Fuzz. The outlook is hopeful in the diamond sector, with the market expected to see improvements in January 2024. India’s decision to impose a two-month moratorium on diamond imports – from October 15 to December 15, 2023 – was instrumental in easing inventory buildup in the market. Mining giant De Beers, for its part, allowed Sightholders to defer rough diamond purchases to a later date. This overall bullish sentiment extends to the fancy colour diamond and pearl segments, with industry players pointing to promising opportunities in the new year, owing to steady demand for premium-quality goods. Beauty in luxury According to the latest Bain & Co report, the global luxury market is projected to have reached €1.5 trillion (around US$1.6 trillion) in 2023, up 8 per cent to 10 per cent from 2022. This could set a record for the industry, further proving its unparalleled resilience, said the report, which Bain & Co conducted with Italian luxury goods manufacturers’ association Altagamma. “Fuelled by an investment mindset, jewellery is set to reach €30 billion (nearly US$33 billion) in market value in 2023, with fine jewellery affirming itself as a bright spot for investments amid uncertainty,” the report stated. Moving onwards to 2024, however, personal luxury goods, which include jewellery and watches, could record a softer performance owing to lingering uncertainties, achieving low-to-mid single-digit growth from 2023, noted Bain & Co. Some industry players are more bullish about business prospects. Angela Yuen, managing director of high-end jeweller and gemstone dealer Wilds Co Ltd, expects solid sales of top-quality gems and jewellery in 2024 as buyers opt for vibrant colours in their jewellery choices. She added, “People gravitate towards bright hues as an antidote to the prevailing negativity in the world. Jewellers and trendy collections are featuring more colourful items. Coloured gemstones are expected to perform strongly among other gem and jewellery categories in the coming years.” A steady preference for luxury jewellery and gems, meanwhile, translates to increased demand for trusted gemmological services. Daniel Nyfeler, managing director at Gübelin Gem Lab, explained that this is in line with a longterm consumer trend favouring coloured gems and jewellery not only as a personal adornment but as an investment. He remarked, “For many investors, gemstones have become an interesting vehicle to hold value in a highly mobile form. They are less dependent on the stability of currencies, markets and world economies, as well as intermediaries like banks, or regulators.” Technology, sustainability and transparency With the unprecedented rise of social media and technology, jewellery companies are faced with new challenges as well as opportunities to do business. Yuki Leung, general manager of Lawrence Jewellery Co Ltd, said consumer choices could be highly influenced by social media, hence jewellers must stay abreast with the latest trends and opportunities afforded by new technologybased platforms. Customers are also seeking more innovative and versatile designs while demanding transparency from jewellery manufacturers and gemstone dealers, noted Leung. To foster greater transparency in the trade, the Responsible Jewellery Council (RJC) will come up with a lab-grown diamond standard – a first in the industry – in 2024, according to RJC Executive Director Melanie Grant. Grant revealed, “It has been a huge amount of work for us. We are doing lots of consultations. Everyone should ideally have to measure themselves against a standard. Creators of lab-grown jewellery should adopt standards like everyone else, so we are excited to create that opportunity for people to all be on the same level playing field in terms of standards.” 4% Gain in share of discretionary spending of personal luxury items such as jewellery and watches between 2023 and 2027, having overtaken handbags as the top-spending category in 2023, according to McKinsey & Co’s State of Fashion Report 2024. Hard goods are believed to retain their value more than other categories amid uncertain times, according to the report. 珠宝和手表等个人奢侈品的 可支配支出份额在2023至2027年间的增长。根据咨询公司 麦肯锡的《2024年时尚调查报告》，这类别取代手袋成为最受 欢迎的消费品类。该报告称，在不确定的时期，硬奢侈品 会被视为比其他类别的商品更具保值能力。
FOCUS 焦点 12 | JNA January/February 2024 The glitter of diamonds The last quarter of 2023 was more promising for the diamond trade, after a prolonged period of soft demand. According to Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB), November 2023 saw a decrease in the global stock of polished diamonds and a strengthening of natural diamond prices. November is traditionally a strong month for diamonds. India’s decision to freeze diamond imports for two months helped reduce diamond quantities in the market, added Dvash. “That is why we are seeing the beginning of a strengthening in prices. We are expecting that in January 2024, the market will continue to improve,” he explained. At the 2023 CIBJO Congress in Jaipur last November, the first in-person Congress since the pandemic, Mahiar Borhanjoo, CEO of diamond data aggregator UNI Diamonds, said that the diamond industry is cyclical and price decreases were now flattening. On the market slump, he said, “I blame Covid because there was pent-up demand and high sales, inventories got depleted, leading to short supply that further caused people to switch to other products. But that unusual demand is gone, partly because people feel less of a need to celebrate loved ones than they did at the height of the crisis.” Smaller rough diamond Sights at De Beers could also help bolster the world diamond market in February and March 2024. The impact of a Group of Seven (G7) consensus to restrict Russian diamond imports, meanwhile, remains to be seen. The move drew mixed reactions from the trade, with the World Diamond Council (WDC) and the WFDB saying they support the high-level decision pending further consultations while the Gem & Jewellery Export Promotion Council (GJEPC) said the G7 decision was not surprising although it “raises valid concerns” for the Indian gemstone and jewellery trade. The ban on imports of non-industrial diamonds that are mined, processed or produced in Russia took effect on January 1, 2024. Further phased restrictions on Russian diamonds processed in third countries will be carried out on March 1, 2024. Harsh Maheshwari, executive director at fancy colour diamond specialist Kunming, said the fancy colour diamond segment continues to enjoy a certain level of robust demand amid political and economic instability, owing to the goods’ rarity and limited supply. Prices, too, are generally stable. Maheshwari noted, “The consumers that usually buy fancy colour diamonds already appreciate their uniqueness. And especially in a market like this, when people are so uncertain, there is generally a lot more who are looking to find something more unique and stable.” Apart from perpetual favourites yellow, pink and blue diamonds, orange diamonds are gaining steam in the market, with the different shades of orange – bright, saturated, pumpkin or more neutral and pastel – resonating with today’s buyers. Fancy colour diamonds are also viewed as an alternative investment and tangible asset, and this contributes to solid market demand, said Maheshwari. Glowing opportunities Gübelin Gem Lab’s Nyfeler said the rise in market demand brings a bigger challenge for gemmological laboratories. In particular, low-temperature heat treatments in rubies and pink sapphires are tricky to determine in certain cases. Also becoming more commonplace is oiling, not just of emeralds, but of rubies, spinels and Paraiba tourmalines. And this issue needs be addressed more strictly by gemmological labs. Moving forward, an increasing number of wealthy consumers will probably invest in gemstones and jewellery for adornment or investment, he said. “There is a healthy future for those in our industry who are willing and capable to cater to this demand with top-quality goods that are transparently sourced and priced,” added Nyfeler. Transparency and traceability will continue to be critical factors in the gem and jewellery industry. As such, rising demand for high-quality coloured gemstones and traceable gems alongside educated end-consumers are potential growth drivers in 2024. For his part, Sean Gilbertson, CEO of ruby and emerald dealer Gemfields, said the coloured gemstone segment will remain relatively steady and in good shape, absent any market-moving disruptions such as Covid-19. Lubo Ivanko / Shutterstock.com Sapphire mine in Madagascar 马达加斯加的蓝宝石矿
FOCUS 焦点 JNA January/February 2024 | 13 “Obviously, there are cost of living concerns and inflation, among others. But the coloured gemstone business has been experiencing phenomenal growth. In 2024, things should be just fine with a bit of luck,” said Gilbertson. International Colored Gemstone Association (ICA) President Damien Cody shared this sentiment, adding that critical improvements in the trade such as seamless importation of gems post Covid-related disruptions as well as resumption of in-person jewellery exhibitions will bolster demand for coloured gems. “The outlook for 2024 is for strong growth in the coloured gemstone segment. Mining production for some varieties is expected to increase. Pricing levels will settle, and inventories will need to be filled if retailers are to meet the anticipated increased demand brought about by improving economies,” Cody noted. China’s recovery is a much-anticipated development in the trade as it used to account for a third of all luxury goods purchased globally pre-Covid. A protracted pandemic lockdown, however, impacted coloured gem imports into this market. Speaking at the 2023 CIBJO Congress, Cody noted, “As China recovers from its dormancy, we can expect that coloured gemstones will grow a bigger share of their luxury goods spend. At the top end of the market, we are seeing very strong demand and high prices.” Pearl trade Jonathan Cheng, director of Hong Kong-based Rio Pearl, said 2023 was an incredible year for the pearl industry as all pearl types across the board – freshwater, Tahitian and South Sea – saw a rise in value due to robust demand and limited supply. After many challenging years, it is only now that prices are reaching a level where producing pearls has become viable and pearlers have sufficient funds to further invest in improving the overall quality of their harvests, added Cheng. As with coloured gemstones, China has become a critical market for the pearl sector, with clients consistently asking for high-quality pearls. Cheng said this trend is expected to persist in 2024. He added, “With tighter supply from producers over the last few years, I see a continuation of strong growth in the pearl segment. Even amid tough times, our sector was able to grow in 2023. If the economy improves, we could see an even higher level of demand in 2024 for quality pearls.” Environmental considerations alongside innovations in pearling processes will continue to be a significant part of Rio Pearl’s business strategies in 2024, continued Cheng. While market sentiment for 2024 is generally optimistic, the gem and jewellery industry is not yet totally out of the woods. Discussions at the 2023 CIBJO Congress centred on challenges facing the trade moving forward. G7 sanctions on Russian diamonds, responsible sourcing, ESG, lab-grown diamonds, the impact of inflation and high interest rates on demand, and the viability of internationally recognised standards in the jewellery industry are but some areas of concern moving forward. Continued industry collaboration, cooperation and dialogue will thus be paramount to success. The consumers that usually buy fancy colour diamonds already appreciate their uniqueness. And especially in a market like this, when people are so uncertain, there is generally a lot more who are looking to find something more unique and stable. – Harsh Maheshwari, executive director of Kunming
FOCUS 焦点 14 | JNA January/February 2024 她补充道：“当大环境弥漫消极情绪，人们倾向选用明亮 鲜艳的色调令心情转佳。珠宝商和时尚系列正在推出更多 色彩缤纷的产品。预料彩色宝石与其他宝石和珠宝类别在 未来几年的表现凌厉。” 与此同时，市场对奢华珠宝和宝石的喜爱持续，意味着 对值得信赖的宝石学服务的需求也相对增长。古宝琳宝石 鉴定所董事总经理Daniel Nyfeler解释说，这符合消费者的 长期发展趋势——他们不仅喜欢把彩色宝石和珠宝用作个 人配饰，也将它们视作为一种投资。 他说：“对许多投资者而言，宝石已成为一种以高度流动 形式持有价值的工具。它们对货币、市场和环球经济的稳定 性，以及银行或监管机构等中介机构的依赖也有所减少。” 技术、可持续性和透明度 随着社交媒体和技术的空前崛起，珠宝商的业务面临着 崭新挑战和机遇。 Lawrence Jewellery Co Ltd总经理Yuki Leung说，消费者 的选择可能会受到社交媒体的重大影响，因此珠宝商必须 紧随新技术平台带来的新趋势和机遇。 Leung指出，顾客也在寻求更加创新和搭配百变的设计， 同时也要求珠宝制造商和宝石经销商提高透明度。 责任珠宝业委员会(Responsible Jewellery Council，简 称RJC)执行董事Melanie Grant表示，为了提高钻石贸易的 透明度，RJC将于2024年在业内首次提出实验室培育钻石 标准。 Grant透露：“对我们来说，这是一项庞大的工程，我们正 在进行大量的磋商。在理想情况下，每个人都应该以同一标 准来衡量各自的情况。实验室培育珠宝的创造者应该像其 他人一样采用标准，所以我们很高兴能为大家创造这样的 机会，让大家在标准方面都能站在同一赛道上。” 闪耀的钻石 在经历了长期的需求疲软期之后，2023年最后一个季度 的钻石贸易前景转趋乐观。 据世界钻石交易所联合会(WFDB)主席Yoram Dvash称， 全球抛光钻石的库存在2023年11月录得跌幅，而天然钻石 的价格则上涨。11月是钻石的传统旺季。 Dvash补充说，印度冻结钻石进口两个月的决定有助减 少市场上的钻石数量。“这就是我们看到价格开始走强的原 因。我们预计市场在2024年1月将继续好转。” 在经历了极具挑战性的一年之后，珠宝和宝石行业 将在2024年持续不确定的环境中，迎来多方面的 积极发展。随着消费水平正常化，甚至在更加乐 观的前景下有机会提升，预料价格将趋于稳定，而供需平衡 的局面将得以实现。 技术和可持续发展会继续影响高级珠宝首饰市场的动 向，各公司将不断革新运营和业务实践，以满足市场日新月 异的偏好。 奢华珠宝可能晋身成为业界的赢家。据珠宝商和高端钻 石及宝石经销商称，由于富裕买家的可支配收入较高，对高 端名牌产品和投资品的需求或会有增无减。 全球咨询公司麦肯锡重申了这一观点。麦肯锡在其 《2024年时尚调查报告》中指出，消费者的可自由支配支出 可能会用于光顾值得信赖的品牌和品类。包括珠宝在内的 硬奢侈品将从中受益，因为买家明白到它们在充满挑战的 时期，皆具有潜在的投资价值。 与此同时，市场日渐偏好色彩丰富且充满活力的珠宝首 饰，这对彩色宝石行业来说是个好兆头。面对地缘政治和宏 观经济的不稳定，人们相信缤纷的颜色，能为生活增添光彩 和灵感。 彩通色彩研究所宣布2024年的代表色为“柔和桃”，买 家很可能会将目光投向带有温暖闪烁水蜜桃色调的宝石。 “柔和桃”是一种温暖的色调，散发着富有同情心、善良、团 结和低调的优雅，同时也传达了关怀与分享、互助和合作的 信息。 玫瑰金、琥珀或美乐珠(Melo pearl)，还有帕帕拉恰蓝宝 石、摩根石、火澳宝、柑橘色石榴石、锰铝石榴石和蜜桃色月 光石等等，都成为珠宝设计的主角，以诠释“柔和桃”这主题。 钻石行业的前景充满希望，预计2024年1月市场将有所 改善。印度决定从2023年10月15日至12月15日暂停进口钻 石两个月，这有助于缓解市场上积压已久的库存。矿业巨头 戴比尔斯则允许钻石看货商推迟购买钻石毛坯。 鉴于消费者对优质产品的需求稳定，业内人士指彩钻和 珍珠市场在新的一年将迎来大好机遇。 奢华之美 根据贝恩公司的最新报告，估计2023年全球奢侈品市场 规模将达到1.5万亿欧元(约1.6万亿美元)，比2022年增长8% 至10%。这可能会创下奢侈品行业的纪录，进一步证明其无 与伦比的韧性。该报告由贝恩公司与意大利奢侈品制造商 行业协会Altagamma合作完成。 报告指出：“在投资心态的推动下，珠宝首饰的市场价值 将在2023年达到300亿欧元（近330亿美元）。在充满不确定 性因素的情况下，高级珠宝首饰将成为焦点投资项目。” 不过，贝恩公司展望2024年，包括珠宝和手表在内的个 人奢侈品或许因持续存在的不确定性而表现疲软，从2023 年起将实现低至中个位数的增长。 一些业内人士则看好商业前景。高端珠宝商和宝石经销 商Wilds Co Ltd的董事总经理袁安琪表示，由于买家乐于选 择色彩鲜艳的珠宝首饰，预料顶级宝石和珠宝首饰的销售 在2024年将保持稳健。
FOCUS 焦点 JNA January/February 2024 | 15 透明度和可追溯性将继续成为宝石和珠宝行业的关键 因素。因此，对高品质彩色宝石和可追溯宝石的需求不断上 升，以及终端消费者的教育水平不断提高，都是2024年潜在 的增长动力。 红宝石和祖母绿经销商Gemfields的首席执行官Sean Gilbertson则表示，如果没有诸如新冠疫情等影响市场的因 素，彩色宝石市场将保持相对稳定和良好的状态。 Gilbertson说：“显然，人们对生活成本和通胀等问题存 在担忧，但彩色宝石业务一直在经历惊人的增长。如果运气 好的话，2024年的情况应该会很好。” 国际有色宝石协会(ICA)主席Damien Cody也有同感，他 补充指贸易方面的重要改善，如新冠疫情后宝石进口的无缝 衔接，以及现场珠宝展览的恢复，都将促进彩色宝石的需求。 Cody说∶“展望2024年，彩色宝石市场将出现强劲增 长。某些种类的开采产量预计将增加。定价水平也趋于稳 定。如果零售商要满足经济改善带来的预期需求增长，就需 要填补库存。” 中国的复苏是业界翘首以盼的发展，因为在疲情前，中 国曾占全球奢侈品采购总量的三分之一。然而，疫情期间 的长期封锁影响了该市场的彩色宝石进口。Cody在2023年 CIBJO大会上指出：“随着中国从沉寂中复苏，我们可以预期 彩色宝石将在其奢侈品消费中占更大份额。在高端市场中， 我们看到了非常殷切的需求和高昂的价格。” 珍珠贸易 香港丽雅珠行董事郑俊鸿表示，2023年对珍珠业来说是 非凡的一年。由于需求旺盛而供应有限，淡水珍珠、大溪地 珍珠和南洋珍珠等所有类型的价值都节节上升。郑俊鸿补 充说，在经历了多年的挑战后，现时的价格才达到了生产珍 珠可行的水平，珍珠商才有足够的资金进一步投资，以提高 珍珠的整体质量 。 与彩色宝石一样，中国已成为珍珠业的重要市场，客户 对高品质珍珠的需求始终如一。 郑俊鸿说，这一趋势预计将持续到2024年。他补充道：“由 于过去几年生产商的供应趋紧，我认为珍珠行业将继续保持 强劲增长。即使在艰难时刻，我们的行业在2023年仍能实现 增长。如果经济好转，2024年对优质珍珠的需求会更高。” 郑俊鸿续说，在2024年丽雅珠行的业务战略中，环境因 素和珍珠加工工艺的创新仍将是重要的部分。 虽然市场对2024年普遍持乐观态度，但宝石和珠宝行业 尚未完全走出阴霾。 在2023年CIBJO大会上，与会代表围绕钻石行业未来面 临的挑战展开了讨论。G7对俄罗斯钻石的制裁、负责任的采 购、环境、社会和社会责任(ESG)、实验室培育钻石、通胀和 高利率对需求的影响，以及珠宝业国际公认标准的可行性 等，都是未来需要关注的范畴。因此，持续的行业协商、合作 与对话将是成功的关键。 在去年11月于斋浦尔举行的2023年国际珠宝首饰联合 会(CIBJO)大会上，钻石数据整合商UNI Diamonds的首席执 行官Mahiar Borhanjoo表示，钻石行业是周期性的，现在价 格下降的趋势已经趋于平缓。 关于市场低迷，他说：“我把责任归咎于疫情，因为当时 需求被压抑，导致其后销售量大增，库存消耗殆尽，令供应 短缺，促使人们转而购买其他产品。但这种不寻常的需求已 经不复存在，部分原因是人们不像疫情最严重的时候那么 需要向其所爱的人表达爱意。” 在2024年2月和3月，戴比尔斯较小的钻石毛坯看货会也 将有助促进全球钻石市场的发展。 与此同时，七国集团(G7)限制俄罗斯钻石进口的决定所 击起的涟漪仍有待观察。此举引起了业界的不同反应，世界 钻石理事会(WDC)和世界钻石交易所联合会(WFDB)表示， 他们支持这决定的目标，但还需要就执行问题继续磋商；而 印度宝石和珠宝出口促进委员会(GJEPC)则表示，G7的决定 并不令人感到意外，然而这决定在印度宝石和珠宝贸易业 引起了“合理的忧虑”。 禁止进口在俄罗斯开采、加工或生产的非工业用钻石的 禁令于2024年1月1日生效。对在第三国加工的俄罗斯钻石 的进一步分阶段限制，将于2024年3月1日实施。 彩钻专家Kunming的执行董事Harsh Maheshwari说，在 政治和经济不稳定的情况下，彩钻市场仍然保持一定程度 的强劲需求，归因于这种商品的稀有性和有限的供应量，价 格也基本稳定。 Maheshwari指出：“通常购买彩钻的消费者已懂得欣赏 彩钻的独特性。尤其是在现时这样的市况，当人们看不清未 来，一般会有更多人希望找到更独特、更稳定的东西。” 除了黄钻、粉红钻和蓝钻这些永远的宠儿之外，橘色钻石 在市场上也越来越受追捧，不同色调的橘色如明亮的、饱和 的、南瓜色的或中性的、粉色的，都能引起现今买家的共鸣。 Maheshwari说，彩钻也被视为另一种投资和有形资产， 这促进了稳定的市场需求。 闪亮的机遇 古宝琳宝石鉴定所的Nyfeler表示，市场需求的增长，为 宝石实验室带来了更大的挑战。 特别是红宝石和粉红色蓝宝石的低温热处理，在某些情 况下很难确定。此外，不仅是祖母绿，红宝石、尖晶石和帕拉 依巴碧玺的浸油现象也日渐普遍。宝石实验室需要更严格 地处理这个问题。 他指今后可能会有更多富裕消费者投资宝石和珠宝，用 于装饰或投资。Nyfeler说：“对于那些愿意，并有能力以透明 的产地来源和定价的高级商品，来满足这一需求的人来说， 我们这个行业将有一个可健康发展的未来。”
FOCUS 焦点 16 | JNA January/February 2024 As one of the largest jewellery manufacturers and consumers around the world, China remains a force to reckon with in the global jewellery sector. Data from China’s Jewellery Market Development Report, snippets of which were shared by Gems & Jewelry Trade Association of China (GAC) Vice President and SecretaryGeneral Bi Lijun at the 2023 Global Gems and Jewellery Development Conference in Hainan Province in November 2023, showed that China’s jewellery industry had reached RMB719 billion (around US$106 billion) in 2022 from RMB580 billion (approximately US$87 billion) in 2018, demonstrating an average annual growth rate of 5.5 per cent. As of 2022, the market share of gold, jade, diamond, coloured gemstone and pearl jewellery accounted for 57 per cent, 21 per cent, 11 per cent, 4 per cent and 3 per cent, respectively. Specifically, China's gold consumption is enjoying a post-pandemic rebound, with a year-on-year growth of 7.32 per cent in the first three quarters of 2023. Meanwhile, diamonds are experiencing cyclical fluctuations, with the market size falling 18 per cent year on year in 2022. On a more promising note, the jade market (including jadeite and nephrite) is expanding rapidly, with market size growing 145 per cent in 2022 compared to 2019. The report also said Chinese jewellery imports in the past five years reflected a “V-shaped” rebound pattern with the year 2020 as a low point while exceeding pre-pandemic levels in 2022. In the first three quarters of 2023, jewellery imports amounted to US$87.86 billion, an increase of 22.5 per cent from year-ago figures. | Julius Zheng 郑嵘 | China has high hopes for the jewellery trade in 2024 – the Year of the Dragon based on the Chinese calendar – but any progress will depend primarily on the country’s economic recovery. Industry players expect the gold and pearl sectors to continue their upward trajectory, with demand for coloured gemstones gaining ground and the diamond trade finding a foothold after a slow post-pandemic start. 中国对2024龙年的珠 宝行业寄予厚望，具体进展主要取决于国内经济恢复。业内人士称，黄金和珍珠行业有望继续保持上 升态势，彩色宝石的需求也会增长，而钻石行业在经历了疫情后的缓慢起步后，寻求再次站稳。 Prospects amid challenges in China’s jewellery market in 2024 2024年中国珠宝市场——挑战中的展望 ‘The Soaring Dragon’ brooch in 24-karat gold by TTF Haute Joaillerie for the Year of the Dragon. In Chinese culture, the meaning of the five-fish design differs based on the direction it is facing. TTF高级珠宝为龙年设计的24K金“飞龙在天”胸针。五 条鱼组成的设计在中国文化中的含义因其不同朝向而异。
FOCUS 焦点 JNA January/February 2024 | 17 Gold’s ‘dragon’ status According to Roland Wang, managing director of World Gold Council (WGC) China, domestic demand for gold remained strong in 2023 despite record-high gold prices and economic uncertainties. Against a challenging backdrop, gold remains one of the best-performing assets, thanks to solid demand. WGC data showed that as of November 2023, gold prices have risen by 17.08 per cent to RMB470.37 (around US$66) per gram. By comparison, prices were at RMB401.76 (about US$57) a gram in November 2022 and RMB374.54 (nearly US$53) during the same period in 2021. The younger generation in China, including the Gen Zs, also loves gold jewellery, revealed Wang. Contemporary and intricate designs, as well as innovations in manufacturing technology to make 24-karat gold jewellery harder yet lighter in weight, are instrumental to this steady demand. WGC data also showed that demand for gold jewellery in China reached 481 tonnes in the first three quarters of 2023, up 8 per cent year on year. Wang explained, “Gold possesses two shining attributes: A luxury commodity and an investment tool. The widespread promotion of lightweight gold jewellery products and gold as a safe-haven asset will continue to attract attention and drive demand amid geopolitical and economic headwinds. In the future, modern developments will be a new normal in China's gold jewellery industry.” Moving forward, volatile gold prices and structural market changes could further challenge the gold market while product innovations, steady demand and buyers’ valuepreservation mentality will boost market growth. Overall, WGC expects the gold market in China to remain stable in 2024. Wu Fenghua, founder and director of Art of TTF Haute Joaillerie, also attested to gold’s versatility and enduring beauty. He noted, “Inventive designs lend modernity to 24-karat gold jewellery, making it resonate with a wider audience. India and other South Asian countries as well as the Arab world favour 22-karat gold jewellery while Europe and the US opt for 18-karat and 14-karat gold jewellery. The Chinese, for their part, have a special connection with 24-karat gold.” State of diamond market The year 2023 was particularly tough for the global diamond market, China included. Diamantaires in China were eager to see recovery in prices and sales, but the business lost steam around March last year. GAC, alongside the National Gemstone Testing Center (NGTC) and Shanghai Diamond Exchange (SDE), issued a joint statement in November last year to address challenges in the natural diamond market. Acknowledging difficulties arising from global economic downturns and industryspecific issues since 2022, the groups emphasised the value of natural diamonds, owing to their rarity and symbolic status. It also differentiated between natural diamonds as a scarce resource, and lab-grown diamonds as massproduced products, noting the widening price gap between the two goods. The groups also urged sellers to educate customers on these differences and pledged to collaborate globally to boost transparency and growth. China's diamond jewellery market reached approximately US$12.2 billion in 2022, accounting for around 11 per cent of China’s jewellery market. By comparison, diamond jewellery makes up 26 per cent of the global jewellery market, which means there is still room for further growth. Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB), said China did not emerge from the pandemic as expected, and this was true across the board, not only for diamonds. He continued, “China is still coping with slow economic growth due to Covid-19. On the other hand, we strongly hope and believe that we will see a turning point at the March Hong Kong show in 2024, with a solid turnout of Chinese Sources: National Bureau of Statistics of China, Gems & Jewelry Trade Association of China, Shanghai Diamond Exchange *Key sampling involved jewellers with annual sales of RMB5 million (US$710,570) and above 资料来源：中国国家统计局和中国珠宝玉石首饰行业协会 *重点调查年销售额在500万元人民币(71.05万美元)以上的珠宝商。 China’s jewellery and diamond status from 2016 to 2023 (January - November) in US$ billion 2016至2023年（1至11月）中国珠宝首饰和钻石数据 (单位：以10亿美元计) 2016 2017 2018 2019 2020 2021 2022 2023 Total retail sales for key sample of jewellers* 限额以上企业零售总额 45.1 43.97 41.71 37.79 34.44 47.14 41.36 42.98 Size of national jewellery market 中国珠宝市场规模 78.29 81.42 87.72 88.45 88.41 111.6 106.9 Not announced/ 未公佈 Size of diamond jewellery market 钻石珠宝市场规模 11.58 15.51 12.19 Not announced/ 未公佈 Polished diamond imports via Shanghai Diamond Exchange 通过上海钻石交易所的成品钻进口金额 2.037 2.515 2.74 1.851 1.424 2.924 1.907 Not announced/ 未公佈
FOCUS 焦点 18 | JNA January/February 2024 buyers and demand for polished natural diamonds. We expect the massive advertising campaign that De Beers has launched in the US and Chinese markets to bolster demand.” Winny Chun, chairman of diamond jewellery retailer Shining House, said high-value collections and investmentgrade diamonds are expected to move fast in 2024 while the market for bridal and mid- and commercial-range diamond jewellery needs further firming up. She also underscored the significance of diversification through offering a wider array of products and implementing new business models. Shining House has nearly 500 points of sale across China. Pearl prospects China’s pearl industry – both retail and wholesale – performed strongly in 2023 compared to 2022, according to Tu Xingcai, president of Shenzhen Pearl Trade Association. Pearl retail sales grew steadily, thanks to modern jewellery designs that cater to the artistic requirements of today’s consumers. Meanwhile, the wholesale market is likewise on the rise. “Wholesalers, recognising the potential of the market, started purchasing high-quality pearls in large quantities to meet this demand,” noted Tu. The pearl industry also witnessed new retail trends in 2023. With online shopping becoming trendy, pearls are increasingly being sold through e-commerce platforms, providing consumers with more choices and greater convenience. Personalised customisation is also an emerging trend in the retail market, allowing consumers to choose the shape, colour and size of the pearls, as well as the unique, individual designs of their jewellery. Price increases for high-quality pearls in 2023 were due to a drop in pearl production amid higher consumer demand. However, Tu said this will not affect future sales as desire for premium pearls remains robust. China’s pearl sector is also eyeing a more dynamic 2024. According to Tu, measures such as organising jewellery exhibitions, collaborating with designers, and strengthening promotions on social media platforms could further contribute to the sector’s growth. Personalised customisation, online sales and a focus on sustainability are also seen to flourish in 2024. Potential of coloured gems The gemstone market in China was in a longer period of remission compared to other markets, so the rebound will be more pronounced, explained Damien Cody, president of the International Colored Gemstone Association (ICA). Lu Ying, founder and designer of Shanghai-based Privaguet Jewelry commented, “We expect sustained growth and increased consumer discernment in 2024. Consumers are showing interest in unique gemstones like ruby, sapphire, emerald and Paraiba tourmaline. The dwindling supply of rare coloured gemstones, meanwhile, further raises their investment value, making them attractive to investors seeking to diversify their portfolios.” There is likewise growing consumer consciousness about the origin of gemstones. Sustainability, environmentalfriendly sourcing, and ethical processing will be critical factors in the market, Lu added. Consumers' focus on personalisation and innovative designs is spurring demand for more creative coloured gemstone jewellery pieces. As such, designers and brands will need to introduce trendier products to cater to diverse consumer needs. Growth, however, could be slow for the coloured gemstone market in 2024, but things are expected to turn around in June when consumption begins to improve. There will also be a greater emphasis on sustainability, product quality and design innovation. Companies must stay attuned to market trends and evolving consumer demand, added Lu. 17.08% Increase in the price of gold per gram to RMB470.37 (around US$66) in November 2023 from year-ago figures, according to the World Gold Council 较去年同期涨幅。根 据世界黄金协会的数据，2023年11月每克黄金价格上涨至 470.37元人民币（约66美元） 作为世界上最大的珠宝生产国和消费国之一，中国 仍然是全球珠宝业不可忽视的力量。 2023年11月，中国珠宝玉石首饰行业协会 (GAC)副会长兼秘书长毕立君在海南省举办的2023珠宝发 展大会上分享《中国珠宝市场发展报告》，其中的数据显示， 中国珠宝玉石首饰行业规模从2018年的5,800亿元人民币（ 约870亿美元）,发展到2022年的7,190亿元人民币（约1,060 亿美元），年均增长率达5.5%。 截至2022年，黄金、玉石、钻石、彩色宝石和珍珠首饰的 市场份额分别占57%、21%、11%、4%和3%。具体而言，中国 的黄金消费正在经历疫情后的反弹，2023年前三季度同比 增长7.32%。与此同时，钻石正经历周期性波动，2022年的市 场规模同比下降18%。 更值得期待的是，玉石市场（包括翡翠和软玉）正在迅 速扩大，2022年的市场规模比2019年增长145%。报告还指 出，过去五年中国珠宝进口呈现V型反弹模式，2020年为低 点，2022年超过疫情前水平。2023年前三季度，珠宝进口额 达878.6亿美元，同比增长22.5%。 黄金保持龙头地位 据世界黄金协会(WGC)中国区首席执行官王立新介绍， 尽管金价屡创新高，经济方面也存在不确定性因素，但2023 年国内黄金需求依然强劲。 由于需求稳健，即使在充满挑战的背景下，黄金仍然是 表现最好的资产之一。 世界黄金协会的数据显示，截至2023年11月，人民币黄 金价格距去年同期涨幅为17.08%，达到每克470.37元人民 币(约66美元)。相比之下，2022年11月的价格为每克401.76 元人民币(约57美元)，2021年同期为374.54元人民币(近53 美元)。
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