JNA September/ October 2025

Photo credit: Tom Zhang 張靖南 Presented by 主办机构 Industry Partners 行业共建伙伴 Premium Sponsor 高级赞助商 Sponsors 赞助商 顾问 吴飞洋博士 CONTENTS Issue #453 | SEPTEMBER/OCTOBER 2025 8DIGEST 市场指标 8 Gemfields discovers largest high-quality emerald in Zambia 在赞比亚发现最大颗优质祖母绿 26 SPOTLIGHT 市场聚焦 26 Meet the Winners of the Sustainability Awards 2025 by JWA 2025年JWA可持续发展大奖 获奖名单揭晓 10 FOCUS 焦点 10 Sublime Shine: The fascinating world of fine jewellery metals 臻耀之境:探索珠宝金属的奇妙世界 12 China’s Hard Pure Gold makes its debut in global market 来自中国的硬足金饰品首次亮相 全球市场 16 Platinum: Capturing new opportunities in a changing market 抓紧铂金良机 应对市场变局 20 Platinum jewellery rebrands in global strategic shift 铂金首饰市场蓬勃振兴助力 全球战略转型 22 Osmium’s road to opulence 锇金属的华丽之路 32 PERSPECTIVE 精辟视野 32 HKJJA: A legacy of resilience 香港珠宝玉石厂商会: 坚毅传奇闪耀六十年

46 INSIGHT 睿智角度 46 GIA enhances transparency in emerald trade GIA提升祖母绿贸易透明度 48 Miranda Group retains edge in coloured gemstone trade Miranda Group在彩宝业界领先群雄 50 Rio Pearl: Safeguarding the pearl’s legacy 丽雅珠行:守护珍珠的传承 On the Cover 封面 Rainbow Flow Necklace with cabochon and faceted rubellites, tanzanite stones, pink tourmalines and amethysts embellished with diamonds from the Polychroma High Jewellery Collection of Bulgari. 宝格丽Polychroma高级珠宝系列的Rainbow Flow项链,镶嵌蛋面切割和刻面 切割红碧玺、坦桑石、粉红碧玺及紫水晶,并以钻石点缀。 Digital version 电子版: https://news.jewellerynet.com/en/publications 52 DESIGN 设计 52 Maximum glamour 极致魅力 58 Industry pact bolsters natural diamond dream 行业联手重燃天然钻石梦 61 A Visionary's Legacy: Remembering Willie Yiu 缅怀姚文雄 62 China’s jewellery e-commerce boom 中国珠宝电商走俏 56 MARKET INTELLIGENCE 市场情报 56 All systems go for JGTD in November 2025 迪拜珠宝首饰及科技展蓄势待发, 将于11月举行 34HUB 生产基地 34 Glowing prospects in Southeast Asia's jewellery markets 东南亚珠宝市场如日方升 42 Bolstering Hong Kong as a jewellery manufacturing hub 巩固中国香港珠宝制造中心地位

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DIGEST 市场指标 8 | JNA September/October 2025 印度 11,685 迄今在赞比亚Gemfields卡棋穆矿发现的最大颗优质祖母绿“Imboo” 的按克拉算重量。这颗以当地方言“水牛”之意命名的祖母绿,于2025 年8月25日至9月11日期间在Gemfields高品质祖母绿拍卖会上首次亮 相。Gemfields产品与销售董事总经理Adrian Banks表示:“即使需要强光 才能照亮如此非凡体积的宝石,Imboo仍呈现出浓郁翠绿且带暖金的色 泽,其净度更令人惊叹。因此,不难想象这块单体极级原石可切割出多少 颗尺寸可观的优质祖母绿,甚至足以打造出一整套高级珠宝系列。” Total appreciation of pink diamond prices since 2005, according to The Diamond Reports: Fancy Colour Diamonds by Natural Diamond Council. Citing data from the Fancy Color Research Foundation (FCRF), the report said pinks were the strongest performing fancy colour diamonds since 2005, followed by blues, which recorded a 242 per cent price surge over the last two decades. It also highlighted the resilient value of fancy colour diamonds even during periods of market volatility, thanks to their dual purpose as a luxury product and a store of value. 根据天然钻石協会发布的《钻石报告:彩钻篇》,自2005年以来粉紅钻价 格累计涨幅。该报告援引彩色钻石研究基金会(FCRF)数据指出,自2005 年以来粉紅钻表现最为强劲,其次是蓝钻——过去二十年间其价格飙升 242%。报告同时强调,彩钻兼具奢侈品与价值储藏双重属性,即使在市场 波动时期仍能保持价值韧性。 Online Trade Updates 新闻快讯 Emperor W&J eyes expansion in China 英皇钟表珠宝加速中国内地 市场布局 GIA examines the world’s second largest diamond GIA美国宝石研究院 鉴定全球第二大钻石范围 Fresh supply of gems hits the market 新矿宝石批量入市影响全球供应格局 Hong Kong retailer Emperor Watch & Jewellery Ltd reported a solid performance in the first half of fiscal year 2025, with plans to grow its jewellery business in China. 英皇钟表珠宝有限公司公布2025年上半年业绩 报告,同时宣布拓展中国内地珠宝业务战略。 A rough diamond weighing 2,488.32 carats – nearly 1.10 pounds (0.498 kilograms) – analysed recently by the Gemological Institute of America (GIA) is the world’s second largest to date. 近日,GIA美国宝石研究院鉴定了一颗重达 2,488.32克拉(约1.10磅/0.498千克)的毛坯钻石, 是迄今为止全球第二大的钻石。 New gemstone sources are expanding market supply, with Columbia Gem House launching sapphires and rubies from Tanzania and Auctim. com hosting an auction of over 1.4 tonnes of rough Brazilian emeralds. 国际宝石市场迎来新一轮供应增长。哥伦比亚宝 石公司(Columbia Gem House)正式推出坦桑尼亚 Winza矿区未经处理的蓝宝石与红宝石系列。另 外,Auctim.com平台将以拍卖形式释出逾1.4吨巴 西祖母绿原石,引发行业广泛关注。 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 Weight in carats of “Imboo” – the largest high-quality emerald discovered at Gemfields’ Kagem mine in Zambia to date. The emerald, whose name translates to “buffalo” in the local dialect, debuted at Gemfields’ auction of high-quality emeralds from August 25 to September 11, 2025. “Even under the beam of a strong light that is necessary to illuminate a gemstone of this remarkable size, Imboo reveals an intense, verdant green touched with golden warmth and a clarity that captivates the eye," explained Adrian Banks, Gemfields’ managing director – Product and Sales. “It is easy to imagine Imboo giving rise to several fine-quality cut emeralds of significant size. Such a rare collection could form an entire high jewellery suite from this single gemstone.” ‘Imboo’ emerald 祖母绿 394%

FOCUS 焦点 10 | JNA September/October 2025 Precious metals have been making headlines of late, with gold prices going on a spectacular recordbreaking run. Prices of other precious metals are on the rise as well. Despite – or perhaps due to – their escalating value, the allure of precious metal jewellery remains undiminished. This enduring fascination with fine jewellery metals forms the foundation of Informa Markets Jewellery’s special exhibit at this year’s Jewellery & Gem WORLD Hong Kong (JGW), Sublime Shine: Metal Innovations in the Art of Jewellery. Running from September 17 to 21 at Booth 3M260 in the Hong Kong Convention and Exhibition Centre, this compelling showcase casts the spotlight on gold, platinum, silver and other metals used in fine jewellery manufacturing. Curated by the Jewellery & Gem Knowledge Community, the immersive show floor experience reveals the enchanting world of jewellery metals, exploring their origins, cultural significance across civilisations and the blend of artistic vision and scientific precision that defines the craft of metalsmithing. It highlights diverse metal applications and illustrates how state-of-the-art technologies enable jewellery makers to explore cost-effective production alternatives while sustaining competitive market positioning. Sublime Shine is supported by Industry Partners World Gold Council (WGC) and Platinum Guild International (PGI), Premium Sponsor Yuen Kee Bullion Co Ltd and Sponsors Osmium-Institut Germany and Hatta New World Co Ltd. Addressing the impact of soaring gold prices on market demand, Informa Markets Jewellery Director of Jewellery Fairs Celine Lau said, “Through Sublime Shine, we are facilitating a paradigm shift in how the industry approaches material selection and craftsmanship by highlighting different gold purities and techniques. This aligns with our role as a business platform to present opportunities and informed selections for manufacturers to thrive in their business.” Immersive experience The Sublime Shine journey brings visitors through 10 distinct stages. “Historical Use of (Precious) Metals in Jewellery” traces the origins of metalwork in adornments, while “Mineralogy and Properties” explores the scientific characteristics of jewellery metals that make them valuable and “Jewellery Metals around the World” identifies the sources and rough forms of the metals. “Secret Recipes of Gold and Platinum Alloys” demonstrates how blending alloys enhances durability, colour and brilliance. In the “Behind the Scenes of Jewellery Making” section, twice-daily demonstrations of goldsmithing and granulation techniques offer visitors a rare glimpse into the meticulous processes that transform precious metals into exquisite jewellery pieces. “Art of Metal Testing” shows how experts use acids, touchstones and advanced instruments to verify precious metals’ purity and authenticity; while “Precious Metals Markets” explains the factors that drive the value of precious metal products. “Fine Jewellery Appreciation” defines the codes of high jewellery; “Responsibility, Regulations and Recycling” investigates sustainability in fine jewellery metals; and “Beyond Jewellery” examines the practical applications of gold, platinum and silver beyond adornment. JGW 2025’s emphasis on precious metals extends onto its trading floors. An expanded Gold Jewellery Pavilion serves as a focal point for innovative trends and technological advances in gold jewellery creation. Anchoring this curated zone is the Hard Pure Gold Pavilion, presented by WGC and 14 gold jewellery manufacturers from China. Jewellery & Gem WORLD Hong Kong 2025’s special experiential space delves into the legacy and creative potential of precious metals for jewellery. 今年,环球盛事 | 九月香港珠宝首饰展览会“臻耀之境”特展将首次登场, 带领参观者深入探索贵金属在珠宝领域的传承与创意潜力。 臻耀之境:探索珠宝金属的奇妙世界 SUBLIME SHINE: The fascinating world of fine jewellery metals

FOCUS 焦点 JNA September/October 2025 | 11 Meanwhile, PGI’s Platinum Jewellery Pavilion features the innovative offerings of six companies from China and India, all of which are making their maiden appearance at JGW. 希望帮助业界找到更多选择,例如不同纯度的黄金和创新的 工艺。这与我们作为商业平台的角色和目标一致——为参展 商提供更多商机和更明智的选择,助其业务蓬勃发展。” 沉浸式体验 “臻耀之境”之旅引领观众穿越十个独特展区:“珠宝 金属的历史”追溯金属工艺在装饰品中的起源;“矿物学与 金属特性解密”探索珠宝金属的科学特性如何赋予它们价 值;“环球珠宝金属巡礼”揭示金属的产地与原生形态;“黄 金与铂金合金的秘方”展示如何透过不同的金属配方提升 硬度、色泽与光芒。 在“珠宝制作幕后探秘”环节,每日两场的金工与珠化 技艺演示,让参观者见证将贵金属转化为精美珠宝的过程。 而在“金属检测的艺术”环节,参观者可跟随专家运用试 金石、酸试法及尖端仪器,验证贵金属的纯度与真伪;“贵金 属市场风云”剖析影响贵金属产品价值的驱动因素;“高端 珠宝鉴赏”破解奢华珠宝的美学定义;“责任、法规与回收” 探讨高级珠宝金属的可持续性;“珠宝之外的应用”则聚焦 黄金、铂金与白银在首饰之外的应用方案。 2025年九月珠宝首饰展对贵金属的关注延伸至展厅。 今年的“黄金首饰馆”规模更盛大,汇聚全球领先制造商的 最新产品系列,展示新颖设计、精湛工艺和最先进的制造技 术。世界黄金协会与14家中国金饰生产商也携手呈献硬足 金展区。 与此同时,PGI铂金首饰馆将展示来自中国与印度六家 企业的创新作品,这些品牌均是首次在九月珠宝首饰展中 亮相。 近期贵金属价格持续攀升,金价更不断刷新纪录, 屡屡登上头条。尽管价格上涨,贵金属珠宝的魅 力却丝毫不减,甚或因其价值上升而更受青睐。 由于消费者始终对高级珠宝贵金属情有独钟,Informa Markets Jewellery今年特地在环球盛事 | 九月香港珠宝首 饰展览会(简称九月珠宝首饰展)期间举办“臻耀之境:珠宝 金工创新艺术”特展。这场引人入胜的展览于9月17至21日 设于香港会议展览中心(展位3M260),重点展示黄金、铂金 和银等用于制作珠宝首饰的贵金属。 这个由Informa Markets旗下的“珠宝智汇”策划的沉浸 式展区,将帶领參观者探索珠宝金属的奇妙世界:从追溯其 起源、阐述不同文明中的文化意义,到展现艺术构想与科学 精度的完美融合,体现金属工艺的精髓所在。是次展览不但 深入剖析多元化的金属创新应用,更聚焦前沿技术如何赋 能珠宝制造商,在降低生产成本的同时,确保产品保持卓越 的市场竞争力。 这次特展获得了行业合作伙伴世界黄金协会(WGC)和 国际铂金协会(PGI®)鼎力支持,特级赞助商为润基金业有 限公司、赞助商包括德国锇金属研究所和新世界海达有限 公司。 Informa Markets Jewellery珠宝展览部总监刘小雯在谈 及高金价对金饰需求的影响时说:“通过臻耀之境特展,我们

FOCUS 焦点 12 | JNA September/October 2025 China’s gold jewellery industry is demonstrating further resilience in the face of macroeconomic and geopolitical headwinds and high gold prices with the rise of Hard Pure Gold jewellery. Roland Wang, regional CEO (China) of the World Gold Council (WGC), revealed that China’s demand for gold jewellery contracted by volume in 2025 – echoing a global pattern – but the value of gold sales climbed. According to the Gold Demand Trends: Q2 2025 report of WGC, gold jewellery demand in China was down 20 per cent year on year in the second quarter while demand in value terms strengthened, with spending on gold jewellery rising 13 per cent year on year to US$7 billion. Gold jewellery remains highly favoured in China’s jewellery market. Local consumers purchase gold jewellery primarily for personal use but also view the metal’s inherent value as a safe-haven asset. This explains why there is sustained demand for gold jewellery despite escalating gold prices and sluggish overall consumption. “High prices are putting pressure on jewellery sales everywhere, not just in China. This is a challenge faced by markets worldwide,” said Wang. “Even with high gold prices, Chinese consumers still buy gold jewellery. However, they stay within their set budgets – seeking lightweight, innovative products that stretch their investment further. Hard Pure Gold jewellery responds to this need.” Innovative Hard Pure Gold jewellery with fashionable designs, intricate craftsmanship and lighter per-piece weight have been gaining popularity especially among younger consumers. The introduction of a new official industry standard that clearly defines these products is expected to pave the way for a brighter future in China's jewellery market. WGC has been at the forefront of promoting China’s Hard Pure Gold jewellery by launching several marketing campaigns in collaboration with leading Chinese jewellery retailers, initiating the implementation of industry standards for Hard Pure Gold jewellery, as well as participating in international events to reach a broader audience. | Sharon Kwok 郭芷雯 | Hard Pure Gold makes its debut in global market China's 来自中国的硬足金饰品首次亮相全球市场 The World Gold Council is spearheading strategic consumerfacing and trade-focused initiatives to promote Hard Pure Gold jewellery aimed at bolstering China’s gold jewellery market. 世界黄金协会正积极推动一系列面向消费者和与贸易相关的战略性举措, 旨在推广硬足金首饰,并促进中国黄金珠宝首饰市场的蓬勃发展。

FOCUS 焦点 JNA September/October 2025 | 13 Growth engine Wang said “Hard Pure Gold” jewellery has become the fastest-growing product category in China in the last two years, thanks to its appeal and affordability. It is expected to be a major growth engine in the future. “This category accounted for 20 to 25 per cent of overall gold jewellery sales in China in 2024. The market share of this category is steadily increasing as it continues to gain traction among consumers,” said Wang. Hard Pure Gold jewellery pieces are produced using advanced technology such as electroforming and plating techniques that enable more intricate, lighter styles with greater durability and wear resistance. “Hard Pure Gold allows for lightweight but visually striking pieces,” Wang explained. “A 2- to 3-gram Hard Pure Gold piece can appear every bit as substantial as a traditional piece that might require double the material. As gold prices climb, Hard Pure Gold’s affordability becomes especially attractive to younger consumers.” He also cited the immense creative possibilities of Hard Pure Gold jewellery. The metal’s hardness allows designers to craft intricate and unconventional pieces, even combining pure gold with gemstones and other materials. Most Hard Pure Gold pieces weigh 10 grams or less. Wang is expecting jewellery manufacturers to come up with more larger statement Hard Pure Gold pieces designed for special occasions. Glowing prospects Rapid advances in manufacturing and processing technologies in China, from mechanical production to AI-driven designs combined with the craftsmanship of traditional artisans, has laid a solid foundation for the rise of Hard Pure Gold jewellery. The introduction of a new industry standard for this specific jewellery category by the Ministry of Industry and Information Technology of China, which came into effect on May 1, further enhanced the sector's growth prospects. Given the challenges posed by high gold prices to global gold jewellery sales, Hard Pure Gold jewellery provides a blend of lightweight designs and extensive design options. We are confident that this innovative category will resonate well with the international market. – Roland Wang, regional CEO (China) of the World Gold Council

FOCUS 焦点 14 | JNA September/October 2025 The new guidelines specify “Hard Pure Gold jewellery” as a jewellery piece with a minimum hardness of “no less than 60HV on the Vickers hardness scale” and a purity level of “gold content of at least 990 per cent.” These pieces may be crafted using techniques such as electroforming and lost-wax casting, among others. The minimum thickness requirement for hollow Hard Pure Gold jewellery is over 0.10mm. The standard further stipulates that the production process must adhere to safety requirements on occupational safety management, chemical usage, environmental protection and occupational health. Wang remarked that this industry standard provides clarity and confidence for industry players, laboratories and consumers to embrace Hard Pure Gold as a product category. “This allows manufacturers and retailers to offer a clear and standardised narrative of such offerings. Meanwhile, labs can evaluate gold jewellery based on this unified standard and eliminate consumer confusion over ambiguous branding terms like ‘3D’ and ‘5G’ gold,” explained Wang. “This will help the industry stay on a more sustainable growth path.” Wang cited the growth potential of the Hard Pure Gold jewellery market, highlighting the importance of effective marketing strategies, product innovation and adherence to industry standards in promoting this product segment. Global ambitions What began as a local innovation is now opening up opportunities overseas, particularly in Southeast Asia, India and the Middle East, which traditionally favour pure gold jewellery. There is also growth potential in Europe. “Given the challenges posed by high gold prices to global gold jewellery sales, Hard Pure Gold jewellery provides a blend of lightweight designs and extensive design options. We are confident that this innovative category will resonate well with the international market,” said Wang. He added that some overseas buyers, particularly those from Southeast Asia, are already engaging with Chinese manufacturers and placing orders for Hard Pure Gold jewellery. Even markets that are traditionally less inclined to buy pure gold pieces are now showing interest in the modern and stylish designs of Hard Pure Gold pieces, continued Wang. This September, the Hard Pure Gold Pavilion will make its debut appearance at Jewellery & Gem WORLD Hong Kong (JGW) 2025, presented by WGC and 14 leading gold jewellery manufacturers from China. “JGW, as an international jewellery trade fair, provides the ideal global platform to introduce Hard Pure Gold jewellery to the global market. The showcase aims to boost buyers’ awareness of this category while showcasing the technical expertise of Chinese jewellery manufacturers in producing Hard Pure Gold jewellery, ultimately driving sales,” said Wang. The showcase will inspire buyers and help them understand the unique attributes – harder, lighter, brighter – of these innovative products, he added. Companies taking centre stage in the Hard Pure Gold Pavilion are Shenzhen Swiky Jewellery Co Ltd, Shenzhen Cuilu Jewelry Manufacturing Co Ltd, Zijin Mining Group Gold Jewelry Co Ltd, Shenzhen Mingfeng Jewelry Ltd, Shenzhen Yuehao Jewellery Co Ltd, Shenzhen Colorful International Jewelry Co Ltd, Shenzhen Fenghui Holding Investment (Group) Co Ltd, Shenzhen Jinmingzhu Jewelry Co Ltd, Guanhua Jewelry, HK Chaozun Jewelry Ltd, Shenzhen Jinyufu Jewelry Co Ltd, Shenzhen Ganlu Jewellery Co Ltd, Shenzhen Batar Investment Holding Group Co Ltd and Shenzhen Point Gold Precious Metal Co Ltd. Roland Wang, regional CEO (China) of the World Gold Council 世界黄金协会中国区 首席执行官王立新

FOCUS 焦点 JNA September/October 2025 | 15 尽管面临宏观经济和地缘政治挑战以及高金价压 力,中国黄金珠宝首饰业仍凭借硬足金首饰的崛 起,展现出强劲韧性。 世界黄金协会(WGC)中国区首席执行官王立新透露, 2025年中国金饰需求量与全球趋势一致下跌,但以价值计 算,金饰消费却有所增长。 根据WGC发布的《2025年第二季度黄金需求趋势报告》, 中国金饰需求同比下降20%,但按价值计算的需求有所增 强,金饰消费同比上升13%至70亿美元。 中国珠宝市场以足金首饰为主。本地消费者购买金饰主 要是自用,也看重这贵金属的传承和保值功能。这解释了为 何在金价持续攀升及整体消费疲软的情况下,市场对金饰 还是有一定的需求。 王立新说:“在高金价下,珠宝销售无可避免受压,不止 是中国市场,这是全球市场共同面对的挑战。中国消费者并 不是不买金饰,只是他们会在预算范围内,寻求更轻、更创 新的产品。硬足金首饰正符合这一需求。” 创新的硬足金首饰以时尚的设计、精湛的工艺和更轻的 单件重量,获得年轻消费者的青睐。随着全新的官方行业标 准出台,该标准明确定义了此品类,预计这将为中国珠宝市 场开辟更广阔的发展前景。 WGC一直处于推广中国硬足金首饰的前沿,通过与领先 的中国珠宝零售商合作,推出多项营销活动、推动硬足金首 饰行业标准的实施,并参与国际活动,以触达更广泛的受众。 增长引擎 王立新表示,“硬足金”首饰是过去两年中国发展势头最 快的金饰珠宝品类,这得益于其独特魅力和亲民价格,有望 成为未来的重要增长引擎。 王立新说:“在2024年,硬足金占中国金饰整体销售的 20%至25%,且份额占比正稳步上升,越来越受消费者欢迎。” 硬足金首饰采用先进技术如电铸和电镀工艺制作,款式 更精致、更轻巧,同时更耐用、更抗磨损。 王立新解释道:“硬足金的优点是可以打造轻盈但视觉 效果出众的珠宝,比如用2至3克黄金就足以打造看上去得 体有份量的首饰,而传统的足金产品则可能要用一倍或以 上的黄金,才能达到同样的效果。随着金价上涨,硬足金的 价格门槛相对较低,对年轻消费者更具吸引力。” 他还提到了硬足金首饰的丰富设计潜力。其硬度使设计 师能够打造精致的珠宝,甚至在纯金上镶嵌宝石及其他材 料,突破传统金饰设计的局限。目前,大多数硬足金首饰的 重量在10克或以下,但他预计未来将出现更多造型更大、更 显眼的设计,为消费者提供更多适合特殊场合佩戴的选择。 光明前景 先进的机械生产、人工智慧驱动设计,还有传统工匠的 精湛技艺,共同推进了中国珠宝制造和加工技术的快速发 展,为硬足金首饰的崛起奠定了坚实基础。 中国工业和信息化部公布的《硬足金首饰》行业标准已 于5月1日生效,进一步提升了这一珠宝品类的增长前景。 新标准明确定义硬足金首饰的硬度不低于维氏硬度 60HV、含金量至少990%。此外,生产过程必须遵守职业安全 管理、化学品使用、环境保护和职业健康等方面的安全要求。 王立新表示,新行业标准的出台,为行业参与者、检测机 构和消费者提供了明确指引和信心,有助于硬足金作为一 个新品类被市场接受。 他解释道:“生产商和零售商现在能够正式按这个标准 进行推广,为硬足金提供清晰且标准化的描述。同时,检测 机构也可以根据这统一标准对金饰进行测试,并消除消费 者对‘3D’和‘5G’等术语的困惑,这将有助于行业保持更可 持续的增长。” 王立新看好硬足金首饰市场的增长潜力,并强调有效的 营销策略、产品创新以及遵守行业标准,对促进硬足金首饰 市场的发展至关重要。 志在环球 硬足金是源于中国的创新产品,现正积极开拓海外市 场,尤其是东南亚、印度和中东,这些地区传统上更偏好纯 金珠宝。欧洲市场也存在增长潜力。 王立新说:“鉴于高金价对全球黄金珠宝销售带来挑战, 硬足金首饰既轻巧、设计选择又丰富,我们相信这个品类将 获国际市场青睐。” 他补充指,部分海外买家,尤其是东南亚地区买家,已开 始与中方制造商接洽并下单订购硬足金首饰。就连传统上 对纯金首饰兴趣较小的市场,如今也对硬足金首饰的时尚 设计甚感兴趣。 今年九月,硬足金展区首次落户环球盛事 | 九月香港珠 宝首饰展览会,世界黄金协会将携手14家中国金饰生产商 共同呈现最新款式的硬足金产品。 王立新说:“环球盛事 | 九月香港珠宝首饰展览会作为国 际珠宝贸易展,是向全球市场推广硬足金首饰的理想平台。 此次展示旨在吸引更多买家关注这个品类,同时,展示中国 珠宝首饰厂商在生产硬足金饰品方面的专业技术水平,最 终推动销售。” 他补充道,此次展示将启发海外买家,帮助他们理解这 些创新产品的特色——更硬、更轻、更亮。 参与硬足金展区的参展商包括:深圳市瑞麒珠宝首饰有 限公司、深圳市翠绿首饰制造有限公司、紫金矿业集团黄金 珠宝有限公司、深圳明丰珠宝有限公司、深圳市粤豪珠宝有 限公司、深圳市缤纷国际珠宝有限公司、深圳市峰汇控股(集 团)有限公司、深圳市金明珠珠宝首饰有限公司、深圳市冠华 珠宝有限公司、香港潮尊珠宝首饰有限公司、深圳市金玉福 珠宝首饰有限公司、深圳市甘露珠宝首饰有限公司、深圳百 泰投资控股集团有限公司,及深圳市点金贵金属有限公司。 All gold jewellery images courtesy of the World Gold Council 所有金饰图片均由世界黄金协会提供

FOCUS 焦点 16 | JNA September/October 2025 The global platinum jewellery market stands at a pivotal moment, with optimism stemming from several converging factors. Most notable is platinum's current price advantage relative to gold, which further highlights the beloved white metal’s compelling attributes, according to Tai Wong, director of Global Innovation & Product Development at Platinum Guild International (PGI®). “We are witnessing platinum growth across global jewellery markets in the past six months where an increasing percentage of the precious white metal volume is shifting to platinum,” explained Wong. “It is mainly driven by cost, new available alloys and technology, but also because platinum possesses superior attributes compared to its metal counterparts.” While platinum has traditionally dominated the bridal jewellery segment, PGI sees significant expansion opportunities in sectors such as love gifting, self-purchase, fashionable luxury and men's jewellery. Recent months have likewise witnessed remarkable innovations in the platinum trade, with modern technology enabling the manufacture of products that appeal to previously untapped consumer segments. Presence at JGW 2025 Education remains central to PGI’s mission of sharing the platinum story with the modern consumer and enhancing the metal’s widespread appeal, revealed Wong. This unique proposition comes full circle with the PGIorganised Platinum Jewellery Pavilion at Jewellery & Gem WORLD Hong Kong (JGW) 2025, which takes place from September 15 to 21. PGI is also supporting Sublime Shine, a special exhibit curated by Informa Markets’ Jewellery & Gem Knowledge Community. Platinum is uniquely positioned to leverage untapped business potential in the global jewellery trade through product innovations, market expansion and strategic partnerships. 凭借创新技术、拓展业务和建立重点伙伴关系, 国际铂金协会(PGI®)让铂金这种贵金属在全球珠宝市场稳占良好契机。 抓紧铂金良机 应对市场变局 PLATINUM: Capturing new opportunities in a changing market Jewelex India Pvt Ltd Guangdong Jinbotong Technology Co Ltd 广东金铂通科技有限公司 King Li Holdings HK Co Ltd 金利集团香港有限公司

FOCUS 焦点 JNA September/October 2025 | 17 Education remains central to PGI’s mission of sharing the platinum story with the modern consumer and enhancing the metal’s widespread appeal. - Tai Wong, director of Global Innovation & Product Development at PGI BN Jewellers India Pvt Ltd Dedicated to gold, platinum, silver and other metals used in fine jewellery, Sublime Shine demonstrates how state-of the-art technology can help jewellery manufacturers explore cost-effective production alternatives while remaining competitive in the market. Featured companies in the Platinum Jewellery Pavilion include BN Jewellers India Pvt Ltd, Jewelex India Pvt Ltd, ORO Precious Metals Pvt Ltd, King Li Holdings HK Co Ltd, Jinbotong Technology Co Ltd and Shenzhen Kinch Jewelry Co Ltd, Guangdong. PGI’s participation at JGW 2025 aligns with the group’s broader market development strategy. Beyond its core message of pure, rare and eternal, platinum’s contributions in other industries are equally important. Platinum is a key ingredient in green energy transition, waste management and cancer treatment, to name a few. This is important because technology in other industries can contribute to innovations in platinum jewellery. For example, advances in hydrogen fuel cell electrolytes can help improve platinum electroforming techniques, leading to the world's largest collection of platinum jewellery at international exhibitions. Platinum's sustainability credentials are noteworthy. Platinum sourced from South Africa is regulated through ethical practices and traded via certifying entities like LPPM, LBMA and RJC. This ensures traceable origins of the platinum – which have become increasingly important under new European regulations like CSRD – while highlighting platinum's remarkable story since the Merensky Reef's discovery 100 years ago and its positive impact on South African mining communities. Sublime Shine and the Platinum Pavilion An immersive experience at the platinum section of Sublime Shine and the dedicated Platinum Jewellery Pavilion awaits visitors to JGW 2025. According to PGI, Sublime Shine is a wonderful exhibition by JGW that shares the precious metal journey from mine to hand. Consumers are often unaware of the immense effort required to extract minerals – only 3 grams of platinum is refined out of a tonne of mined rocks. PGI is also shining the spotlight on its latest project, the Digital Product Passport, which traces platinum’s origins and highlights its positive impact. Meanwhile, companies at the platinum pavilion are bringing their unique platinum jewellery manufacturing expertise to the show. “We have representations specialising in chain making, duo-coloured metal and the latest in electroforming platinum technology. These innovations bring new design experiences for consumers and create incremental business opportunities for our trade partners,” revealed Wong. The platinum craftsmanship Jewellery companies exhibiting at the Platinum Jewellery Pavilion are showcasing innovative designs at JGW. BN Jewellers India Pvt Ltd, an Authorized Platinum Jewellery Manufacturer under PGI India since 2009, is introducing new jewellery collections across PGI brands Men of Platinum, Platinum Love Bands and Platinum Evara. The Alvar Collection is crafted for the man who lives with intention and values meaning, depth and authenticity, according to the jeweller. Alvar is also a statement of identity and purpose.

FOCUS 焦点 18 | JNA September/October 2025 For its part, Jewelex India Pvt Ltd, which has more than six decades of industry experience, has worked with platinum since 1999. “Platinum, being a metal for the more evolved consumer, is continually reimagined by our design team to retain its premium positioning,” stated the company. Its speciality in machine-manufactured jewellery with exceptional finishing has made Jewelex a preferred partner for leading chain stores worldwide. The company is presenting new collections that bring to light its design innovation and manufacturing excellence. Highlights are machine-manufactured wedding bands and men’s jewellery in platinum. “Alongside this, we have introduced new concepts in eternity rings, personalised text engravings on rings, and several other unique creations that reflect both craftsmanship and contemporary appeal,” revealed the jewellery manufacturer. Established over 25 years ago, ORO Precious Metals Pvt Ltd is a market leader, with state-of-the-art facilities in India and Dubai. It specialises in couple bands, comfortfit products and high-precision engineered bracelets, with strong traction in men’s kadas (traditional bangle) and rings across India and Dubai. “We are eager to showcase our platinum collections to an international audience at the fair. We hope to strengthen our retailer base beyond the Middle East and build long-term collaborations with our partners,” it added. Representing a fresh perspective, Shenzhen Kinch Jewelry Co Ltd is relatively new to the market but has quickly established itself at the forefront of platinum innovation. “We do love working with platinum because of its superior attributes. There is a strong potential for platinum to grow further, given its intrinsic value and the high price of gold,” noted the company. Kinch Jewelry said it started doing platinum electroforming, adding that the market is ready to introduce new electroformed platinum designs – a process it believes could revolutionise design possibilities. “More modern and gender-fluid designs have the potential to resonate strongly with today’s highly perceptive consumers,” it added. This innovative platinum electroforming technology resulting in hard platinum, meanwhile, is the focus of Guangdong Jinbotong Technology Co Ltd. “The platinum material created using this process has high hardness, excellent wear resistance and strong anti-oxidation properties. It is also ideal for complex techniques such as stone setting and enamelling, making it widely applicable for various jewellery products,” the company said. Notably, jewellery pieces made of electroformed hard platinum are lightweight, so they maintain a premium feel and design aesthetic but are also more affordable, noted Guangdong Jinbotong. The companies reported strong growth in platinum sales, with notable expansion in the men’s jewellery and wedding band category. BN Jewellers said it leveraged this momentum to distribute products across India through leading retail chains while establishing a global footprint with exports to the United Arab Emirates, the US, Europe, Singapore and Malaysia. Jewelex also witnessed an uptick in sales. “Platinum jewellery has experienced fantastic growth in recent years, with India emerging as a particularly strong and evolving market,” it stated. Despite India’s traditional preference for gold, platinum has successfully carved out a niche and continues to gain traction in the market. JGW represents a significant milestone for these companies. BN Jewellers wants to showcase its expertise to global audiences and expand its international presence through its participation in the show. “JGW is one of the most influential platforms in the global jewellery industry,” noted Jewelex, highlighting its objective to connect with international partners and explore new business opportunities. Kinch Jewelry, for its part, is hoping to showcase “something fresh, different and innovative with platinum.” Jewelex India Pvt Ltd King Li Holdings HK Co Ltd 金利集团香港有限公司

FOCUS 焦点 JNA September/October 2025 | 19 国际铂金协会(PGI®)全球创新和产品开发部总监黄 震泰表示,环球铂金首饰市场势头强劲,主要可 归功于其价格吸引力胜过黄金,以及这种贵金属 的优异特性。 黄震泰解释道:“过去6个月里,全球主要市场的铂金需 求均有增长,大部分贵重白色金属交易量已转向铂金。这主 要归因于成本因素、新型合金材料与技术的应用,更因为铂 金较其他金属具有卓越的特性。” 铂金在婚庆珠宝领域一直占据主导地位。PGI认为,铂金 在爱情礼物、自用、时尚奢侈品和男士珠宝等领域,呈现巨 大的增长机遇。另外,现代技术的进步使制造商得以推出瞩 目的创新铂金产品,有望吸引未开发的消费群体。 铂金在JGW 2025闪耀登场 黄震泰表示,教育始终是PGI的核心使命,旨在向现代消 费者讲述铂金的故事,并提升这种金属的吸引力。适逢2025 年环球盛事 | 九月香港珠宝首饰展览会(简称九月珠宝首饰 展)于9月15日至21日举行,PGI悉心筹划铂金首饰展区,并 鼎力支持由Informa Markets Jewellery旗下“珠宝智汇”呈献 的“臻耀之境:珠宝金工创新艺术”珠宝金属特展。 特展将聚焦黄金、铂金、白银等高级珠宝金属,揭示 先进生产技术如何实现成本效益,同时保持市场竞争力。 参与铂金首饰展区的企业包括:BN Jewellers India Pvt Ltd、Jewelex India Pvt Ltd、ORO Precious Metals Pvt Ltd、金 利集团香港有限公司、深圳市金奇珠宝首饰有限公司和广 东金铂通科技有限公司。 PGI参与2025年九月珠宝首饰展合乎其宏观市场发展战 略。铂金的核心价值在于纯净、稀有和永恒。它在其他行业 的贡献不可或缺,如铂金是绿色能源转型、废物管理和癌症 治疗等领域的关键元素。而其他行业的技术创新也能促进 铂金珠宝领域的发展,例如,氢燃料电池电解液的研发推动 了铂金电铸工艺的成熟,以该工艺制造的珠宝将在本届珠 宝展上以空前的规模亮相。 铂金的可持续性同样值得关注。开采自南非的铂金遵循 道德规范,其交易量受到LPPM、LBMA和责任珠宝业委员会 等认证机构的监管。这不仅确保了产地溯源(这一点在欧洲 CSRD等新规下日益重要),也展现了铂金百年传奇——自梅 伦斯基矿脉发现以来,它为南非采矿社区带来的积极影响。 臻耀之境与铂金展区 2025年九月珠宝首饰展的参观人士,可于“臻耀之境”特 展和铂金首饰展区深度体验铂金之美。 “臻耀之境”向观众展示贵金属从矿场到消费者的整个 旅程。甚少消费者意识到,1吨矿石只能提炼成3克铂金。 PGI也聚焦其积极推行的“产品数字护照”,用于追溯铂 金产地和彰显铂金产业的积极影响。 PGI所邀请的参展商将呈献各种独特的铂金珠宝制造工 艺。黄震泰表示:“链条制作、双色金属和尖端铂金电铸技术 的专家济济一堂,不仅为消费者呈献更精彩的设计,也为贸 易伙伴创造商机。” 精湛铂金工艺 铂金首饰展区的创新设计,令九月珠宝首饰展更添朝气 光彩。 BN Jewellers自2009年起成为国际铂金协会的授权 生产商,现推出PGI旗下品牌Men of Platinum、Platinum LoveBands和Platinum Evara。全新Alvar系列专为那些重视 生活目标和意义的男士打造,彰显其内涵与个性。 创立超过60年的Jewelex,自1999年起研发铂金工艺。该 公司表示:“铂金作为面向高端消费者的金属,我们的设计 团队不断推陈出新,以保持其高端定位。” 凭借精湛的机械制造工艺与卓越的表面处理技 术,Jewelex已成为全球领先连锁珠宝公司的首选合作伙伴。 此次推出机械制造的高级铂金婚戒及男士首饰新品,充 分展现了其创新设计与工艺。该公司说:“我们还推出了新 颖的永恒戒指、带有个性化雕刻的戒指,将优良工艺与当代 魅力浑然糅合。” 成立25年的ORO Precious Metals,足迹遍及印度和迪 拜,专营情侣对戒、佩戴舒适的首饰和精确锻造的手链,其 传统男士卡达手镯(kada bangle)和戒指,于印度和迪拜大 受欢迎。 该公司表示:“我们热切期待在展会向国际买家展示铂 金系列,希望拓展中东以外的零售商网络,并与合作伙伴建 立长期合作关系。” 金奇珠宝首饰虽然成立不久,但已引领铂金的创新之 路,相信电铸将彻底改变设计的可能性。负责人表示:“我们 确实喜欢使用铂金,因为它具有卓越的特性。鉴于铂金的内 在价值和黄金的高价位,铂金具有强劲的增长潜力。现今的 设计更富现代感和中性美,将可与消费者产生共鸣。” 金铂通主打先进的电铸技术,其铂金产品的硬度、耐用 度和抗氧化性能极高,同时适用于镶嵌宝石、珐琅工艺等复 杂技术,可广泛应用在各类珠宝产品。该公司的电铸硬铂金 首饰相当轻盈,既能保持高端质感与设计美学,且价格实惠。 一众铂金参展商的销售成绩斐然,男士首饰和婚戒品类 尤其出彩。BN Jewellers通过领先零售连锁店将产品分销至 印度全境,同时出口至阿联酋、美国、欧洲、新加坡和马来西 亚,业务版图覆盖全球各地。 Jewelex同样见证了铂金首饰销售额节节上升。该公司 透露:“近年,铂金首饰呈现惊人增长,尤其在印度的热度 飙升。尽管印度传统上偏爱黄金,铂金仍成功开拓出细分市 场,并持续获得市场认可。” 参与九月珠宝首饰展对这些企业而言别具意义。BN Jewellers表示,九月珠宝首饰展是全球珠宝业最具影响力 的平台之一,希望借此尽展所长,拓展其国际影响力,并建 立全球合作伙伴关系。金奇珠宝则旨在向买家展示“新颖、 独特、创新的铂金产品”。 Guangdong Jinbotong Technology Co Ltd 广东金铂通科技有限公司 King Li Holdings HK Co Ltd 金利集团香港有 限公司

FOCUS 焦点 20 | JNA September/October 2025 Platinum Guild International (PGI) has launched a sophisticated new brand proposition for platinum jewellery, establishing it as the “Metal of Truth.” With a more culturally influential and emotionally resonant concept, it aims to stimulate consumer potential and lead the industry towards a strong revival. According to PGI CEO Tim Schlick, this more emotional messaging connects with consumers seeking substance, provenance and purity in their jewellery choices. “The objective is to present platinum more astutely and strengthen our brand partners while introducing, for the first time, a cohesive global positioning for platinum jewellery,” said Schlick, adding that high gold prices reaffirm platinum’s standing as the white jewellery metal of choice. In China, the new concept focuses on platinum’s tenacity, resilience and authenticity – qualities that strongly resonate with discerning consumers. Pui P. Poon, managing director of PGI China, explained, “Chinese consumers prioritise two elements when investing in luxury items: Better value and quiet luxury. Platinum is a quiet precious metal that currently offers exceptional value.” PGI is creating distinct emotional anchors for platinum jewellery by aligning strategically with contemporary lifestyle trends in the Chinese market, specifically athleisure, environmental consciousness and the arts through targeted brand collaborations and information campaigns. Global momentum for platinum jewellery is buoyed by substitution gains, with jewellers transitioning from white gold due to escalating gold prices, said Schlick. Technological advancements likewise drive innovation in platinum jewellery manufacturing. “The past two years have witnessed more progress in platinum technology and innovation than the last two decades. We now help the trade overcome manufacturing and design challenges, bringing platinum on a par with other precious metals, so they can capitalise on unique growth opportunities,” he disclosed. Aside from its four key markets of China, India, Japan and the US, PGI is focusing on regions showing substantial growth potential, particularly the Middle East and Southeast Asia. It is also making significant inroads with next-generation consumers, expanding beyond traditional bridal and lovegifting segments to capture the growing self-purchase market. Schlick said, “We are best suited for the future as we offer young consumers the rarest, purest metal but with a visibly different and contemporary look.” To ensure that current upstream inventory-building translates into greater consumer demand, PGI is deploying comprehensive marketing assets, retailer support programmes and specialised training platforms such as Platinum 101 and Platinum ABC. 国际铂金协会(PGI®)隆重推出全新的铂金首饰品牌 主张,将铂金首饰的定位升级为“韧真铂金”(the Metal of Truth),以更具文化引领力与情感共鸣 力的主张,激发消费潜能,引领行业强势振兴。 国际铂金协会(PGI®)首席执行官施博天(Tim Schlick)表 示,这一更具情感共鸣力的品牌定位,迎合那些追求质感、 溯源和纯粹价值的珠宝消费者。他指出:“我们的目标是对 铂金的价值观作出精准回应,强化合作伙伴关系,并首次推 出统一的铂金首饰全球定位。”他补充道,高昂的金价再次 巩固了铂金作为珠宝首选的白色贵金属地位。 在中国市场,新定位聚焦于铂金的强韧实力和真实性,与 眼光敏锐的消费者产生强烈共鸣。国际铂金协会(PGI®)中国 区董事总经理潘佩佩解释说:“中国消费者在投资奢侈品时 优先考虑两个因素——追求更高的价值和不张扬的奢华。铂 金是一种气质低调的贵金属,拥有非凡的价值。” 国际铂金协会(PGI®)致力为铂金首饰打造独特的情感 锚点,通过目标明确的品牌合作和宣传活动,与中国时下流 行的生活方式进行战略性契合,尤其是运动、绿色环保和艺 术文化。 施博天表示,金价上涨促使珠宝商纷纷以铂金替代白 金,令全球铂金首饰的发展势头如日中天。技术进步也推动 了铂金首饰制造业的创新成就。他透露:“与二十年前相比, 过去两年铂金的技术创新一日千里。我们积极帮助业界同 仁克服制造和设计方面的挑战,使铂金与其他贵金属并驾 齐驱,把握结构性的增长机遇。” 除了中国、印度、日本和美国这四大市场外,国际铂金协 会(PGI®)还扩展到增长潜力庞大的地区,尤其是中东和东南 亚。协会也将业务拓展至传统婚庆和情侣赠礼以外的自购 市场,赢得新一代消费者的好感。 施博天表示:“我们为年轻消费者呈献最稀有、纯净的金 属,结合独特且富现代感的设计,未来发展大有可为。” 为了确保上游库存的积累能够转化成更大的消费需求, 国际铂金协会(PGI®)大力提供全面的营销资源、支持伙伴零 售商,如打造“铂金101”标准化知识体系和“营销制图”平台 PLATINUM ABC等。 Tim Schlick, CEO of Platinum Guild International; Pui P. Poon, Managing Director of Platinum Guild International (PGI) China 国际铂金协会(PGI®) 首席执行官施博天; 国际铂金协会(PGI®)中国区董事总经理潘佩佩 Platinum jewellery rebrands in global strategic shift 铂金首饰市场蓬勃振兴助力全球战略转型 Platinum Guild International unveils new positioning for platinum jewellery as global momentum surges on the back of white gold conversions. 全球铂金市场因业者“舍白取 铂”而掀起强劲势头,国际铂金协会(PGI®)把握时机,升级铂金首饰的新定位主张。 Watch JNA Conversations for more insights from PGI on global opportunities with platinum, pricing dynamics and the evolving preferences of Chinese consumers 欢迎收看JNA Conversations,了解国际铂金协会 (PGI®)对于全球铂金市场机遇、价格动态及中国消费者偏好变化的洞察。

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