MARKET INTELLIGENCE 市场情报 38 | JNA March 2026 Amid soaring gold prices and more cautious consumer spending, China saw sluggish demand for jewellery in 2025. Indeed, China’s jewellery market is transforming as today’s jewellery consumers view their purchases with a fresh perspective – prioritising emotional connection, everyday wearability and personal taste. The industry is at a critical juncture, pivoting from expansion-driven growth to a more qualityoriented approach, according to industry experts. Key players are focusing on creating value through innovative designs, compelling narratives and enhanced services. Value-based spending The year 2025 was a weak one for Chinese gold jewellery demand due to rising gold prices and muted spending – shaped by domestic economic uncertainty and heightened geopolitical tensions, according to the World Gold Council’s (WGC) Gold Demand Trends report. The report also showed a sharp deviation between volume and value measures of gold jewellery demand during the year in review. Demand plummeted to its lowest volume in over 15 years in the fourth quarter of 2025, with valueadded tax reform, a vapid economy and a late Lunar New Year compounding the impact of record-high gold prices. Collective annual spending on gold jewellery, however, reached US$39 billion, up 8 per cent year on year – the second highest on record behind the US$43 billion from 2013. “Consumers did not stop buying gold jewellery amid high gold prices,” said Sharon Weng, deputy branding director of Yuehao Jewelry Co Ltd. “The younger generation still recognises gold’s investment value, but they expect more in terms of aesthetics, self-expression and emotional resonance.” With price competition fading, future growth will rely on creating product value with exquisite designs and craftsmanship, conveying cultural significance as well as building trust through professional services, added Weng. Structural shifts redefining CHINA’S jewellery landscape | Sharon Kwok 郭芷雯 | 结构性变革重塑中国珠宝格局 China's jewellery market is experiencing a significant transformation. Amid global economic headwinds and domestic policy changes, the industry is recalibrating its strategies – banking on innovation, transparency and cultural resonance to engage modern consumers. 中国珠宝市场正经历重大转型。在全球经济逆风与国内政策调整的双重挑 战下，行业正重塑战略布局——依托创新驱动、透明信息与文化共鸣， 积极吸引现代消费者。
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