PEARL REPORT 2021

PEARL REPORT | 42 | 2021-2022 MARKET INTELLIGENCE Leaders The pandemic effectively changed the jewellery industry and in the long term, market share will be further consolidated in favour of industry leaders. In 2020, some small and medium-sized pearl companies whose offline channels were severely hit by the crisis had to close their stores. Bigger companies – owing to their strong resources and capabilities to deal with a pandemic – adapted to the situation. They continued to expand offline channels at a lower cost and seize additional business. Through effective branding strategies and a broader reach, these leading companies could further enlarge their share of the market over time. Consumers are more inclined to purchase jewellery and other valuable accessories from well-known brands for more authenticity and protection, lending further credence to business scale and channels in capturing more sales. Consumer trends The domestic pearl market has developed significantly since the 2008 financial crisis. With the continued improvement in people’s living standards and evolving preferences for products and services, young buyers are expected to purchase more jewellery for daily wear. Millennials and Gen-Z’s have become main consumers, which greatly contributed to the modernisation of the pearl market. The younger generation’s consumption habits differ from those of middle-aged people who pursue value preservation. Instead, they pay more attention to personalised design and wear jewellery to reflect their personal style and taste. On-trend designs helped expand the reach of pearl jewellery to a wider audience. Buyers have also become more adventurous, choosing non-traditional pearl colours such as eggplant purple, brown and platinum grey, to name a few. Pearl jewellery priced from RMB500 to RMB3,000 (around US$72 to US$435) are the fastest moving in the domestic market. Mixing and matching of pearls and other jewellery materials is also popular among the younger generation. In addition, opportunities to buy jewellery are no longer confined to traditional events like weddings and Chinese festivals; people are also purchasing jewellery to celebrate love, friendship and for self-gifting. “Pearls will continue to be marketed as a must-have piece of jewellery like gold and diamonds. Pearls can be given as gifts on Mother’s Day, wedding anniversaries and other ceremonies to mark these special occasions,” noted Tu of the Shenzhen Pearl Trade Association. 中 國珠寶玉石首飾行業協會 (GAC) 發佈的《 2020 中國珠寶產業發展報告》資料顯示， 2020 年中國珍珠首飾零售額達到 150 億元人民幣，約佔全國首飾銷售額的 2.5% 。依託珍珠產地養殖業的發展，中國珍珠產業逐漸形成，包括以江蘇、浙江為 核心的淡水珍珠產業群，還有以廣西、廣東及海南為核心的海水珍珠產業群。其中，浙江省諸暨市已成為淡水珍珠樞紐，被譽 為“中國珍珠之都”。當前中國珍珠市場主要由生產地、城市批發中心、出口貿易中心(中國香港)，以及廣泛分佈的珍珠商店 組成。 From left: Pearl jewellery set by Sparklin Jewellery; Tahitian pearl and diamond earrings by Shenzhen Matis Jewelry Co Ltd 左起： Sparklin Jewellery 的珍珠首飾套裝；深圳 Matis Jewelry Co Ltd 的大溪地珍珠及鑽石耳環