FOCUS 焦点 10 | JNA November/December 2024 For many in the jewellery industry, 2024 is a year of trials and revivals – marked by early gains and moderately positive business performance as well as complex challenges down the road. Shoots of post-crisis recovery were evident at the beginning of the year. De Beers Group reported encouraging results from its first sales cycle in January on the back of steady consumer demand for diamond jewellery in the US alongside resumption of diamond imports into India after a two-month moratorium in 2023. Market appetite for luxury jewellery was also on the rise, coming from solid holiday sales in 2023. The National Retail Federation (NRF) reported solid gains in US retail sales in the first two months of the year due to a resilient labour market and sustained consumer spending. A more favourable retail environment was similarly apparent in Hong Kong, with the jewellery retail sector registering double-digit growth in January sales, supported by inbound tourism and economic growth. Cracks, however, started to appear as demand from the traditionally strong China market began to dwindle coupled with soaring gold prices and macroeconomic and geopolitical turmoil, which eventually resulted in supply chain bottlenecks. Specifically, a surplus in diamond inventories was becoming more pronounced. The World Gold Council (WGC), meanwhile, attributed lacklustre gold jewellery consumption in the first half of the year to pricier gold and weakening consumer sentiment. WGC data showed gold prices as of October 23 this year reached US$2,736.45 per ounce, up 40 per cent from US$1,963.65/oz on October 24, 2023. In its Q2 Gold Demand Trends Report, the council said global demand was down 19 per cent year on year, with China recording the largest dip of 35 per cent and India | Bernardette Sto. Domingo 杜明高 with reports from Olivia Quiniquini 程爱莉 and Sharon Kwok 郭芷雯 | Amid a promising start to 2024, unprecedented challenges such as China’s economic breakdown, political wars as well as shifting consumer preferences began taking their toll on the gem and jewellery trade. Adapting to the changing times, however, could be key to unlocking new opportunities and sources of growth. 珠宝业在2024年的开局理想， 但年内中国经济衰退、政治战争，加上消费者偏好转变等等空前挑战，对宝石和珠宝贸易造成影响。 然而，企业及时适应时代的变化，是开启新机遇和推动增长的关键。 A year of resiliency and change 2024 in review: 2024年回顾：珠宝业创新变革展韧性
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