MARKET INTELLIGENCE 市场情报 JNA March 2026 | 39 Jiang Hua, director of Industrial Strategy at the Gem and Jewelry Trade Association of China (GAC), highlighted steadily growing demand for high-end pieces, including heritage gold and bespoke fine jewellery. Meanwhile, the fastmoving jewellery segment – characterised by lightweight pieces, lower average transaction values, new designs and frequent purchases – witnessed robust consumption and growth momentum. Market reforms Chinese jewellers likewise adjusted business strategies, with a focus on innovation, noted Jiang. Major retailers optimised their store networks by reducing the number of outlets, closing underperforming stores to concentrate on profitability per square metre and streamlining management, aiming for more sustainable and stable operations. This reflected a broader structural change, from pursuing quantitative growth to implementing an approach that is centred on quality and efficiency. Meanwhile, a value-added tax (VAT) policy change for gold, platinum and diamond products introduced in the fourth quarter of 2025 imposed a tax burden on jewellery sales, fundamentally reshaping market dynamics. While WGC said the policy change discouraged demand and promoted a shift towards gold investment items, Jiang of GAC noted the policy’s long-term positive impact. “This tax adjustment will foster a more standardised, fair, transparent and competitive environment for the gold jewellery market,” Jiang emphasised. These policies will lead to clearer distinctions between investment products and jewellery pieces, prompting a restructuring of the supply chain, with trade exchange members (banks and major jewellery brands) gaining increased market influence. “With the VAT changes, relying on price competition to gain a competitive edge will make enterprises increasingly passive. Manufacturers and retailers must enhance market competitiveness through ‘value creation’ as the core of their business strategy, focusing on product innovation and improved services,” said Jiang. Product evolution Evolving consumer demographics driven by generational changes have accelerated product evolutions, with US$39B 390亿美元 Collective annual spending on gold jewellery in China in 2025, according to the World Gold Council (WGC) 根据世界黄金协会的数据，按价值计算， 2025年中国金饰需求总金额 Gen Zs emerging as a significant consumer segment. Their purchasing priorities clearly extend beyond simple material gratification. “Young consumers seek products infused with technology, environmental consciousness, social responsibility and cultural significance,” Jiang noted. “The jewellery they buy must possess scenario-based applications, personalisation and emotional solace – serving as more than just material possessions. These evolving consumer habits are opening new avenues for growth in the jewellery sector.” This, in turn, fuelled demand for lightweight, affordable pieces with rapid design updates and increased purchase frequency. A shining example is hard pure gold jewellery, which offers access to younger buyers while maintaining profitability for jewellers. Meanwhile, collaborations with entities owning intellectual property rights, designs inspired by intangible cultural heritage, modern Chinese aesthetics, and partnerships with lifestyle brands resonate strongly with younger demographics, unlocking unexplored growth opportunities beyond conventional market segments. Testing and authentication Consumers likewise place a premium on product authenticity and procedures in place to address quality issues as they arise, according to Meng Xiaojun, chief economist of the National Gemstone Testing Center (NGTC). However, she observed changing perceptions regarding product quality. The rise of a younger consumer base alongside selfindulgent consumption, and the popularity of "Guochao" style (designs infused with traditional Chinese cultural elements and aesthetics) prompted the market to offer an array of cultural products. Hence, consumers no longer focus solely on authenticity and material quality. “Consumers now care more about product design, cultural relevance, craftsmanship and technological innovation, resulting in heightened demand for jewellery testing,” said Meng. They are also demanding higher levels of artistry while paying greater attention to standardisation of craftsmanship and intellectual property protection.
RkJQdWJsaXNoZXIy NjAxOTU=