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News

  1. Q1 Gold Jewellery Demand Soft, Says WGC
  2. Jewellery Buying Groups Formed New Global Alliance
  3. Singapore to Host Jewellery & Gem World 2022
  4. ‘Wonder Woman’ Gal Gadot Premiered in Tiffany’s 2022 High Jewellery Collection
  5. Christie’s to Auction ‘The Light of Africa’ for $18M in June
  6. New Board of Directors were elected to Jewellery Exporters Association of Turkey
  7. Oroarezzo back with Première Competition
  8. ‘De Beers Blue’ auctions US$57.5M at Sotheby’s
  9. CTF launches Mother’s Day collection
  10. Jewelers of America Announces The 2022 CASE Award Winners
  11. De Beers: Diamond Businesses Staying Cautious About Business Expectations
  12. Synthetic Alexandrite Pioneer David Patterson Dies at 89
  13. 205 CARAT FANCY INTENSE YELLOW DIAMOND GENEVA MAGNIFICENT JEWELS | 11 MAY 2022
  14. Rebecca Foerster Appointed As President of Hearts On Fire
  15. US Steps Up Sanctions Against Alrosa
  16. PGI Study Findings: Consumers Have Different Interpretations of Sustainability
  17. Irving Wong Appointed as Pandora’s General Manager For China
  18. Rolex’s 6 New Watches Unveiled at Watches & Wonders Geneva
  19. Sixième Sens par Cartier High Jewellery: Heteractis Ring
  20. Will Russian Diamond Ban Help Foster Lab-Grown Diamond Business?
  21. Press Release: Ariana DeBose, Hunter Schafer and Zoey Deutch Shine in De Beers Jewellers at the Vani
  22. Press Release: Ariana DeBose, Hunter Schafer and Zoey Deutch Shine in De Beers Jewellers at the Vani
  23. JEWELLERY GENEVA Takes Place between 30 March and 3 April 2022
  24. Christie’s Presents 228 carat White Dimond
  25. Gold Bar Integrity Programme to be Implemented
  26. Press Release: BONHAMS ANNOUNCES ACQUISITION OF BRUUN RASMUSSEN AUCTIONEERS – DENMARK’S LEADING AUCT
  27. Early Spring Fashion for Natural Diamonds
  28. Jennifer Garner Shines in De Beers Jewellers at the Premiere in New York
  29. To celebrate its 15th anniversary, “Cartier Women’s Initiative Impact Report”
  30. American Gem Trade Association Announces Partnership with JCK Show Again
  31. Chow Tai Fook and Canada's Mountain Province Diamonds Sign Supply Agreement
  32. Registration Is Open for 2022 JCK Show
  33. Alrosa Caught Up in U.S. Sanctions
  34. Tawhid Abdullah Receives Lifetime Achievement Award
  35. The Largest Blue Diamond Appears at Sotheby’s Auction
  36. Price Rise for Nearly 90% Of Fancy Colour Last Year
  37. Dickson Yewn’s Collectibles Given for Sotheby’s Charity Auction
  38. De Beers Boosts Production
  39. Watches & Wonders Geneva To Be Held In Hybrid Format
  40. Jewellery, Gem & Technology Dubai to Debut February
  41. Hong Kong Losing its Dominance as the World's Largest Watch Market
  42. Gift Guide for CNY
  43. Press Release: Sotheby’s Announces New Appointments To Luxury Team In ASsia
  44. Georg Jensen Becomes a Certified Member of RJC
  45. 555.55-carat Black Dimond Unveiled at Sotheby’s Auction
  46. GIA Appoints Anna Martin as SVP for Institute, Industry Relations
  47. Alrosa Boosts Direct Sales of Fancy Diamonds to Investors
  48. CIBJO General Assembly postponed to March 17 and 18, 2022
  49. 7,525 Carat Emerald Discovered
  50. Karl Lagerfeld Jewellery Collections to Shine
  51. Diamonds Travel To The Space
  52. Vicenzaoro January postponed to March
  53. America’s Youngest Jeweller Starts Business via Instagram
  54. Concerns over conflict gold arise again
  55. The 1st International Gemstone & Diamond Trade Summit Wraps Up in Macao
  56. The Knot’s Study:Over 30% of Respondents Say Natural Diamond Unimportant
  57. Pantone’s 2022 Colour of the Year: Very Peri
  58. Phillips Jewellery Auctions Fetch over HK$181 Million
  59. The World’s First Pure Gold Castle of Magical Dreams by CHOW TAI FOOK
  60. Jewellery Sales Jumped 78% During the Thanksgiving Holiday
  61. Gem Auctions DMCC’s Debut Auction Successful
  62. Cartier’s Christmas Tree Lights Up the City with Love and Hope
  63. Rediscovering Lacloche in Hong Kong
  64. Blue diamonds to lead Christie’s HK autumn sale
  65. JMA show to stage next Thursday
  66. HK auction to help Cambodian kids
  67. Basel fair cancelled again
  68. HKDI show to continue in Dec
  69. Gemfields sells 7,500-carat emerald for good
  70. Sustainability is key to diamond purchases, a report says
  71. Christie’s Geneva jewellery sale fetches CHF53.7m
  72. Cibjo forms working group on fei cui standards
  73. Only Watch raises CHF30m for DMD research
Read More...


HIGHLIGHT

  1. US market unfolds changes and potential
  2. The queen of gems, the gem of queens
  3. Classics return

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  • Photo courtesy: Mining.com

China’s diamond industry – opportunities & challenges

China is a major jewellery producer and consumption market in the world. Jewellery has become a fast-growing luxury product thanks to the remarkable economic development and the increasing consumption in the nation. Professor Li Mu, dean of Jewelry College, Shanghai Jianqiao University, has recently conducted a study of the prospects and challenges on China’s diamond industry.

Figures from the Gems and Jewelry Trade Association of China suggest that the retail scale of jewellery in China in 2016 exceeded 500 billion yuan. The compound growth rate of jewellery over the past five years was around 13 percent, making jewellery one of the optional consumables marking the fastest growth. When it comes to market composition, according to Li, gold jewellery accounted for 50 percent, and the others were jewellery in platinum/k-gold, with diamonds, gemstones, jade, pearls and others.

During the period January-June 2017, a total of US$2.621 billion worth of diamonds were traded at the Shanghai Diamond Exchange (SDE), a 28.42-percent growth over the same period in 2016. The import volume of polished diamonds from January to June 2017 was 113.69 million carats, a year-on-year increase of 29 percent; in value term, the import amount was US$1.191 billion, representing an increase of 21.6 percent over the same period in 2016.

China’s jewellery industry started alongside the nation’s reform and opening to the outside world. Its development can be summed up as four stages, according to Li.

  1. Startup (1982-1993) – The industry was at the early stage of development.
  2. Opening to the outside world (1993-2003) – Under the policy of market-oriented reform, foreign brands such as Chow Sang Sang, Chow Tai Fook gradually entered China market. The industry experienced a speedy growth.
  3. Development (2003-2016) – Symbolised by the policy implementation of SDE and the formation of the Shanghai Gold Exchange, the diamond jewellery and precious metal product market was opened comprehensively. The industry stepped into a fast-developing stage. A large number of domestic jewellery enterprises of national brands emerged.
  4. Innovation (2016-present) – This stage is symbolised by the reform at supply side and the growth of independent brands, together with financial capital, Internet and design innovation, domestic and overseas merger and expansion. The industry has stepped into a new stage where it is evolving from a jewellery power to a jewellery superpower.

He pointed out five opportunities and four challenges that are facing China’s diamond industry nowadays.

Opportunities:

  1. World financial crisis and the shuffling of global jewellery industry may bring domestic and overseas merger
  2. China’s economic development and structural adjustment at supply side may stimulate innovative ability
  3. The structural adjustment of China’s jewellery industry might be complete first – private mechanism.
  4. The propelling force of Internet and finance may help boost industry growth
  5. The expansion of domestic and overseas markets – the ‘Belt and Road’ Initiative and BRICS

Challenges:

  1. Foresight, strategy and philosophy
  2. Policies and government policy (especially on jewellery and jade)
  3. Talent and responsibility of education
  4. Synthetic diamonds and consumer confidence

 Millennials, some just started their career while others becoming middle-aged, will become the largest spending group for luxury goods. Professor Li said in 2016 the millennials spent nearly US$30 billion in buying diamond jewellery in the top three markets, accounting for 45 percent of the total retail of diamonds in these markets. In the United States alone, their demand for diamond jewellery increased from US$10 billion in 2011 to US$15 billion in 2016.

He added that the millennials have presented certain consumption mode in which self-purchasing of diamond jewellery has become an important and increasingly growing trend. Diamonds purchased by them in 2016 accounted for 32 percent of the sales amount of non-bridal diamond jewellery in the States. These trends, according to Li, were completely different from the purchasing behaviour of the previous generations. Therefore, the diamond industry needs to take effective measures to keep millennials’ demand for diamonds growing.

There have been occasional reports on undisclosed synthetic melees being mixed in parcels of natural diamonds. Despite the presence of advanced synthetic diamond screening devices and technology, dishonest trading of synthetic stones is still an issue for the diamond industry. Professor Li has given insights into how to deal with synthetic diamonds in China:

  1. To protect the benefits of consumers and enterprises and maintain consumer confidence by way of legislation in the world
  2. To facilitate industrial specifications, to encourage collaborations between international and national industry organisations to formulate industry standards, trading rules, manufacturing practices, information disclosure, consumers’ right to know, etc
  3. To strengthen technological input and research jointly-done by industry giants (such as De Beers, Alrosa and Rio Tinto) and universities/colleagues
  4. To appeal to the Kimberley Process under the framework of the United Nations to reinforce the contents concerning the supervision on synthetic diamonds
  5. To appeal to the industry to establish and promote a diamond tracing system, and ensure the uniqueness and authoritativeness of diamond sources
  6. To unite international laboratories such as the Gemmology Institute of America, HRD Antwerp, the National Gemstone Testing Center, the International Gemological Institute, etc, for certificate standardisation

 

 

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