MARKET INTELLIGENCE 市场情报 46 | JNA May/June 2025 黄金需求持续增长，令珠宝业机遇处处。一众珠宝 商在制造、设计和技术上力求进步，以满足买家 的需求。 珠宝制造商乘着这股现代黄金热潮，呈献多样化的产品 和设计，并建立全新的珠宝选购平台。 扎根香港地区的周生生集团国际有限公司董事兼集团 副总经理周允成表示，将黄金与不同材料结合的崭新设计， 深受消费者喜爱。 与此同时，多家生产商使用最新的技术制作金饰，以迎 合不同客户的个人品味、对含金量和价格的要求。 金光灿烂 周允成指出，中国和印度依然是金饰的最大消费国，特 别是含金量较高的首饰。 世界黄金协会(WGC)《2024年黄金需求趋势》报告指出， 去年中国和印度的金饰需求分别下跌了24%和2%，但两国 的消费总量仍超过其他主要珠宝市场。 报告资料显示，消费者信心疲软、收入增长下降以及金 价飙升对中国的金饰需求产生了负面影响。需求在2024年 12月，即新年和春节前夕有所上升，但由于中国整体经济放 缓和轻盈饰品兴起，协会对前景仍然持消极态度。 不过，黄金仍然是具吸引力的珠宝材料和财富储存形 式。周允成表示，鉴于股市、房地产和外汇市场的不可预测 性，许多人将黄金视为重要的保值资产。 在不稳定时期，不少公司都会经历M型消费模式，即富 者继续消费，其余的买家则减少或完全停止支出。大中华地 区的中产阶级尤其大受打击。 因此，周允成指业界有必要提供更广泛的产品种类，切 合买家的不同需求。 Recently, 3D and UV printing in gold jewellery has become more prevalent. For instance, Chow Sang Sang utilised 3D printing technology to create intricate gold thread and weave patterns for its “The Oriental” 999.9 gold bangle from its Cultural Blessings Collection. The Charme Collection, meanwhile, offers an expansive set of charms, including diamond charms that combine gold electroforming with the jeweller’s micro diamond-setting technique and themed charms using Murano glass beads and other unconventional materials. “These goods sell for about US$200. It is all the rage among the younger generation,” shared Chow. “Interesting designs using Murano glass together with pure hollow gold are ideal for dinners and are well loved by lady executives.” With the advent of technology, digitalisation has played an even bigger role in companies’ sales and marketing initiatives. An omnichannel strategy combining a physical shop, e-commerce and social media is proving critical to engaging existing clients and finding new ones. Chow said, “These interlinked channels help us target our customers with the right kind of promotion, products and price points.” Malaysia is likewise seeing increased multiplatform engagement with buyers in line with shifting consumer trends and behaviours. According to Chiah, the three major retail models in the country are traditional stores, physical plus online shops and online-only sales. Across all platforms, younger consumers seem to gravitate more toward trendy K-gold jewellery as well as affordable luxury and branded designs, added Chiah. Gold is likewise increasingly being viewed as a safe-haven asset, driving purchases of gold bars and coins. “We also observe gold jewellery sales related to festivities and weddings. These include Chinese New Year, Hari Raya Aidilfitri and Deepavali or Diwali for Chinese, Malay and Indian customers, respectively,” explained Chiah. Strategies Moving forward, further gold price movements could adversely affect demand for gold jewellery. Chow explained that should prices continue to go up, customers may want to wait for a clearer direction before buying. A price correction, meanwhile, could result in a steep decline since the gold market is already experiencing record highs. This could prove difficult for companies holding inventory as a devaluation could eat into their profit from the sales side. “What can be done? We need to keep a healthy inventory to limit risks,” remarked Chow. “With many new products coming into the market using the latest technology and designs, items tend to have a shorter life cycle. Companies must constantly manage slow-moving goods to prevent excessive stock from piling up.” For his part, Karabulut said it is becoming more challenging to find new clients, particularly at international trade exhibitions, and to expand the business, due to market uncertainties. The key is to focus on existing buyers for now – some of whom have been doing business with Mioro for more than 30 years, he stated. Gold jewellery set by Jin Huo Gold & Jewellery Industries (M) Sdn Bhd 金饰套装，Jin Huo Gold & Jewellery Industries (M) Sdn Bhd出品
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