FOCUS 焦点 10 | JNA November/December 2025 Fearful of uncertainties and economic downturns, retailers dare not make long-term plans and now wait till the last minute to place orders, he added. Manufacturers must thus increasingly handle urgent orders from their clients, with delivery times often down to two to four weeks compared to eight to 12 weeks in the past. The global coloured gemstone market, meanwhile, is recalibrating in 2025, marked by varying regional appetites and a widening gap in consumer spending power. According to Jason Chen, executive director of Germany-based coloured gemstone specialist Chq GmbH, the sector is contending with economic headwinds, particularly a sluggish Chinese market. Chq, which has manufacturing facilities in Italy, Germany and China, serves a diverse clientele across Asia, Europe and the US. Chen noted that while prices for high-quality coloured gemstones have soared, demand from China and Southeast Asian markets has not kept pace. Sales of average-quality gemstones are lagging while demand for exceptional, larger gems such as sapphires of 10 to 20 carats and rubies of 5 to 6 carats remains steady. “Business in 2025 is affected by the global economic downturn. The Chinese economy is particularly sluggish,” he explained. “Chinese buyers continue to seek top-tier rubies, emeralds and sapphires, showing less interest in other gemstones. However, actual purchasing has been slow.” Meanwhile, demand from the US and Europe holds steady, though sales volumes are primarily driven by commercial-grade or lower-end gemstones. A critical challenge facing the industry is a fundamental shift in US and European consumer behaviour, especially among younger demographics who are increasingly hesitant to buy expensive jewellery. To address this, Chq is focusing on innovation and customisation. “Our strategy is to offer more personalised products, including gem cutting and jewellery designs,” Chen said. “These have to be innovative in order to appeal to younger generations.” Over in the pearl sector, global trade tensions arising from US tariffs, policy uncertainty, inflation and high interest rates are also adding pressure to businesses, according to Terence Lee, director of Hong Kong-based pearl expert Rio Pearl. These factors were major deterrents to growth in 2025, and jewellery businesses that are heavily reliant on the US and other Western markets were particularly impacted. “Regardless of markets, consumer spending in general is eroding, and our sector has been hit as well,” explained Lee. “Rio Pearl’s distribution channels, however, are quite diversified, with some of our major buyers located in the Asia-Pacific region. This minimises our exposure to geopolitical risks.” Paul Rowley, De Beers Group’s senior vice president for Diamond Trading, said things were improving at the start of 2025, with companies seeing some activity and prices stabilising, until US tariffs disrupted business. Demand in China has since started to rebound, leading to a positive trend at the consumer level. Large retailers were reporting encouraging results, not just around gold jewellery but gem-set pieces as well, with larger sizes starting to move a fair bit. Amid weaker demand, there was also more replenishment and restocking, indicating that the earlier oversupply that distorted the market had eased and goods were moving again. “China’s economic situation has improved as well, giving consumers greater confidence to purchase luxury goods. Self-purchase is a strong segment, but we hope to see wedding rates pick up too,” he continued. Rowley also remarked that 2025 was a particularly tough year for the industry. “This is the one of the most challenging cycles I have seen in my 40 years in the trade,” he noted. “Several factors combined to create a perfect storm: From Covid, the Ukraine war and sanctions on Russian diamonds to the lab-grown proposition, the Middle East conflict and the US tariffs. I do not think we have seen anything this volatile since World War II.” Next steps Moving forward, companies could benefit from expansion initiatives. Mousson Atelier's Solokov said he has been travelling frequently to look for new markets and potential clients. Felix of PAJ, for his part, has put in place various measures to mitigate the impact of US tariffs. Having anticipated the policy shifts of the Trump administration, his company bought a factory in Bangkok to spread out its production capabilities, which were previously concentrated in China. The Bangkok facility now handles most of the orders and fulfilment for the US market. Paul Rowley, senior vice president, Diamond Trading, De Beers Group 戴比尔斯集团钻石贸易高级副总裁 Paul Rowley
RkJQdWJsaXNoZXIy NjAxOTU=