Jewelry Industry and Market in China
|Release time:2013-02-28 Source:admin Reads:|
Jewelry, the preferred product in Chinese wedding market, has presented robust performance bolstered by the demand for value preservation and enhancement in recent years and has become the fourth hot topic of consumption following home appliance, housing and automobiles in China. As of the end of 2011, backed by specialized made jewelry cards, the annual sales of jewelry in China exceeded RMB300 billion, an increase of 2.4 times from RMB88 billion in 2000.
Among the jewelry products, gold, platinum and diamond jewelry are the most popular. Additionally, emerald and pearl jewelry also garner particular attention from the market with the support of unique and delicatejewelry cards.
Gold Jewelry. China is the second largest gold jewelry consumer after India. The consumption of gold jewelry in China amounted to 357.1 tons in 2010, accounting for 62.5% of the national gold consumption; and the figure grew 27.9% YoY to 456.7 tons in 2011.
Platinum Jewelry. China ranks No. 1 in platinum consumption in the world for years and consumed 52.4 tons of platinum jewelry in 2011, making up 68.3% of the global total.
Diamond Jewelry. China starts late in diamond jewelry consumption but witnesses rapid development, and has become the second largest diamond jewelry consumer after the United States. The boom is principally propelled by the wedding market, especially the demand for diamond rings,jewelry cards and the investment market.
With the rapid development of society and economy, there is an increasing demand for jewelry in China ranged from wedding market to luxury market. Jewelry is undoubtedly changing people’s life no matter what function it serves. Someone said, “Chinese tends to reward themselves with slightly expensive products to make them feel different and exotic”. And that’s true. Today, jewelry is considered to be the representative of identity, social status and power, especially for women, playing a crucial role to show off on formal occasion.