FOCUS 焦点 JNA November/December 2025 | 9 gold alongside additional costs when shipping goods to the US, the world’s largest jewellery market. The impact was felt at recently concluded trade shows, with exhibitors in Hong Kong and Turkey saying buyers are wary of placing orders. Overall business sentiment remains lacklustre too, with many industry players opting for caution as global uncertainties continue to unfold in the trade. Amid a tough scenario, however, jewellery and gemstone companies are rising above adversity by implementing fresh strategies, finding new markets and working together as a unit – empowered by collective resilience. Market adjustments Trade buyers are grappling with the effects of high gold prices coupled with economic and political upheavals, shared Cedric Garnier, managing director of fine jewellery manufacturer Sofragem Co Ltd. The second half of the year has been particularly difficult because of the tariff issue, he added. Heavily affected by gold prices, meanwhile, are manufacturers of medium-range pieces while companies producing mass-market items are gradually shifting to other metals and lab-grown diamonds. Top-quality, one-of-a-kind jewellery pieces continue to sell. Alexander Sokolov, co-owner of Mousson Atelier, explained that retailers are increasingly becoming cautious due to market instability and would refuse to accept current prices of goods. Instead, some are insisting on buying on consignment. “It is quite a challenge. However, manufacturers like us continue to produce jewellery even with high gold prices,” he added. Abhishek Rawat, director at Lume Creations Co Ltd, agreed with Garnier that high-end jewellery pieces are performing strongly amid volatile market conditions. “Premium-quality jewellery and innovative designs remain in demand,” he noted. “For instance, jewellery pieces valued at US$4,000 to US$5,000 at wholesale, which are around US$10,000 at retail, are moving particularly well.” Buyers are also regularly enquiring about big-ticket items while inventive collections are gaining a great deal of interest. This signals steady momentum and a stark improvement from the beginning of the year, added Rawat. More importantly, this could mean that the industry is heading in a positive direction, with important shopping occasions such as Christmas, Chinese New Year and the wedding season in India on the horizon. Gold jewellery enjoyed robust demand in 2025, according to Sharon Weng, deputy brand director of China-based Shenzhen Yuehao Jewellery Co Ltd. Its broad selection of gold jewellery pieces, which include 24-karat hard pure gold, was well received, driven by innovative designs. The company also offers diamond and coloured gemstone jewellery. This reflected potential recovery in the broader jewellery market in China where gold is a dominant player, according to Weng. Among Yuehao Jewellery's bestsellers are 24-karat gold pieces that incorporate unconventional materials such as wood and feathers – an experimental fusion that appeals to fashion-forward consumers seeking individuality. Felix Chen, president and CEO of PAJ Group, said the jewellery industry has changed tremendously in 2025 due largely to Trump’s protectionist policies. Business was bouncing back strongly in 2024 after the pandemic, but the US tariffs put the brakes on progress. The company manufactures mostly silver jewellery. “The challenge has not so much been the tariffs themselves but their unpredictable nature,” he explained. “The rates keep changing, making it difficult to plan supply chains and production.” 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. All in all, I am encouraged that things are moving in the right direction. – Paul Rowley, De Beers Group’s senior vice president for Diamond Trading
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