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Prospect of the Jewelry Industry in China

Date:15-11-2013

As a result of the economic slowdown and mounting gold prices, the jewelry industry in China has witnessed a decline. Growth has slackened in recent years and the total sales volume in jewelry has gone down. In 2011, the sales volume of China’s jewelry market was 40.7% while the sales volume was 19% in 2012. Despite the decline in sales, China is the fastest growing market for gold jewelry in the world. In 2012, China accounted for around 502.75 tons of gold jewelry demand in the world. The preference and popularity of gold jewelry is such that it accounts for nearly 50% of total jewelry sale in China.

China’s Jewelry Market
The jewelry market in China can be segmented into metal jewelry, precious stone jewelry and other jewelry. The metal jewelry sector can be further sub-divided into precious metal jewelry, non-precious metal jewelry and thin-film jewelry. Jewelry made out of precious metals such as gold, silver and platinum are termed as precious metal jewelry. The sale of such jewelry is the highest in the nation. According to reports, gold jewelry is the most popular jewelry in China amongst all precious metal jewelry. The demand for gold jewelry in attributed to the popularity of gold in traditional Chinese wedding. Consumers also consider gold to be a safe investment that would guarantee returns in tough times.

Due to extensive marketing of platinum as a rare and high-end metal, the interest of consumers in platinum jewelry has increased in recent years. The growth of manufacturers stock in platinum jewelry and expansion of the retail network were the key factors for increase in sale of platinum jewelry in China. Currently diamond jewelry is mostly used in making wedding jewelry. The sale of diamond rings account for 70% of total diamond jewelry sale in China.

According to Euromonitor, the leading jewelry brands in China include Chow Tai Fook, Chow Tai Seng, Chow Sang Sang, Lao Feng Xiang and Luk Fook. Chinese consumers attach a great value to the purity of material, design and workmanship while choosing jewelry. Both domestic and international jewelry brands needs to focus on the preference and buying patterns of consumers to do well in the Chinese jewelry market.

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