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。
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