History of the Chinese Jewelry Market
March 31, 07 by
By Ken Gassman
Although the Chinese jewelry business has a long history, it was only in the early 1980s that the current consumer market began developing. Prior to that time, the jewelry market in China consisted solely of gold jewelry, reflecting the traditional Chinese concept of buying gold for saving. Around 1980, total sales of fine jewelry in China totaled less than $100 million, and the market was limited to a small number of dignitaries who purchased jewelry as a luxury gift for their spouses. From 1980 to 1990, the market was dominated by fashion gold sales. By the early 1990s, demand expanded to include jewelry, which featured diamonds, jade, pearls, and other precious stones.
In 1993, De Beers entered the Chinese market, and a year later, the International Platinum Association introduced platinum jewelry to local consumers. Since then, the consumer market for jewelry has soared.
Fueled by economic growth and increased personal consumption, jewelry has emerged as the third largest consumption item in China behind housing and automobiles.
Consumers in China now buy jewelry for emotional reasons rather than simply as a means of value preservation. As a result, many professional jewelry producers and distributors have emerged to meet this new-found market demand, as Chinese shoppers have placed greater value on the technological upgrading, design, style, and personality of jewelry.
