CONTENTS Issue #447 | SEPTEMBER/OCTOBER 2024 22 Glittering prospects for gold in Southeast Asia 金光璀璨——东南亚金饰业前景 30 INSIGHT 睿智角度 30 Pearl sector charts a new course towards sustainable growth 珍珠行业的可持续增长 8DIGEST 市场指标 8 World’s second-biggest diamond found in Botswana 博茨瓦纳出土全球第二大钻石 10 FOCUS 焦点 10 Golden era of jewellery 黄金首饰时代 16 Pure gold jewellery shines in China 足金珠宝在中国熠熠生辉 28 PERSPECTIVE 精辟视野 28 Hatta New World: The business of luxury 开创珠宝新世界 36 Autore sustains edge in pearl business Autore在珍珠行业保持优势 38 Edison Pearl navigates market shifts 爱迪生珍珠在市场变化中乘风破浪 40 Jewelmer’s golden legacy 辉煌金珠传奇 42 JPEA cultivating steady growth for Japanese pearls 带领日本珍珠行业持续增长 44 Paspaley: Perpetuating excellence in the pearl trade Paspaley延续珍珠行业卓越成就 46 Rio Pearl: Capitalising on quality and modernisation 丽雅珠行以质量与现代化为先
62 STRATEGY 企业策略 62 Engaging with new buyers: Live sellers 直播销售商家吸引新买家 On the Cover 封面 This bold yet light spherical choker by Bulgari, named Aurea Chandra, comprises five rows of alternating pink gold and pavé-set diamond spheres. It is reminiscent of the house’s iconic 1980s Chandra Line, which embodied the spirit of the exuberant decade from when it was created. Also adorning the model is the Bulgari High Jewellery Serpenti bracelet in pink gold with buff-top onyx and diamonds. 这款宝格丽Aurea Chandra短项炼，由五行交替排 列的纯玫瑰金和密镶钻石球组成，以精湛工艺创作出夸张而轻盈的结构。品牌从其 1980年代的经典Chandra系列中汲取灵感，淋漓尽致地展现出品牌创立时首十年 锐意进取的创意精神。另外，模特儿佩戴的宝格丽高级珠宝Serpenti玫瑰金手镯，镶 嵌弧圆形切割安力士和钻石。 Digital version 电子版： https://news.jewellerynet.com/en/publications 84 Defining teal sapphires 蓝绿色蓝宝石之正名 86 Modernisation and heritage in Italian jewellery trade 意大利珠宝业之现代与传统 80 MARKET INTELLIGENCE 市场情报 80 Gem artists of Idar-Oberstein draw on tradition and innovation 德国宝石艺匠融会传统与创新 76 DESIGN 设计 76 Contemporary masterpieces 当代大师杰作 69 SPOTLIGHT 市场聚焦 69 Sustainability heroes in the limelight 可持续发展领袖名单揭盅 48 MARKET WATCH 市场观察 48 Hong Kong jewellery retailers adapting to the times 中国香港珠宝零售商与时并进 54 Southeast Asia's culture of jewellery 东南亚的珠宝文化
Every care has been taken to ensure the accuracy of the information in JNA. However, the publication of such information is at the sole discretion of the publisher. The publisher and the editorial team shall not be held responsible or in any way held liable for any errors, omissions or inaccuracies in this publication, or for any consequences arising therefrom. The contents of this publication are protected by copyright and cannot be reproduced, photocopied, transmitted or posted in any form without the prior written consent of the publisher. 本得公以司任已何尽方力式确翻保印《、J仿N制A亚或洲转珠载宝本》刊所物刊任登何的部内份容之正文确字无或误图。片如。因错漏而引致任何损失，本公司概不负责。本公司保留刊登有关资料的一切权利。版权所有，如未获得本公司事先之书面允许，不 Printed by Asia One Printing Limited,13/F, Asia One Tower, 8 Fung Yip Street, Chai Wan, Hong Kong. 印刷商: 宏亚印务有限公司香港柴湾丰业街8号宏亚大厦13楼 Associate Publisher & Editor-in-Chief Olivia Quiniquini 副出版人及主编 程爱莉 EDITORIAL 编辑部 Deputy Editor Bernardette Sto. Domingo 副编辑 杜明高 Assistant Editor Sharon Kwok 助理編輯 郭芷雯 Assistant Digital Product Manager William Yick 助理数码产品经理 易昌耀 ADVERTISING 广告部 Assistant Director Christine Sinn 区域营业总监 冼蕙珠 Sales Managers Ken Chan, Kitman Chan 销售经理 陈赞健、陈洁雯 MARKETING 市場推广部 Senior Marketing & Communications Manager Ronny Pang 高级市场及传讯经理 彭秋影 Assistant Marketing & Communications Manager Monica Kwok 市場及傳訊助理經理 郭君寧 Marketing & Communications Executive Vincent Wong 市场及传讯主任 黄志伟 PRODUCTION 制作部 Production Manager Jennifer So 制作部经理 苏丽娟 Senior Designer Eva Kam 高级设计师 甘铭灵 ADVERTISING REPRESENTATIVES 广告代理 China 中国: 广州代表处 胡淑晶 | Tel 电话: (86) 20 8666 0158 Email 电邮: [email protected] Germany 德国: Liz Dobelmann | Tel 电话: (49) 721 384 1881 Email 电邮: [email protected] Italy 意大利: Mauro Arati | Tel 电话: (39) 02048517853 Email 电邮: [email protected] Japan 日本: Nobuaki Nito | Tel 电话: (81) 3 52961020 Email 电邮: [email protected] Taiwan 台湾: Rita Hung | Tel 电话: (886) 2 2738 3898 Email 电邮: [email protected] Thailand 泰国: Thitima Sriutharawong | Tel 电话: (66) 0 2 036 0500 Ext. 248 Email 电邮: [email protected] US 美国: Bonnie Chan | Tel 电话: (1) 347 906 4693 Email 电邮: [email protected] President & CEO - Asia Margaret Ma Connolly 亚洲主席及行政总裁 马颖 Senior Vice President - Asia David Bondi 亚洲高级副总裁 庞大为 Director of Jewellery Fairs Celine Lau 珠宝展览部总监 刘小雯 Published by Informa Markets 出版 17/F, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong 香港湾仔港湾道26号华润大厦17樓 Email 电邮: [email protected] JewelleryNet.com
DIGEST 市场指标 8 | JNA September/October 2024 12% 2,492 September 1 九月一日 Online Trade Updates 新闻快讯 Greenland Ruby seeks buyer Greenland Ruby 寻求企业买主 eBay UK expands Authenticity Guarantee to pearls eBay英国将正品 保证服务扩展至珍珠类别 Lucapa sells stake in Mothae mine 卢卡帕出售Mothae矿场的股权 Miner Greenland Ruby has entered in-court restructuring and is looking for a new investor to help resume operations. Greenland Ruby已安排公司重组的法庭程序，并 正在物色买主协助恢復运营。 Online retail marketplace eBay UK is now offering expert verification for fine pearl jewellery in collaboration with the Gemological Institute of America (GIA). 英国版eBay网站与GIA美国宝石研究院合作，提 供高级珍珠首饰的专家鉴定服务。 Australia’s Lucapa Diamond Co Ltd has completed the sale of its majority stake in Mothae kimberlite mine in Lesotho, the company announced recently. 澳大利亞卢卡帕钻石有限公司(Lucapa Diamond Co Ltd)近日公布，该公司已出售其在莱索托的 Mothae金伯利岩矿场70%的所有权。 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 Weight in carats of a massive rough diamond unearthed by Canadian miner Lucara Diamond Corp from its Karowe mine in Botswana. It is now believed to be the second-largest diamond in the world – a record previously held by the 1,758-carat Sewelô diamond, which was also mined in Karowe in 2019. The 3,106-carat Cullinan diamond, recovered in South Africa in 1905, currently holds the Guinness World Record as the largest diamond ever found. Year-on-year decline in Hong Kong jewellery sales during the first half of 2024. The government attributed the downturn to changing consumption patterns of visitors and locals, alongside the strong Hong Kong dollar. 2024年上半年香港地区珠宝销售额的同比下 降百分比。政府将下滑归因于游客和本地人士 消费模式的改变，以及港元走强。 Date of implementation of a new phase of Group of Seven (G7) sanctions on Russian diamonds. According to the Antwerp World Diamond Council (AWDC), this development will bring critical changes for diamond companies looking to import goods into G7 and EU markets. The most significant update is the introduction of the “Grandfathering Principle,” which allows regularisation of existing stock of diamonds, even if these are of Russian or unknown origin, acquired before January 1, 2024. 加拿大矿商卢卡拉钻石公司(Lucara Diamond Corp)从其位于博茨瓦纳 的卡罗韦(Karowe)矿场开采的巨型毛坯钻石的克拉重量。据信这颗钻 石是目前世界上第二大钻石——此前保持这一纪录的是1,758克拉的 Sewelô钻石，该钻石也是2019年在卡罗韦开采的。1905年在南非开采的 库里南钻石重达3,106克拉，仍然保持着迄今发现的最大钻石的吉尼斯 世界纪录。 七国集团(G7)对俄罗斯钻石实施新 一轮制裁的日期。据安特卫普世界 钻石中心(AWDC)称，这最新发展为 希望在七国集团和欧盟市场进口货 品的钻石公司带来重大改变。最重要 的更新是引入了“祖父条款”，允许对 2024年1月1日之前获得的现有钻石 库存进行规范，即使这些钻石来自俄 罗斯或来源不明。 印度
FOCUS 焦点 10 | JNA September/October 2024 Favoured for its rich, warm colour and regal appeal, yellow gold has been taking the luxury world by storm. It has dominated fashion runways since the start of the year, with designer brands offering an assortment of mustard-yellow dresses and accessories in their latest collections. The trend has inevitably trickled down to fine jewellery circles as evidenced by a resurgence in demand for yellow gold jewellery. Among the most influential proponents of yellow gold jewellery are major houses who are redefining modern appreciation for the prized metal. In the Flames Chapter of Tiffany & Co’s Blue Book 2024: Tiffany Céleste, yellow gold is a critical component that evokes imagery of solar flares and fiery colours. Yellow gold is also a key element in Messika’s Midnight Sun campaign and in iconic collections from Cartier, Piaget and Boucheron, to name a few. Jewellery manufacturers interviewed by JNA are attesting to this renewed fascination for yellow gold in the trade. Colour of affluence Valenza-based Giloro’s Pierpaolo Cervetti said yellow gold is making a strong comeback this year, following a stellar performance of pink gold. The company, which specialises in 18-karat gold jewellery, mainly sells to Asia and Europe. Giloro’s expertise in yellow gold jewellery manufacturing took centre stage with the launch of its Moonscape Collection earlier this year. Cervetti said, “We use top-quality diamonds of G-H colours and VS clarity grades to add more sparkle to our one-of-a-kind collections.” The challenge, however, is how to grow the business continuously and consistently amid ongoing uncertainties, he noted. | Bernardette Sto. Domingo 杜明高 and Sharon Kwok 郭芷雯 | The market’s fascination for yellow gold jewellery is gaining steam, leading to a surge in fine jewellery collections that pay homage to the beloved metal’s inherent opulence and versatility. Historically high prices, meanwhile, are reinforcing gold’s monetary worth among value-seeking consumers. 市场对黄金首饰 的需求日趋炽热，珠宝商也乘胜追击，推出琳瑯满目的高级珠宝 系列，向这种贵金属固有的华丽和多功能性致敬。同时，金价攀 上历史新高，也巩固了黄金在追求价值的消费者心目中的地位。 of jewellery Golden era 黄金首饰时代
FOCUS 焦点 JNA September/October 2024 | 11 Pricier gold, however, will still be attractive to the more affluent customer and to those who consider the precious metal as a form of investment. Markets with strong cultural affinity for gold such as China and India will also continue to purchase gold even at a premium, he added. Italy, as a global jewellery manufacturing hub, plays a critical role in the yellow gold jewellery segment. Joseph of Hasbani Gioielli pointed to Italy’s renowned reputation for creativity, exceptional design and product quality as pillars of sustained growth. These are instrumental to further raising the profile of Italian jewellers globally. “Introducing yourself as an Italian jeweller is already an advantage. The trade commonly associates Italian production with these positive qualities, which will have to be matched with fine-quality jewellery and reasonable prices, of course,” noted Joseph. Yellow gold is also an integral part of the Indian jewellery industry. While demand was down in the first half of 2024 mainly due to high gold prices, data from WGC points to better days ahead. According to WGC’s latest Gold Demand Trends report, the government’s decision to cut import duties on gold and other metals is likely to prompt a revival in gold jewellery demand moving forward as more affordable imported gold feeds through to consumers at the retail level before seasonal festive buying begins. “A healthy monsoon so far should add to the positive momentum in domestic economic growth and further support demand in Q3. However, any further sharp rises in the gold price would likely mitigate the positive effects of the cut in customs duty – at least temporarily – until consumers become accustomed to new, higher levels,” noted WGC. Joseph Hasbani, partner at Hasbani Gioielli SpA, revealed that the market indeed is showing increased preference for yellow gold, corroborating observations by other industry players. There was a time when white gold was all the rage, he added, but the yellow gold trend tends to last longer. “Historically, that has always been the case. We can have about 15 years of strong white gold sales, followed by around 50 years of gold prominence. We can expect steadily rising demand for yellow gold,” explained Joseph. Buyers are also increasingly moving towards everyday pieces in yellow gold and fewer diamonds as opposed to statement jewellery. Hasbani Gioielli’s main markets are the US and the Middle East, followed by Asia, specifically Indonesia and the Philippines. Its hero products are 18-karat gold jewellery pieces embellished with diamonds and coloured gemstones – all manufactured in its factory in Milan. Walter Magnaghi, sales manager of Blu Oro Srl, said his company produces mainly yellow gold jewellery. And he is also seeing rising demand for the precious metal, specifically in the company’s key markets of the US, the UK, Japan and Asia. “White gold represents only 10 per cent of our production while two-toned jewellery is becoming bigger, and now accounts for about 20 per cent. The rest is yellow gold,” explained Magnaghi. Yellow gold’s rich and stately appeal alongside the soaring prices of gold could be the driving force behind the demand upsurge, he noted. Another contributing factor are celebrities and influencers regularly sporting yellow gold jewellery and accessories in their social media posts. Based on data from the World Gold Council (WGC), the price of gold has reached US$2,498.60 per ounce as of September 2, 2024, up 29 per cent from US$1,937.20/oz in the same period last year. Buyers from the US would go for 14-karat gold while those in Hong Kong and Japan are partial to 18-karat gold. Meanwhile, 22-karat gold is highly sought after in Indonesia. Blu Oro also produces lightweight, hollow gold jewellery for its mainland Chinese clients. With gold prices poised to climb further in 2025, Magnaghi said retailers and wholesalers could be facing challenging months ahead. “It could be a problem for a few big customers, particularly retailers,” he noted. “It might be difficult to factor in significant and frequent price changes in their budgets at the start of the year.” US$2,498.60 2508.55美元 Price of gold per ounce as of September 2, 2024, according to the World Gold Council 根据世界黄金协会的数据，截至2024年8月27日的每盎司黄金价格
FOCUS 焦点 12 | JNA September/October 2024 Cultural significance Turkish jewellers produce a different kind of gold jewellery – one that is steeped in historical influences and cultural motifs. According to manufacturers, their focus on design, quality, customisation and affordability sets them apart from other jewellery manufacturing regions. “Simple and lightweight jewellery is gaining traction in the market,” said Kerem Yoldas of Akhas Jewellery. “We use innovative 3D printers to produce lightweight gold jewellery in unique designs that resonate well with our customers.” Akhas Jewellery manufactures an extensive selection of gold jewellery, ranging from sets and half sets to bracelets, bangles and rings. Its primary market is the Middle East. Gold jeweller Kurtulan, meanwhile, is offering 24-karat gold jewellery embellished with sapphires, rubies and emeralds. According to Ismet Naci Kurtulan, CEO of Kurtulan, setting gemstones in pure gold required a special technique developed by the company. Kurtulan specialises in handmade jewellery pieces in one-of-a-kind designs, which align with heightened appreciation for self-expression and individuality among today’s consumers. Its jewellery pieces are meticulously produced in-house and sold locally and overseas. The company exports gold jewellery to China, Hong Kong, the Middle East, Korea, Japan, Europe and the US, with each collection specifically tailored to these markets’ diverse preferences. Customers in the US and the Middle East favour larger, statement pieces with bigger gemstones while Asian buyers, particularly those from China, prefer smaller, finer gemstones set in their jewellery, revealed Naci. Demand for 24-karat gold remains strong among Chinese buyers due to the metal’s traditional significance while 18-karat gold is more popular in Europe and the US. Evolving consumer behaviours are mainly influenced by social media, added the company official. One observation is higher demand for jewellery pieces for everyday wear, often driven by the desire to display these pieces on social media platforms. “It is important to create items that are appealing, possibly substantial in size, and priced very reasonably,” explained Naci. “We combine silver with 24-karat gold to create high-quality pieces at reasonable price points, so people can keep purchasing fresh designs.” Both Yoldas and Naci pointed to customisation and flexibility in production as key to sustaining their edge in the international market. Yoldas, however, said Turkish gold jewellery manufacturers are faced with strict government regulations on gold imports to Türkiye. A quota system for unprocessed gold imports implemented by the government in 2023 has severely impacted some Turkish jewellers. This policy also results in higher domestic gold production costs. The widening disparity between Turkey's domestic gold prices and the international market premium makes setting consistent gold prices for customers all the more challenging. “This situation is not only affecting our company but also the Turkish jewellery industry as a whole. If this regulation remains in place, we may consider moving production to another country,” continued Yoldas. 黄金因其丰润温暖的色泽和华丽高贵的外观而令 人趋之若鹜，在奢侈品界掀起了一股热潮。自今 年年初以来，设计师品牌在最新系列中推出了各 种芥末黄礼服和配饰，金饰在各大时尚品牌秀场上的曝光 率倍增。 这股热浪毫无疑问地蔓延至高级珠宝界，从黄金珠宝的 需求回升可见一斑。在黄金首饰最具影响力的拥护者中，有 几家大企业正在重新定义现代人对这种贵金属的印象。 在蒂芙尼发布的2024 Blue Book : Tiffany Céleste苍穹万 象高级珠宝系列——炽阳之焰中，黄金是唤起人们对太阳耀 斑和炽热色彩联想的关键词。另外，黄金也是Messika的“午 夜太阳活动”，还有卡地亚、伯爵和宝诗龙等品牌标志性系 列的主要元素。接受《JNA亚洲珠宝》采访的珠宝制造商都表 示，黄金在珠宝业中重新焕发辉煌魅力。 代表富裕的颜色 意大利珠宝商Gi loro的总部位于瓦伦扎，其负责人 Pierpaolo Cervetti透露，继玫瑰金备受追捧后，今年黄金强 势回归，再次引领潮流。该公司专门生产18K金首饰，主要销 往亚洲和欧洲。 Cris Collection by Giloro Giloro的Cris系列
FOCUS 焦点 14 | JNA September/October 2024 今年较早前，Giloro推出Moonscape系列，其黄金首饰充 分体现出超群的技术。Cervetti说：“我们使用G到H色和VS 净度等级的顶级钻石，为我们独一无二的系列增添光彩。” 然而，他指在不确定因素日渐增长的大环境下，如何持 续稳定地发展业务是目前的一大挑战。 Hasbani Gioielli Spa合伙人Joseph Hasbani也透露，市 场确实对黄金愈见青睐，这也印证了其他业内人士的看法。 他补充说，白金曾经风靡一时，但黄金的流行趋势往往会更 加持久。 Joseph说：“从历史上看，珠宝业一直遵循这个模式。白 金的销情或许会连续15年表现强劲，随后迎来50年的黄金 主导时期。我们预计黄金的需求将稳步上扬。” 另外，也有越来越多买家倾向购买日常金饰和镶嵌较少 钻石的首饰，对具个性的奢华设计热情减退。 Hasbani Gioielli的主要市场是美国和中东，其次是亚洲， 印度尼西亚和菲律宾尤甚。镶嵌钻石和彩色宝石的18K黄金 首饰是其主打产品，所有产品均在米兰厂房自家生产。 Blu Oro Srl主要生产黄金首饰，其销售经理Walter Magnaghi留意到，该公司的主要市场包括美国、英国、日本 和亚洲，对贵金属的需求也在不断上升。 Magnaghi说：“白金只占我们产量的10%，而双色珠宝的 产量则持续增加，现在约占20%。其余的都是黄金。” 他指出，黄金浓艳而庄重的魅力和黄金价格飙升，可能 是需求激增背后的推动力。另一个因素是名人和有影响力 的人士经常在他们的社交媒体上分享黄金首饰和配饰。 根据世界黄金协会(WGC)的数据，截至2024年9月2日， 黄金价格已达到2,498.60美元/盎司，比去年同期的1,937.20 美元/盎司上涨了29%。 来自美国的买家会选择14K金，而中国香港和日本的买 家则偏爱18K金。同时，22K金在印度尼西亚也很受欢迎。Blu Oro还为中国内地客户生产空心的轻金饰。 Magnaghi表示，随着金价在2025年将再度攀升，零售商 和批发商在未来几个月可能会面临挑战。Magnaghi说：“有 些大客户，特别是零售商或会为此伤透脑筋——他们很难在 年初的预算中考虑到重大而频繁的价格变化。” 不过，价格较高的黄金对较富裕的客户和把贵金属视为 一种投资形式的客户仍有吸引力。他补充说，中国和印度等 在传统文化上特别喜欢黄金的市场，也将继续购买黄金，即 使是他们需要支付溢价。 文化意义 土耳其珠宝商深受其历史和文化的影响，所生产的金饰 别树一帜。当地制造商表示，他们十分重视设计、质量、定制 服务和价格定位是否合乎顾客的预算，这些都是他们在众 多珠宝制造地区中脱颖而出的要素。 Akhas Jewellery的Kerem Yoldas说：“简约轻便的首饰 在市场上越发受欢迎。我们使用创新的3D打印机生产轻金 饰，设计独特，能引起客户的共鸣。” Akhas Jewellery生产的黄金首饰种类繁多，从套装、半 套装到手链、手镯和戒指，应有尽有。其主要市场是中东。 黄金珠宝商Kurtulan则推出了镶嵌蓝宝石、红宝石和祖母 绿的24K黄金首饰。Kurtulan首席执行官Ismet Naci Kurtulan 称，他们以自家开发的特殊技术，在纯金中镶嵌宝石。 Kurtulan专注制造与别不同的手工珠宝首饰，这与现今 消费者对自我表达和个性的高度赞赏不谋而合。其珠宝首 饰在自家厂房由设计师精心制作，销往本地和海外。 该公司向中国内地、中国香港、中东、韩国、日本、欧洲和 美国出口黄金首饰，每个系列都是根据这些市场的不同偏 好量身定制。 Naci透露，美国和中东的顾客喜欢镶嵌较大颗宝石的大 型首饰，而亚洲买家，尤其是中国买家，则喜欢镶嵌较小颗 但质量较好的宝石。 由于24K金的传统意义，中国买家对这类首饰的需求殷 切，而18K金在欧洲和美国则更受欢迎。 Naci补充说，千变万化的消费行为主要受到社交媒体的 影响。他留意到人们希望在社交媒体平台上展示不同的首 饰，所以对日常佩戴的珠宝首饰的需求增加。 Naci解释道：“制作具吸引力、具份量感、价格合理的产 品最为重要。我们将白银与24K黃金结合，以合理的价位创 造出高质量的产品，这样人们才能持续购买到新款式。” Yoldas和Naci均指出，定制和灵活生产是他们在国际市 场上保持优势的关键。 然而，Yoldas指土耳其政府于2023年实施的未加工黄金 进口配额制度，严重影响了一些土耳其珠宝商。这一政策导 致国内黄金生产成本提高。土耳其国内黄金价格与国际市 场溢价之间的差距不断扩大，令他们更难为客户制定稳定 一致的金饰定价。 Yoldas说：“这种情况不仅影响到我们公司，也影响到整 个土耳其珠宝行业。如果继续实施这一政策，我们可能会考 虑将生产线转移到其他国家。”
FOCUS 焦点 16 | JNA September/October 2024 Despite ongoing economic challenges and an overall downturn in China’s gold jewellery market, 24-karat gold jewellery has become a highly sought-after product, thanks to its value preservation attributes and innovative designs. According to the latest Gold Demand Trends report of the World Gold Council (WGC), sales of 24-karat gold products in China outperformed all other categories during the first half of 2024 while lightweight and affordable gold items are also gaining traction. Market appetite for such products was prevalent amid sluggish demand for gold. The same WGC report said China recorded a 35 per cent year-on-year decline in gold jewellery demand during the second quarter of 2024 – the weakest result for a Q2 since 2009 – as economic woes weighed down on consumer sentiment and fuelled high levels of “willingness to save.” Jewellers are similarly redirecting their resources to promoting higher-margin, gem-set products with intricate designs to boost profits, added WGC. Roland Wang, regional CEO of WGC China, explained, “The sharp decline in gold jewellery consumption in the second quarter of the year is not a ‘Chinese specialty.’ Major gold jewellery markets such as India, the Middle East, the US and Europe all recorded declines in varying degrees due to historically high gold prices.” Data from WGC showed that gold prices reached a record high of US$2,529.75 per ounce as of August 20, 2024. | Sharon Kwok 郭芷雯 with reports from Julius Zheng 郑嵘 | i Isnr et hdee fhi ne ianrgt ot hf eC hg oi nl da ' ss ej ec wt oer ,l lleerdy bi nydl uo sctarlym, aa wn ua fvaec touf rienrns owv ah toi oanr ea tnrda nc sr ef oartmi v ii nt yg traditional gold jewellery into avant-garde pieces to entice modern consumers. 在中国珠宝业的核心，一股创新和创意的浪潮正改变金饰品类。在本地制造商的带领下， 他们将传统的黄金首饰打造成前卫的款式，吸引现今消费者。 Pure gold jewellery shines in China 足金珠宝在中国熠熠生辉 Pearl jewellery set in 24-karat gold by Shenzhen Jinruibao Jewelry Co Ltd 深圳市金瑞宝珠宝首饰有限公司的24K金珍珠首饰套装
FOCUS 焦点 JNA September/October 2024 | 17 24-karat gold jewellery featuring pearls or diamonds is gaining steam in the market, driven by solid demand from young buyers. She noted, “In particular, those adorned with pearls in smaller designs or European styles are moving fast.” Floral-inspired bridal collections are likewise favoured by buyers. Jinruibao has a gold collection showcasing a variety of flowers such as orchids and camellias, to name a few. “People love the elegant and intricate floral motif, especially those that carry auspicious meanings. These designs are popular among Chinese buyers,” added Zhang. Meanwhile, colourful gold jewellery, while not as popular in the market, is quite promising as demand for fashionforward designs grows among younger consumers, shared Zhu of Shangpin Gold. “Targeting a younger demographic with a taste for aesthetics and quality, we specialise in crafting 5D gold jewellery with colourful enamel and gemstones in modern designs that can be worn daily and matched with various outfits," continued Zhu. With a focus on producing original designs of 24-karat gold jewellery, Shangpin Gold employs a team of 10 in-house designers. Its manufacturing facility has a monthly output of 300 to 400 new designs, which are promptly launched in the market to sustain the company’s competitive edge. Further showcasing the versatility of gold jewellery, Shenzhen Yijiu Jewelry Co Ltd offers 5D gold jewellery adorned with coloured gemstones. The company has rolled out collections featuring peridots, carnelians, aquamarines and tsavorites, among others. Its latest gold and turquoise jewellery collection was launched this year. “We specialise in gem-setting and we use this expertise to incorporate gemstones in 5D hard gold jewellery,” said Rhea Zou, the company’s head of Product Development. Resilient 24K gold According to Chinese jewellery manufacturers interviewed by JNA, 24-karat gold has captured the hearts of consumers who view gold jewellery as more than just an adornment but as a savings tool, which by tradition, is a usual practice among the Chinese. “The volume of 24-karat gold jewellery that we processed in the first half of 2024 nearly matched our total volume in 2023,” said Joyce Zhang, managing director of Shenzhen Jinruibao Jewelry Co Ltd. “According to our clients, gold jewellery can be worn every day, sold any time if needed or easily redesigned. Customers are drawn to the versatility and value of gold.” The company’s main clientele are jewellery chain stores, regional retailers and top designer brands on e-commerce platforms in China. Reed Zhu, founder of Shenzhen Shangpin Gold Jewelry Co Ltd, agreed. He noted that a growing number of Chinese consumers prefer pure gold rings over diamond rings amid a soft diamond market. Innovative designs Lack of product diversity is a common challenge for jewellers in China. Hence, offering unique jewellery pieces is critical to set them apart from the competition. With advancements in technology, manufacturers can now produce 24-karat gold jewellery in more diverse designs using 3D and 5D hard gold. This opened doors to new levels of creativity. 3D hard gold jewellery is significantly lighter than traditional gold, making it more comfortable to wear while its increased hardness allows for gem-setting. On the other hand, 5D hard gold, which is viewed as an upgraded version of 3D hard gold, is even lighter and more durable with a polished finish. Zhang of Jinruibao, which specialises in manufacturing hard gold jewellery using 3D printing technology, said 24-karat gold earrings by Shenzhen Shangpin Gold Jewelry Co Ltd 深圳尚品金珠宝有限公司的24K金耳环 24-karat gold bangle adorned with turquoise by Shenzhen Yijiu Jewelry Co Ltd 深圳怡久珠宝首饰有限公司的24K金镶绿松石手镯
FOCUS 焦点 18 | JNA September/October 2024 “Our collection of coloured gemstone gold jewellery is affordable and visually striking, meeting the current demand for versatile pieces that are suitable for various occasions.” Future of gold Looking ahead, opportunities still abound for gold jewellery in China amid uncertainties. WGC is maintaining a cautiously optimistic outlook on demand for gold retail and investment in the Chinese market. Although seasonal demand in the fourth quarter could provide some support, fragile consumer sentiment and possible further increases in gold price are likely to keep demand subdued, according to WGC. “Faced with the impact of a new round of scientific and technological revolution and industrial transformation, consumer habits are undergoing rapid changes,” said Wang of WGC. “Therefore, the gold jewellery industry needs to embrace new production capabilities, adjust business models and development approaches, focusing on segmented markets and demand for differentiated products.” To stand out in a competitive market, Chinese jewellery manufacturers are prioritising design and quality, supported by strong manufacturing capabilities. They are also keen to explore overseas opportunities by participating in international jewellery exhibitions to expand their global presence. “In addition to simple everyday styles, we excel in bolder, more elaborate fine jewellery designs. These pieces closely align with Western consumers’ preferences. We are also seeing solid interest from Malaysia, Singapore, the Philippines and Dubai,” Zhu of Shangbin Gold said. For her part, Zuo of Yijiu said the line between Chinese and Westernised craftsmanship is diminishing, which could bode well for local jewellers. “Additionally, Chinese manufacturers regularly and swiftly roll out new styles. We hope to continuously introduce our products to overseas markets through jewellery shows.” 尽管中国黄金珠宝市场面临持续的经济挑战和整 体市况低迷，但24K黄金首饰凭借其保值特性和 创新设计成为备受追捧的产品。 根据世界黄金协会(WGC)最新发布的《全球黄金需求趋 势报告》，于2024年上半年，中国24K黄金产品的销量超过 了所有其他类别的产品，同时，轻金实惠的黄金产品特别受 欢迎。 在整体黄金需求疲软的情况下，市场却对此类产品的需 求十分旺盛。WGC的报告指，由于经济逆境拖累了消费者情 绪，并助长了殷切的储蓄需求。在2024年第二季度，中国的 金饰需求同比下降了35%，这是自2009年以来最疲软的第 二季度纪录。 WGC补充说，珠宝商也在重新调整资源，转向侧重利润 率较高、设计精致的镶嵌宝石产品，以提高利润。 WGC中国区首席执行官王立新解释说：“金饰消费需求 在今年第二季度大幅下降，并非‘中国特色’。因为金价处于 历史高位，全球主要金饰消费市场如印度、中东、美洲和欧 洲地区基本都多少呈现下降趋势。” WGC的数据显示，截至2024年8月20日，金价达到每盎 司2,529.75美元的历史新高。 24K金饰 《JNA亚洲珠宝》采访的中国黄金珠宝制造商称，24K金 饰已经俘获了消费者的心，他们认为金饰不仅仅是一种装 饰品，更是一种储蓄工具，而这也是中国人的传统习惯。 深圳市金瑞宝珠宝有限公司董事总经理张帆说：“我们在 2024年上半年的24K金饰加工量几乎已达到2023年全年的 加工量。我们的客户反馈金饰平常可以戴，有需要时可以卖， 也可以换款。终端消费者被黄金的多功能性和价值所吸引。” 该公司的主要客户是连锁珠宝品牌、区域零售商和电商 平台上的顶级设计师品牌。 深圳尚品金珠宝有限公司创始人朱梦求对此表示赞同。 他指出，在钻石市场低迷的情况下，越来越多的中国消费者 追求纯金戒指，而非钻戒。 Roland Wang, regional CEO of World Gold Council China 世界黄金协会中国区首席执行官王立新 24-karat gold jewellery by Shenzhen Shangpin Gold Jewelry Co Ltd 深圳尚品金珠宝有限公司的24K金首饰
FOCUS 焦点 20 | JNA September/October 2024 创新设计 产品同质化是中国珠宝商面临的共同挑战。因此，要想 在竞争中脱颖而出，提供独一无二的珠宝首饰是关键。随着 技术的进步，制造商现在可以使用3D和5D硬金生产设计更 加多样化的24K金饰。这为崭新的创意设计敞开大门。 3D硬金首饰比传统黄金轻得多，佩戴起来更加舒适，同 时其硬度已经提升到足以镶嵌宝石的水平。而5D硬金则被 视为3D硬金的升级版，更加轻盈耐用，且可做到抛光亮面 的效果。 金瑞宝专门生产以3D打印技术制造的硬金类产品，张帆 指镶嵌珍珠或钻石的24K金饰在市场上的热度节节上升，这 与购买足金金饰的年轻消费者的占比快速增长大有关系。 她说：“特别是那些镶嵌珍珠的金饰、小型的套装及典雅欧 式风格的首饰都很畅销。” 以花卉为灵感的婚庆系列同样受到买家的青睐，金瑞宝 也推出了相关主题的金饰系列，展现兰花和山茶花等各种 花卉的美态。 张帆说：“人们喜欢优美又大方得体的花卉造型，尤其是 那些有良好寓意的花。这些设计在中国内地很受欢迎。” 尚品金的朱梦求表示，目前市场上色彩丰富的金饰占少 数，但随着年轻消费者对时尚设计的需求增长，他相当看好 这类金饰的前景。 朱梦求说：“我们的目标客户群是对审美和质量有追求 的年轻一代。我们专注于制作5D金饰，配以色彩缤纷的珐琅 和宝石，设计新颖，适合日常佩戴和搭配各种衣饰。” 尚品金拥有一支由10名设计师组成的团队，并自设工 厂，致力生产原创设计的24K金饰。其工厂每月可推出300 至400款新产品，并迅速推出市场，以保持公司的竞争优势。 深圳怡久珠宝有限公司的镶嵌彩宝5D金饰，展示了金 饰的百变特色。该公司推出了镶嵌橄榄石、红玉髓、海蓝宝 石和沙弗莱石等彩宝的金饰系列，还有今年上市的24K金绿 松石系列。 该公司的产品研发部负责人左立姣说：“我们擅长宝石 镶嵌，并利用这专长将宝石融入5D硬金首饰中。我们的彩宝 金饰系列价格相宜，视觉效果出众，色彩丰富，满足了消费 者想要多样化首饰的需求，适合不同场合配戴。” 金灿灿的前景 展望未来，纵使在不确定因素的影响下，中国的黄金珠 宝市场仍然充满机遇。 WGC对中国市场的黄金零售和投资需求保持谨慎乐观 的态度。WGC认为，虽然第四季度的季节性需求可能会提供 一些支撑，但脆弱的消费情绪和金价上涨的可能性会使需 求持续萎靡。 WGC的王立新说：“面对新一轮科技革命和产业变革的 冲击，消费者的习惯也随之发生迅速的变化。因此，金饰零 售业需要拥抱新的生产力，对现有经营模式和发展方式进 行创新和调整，注重细分市场和差异化产品需求。” 为了在激烈的市场竞争中突围而出，中国珠宝制造商将 设计和质量放在首位，并辅以强大的制造能力。他们还热衷 于通过参加国际珠宝展来拓展海外机遇，从而扩大其全球 影响力。 尚品金的朱梦求说：“除了简单的日常款式外，我们还擅 长创制更夸张、更精致的高级珠宝。这些作品非常符合西方 消费者的喜好。我们看到来自马来西亚、新加坡、菲律宾和 迪拜的消费者对这些产品表现出浓厚的兴趣。” 怡久的左立姣则表示，中西工艺之间的差距日渐收窄， 内地珠宝商的发展前景明朗。“而且中国制造商定期迅速更 新款式是一大优势。我们希望通过珠宝展将我们的产品带 到国际市场。” Earrings and necklace in 24-karat gold by Shenzhen Jinruibao Jewelry Co Ltd 深圳市金瑞宝珠宝首饰有限公司的24K 金钻石耳环和24K金项链
FOCUS 焦点 22 | JNA September/October 2024 Southeast Asia has a golden tradition, both as a manufacturing hub and a consumption base. As in most Asian markets, gold is staunchly viewed as a store of wealth and the best counter to inflation. Speaking at Jewellery & Gem ASEAN Bangkok earlier this year, Ermin Siow, vice president of the ASEAN Gems and Jewellery Trade Association (AGJA), underscored the strategic role of the Association of Southeast Asian Nations in the gold jewellery trade. As he put it, ASEAN plus its partner countries, China and India, together form the biggest gold market in the world. Citing data from Metal Focus, Siow revealed that three of the 10 Southeast Asian countries rank among the world’s 10 largest gold consumer markets. These are Vietnam, Indonesia and Thailand. When it comes to new gold jewellery consumption in 2023, Indonesia, Vietnam and Malaysia lead the region, with 25.1 million tonnes, 15.1mt and 11.3mt, respectively. Thailand and Singapore followed, with 9.2mt and 7.2mt. “Scrap gold is a substantial part of our daily retail trade. In Malaysia, trade-ins would constitute nearly 40 per cent of the business. Total gold jewellery consumption is therefore some 30 per cent to 40 per cent higher than these figures, thereby indicating the huge potential of the ASEAN region as a gold jewellery consumer,” explained Siow, who is also advisor of the Federation of Goldsmiths and Jewellers Associations of Malaysia (FGJAM). On the other hand, Thailand and Vietnam topped the tallies for physical consumption of gold, towering over Malaysia and Singapore when buying gold for investment. | Olivia Quiniquini 程爱莉 | Sc oo nu st hu emaes tr Ab as isae pal na dy saamp ai vnout faal crtoul rei ni ng tcheen tgroel,dwj ei twh edl il fef reyr et nr at dceo,ubnot tr hi e as ss ea r tvhi nr igv iunpg distinctive designs and products. 东南亚在金饰行业中举足轻重，既是欣欣向荣的消费市场， 也是生产基地，各国在产品和设计上平分秋色。 Glittering prospects for gold in Southeast Asia 金光璀璨——东南亚金饰业前景 Gold tambourine earrings featuring traditional handmade filigree techniques by Ricel’s Jewellery的铃鼓耳环，以传统细金工艺制成
FOCUS 焦点 JNA September/October 2024 | 23 developed its own production facilities to cope with shipment restrictions during the Covid years, the company official noted. “Our deliveries to the Middle East have not returned to pre-pandemic levels but they are picking up slowly now. Singapore and other export markets are doing well though,” Teoh continued. Wide market The Middle East is likewise the main export destination of CHL Innovation Industries. The company also caters to wholesalers in Australia, Singapore, the Philippines and other Asian markets. According to company marketing manager Goay Boon Pah, 22-karat gold is favoured in the Middle East and Singapore, while Australia and the Philippines both lean to 21-karat and 22-karat items. Europe, meanwhile, prefers jewellery in 14-karat and 18-karat gold. “Given the high gold prices, customer standards for design, quality and finishing have risen as well. Their main concern is getting the value they paid for; they will only buy what they really want,” he disclosed. Singapore is a steady and reliable source of orders for Malaysian manufacturers, he continued. While Singaporean companies also produce gold jewellery, their overhead costs are a lot higher than their Malaysian counterparts. “It is often worth it for them to import gold jewellery instead of producing it themselves or in their overseas manufacturing facilities. This frees them from shouldering high labour and operational costs,” Goay explained. Heritage pieces Over in the Philippines, the focus is on 14-karat and 18-karat gold. Much of the country’s jewellery production is centred in the city of Meycauayan in the province of Bulacan. The industry there produces both gold and silver jewellery and is home to the country’s leading goldsmiths and craftsmen. Southeast Asia is also a giant on the gold jewellery manufacturing front, Siow noted. Data from Metal Focus showed Malaysia leading the pack, producing 30.3mt worth of gold jewellery in 2023. Indonesia came in second with 26.8mt, while Thailand recorded 23.3mt. Vietnam followed with 16mt, with Singapore ranking fifth with 3.8mt. “Malaysia exports more gold jewellery than it consumes locally. Its production is mainly in 22-karat gold, and its shipments almost double that of local consumption,” Siow revealed. Thailand, meanwhile, exports less than its local demand as its jewellery production is largely in 23-karat gold. “Thailand is probably the only country in the world where their most popular gold category is 23 karats, unlike the Middle East, Singapore and Malaysia where 22 karats is the preferred category,” Siow said. Steady demand Despite high gold prices, demand for gold jewellery in Southeast Asia has remained robust. Siow told JNA that many jewellers in Malaysia and Singapore enjoyed strong – in some cases, even record-breaking – sales during Chinese New Year in 2024. “I noticed that high gold prices do not affect the consumers’ intent to purchase. It does not deter them from buying, though they may choose lighter items. To them, gold jewellery is an investment that they can actually enjoy wearing and can sell if needed,” he explained. Moreover, the fascination with gold has extended to younger buyers in the region. And unlike older generations that traditionally seek better deals, these consumers readily purchase jewellery pieces that appeal to them. Siow disclosed, “In the past, younger consumers viewed gold jewellery as old-fashioned. This has changed since the pandemic. They are now buying gold rings, pendants and chains. Young people go to jewellery stores, pick out what they like and make a purchase. This is a trend that is likely to continue moving forward.” Regional prowess Most Southeast Asian countries have developed their own special expertise in gold jewellery manufacturing. Malaysia’s jewellery industry specialises in plain gold jewellery in a variety of styles, catering to local retailers and wholesalers with 22-karat gold items as well as strong demand from international markets, primarily in Asia and the Middle East, with other gold categories. Penang-based G2 Gold Sdn Bhd tailors its gold jewellery designs to the needs of its export markets. The company works with buyers from the UAE, Singapore, Hong Kong and the Philippines, among others. “Our production for the international market is in 14-karat, 18-karat, 21-karat and 22-karat gold. Middle East countries generally seek gold jewellery in 18 karats or 21 karats. But we only focus on plain gold jewellery, those without gemstones or diamonds,” said G2 Global’s SW Teoh. Demand from the UAE, however, dipped after the pandemic, as the market sought other sources and
FOCUS 焦点 24 | JNA September/October 2024 Intricate, handmade gold jewellery pieces are among the Philippines’ main contributions to the market. Filigree work and tambourine motifs dominate gold jewellery production, with handmade heritage jewellery techniques counting among the country’s strengths. Cecilia Ramos, chairperson of the Meycauayan Jewelry Industry Association and owner of Ricel’s Jewellery, said, “We cannot compete with other fine jewellery centres but have our own design strengths that appeal to international buyers seeking distinctive jewellery. Most of our jewellery has an antique look and is produced by hand – there is nothing like Philippine filigree. The wires we use are as thin as a strand of hair and the techniques are passed down from generation to generation.” Handmade jewellery, however, comes with high labour costs. Philippine manufacturers have thus been on the lookout for machines that can help produce the thin gold wires needed for the filigree technique, she continued. Export efforts Aside from heritage jewellery, the Philippines also exports pearl jewellery, classic gold jewellery with diamonds, and gold college and company rings. According to Ramos, the US is the Philippines’ top market. It also gets business from Japan and the United Kingdom among others. She acknowledged that many international markets gravitate towards lighter-weight jewellery but believed the Philippines’ offerings would still have a solid following among those seeking distinctive designs and interesting techniques. “Our association has been participating in international trade fairs to promote the Philippines as a potential source of jewellery. Due to the nature of our products, which usually have a handmade component, we can only fulfil small and medium-sized orders,” Ramos declared. “But Philippine jewellery will definitely be a standout addition to any retailer’s inventory.” 东南亚是历史悠久的黄金制造和消费中心，与大多 数亚洲市场一样，当地人视之为累积财富和抵消 通胀的最佳方式。 今年的曼谷东盟珠宝首饰展览会上，东盟宝石与珠宝贸 易协会(AGJA)副主席Ermin Siow强调东盟国家在金饰行业 中的战略角色。 他表示，东盟连同中国和印度这两个伙伴国家，构成了 全球最大的黄金市场。Siow引述Metal Focus的数据指出， 东盟十国之中，越南、印度尼西亚和泰国跻身全球十大黄金 消费市场。 就2023年的全新金饰消费量而言，印度尼西亚、越南和 马来西亚分别有2,510万吨、1,510万吨和1,130万吨，在区内 处于领先位置。泰国和新加坡紧随其后，分别有920万吨和 720万吨。 “回收黄金是我们日常零售贸易的重要组成部分。在马 来西亚，旧金换新金业务占近40%。因此实际上，金饰总消费 量比这些数字高出约30%至40%，显示东盟地区在金饰消费 方面拥有巨大潜力。”Siow解释道。他兼任马来西亚金钻珠 宝商公会联合总会(FGJAM)顾问。 另一方面，泰国和越南的实体黄金消费量位居榜首，在 购买黄金进行投资上远超马来西亚和新加坡。 Siow指出，东南亚也是金饰制造领域的龙头地区。Metal Focus的数据显示，马来西亚在2023年的金饰产量为3,030 万吨，位列第一，印度尼西亚和泰国为第二和第三位，产量 分别达2,680万吨和2,330万吨。越南紧随其后，产量为1,600 万吨，新加坡则有380万吨。 Siow透露：“马来西亚的金饰出口量实际上超过了消费 量。当地主要生产22K金饰，出口量几乎是当地消费量的 两倍。” 另外，主要生产23K金饰的泰国，出口量低于当地消费 量。Siow说：“泰国可能是全球唯一一个钟情于23K金的国 家。无论在中东、新加坡或马来西亚，22K金都备受追捧。” 需求持续 尽管金价高企，东南亚市场对金饰的需求依然强劲 。 Siow向《JNA亚洲珠宝》透露，今年春节期间，马来西亚和新 加坡的珠宝商成绩斐然，部分达到破纪录的销售额。 Gold tambourine necklace featuring traditional handmade filigree techniques by Ricel’s Jewellery的铃鼓项链，以传统细金工艺制成 High gold prices do not affect the consumers' intent to purchase. It does not deter them from buying, though they may choose lighter items. To them, gold jewellery is an investment that they can actually enjoy wearing and can sell if needed. - Ermin Siow, vice president of the ASEAN Gems and Jewellery Trade Association
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