MARKET INTELLIGENCE 市场情报 40 | JNA March 2026 在金价长期处于高位和消费支出趋于谨慎的背景 下，2025年中国珠宝需求持续低迷。事实上，随着 现代消费者赋予购买珠宝的全新定义——更注重 情感联结、日常佩戴频率和表达个人品味，中国珠宝市场正 经历一场深刻的转型。 行业专家指出，珠宝业正处于关键转折点，从以规模扩 张为导向的粗放式增长，转向以质量效益型为核心的发展 模式。各大企业正致力通过创新设计、引人入胜的品牌故事 和升级服务来创造价值。 价值消费 根据世界黄金协会(WGC)发布的《2025年全球黄金需求 趋势报告》，2025年中国金饰需求疲软。受累于国内经济不 确定性及地缘政治紧张局势加剧的影响，消费者普遍采取 保守的消费态度，进而导致金饰需求不振。 报告又指，过去一年中国金饰需求呈现“量跌价升”的鲜 明分化。受黄金增值税新政实施、经济增长乏力及2026年春 节偏晚、金价屡创新高等多重叠加因素影响，导致2025年第 四季度中国金饰需求跌至逾15年来最低水平。然而，中国金 饰年度消费总额仍达390亿美元，同比增长8%，创历史第二 高纪录，仅次于2013年的430亿美元。 深圳市粤豪珠宝有限公司品牌副总裁翁祥榕指出：“即 便金价高企，消费者并没有停止购买黄金。新一代消费者依 然高度认可黄金的保值属性，但他们对美学表现、自我审美 表达与情感价值提出了更高要求。” 她补充道，传统以克重和价格为主的竞争方式正在逐渐 失效，未来的增长动力将来自以精湛设计与工艺创造产品 价值、融入文化叙事，并通过专业服务与客户建立长期稳定 的信任关系。 中国珠宝玉石首饰行业协会(GAC)秘书处产业战略研究 部主任姜华则表示，2025年珠宝市场两极分化，一是以高级 珠宝、古法非遗技艺金饰等为代表的高端消费市场稳健增 With material and technological advancements bolstering jewellery manufacturing innovation, NGTC expanded its scope from raw material research and standards to establishing more comprehensive craftsmanship standards. “Today, jewellery testing must extend beyond traditional material certification standards to include traceability throughout the supply chain – a critical concern of consumers. This involves tracing the origins of raw materials,” Meng added. To address transparency challenges, NGTC introduced its “Gold Jewellery Traceability Digital Solution" in November 2025, which integrates anti-counterfeiting authentication, process optimisation and asset digitalisation. “This initiative tackles the industry's trust issues and enhances transparency in product information,” Meng explained. Each jewellery piece is assigned a unique digital identity through the "Baoyuan Code" – a blockchainbased digital certificate that securely records its journey throughout the supply chain, acting as a digital passport. By tracking the information, full visibility is achieved across production and distribution networks. The solution has demonstrated commercial viability, with over 1.85 million digital certificates issued in collaboration with Chow Tai Fook Jewellery Group. Strategic priorities Despite market pressures, the industry’s dedication to innovation has become a strategic imperative. According to GAC data, effective jewellery patents maintained a compound annual growth rate exceeding 3 per cent, ranking first globally in both volume and growth rate. Also, 2025 saw a notable shift in investment towards fundamental research – focusing on craftsmanship techniques, manufacturing equipment, material performance and digital integration – areas that demand significant capital and extended development timelines. “Innovation-driven growth has emerged as a critical strategy for most jewellery enterprises,” said GAC’s Jiang. “There is widespread industry consensus that innovation is the primary driving force propelling the jewellery sector towards high-quality advancement." Jiang believes that digital transformation and the application of artificial intelligence (AI) in the jewellery industry could provide significant strategic opportunities for future development. “Digital advancements such as virtual try-ons, immersive displays, AI-powered custom design, smart retail and the like will drive the creation of new consumption scenarios and business models within the jewellery industry,” Jiang explained. Despite various challenges, including the unpredictable global economic landscape and fluctuations in raw material and precious metal prices, China’s jewellery industry’s core strengths, solid jewellery culture, new initiatives and innovations continue to inspire optimism. “When navigating market shifts, the focus should be on product portfolio planning, store network optimisation, branding enhancement, and investments in digitalisation and omnichannel strategies. These efforts need to be refined and enhanced to align with changes in consumer demographics and market dynamics,” Jiang remarked. Innovation-driven growth has emerged as a critical strategy for most jewellery enterprises. - Jiang Hua, director of Industrial Strategy, Gem and Jewelry Trade Association of China (GAC)
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