FOCUS 焦点 JNA November/December 2025 | 11 The company is also witnessing further growth from Eastern Europe and the Middle East as well as the e-tailer segment. The latter is often driven by younger generations of family businesses who are well versed in the logistics and mechanics of e-commerce. Some manufacturers, meanwhile, are focusing on other precious metals to meet a rising demand for alternatives to gold. Japanese jeweller Kuwayama, for instance, is shining the spotlight on platinum. “This time around, we are focusing on platinum jewellery, and there has been some promising activity. There seems to be a movement away from gold, which used to be a top performer, but this is changing since gold prices have been skyrocketing,” explained Noriyuki Kamei, Kuwayama's director and head of Overseas Business Development. Platinum has its own superlative characteristics, too. The metal’s durability, lustre and investment value are attractive to customers looking for a meaningful purchase. Kuwayama’s platinum jewellery for men collection has been moving particularly well, with strong buyer interest in China, Hong Kong, the Middle East and India, added Kamei. Kuwayama’s major markets are Japan, Thailand, China, Vietnam and the Philippines. “Onwards to 2026, the economy is getting better, and market momentum is strengthening. India is our main target next year because of its growing demand for platinum chains,” he added. Associations are likewise implementing measures to assist their members during uncertain times. Tommy Lee, chairman of the Hong Kong Jewellery Manufacturers’ Association (HKJMA), said members are regularly given updates on US tariffs as well as other markets they can tap. Hong Kong companies are now focusing more on creative designs and communicating with customers on their specific requirements. “As an association, we also talk to banks to explore how they can support us financially during this period of uncertainty,” disclosed Lee. Lawrence Ma, founding president of the Diamond Federation of Hong Kong, China, cited encouraging signs of economic recovery in China and Hong Kong, particularly in the second half of the year. “The gem and jewellery industry has had to cope with significant tariff uncertainties this year. All we can do is adjust to the situation. Earlier in the year, the disruption was less pronounced because a lot of diamonds were shipped to the US ahead of the main tariff implementation,” explained Ma. Temporary measures will continue to be introduced to support jewellery production in the post-tariff era, he disclosed. Ma is also upbeat about business prospects, adding that the worst is probably over. “The general economic condition will bounce back, except for those exporters who depend on the US market. Interest rates are coming down worldwide and governments are encouraging spending,” he added. De Beers’ Rowley, meanwhile, expects a positive Thanksgiving and Christmas season in the US amid the tariff issue. “There are a lot of diamonds onshore in the US. Other markets are likewise active, such as Vietnam, South Korea, the United Arab Emirates, Bahrain and Saudi Arabia,” he remarked. “All in all, I am encouraged that things are moving in the right direction.” According to Rowley, De Beers has realigned its production and business by removing roughly US$130 million of costs per year, streamlining operations and focusing on new strategies to further strengthen the natural diamond category. Its new polished division assists clients in sourcing specific stones in the De Beers system while its beacon product, Desert Diamonds, was launched in the US and recently presented in China. It has also repositioned its jewellery brands: High jeweller De Beers London is opening its flagship store in Paris while Forevermark is now an India-specific brand. “We now have around 10 Forevermark stores there and are aiming for a hundred throughout the country by 2030,” Rowley revealed.
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