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。
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