MARKET INTELLIGENCE 市场情报 44 | JNA July/August 2025 | Sharon Kwok 郭芷雯 | Shanxiahu, Zhuji 诸暨山下湖 China’s pearl industry experienced a slowdown in 2024, following an extraordinary boom in 2023. Industry players attributed this downturn to global economic headwinds and cautious consumption sentiment, which they also described as a “natural cycle.” The market has since steadily recovered through the first half of 2025. Technological advancements in freshwater pearl cultivation and overseas expansion along with rising demand for higher-quality pearls could further support growth in China’s pearl industry, according to stakeholders. Lustrous freshwater pearls Known as the “Pearl Capital of China,” Zhuji in Zhejiang Province produced 600 tonnes of freshwater pearls in 2024, accounting for 70 per cent of total production worldwide. In 2024, annual sales of pearls in Zhuji exceeded RMB50 billion (around US$6.98 billion), government data showed. Zhuji’s pearl sector encompasses freshwater pearl cultivation, processing, manufacturing, wholesale, research and development, and retail sales. He Bin, vice chairman of the Professional Association of Pearls, Zhejiang, revealed that Chinese freshwater pearls are increasingly becoming more competitive due to improvements in quality while maintaining their affordability. For instance, the quality of rice pearls offered by his company is on a par with that of coveted Akoya pearls in terms of whiteness and lustre, He noted. The rice pearls, however, are more economical. As such, Chinese freshwater pearls are steadily gaining traction in the US and European markets, not only because of price and appearance but also due to their diverse range of colours. “Japanese Akoya pearls have the highest price and value in the US market now. However, Chinese freshwater pearls are winning the game in terms of sales volume,” said Jeremy Shepherd, president of the Cultured Pearl Association of America (CPAA) and president and CEO of Pearl Paradise. Shepherd spoke at the “Global Pearl Industry Development Outlook” panel discussion at the 2025 Shanxiahu World Pearl Congress in May. He added that US consumers prefer non-beaded pearls, which are mostly produced in China. 淡水珍珠的锦绣前景 China’s freshwater pearls in the limelight Innovations in pearl cultivation combined with digital sales strategies and international expansion are paving the path for China’s freshwater pearl industry. 中国淡水珍珠业积极以创新的珍珠养殖技术、数字化销售战略和国 际市场扩展，为未来发展开辟康庄大道。
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