FOCUS 焦点 JNA January/February 2025 | 13 After enduring a difficult year marked by economic uncertainties, high gold prices and fluctuating consumer sentiment, China’s gem and jewellery industry is poised for growth in 2025. A potential bright spot is the rise in demand for high-quality jewellery and cultureinspired designs with a modern twist. Market landscape Citing data from China’s National Statistics Bureau, China Gems & Jade Exchange CEO Simon Chan said gold, silver and jewellery sales recorded a decline of 3.1 per cent to RMB245.4 billion (about US$33.6 billion) from January to September 2024 compared to the same period in 2023. “Jewellery consumption in China is changing,” said Chan. “In 2023, gold jewellery accounted for over 60 per cent of the country’s total jewellery sales. However, with the continued rise in gold prices, we expect gold consumption to have declined in 2024.” Based on his observations of consumption trends across various categories in China's jewellery market as well as onsite business at the jewellery pavilion of the China International Import Expo in November 2024, Chan noted that gold will continue to be a top product category in 2025, although its overall market share may decrease slightly. “The diamond sector has been adversely affected by the lab-grown diamond business. On the other hand, jadeite, jade and pearls are showing significant growth and this momentum is expected to continue in 2025,” shared Chan. “Affordable coloured gemstones are highly sought after too, while buyers are taking a more cautious approach towards high-end coloured gemstones.” Chan said demand will most likely be strongest in the more affordable, mass-market jewellery and the luxury jewellery categories while sales of mid-priced products are projected to slow down. To address this, jewellery brands will need to improve their product segmentation by | Sharon Kwok 郭芷雯 | China's gemstone and jewellery industry demonstrated extraordinary resilience and agility amid challenges as it positions itself for recovery and growth in the Year of the Snake. 中国的宝石和珠宝业在挑 战中展现了非凡的韧性和灵活性，为蛇年的复苏和增长磨砺以须。 remarkably agile jewellery sector China’s 中国珠宝商机灵变通，逆风前行 Gold jewellery set by Shenzhen Cuilu Jewelry Manufacture Corp Ltd 深圳市翠绿首饰制造有限公司的黄金首饰套装
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