CONTENTS Issue #454 | NOVEMBER/DECEMBER 2025 20 Champions of sustainability 可持续发展领军企业 6DIGEST 市场指标 6 Gold prices breach US$4,000/oz mark 金价突破每盎司4,000美元大关 14 PERSPECTIVE 精辟视野 14 Changing of the guard at GIA GIA领导层换届 8FOCUS 焦点 8 Lessons in resilience: Surviving 2025 2025年珠宝首饰业韧中求存 18 SPOTLIGHT 市场聚焦 18 Sublime Shine: Innovations in the fine jewellery trade 臻耀之境：高级珠宝的创新应用
25 Opportunities sparkle for Middle Eastern gem dealers 中东宝石商把握耀眼商机 On the Cover 封面 Gold ring with onyx, black lacquer and tsavorite garnets; gold bracelet with emeralds and diamonds; and gold earrings from the Panthère de Cartier Collection of Cartier 卡地亚Panthère de Cartier系列的金戒指，镶嵌缟玛瑙、黑漆和沙弗莱石； 镶嵌祖母绿与钻石的金手镯；以及金耳环 Digital version 电子版： https://news.jewellerynet.com/en/publications 28 DESIGN 设计 28 Treasure trove of fine jewellery 珍品宝藏 38 JJF 2025: Innovation amid market challenges 2025年日本珠宝展：逆风前行，创新求变 41 Shifting demand evident at IJS October 2025 2025年伊斯坦布尔十月珠宝展 需求变化明显 34 MARKET INTELLIGENCE 市场情报 34 Industry adapts to market headwinds at JGW 2025 2025年九月珠宝首饰展 见证珠宝业积极应对市场逆风 22HUB 生产基地 22 AGJA: Creating a unified ASEAN jewellery market 打造一体化的东盟珠宝市场 firdauslatif photo / Shutterstock.com
Every care has been taken to ensure the accuracy of the information in JNA. However, the publication of such information is at the sole discretion of the publisher. The publisher and the editorial team shall not be held responsible or in any way held liable for any errors, omissions or inaccuracies in this publication, or for any consequences arising therefrom. The contents of this publication are protected by copyright and cannot be reproduced, photocopied, transmitted or posted in any form without the prior written consent of the publisher. 本得公以司任已何尽方力式确翻保印《、J仿N制A亚或洲转珠载宝本》刊所物刊任登何的部内份容之正文确字无或误图。片如。因错漏而引致任何损失，本公司概不负责。本公司保留刊登有关资料的一切权利。版权所有，如未获得本公司事先之书面允许，不 Printed by Asia One Printing Limited,13/F, Asia One Tower, 8 Fung Yip Street, Chai Wan, Hong Kong. 印刷商: 宏亚印务有限公司香港柴湾丰业街8号宏亚大厦13楼 Associate Publisher & Editor-in-Chief Olivia Quiniquini 副出版人及主编 程爱莉 EDITORIAL 编辑部 Deputy Editor Bernardette Sto. Domingo 副编辑 杜明高 Assistant Editor Sharon Kwok 助理編輯 郭芷雯 Assistant Digital Product Manager William Yick 助理数码产品经理 易昌耀 ADVERTISING 广告部 Assistant Director Christine Sinn 区域营业总监 冼蕙珠 MARKETING 市場推广部 Senior Marketing & Communications Manager Ronny Pang 高级市场及传讯经理 彭秋影 Assistant Marketing & Communications Manager Monica Kwok 市場及傳訊助理經理 郭君寧 Marketing & Communications Executive Vincent Wong 市场及传讯主任 黄志伟 PRODUCTION 制作部 Production Manager Jennifer So 制作部经理 苏丽娟 Senior Designer Eva Kam 高级设计师 甘铭灵 ADVERTISING REPRESENTATIVES 广告代理 China 中国: 广州代表处 胡淑晶 | Tel 电话: (86) 20 8666 0158 Email 电邮: [email protected] Germany 德国: Liz Dobelmann | Tel 电话: (49) 721 384 1881 Email 电邮: [email protected] Italy 意大利: Mauro Arati | Tel 电话: (39) 02048517853 Email 电邮: [email protected] Japan 日本: Nobuaki Nito | Tel 电话: (81) 3 52961020 Email 电邮: [email protected] Taiwan 台湾: Cela Chen | Tel 电话: (886) 2 2738 3898 Email 电邮: [email protected] Thailand 泰国: Thitima Sriutharawong | Tel 电话: (66) 0 2 036 0500 Ext. 248 Email 电邮: [email protected] US 美国: Bonnie Chan | Tel 电话: (1) 347 906 4693 Email 电邮: [email protected] President & CEO - Asia Margaret Ma Connolly 亚洲主席及行政总裁 马颖 Director of Jewellery Fairs Celine Lau 珠宝展览部总监 刘小雯 Published by Informa Markets 出版 17/F, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong 香港湾仔港湾道26号华润大厦17樓 Email 电邮: [email protected] JewelleryNet.com
DIGEST 市场指标 6 | JNA November/December 2025 Total lots of rare diamonds featured in Rio Tinto’s final Beyond RareTM Tender, the third in its annual Art Series. Titled “Into the Light,” the auction, which accepted bids till October 20, marked a special chapter in world diamond history. With Rio Tinto’s Australian Argyle Diamond Mine having ceased operations in November 2020 and its Diavik Diamond Mine in Canada set to end production in 2026, the final collection of the Art Series was a homage to the life of these iconic mines. The diamond collection, weighing a total of 45.44 carats, was headlined by six sets called “Masterpieces” alongside 39 singles and an additional seven curated sets of diamonds. 印度 力拓集团举行年度艺术系列的第三场拍卖会——最终场Beyond RareTM 拍卖会，呈献了52组珍稀钻石拍品。该拍卖会以“光之境”(Into the Light) 为主题，标志着世界钻石史上的特殊篇章。随着力拓澳大利亚阿盖尔 (Argyle)钻石矿于2020年11月关闭，以及加拿大戴维克(Diavik)钻石矿将 于2026年停产，这次呈献的艺术系列最终藏品，就是向两大标志性矿场的 生命历程致敬。拍品总重45.44克拉，以六套“大师级”钻石套装为重头戏， 另有39颗单颗钻石及七套精选钻石套装。竞拍于2025年10月20日截止。 Price of gold per ounce on October 8, 2025, according to the World Gold Council (WGC), the first time gold breached the US$4,000 mark. The sharp increase in gold prices in 2025 prompted a more pronounced decoupling between jewellery consumption volume and value, particularly in price-sensitive markets such as India and China, explained WGC. 根据世界黄金协会(WGC)的数据显示，2025年10月8日的每盎司黄金价 格，为首次突破4,000美元大关。WGC指出，2025金价的急剧上涨，导致消 费量与价值之间的脱钩现象更加明显，尤其是在印度和中国等对价格敏 感的市场。 Online Trade Updates 新闻快讯 New push to drive diamond sales in China 全新广告计划推动中国钻石 销售 International pearl group launched 国际珍珠组织正式成立 India, HK ink deal to bolster diamond trade 印度与中国香港签署协议以促 进钻石贸易 The Shanghai Diamond Exchange (SDE) has launched a new category marketing campaign with eight retailers to revitalise demand for natural diamonds in China. 上海钻石交易所(SDE)与八家零售商携手推出全 新品类营销活动，目的是重振中国天然钻石需求。 The international pearl industry has taken a significant step towards collective growth with the establishment of the Global Pearl Development Community (GPC). 国际珍珠组织——全球珍珠发展共同体(GPC)正 式成立，揭开全球珍珠产业发展的重要新篇章， 并朝着协同共生、合作共赢的方向迈进。 The Hong Kong Indian Diamond Association (HKIDA) and the Bharat Diamond Bourse (BDB) recently signed a Memorandum of Understanding (MOU) aimed at strengthening two-way trade. 香港印度钻石协会(HKIDA)与印度钻石交易所 (BDB)近日签署谅解备忘录，旨在加强双方贸易 往来。 Our digital platform provides additional content for an even more comprehensive industry perspective. Scan the QR code for the full story and more trade news. 我们的数字平台载有更多更全面的 行业视角报道，请扫瞄二维码查看 全文和更多行业信息。 news.jewellerynet.com/en/jnanews US$4,005.99 美元 Year-on-year increase in China’s platinum jewellery fabrication in the second quarter of 2025, according to the latest Platinum Jewellery Business Review released by Platinum Guild International (PGI®). PGI attributed the growth to strong wholesale demand. 根据国际铂金协会(PGI®)发布的《铂金首饰年度商业评论》（2025年第二 季度），中国铂金珠宝市场产量的同比增幅。PGI指这增长主要得益于强 劲的批发需求。 151% Diamonds from Rio Tinto’s Into the Light tender 力拓集团“光之境”拍卖会呈献的钻石 52
FOCUS 焦点 8 | JNA November/December 2025 Jewellers are describing the year 2025 as very challenging, with multipronged, widespread risks affecting business across the value chain – from mining and manufacturing to retail. Topping the list of unfortunate events derailing growth in the trade are US tariffs, first announced by US President Donald Trump on April 2. The US tariff scheme has since undergone various iterations, with some items still on the negotiating table. The impact, however, has been palpable. The 10 per cent base levy on all imports that remains in force alongside country-specific tariffs have hurt shipments of jewellery, gemstones and other related materials to the US market. India, a top exporter of gems and jewellery to the US, currently faces a 50 per cent tariff, but this could still change as trade negotiations ensue. Other major jewellery and gemstone hubs also face steep levies: Thailand, 19 per cent; Turkey, 15 per cent; Brazil, 50 per cent; and Sri Lanka, 20 per cent, to name a few. In September, the Antwerp World Diamond Centre (AWDC) announced that polished diamonds from Europe entering the US will no longer be subject to the standard 15 per cent tariff as a result of intensive negotiations between the US and the European Commission. In mid-October, Trump had threatened to impose an additional 100 per cent tariff on products coming from China, a few months after mutually agreeing to drop hefty levies on each other’s goods. A consensus had yet to be reached at press time. Exacerbating the situation is the unprecedented rise in the price of gold, which reached its 45th new all-time high of 2025 at US$4,000 per ounce on October 8, revealed the World Gold Council. Prices rose to above US$4,000/oz from US$3,500/oz in just over a month. Gold was priced at US$4,082.51/oz as of October 22, 2025. A lot of moving parts are also in play, including economic and geopolitical tensions. It is all seemingly catastrophic for jewellers – having to contend with ongoing volatility, pricier Lessons in resilience: Surviving 2025 2025年珠宝首饰业韧中求存 The jewellery and gemstone trade successfully navigates market challenges through innovative initiatives and demonstrated tenacity and perseverance. 为应对当今风云万变的市况，珠宝与宝石行业持续实施新举措，并展现出无比的韧性。
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
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
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.
FOCUS 焦点 12 | JNA November/December 2025 珠宝商认为2025年是充满挑战的一年，多方面的宏 观风险正影响着整个价值链的业务——从采矿、 制造到零售。 在阻碍业界发展的不利因素中，美国关税的影响最为显 著。该关税政策最初由美国总统川普于4月2日公布，其后经 历多次调整，部分品类仍在谈判中。 然而，其影响已不言而喻。除针对特定国家的关税外，现 行对所有进口商品征收10%的基础关税，已严重冲击珠宝、 宝石及其他相关材料输往美国市场的贸易。 印度是美国宝石和珠宝的主要出口国，目前要面对50% 的关税，但随着贸易谈判的进展，情况仍有转机。其他主要 珠宝和宝石枢纽也面临高额关税：泰国19%、土耳其15%、巴 西50%、斯里兰卡20%等。 今年9月，安特卫普世界钻石中心(AWDC)宣布，经过美 国与欧盟委员会的密集谈判，欧洲生产的抛光钻石进入美 国市场将可豁免15%的标准关税。 10月中旬，川普曾扬言对华进口商品加征100%关税—— 此前双方才刚就取消高额关税达成协议数月。截至发稿时， 双方尚未就此达成共识。 同时，黄金价格屡创新高的情况亦令市况雪上加霜。根 据世界黄金协会(WGC)的数据，于10月8日金价达到每盎司 4,000美元，是2025年以来第45次刷新纪录。短短一个月内， 金价从每盎司3,500美元飙升至4,000美元以上。截至2025年 10月22日，金价每盎司4,082.51美元。 诸多变数同时发酵，包括经济与地缘政治紧张局势。对 珠宝商而言，这一切似乎百上加斤——他们不仅要应对持续 的市场波动和黄金价格上涨，还需承担向全球最大珠宝市 场美国运输商品的额外成本。这些影响已在近期结束的珠 宝展上浮现，中国香港和土耳其的参展商表示买家下单态 度谨慎。 整体行业信心低迷，随着全球贸易的不明朗因素持续增 加，不少从业员选择审慎观望。然而，面对严峻形势，珠宝与 宝石企业正通过实施创新策略、开拓新兴市场及加强业界 合作，形成协同效应，在逆境中展现出非凡韧力。 市场调整 高级珠宝制造商Sofragem Co Ltd执行总监Cedric Garnier表示，买家正努力应对金价高企与经济政治动荡的 双重打击，加上关税问题，下半年形势尤为严峻。 中档珠宝制造商受金价冲击而举步维艰，而大众市场产 品生产商则正逐步转向其他金属及培育钻石。顶级定制珠 宝的销情仍然畅旺。 Mousson Atelier联合创始人Alexander Sokolov解释道， 由于市况不稳，零售商态度越趋谨慎，不愿接受当前商品定 价，部分商家甚至坚持以寄售模式采购。 他说：“这确实是个挑战。不过像我们这类制造商，即使 金价高企仍然继续生产珠宝首饰。” Lume Creations Co Ltd总监Abhishek Rawat与Garnier 所见略同，认为在动荡的市场环境中，高端珠宝表现强劲。 “高品质珠宝和创新设计依然受到追捧，”他指出。“例 如批发价介于4,000至5,000美元、零售价约10,000美元的珠 宝销情特别理想。” Rawat补充，买家持续查询高价商品，创意系列也广受注 目，反映市场稳健，较年初显著改善。 更重要的是，这可能意味着行业正朝着积极方向发展， 加上圣诞节、春节和印度婚礼季等重要购物时节即将到来。 深圳市粤豪珠宝有限公司品牌副总裁翁祥榕指出，该公 司提供金饰、钻石及彩宝首饰等全品类产品。2025年黄金首 饰需求强劲，其中包括创新设计的24K硬足金首饰系列，广 受市场欢迎。由于黄金在中国市场占据主导地位，翁祥榕对 中国珠宝市场复苏前景表示乐观。 翁祥榕透露，畅销产品包括融合木材、羽毛等非常传统 材质的24K黄金饰品——这种实验性融合设计，吸引了追求 个性化的时尚前沿消费者。 PAJ集团总裁兼首席执行官Felix Chen表示，2025年珠 宝行业发生了巨大变化，主要源于川普的保护主义政策。 2024年疫情后业务曾强劲反弹，但美国关税政策打击了复 苏势头。该公司主要生产银饰。 “真正的挑战并非关税本身，而是其不可预测性，”他 解释道。“税率持续变动，导致供应链规划和生产安排困难 重重。” 他补充道，零售商因担忧不明朗因素和经济衰退而不敢 制定长远计划，如今往往拖到最后一刻才下单。与此同时， 制造商必须应对客户的紧急订单，交货周期从过去的8至12 周，压缩至2至4周。 全球彩宝市场则在2025年经历重整，各地区的需求差异 显著，消费者购买力差距也继续扩大。 德国彩宝专家Chq GmbH执行董事Jason Chen指出，该 行业正面临多股经济逆风，尤其是中国市场持续低迷。 Chq GmbH在意大利、德国和中国设有生产工厂，服务亚 洲、欧洲和美国的多元化客户群。Chen指出，尽管高品质彩
FOCUS 焦点 JNA November/December 2025 | 13 宝价格飙升，但中国和东南亚市场的需求却未能同步增长。 中等品质宝石销量疲软，而10至20克拉蓝宝石、5至6克 拉红宝石等顶级大克拉宝石需求依然稳定。 “2025年的业务受到全球经济衰退的影响，中国经济尤 其疲软，”他解释道，“中国买家偏好顶级红宝石、祖母绿和 蓝宝石，对其他宝石兴趣不大，但实际购买表现仍显迟缓。” 而欧美市场的需求则保持平稳，可是主要以商业级或低 端宝石为主。 该行业面临的关键挑战在于欧美消费者行为的根本性 转变，特別是年轻群体对购买昂贵珠宝的犹豫日益加剧。为 应对这一趋势，Chq GmbH正着力于创新与定制化服务。 Chen表示：“我们的策略是提供更个性化的产品，包括宝 石切割和珠宝设计，必须具备创新性才能吸引年轻一代。” 珍珠行业方面，中国香港珍珠专家丽雅珠行总监李小虎 指出，美国关税引发的全球贸易紧张局势、政策不确定性、 通胀及高利率正持续加剧企业压力。 这些因素成为2025年增长的主要阻碍，高度依赖美国及 其他西方市场的珠宝企业尤其受到迎头重击。 “无论哪个市场，消费者支出普遍萎缩，我们行业也受 到冲击，”李小虎解释道，“但丽雅珠行的分销渠道相当多元 化，部分主要买家位于亚太地区，这至少降低了我们面临地 缘政治的风险。” 戴比尔斯集团钻石贸易高级副总裁Paul Rowley表 示，2025年初市场形势有所好转，企业活动回暖，价格趋于 稳定，直至美国关税政策扰乱了业务。 及后，中国需求开始反弹，消费端呈现积极态势。大型零 售商报告的业绩令人鼓舞，不仅金饰销情向好，镶嵌宝石的 珠宝同样表现亮眼，大克拉钻石销量显著攀升。在需求疲软 背景下，补货与库存补充活动增加，表明此前扭曲市场的供 应过剩状况已缓解，商品开始再次流通。 他补充道：“中国经济形势好转，消费者购买奢侈品信心 增强。自购需求表现活跃，但我们期待婚庆需求也能回升。” Rowley还指出，2025年对珠宝业而言可谓寸步难行，并 强调：“这是我从业40年来遭遇过最严峻的周期之一。多重 因素交织形成完美风暴：从疫情、俄乌战争及俄罗斯钻石制 裁，到培育钻石的打击、中东冲突和美国关税政策。自二战 以来，我们从未经历过如此剧烈的震荡。” 筹划未来 放眼未来，珠宝企业可通过拓展业务获益。Sokolov表 示，他频繁出差以开拓新市场并寻找潜在客户。 PAJ公司的Felix则采取了多项措施来缓解美国关税的影 响。当预见到川普政府的政策转向后，该公司收购了曼谷的 一家工厂，将此前集中在中国的生产力进行分散布局。如今 曼谷厂房承担了美国市场大部分订单的处理与交付。 该公司的东欧、中东地区，以及电商领域的业务持续增 长。后者往往由精通物流与电商运作的年轻领导层推动。 与此同时，部分制造商正转向其他贵金属领域，以满足 黄金替代品日渐增长的需求。例如日本珠宝商Kuwayama 正将目光投向铂金领域。 “我们重点开发铂金珠宝，已取得令人鼓舞的进展。市 场似乎正逐渐远离曾经表现最佳的黄金，但随着金价不断 飙升，这种趋势正在改变。”Kuwayama海外业务发展总监兼 负责人Noriyuki Kamei解释道。 铂金具备卓越的特性，包括耐久性、光泽度和投资价值， 对寻求有意义消费的顾客极具吸引力。Kamei表示，该公司 的铂金男士珠宝系列销量亮眼，在中国内地、中国香港、中 东和印度备受买家喜爱。 Kuwayama的主要市场分布于日本、泰国、中国、越南和 菲律宾。 他补充道：“展望2026年，我们认为经济发展向好，市场 增长势头加强。受惠于铂金链需求上升，印度将成为我们明 年的重点目标市场。” 行业协会同样在采取措施协助会员企业应对不确定时 期。香港珠宝制造业厂商会主席李肇唐表示，协会定期向会 员通报美国关税政策动态，并提供其他可开拓市场的信息。 中国香港企业正聚焦创意设计，并深入了解客户的个性 化需求。李肇唐透露：“协会还与银行接洽，探讨如何在当前 不确定时期获得财务支持。” 香港钻石总会创会会长马墉宜指出，中国内地与中国香 港经济复苏迹象令人鼓舞，下半年尤其明显。 马墉宜说：“宝石及珠宝行业今年不得不应对关税政策 所带来的不确定因素。我们能做的就是顺应形势调整策略。 年初时的影响尚不明显，因为许多钻石在主要关税实施前 已运抵美国。”他续指关税政策实施后，将继续推出临时措 施支持珠宝生产。 马墉宜对行业前景持乐观态度，认为最艰难时期可能已 过去。“除依赖美国市场的出口商外，整体经济将实现反弹。 环球利率正逐步下调，各国政府也在鼓励消费。” 而戴比尔斯的Rowley预计，尽管存在关税问题，美国感 恩节和圣诞节销售季仍将表现良好。 他指出；“美国本土有大量钻石库存。其他市场同样活 跃，例如越南、韩国、阿联酋、巴林和沙特阿拉伯。总而言之， 我对行业朝着正确方向发展感到鼓舞。” 戴比尔斯还通过每年削减约1.3亿美元成本，精简业务 并聚焦新战略，进一步强化钻石品类，从而实现了生产与业 务的重组。 其新成立的抛光钻石部门协助客户在戴比尔斯体系 内采购特定钻石，同时旗舰产品“渐变沙漠钻石”(Desert Diamonds)已在美国上市，近期更登陆中国市场。其珠宝品 牌体系也完成重组：高端珠宝品牌戴比尔斯伦敦(De Beers London)在巴黎开设旗舰店，而Forevermark现已成为印度 本土专属品牌。 Rowley说：“现时，我们在印度拥有约10家Forevermark 门店，目标是在2030年前实现全国百家门店布局。”
PERSPECTIVE 精辟视野 14 | JNA November/December 2025 For nearly a century, the Gemological Institute of America (GIA) has upheld consumer trust in the gem and jewellery industry through robust scientific research, which underpins its education, laboratory and instrumentation services. Industry trailblazer Susan Jacques directed its course as president and CEO from January 1, 2014 to August 4, 2025, navigating GIA through the Covid-19 pandemic, geopolitical forces and evolving consumer preferences. When she revealed early this year her intention to retire by year's end, a global search ensued to find her successor. GIA eventually promoted from within. In June, the institute announced that its Senior Vice President and Chief Operating Officer Pritesh Patel, who first joined in 2015 as chief information officer, would become president and CEO from August 4. Patel now steers it towards its centennial in 2031, with Jacques staying on as strategic advisor till the end of 2025. Legacy of leadership In a chat with JNA, Jacques said she was looking forward to retirement but had mixed emotions about leaving the trade after 45 years, including 12 with GIA and 20 as president and CEO of Borsheims Fine Jewelry and Gifts. When Jacques took over at GIA in 2014, the institute was experiencing significant growth in diamond intake and expanded rapidly. While this led to a challenging hyper-hiring phase, she seized the opportunity to provide more services to clients, fulfilling GIA’s mission of consumer protection. “Managing through Covid has obviously been very difficult. But in 2021, we had an exceptional year, as most in the industry did,” Jacques recalled. “And then the downturn, geopolitical issues and disruption with lab-grown diamonds certainly brought about some difficulties, but we have a passionate, committed team and managed to work through those.” Jacques believes the best days of the gem and jewellery industry still lie ahead. Extensive opportunities exist for | Olivia Quiniquini 程爱莉 | Now under new leadership, the Gemological Institute of America (GIA) continues its mission to safeguard consumer confidence while building a future anchored in science and powered by technology. 在GIA美国宝石研究院新领导层的带领下，该机构持续实践其 使命：在守护消费者信心的同时，构建一个立足科学、驱动技术发展的未来。 GIA领导层换届 GIA Changing of the guard at Gemological Institute of America Strategic Advisor Susan Jacques and President & CEO Pritesh Patel GIA美国宝石研究院战略顾问苏珊·雅克(Susan Jacques)与总裁兼首席执行官普利特希·帕特尔(Pritesh Patel)
PERSPECTIVE 精辟视野 JNA November/December 2025 | 15 future generations to learn about, understand and appreciate owning Mother Nature’s greatest treasures, she noted. “GIA was founded in 1931 with the sole purpose of ensuring consumer confidence. And consumers must have confidence in their purchases to enable us to be successful as an industry. Times have changed dramatically with increased technology and the rise of lab-grown diamonds, particularly in the US. As an organisation, you continually evolve, adapt and seize the opportunities that come your way during the trying times,” Jacques said. The next phase Her successor agrees. Patel told JNA that his strategic priority is to safeguard consumer confidence and sustain GIA’s position as the industry's most trusted organisation. Patel subscribes to servant leadership and describes his management style and his trade approach as collaborative. “The jewellery industry faces several macro challenges, from US tariffs and geopolitical wars to disruptions from laboratory-grown diamonds, all creating significant uncertainty,” he said. “To uphold consumer trust, GIA will keep providing education and clarity. We are also uniquely positioned as an independent organisation to bring together key stakeholders to address pressing issues.” According to Patel, GIA under his leadership will remain rooted in science, with greater focus on innovation, speed, agility and collaboration. In recent months, the institute has made substantial changes to its evaluation process, from including filler information in its emerald reports and expanding the nacre scale in its pearl evaluation reports to changing its classifications for lab-grown diamonds. Patel deems these initiatives essential to adapt to evolving times while upholding public trust in gems and jewellery. One prime example is public confusion over lab-grown diamonds. Patel noted that GIA developed the 4Cs system for diamonds decades ago to evaluate the rarity factors of colour and clarity based on what nature produced as a continuum of scale. “Laboratory-grown diamonds however fall within a very small zone – 95 per cent of these stones are in the DEF categories and VVS and above. The 4Cs do not apply anymore. We must ensure that the consumer knows there is a distinction between laboratory-grown diamonds and natural diamonds, and they know what they are purchasing,” Patel explained. “As an independent body, we at GIA believe consumers will want both – natural and laboratory-grown diamonds will each have a place in the market.” Growth areas Technology – particularly artificial intelligence (AI) and traceability – features prominently in Patel’s vision for GIA. The institute currently uses AI in diamond grading, coloured gemstone origin determination and a host of other operations. While GIA’s foundation will always be research, Patel sees AI bringing tremendous advantages in terms of efficiency and creating new growth opportunities. On the traceability front, GIA has taken an equity stake in Tracr to play a significant governance role in its operations. Patel underscored the importance of an independent industry-wide blockchain platform in meeting heightened consumer demand for transparency. Jewellery grading in the secondary market likewise offers substantial growth potential. GIA already authenticates fine jewellery sold on e-commerce giant eBay, but Patel aims to expand these services further. Pointing to notable wealth transfers, particularly in the US, he said, “Trillions of dollars are transferring from one generation to the next. Many of these jewellery pieces are returning to the market through platforms such as eBay. Buyers need to be assured of their authenticity while sellers need to understand their value. GIA can provide this.” Trade tools Patel also intends to reinvigorate GIA's educational programmes to prepare the trade for an increasingly digitalfocused and complex ecosystem. For starters, the institute is offering more courses on AI applications in jewellery design and various other uses in the gem and jewellery trade. Meanwhile, its Next Gem programme comprises short one- or two-hour courses on basic jewellery knowledge to empower sales associates. “One of the biggest concerns for retailers is bringing new staff up to speed on industry knowledge. Next Gem will teach the main skills and knowledge they need to service clients,” Patel said. “We also want to equip new generations entering the trade with skillsets necessary for creativity and entrepreneurship to flourish.” Retailers, whom Patel called the “last 18 inches between the trade and the consumer, are another priority. Under his watch, GIA will equip them with more interactive tools, actionable insights and educational initiatives to successfully engage with customers. Patel said, “GIA is turning 100 in 2031. I want our institute to be future-ready, anchored in science, powered by technology and trusted by consumers globally. That is my vision moving forward.” GIA is turning 100 in 2031. I want our institute to be future-ready, anchored in science, powered by technology and trusted by consumers globally. That is my vision moving forward. – Pritesh Patel, president and CEO, Gemological Institute of America
PERSPECTIVE 精辟视野 16 | JNA November/December 2025 就各类议题提供教育与澄清。GIA定位为独立机构，使我们 具备优势，能凝聚关键持份者共同应对迫切问题。” 帕特尔强调，在其领导下GIA将坚守科学根基，同时更注 重创新、速度、灵活度与协作能力。近几个月来，该机构对其 评估流程进行了重大调整，包括在祖母绿报告中添加补充 信息、扩大珍珠评估报告中的珍珠层评级范围，还有修改培 育钻石的分类标准。帕特尔认为这些举措对于顺应时代发 展、维护公众对宝石和珠宝的信任至关重要。 培育钻石引发的公众困惑便是典型例证。帕特尔指 出，GIA数十年前为钻石制定的4C分级体系，是基于自然界 形成的连续尺度，来评估颜色和净度这两项稀缺性因素。 帕特尔解释道：“然而，培育钻石仅存在于极小范围 内——95%的此类钻石属于DEF色级，净度为VVS及以上。因 此，4C标准已不再适用。我们的目标是确保消费者清楚培育 钻石与天然钻石的区别，明白自己购买的是何种产品。GIA 是独立机构，我们认为消费者既会买天然钻石，也会买培育 钻石，两者都在市场上占据一席之地。” 增长领域 在帕特尔对GIA的愿景中，技术——尤其是人工智能(AI) 和可追溯性担当重要的角色。该机构目前已在钻石分级、彩 色宝石产地鉴定及众多其他业务中应用人工智能。尽管GIA 的根基始终是研究，但帕特尔认为人工智能将在效率提升 方面带来巨大优势，并创造新的增长机遇。 在可追溯性领域，GIA已入股Tracr，在该平台运营中发挥 重要管理作用。帕特尔强调，建立独立的行业级区块链平台 对于满足消费者日益增长的透明度需求至关重要。 二手市场的珠宝分级同样蕴藏着巨大的增长潜力。GIA 目前已在电商巨头eBay上为精品珠宝提供鉴定服务，帕特 尔计划进一步拓展这些业务。他指出，美国等地区正出现显 著的财富转移现象：“数万亿美元资产正代际流转。大量珠 宝通过eBay等平台重返市场。买家需要确证真伪，卖家则需 了解其价值。GIA能提供此类专业服务。” 行业工具 GIA新任领导者还计划重振其教育项目，以协助行业应 对数字化及更复杂的生态系统。 首先，该机构将开设更多关于在珠宝设计中应用人工智 能的课程，以及宝石与珠宝行业其他领域的应用课程。与此 同时，其“Next Gem”项目包含一系列时长一至两小时的基 础珠宝知识速成课程，旨在提升销售人员的专业能力。 零售商最关心的问题之一是让新员工快速掌握行业知 识。帕特尔表示：“Next Gem将向他们传授服务客户所需的 核心技能与知识。我们还希望为进入该行业的新生代配备 必要的技能，以激发其创造力和创业精神。" 帕特尔称零售商为“连接行业与消费者之间最后18英寸 的桥梁”，是另一个重点关注对象。GIA将为他们提供更具互 动性的工具、可实际应用的行业洞察及教育计划，助力其成 功赢得顾客青睐。 他强调：“GIA将于2031年迎来一百周年。我期望本机构 立足于科学根基、依托技术驱动、赢得全球消费者信赖，成 为面向未来的机构，这正是我对未来的愿景。” 近一个世纪以来，GIA美国宝石研究院致力通过扎 实的科学研究，维护消费者对宝石珠宝行业的信 任，其教育、实验室及检测服务均以此为根基。 行业先驱苏珊·雅克(Susan Jacques)于2014年1月1日 至2025年8月4日担任总裁兼首席执行官，在任期间引领GIA 成功应对新冠疫情、地缘政治动荡及消费者偏好变化等挑战。 今年年初，当她宣布计划于年底退休时，该机构随即展 开全球征聘。GIA最终决定从内部提拔接班人，并在6月宣布 普利特希·帕特尔(Pritesh Patel)会于8月4日接任总裁兼首 席执行官一职。 帕特尔于2015年加入GIA担任首席信息官，并于2017年 晋升为高级副总裁兼首席运营官。他现接棒带领机构迈向 一百周年(2031年)，雅克则将留任战略顾问至年底。 领导的传承 苏珊·雅克于GIA任职12年，此前，她曾担任博希姆珠宝 店(Borsheims Fine Jewelry and Gifts)总裁兼首席执行官20 年。在接受《JNA亚洲珠宝》采访时，雅克表示她期待退休，但 对离开这个从事了45年的行业仍怀有复杂心情。 2014年雅克接掌GIA时，该机构正经历钻石检测量激增 的快速扩张期。尽管这导致招聘工作异常繁重，她仍抓住机 遇为客户提供更多服务，积极奉行GIA保护消费者的使命。 雅克回忆道：“疫情期间的管理显然十分艰难，但2021 年我们取得了非凡成就，整个行业大多如此。随后遭遇了经 济下行、地缘政治问题及其他挑战，加上培育钻石带来的冲 击，确实面临诸多困难，但我们拥有充满热情、坚守使命的 团队，最终成功渡过了难关。” 雅克认为，宝石与珠宝行业的盛世尚未到来，未来世代 拥有广阔的机遇去学习、理解并珍视大自然最伟大的馈赠。 雅克说：“GIA创立于1931年，其唯一宗旨就是保障消费 者的信心。只有消费者对购买决策充满信心，整个行业才能 蓬勃发展。随着科技进步和培育钻石的兴起——尤其在美国 市场，时代已发生巨变。作为行业组织，我们必须在艰难时 刻持续进化、灵活适应并把握机遇。” 迈进下一阶段 雅克的继任者对此表示认同。帕特尔向《JNA亚洲珠宝》 透露，其战略重点在于维护消费者信心，并巩固GIA作为业 内最值得信赖机构的地位。 帕特尔秉持着“以服务为先”的领导理念，将自身管理风 格与行业策略描述为协作型。他表示：“珠宝业正面临多重 宏观挑战，从美国关税政策、地缘政治冲突到培育钻石的冲 击，均带来显著的不确定性。为维护消费者信任，GIA将继续 Scan to watch JNA Conversations for more leadership insights from GIA’s Susan Jacques and Pritesh Patel 扫描阅览JNA Conversations，了解GIA领导 層——苏珊·雅克和普利特希·帕特尔更多独 到的见解和分享。 GIA’s Emerald Experience Corner at Jewellery & Gem WORLD Hong Kong 2025 GIA美国宝石研究院于2025年环球盛事 | 九月 香港珠宝首饰设展览会特设祖母绿体验专区
SPOTLIGHT 市场聚焦 18 | JNA November/December 2025 All eyes were on precious metal jewellery at Sublime Shine: Metal Innovations in the Art of Jewellery – a special exhibit at the Hong Kong Convention and Exhibition Centre section of Jewellery & Gem WORLD Hong Kong (JGW) 2025. Organised by Informa Markets' Jewellery & Gem Knowledge Community, the showcase was dedicated to gold, platinum, silver and other metals used in fine jewellery manufacturing. It was supported by Industry Partners World Gold Council (WGC) and Platinum Guild International (PGI®), Premium Sponsor Yuen Kee Bullion Co Ltd, and Sponsors Osmium-Institut and Hatta New World Co Ltd. Visitors to Sublime Shine discovered the universe of precious metals while exploring their ancient origins, cultural significance and the art and science behind metalsmithing. The exhibit also demonstrated how state-of-the-art technologies can help jewellery manufacturers explore cost-effective production alternatives while remaining competitive in the market. The showcase featured 10 special sections, from historical use of metals in jewellery to metal deposits from around the world, secret recipes of alloys, behind the scenes of jewellery manufacturing, precious metal markets and ethical sourcing, among others. Highlights of the exhibit were live demonstrations on goldsmithing by Yuen Kee Bullion, and granulation and casting by Janus Ng, founder and director of 5Plus2 Design Lab. Other activities included a photo booth as well as a charity sale, proceeds of which will be used to support jewellery education and appreciation initiatives, according to the organiser. A one-of-a-kind show floor attraction that debuted at Jewellery & Gem WORLD Hong Kong (JGW) 2025 shone the spotlight on the enchanting world of jewellery metals. 2025年环球盛事 | 九月香港珠宝首饰展览会为一众 参展商和专业买家提供精彩的特 备活动，今年的特展让参与者深 入探索珠宝金属的绚烂世界。 臻耀之境：高级珠宝的创新应用 SUBLIME SHINE: Innovations in the fine jewellery trade
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