Wednesday, 31st March 2004 (5058 views)

Experts predict that jewellery consumption in China will reach 200 billion yuan ($24.2 billion) in ten years.

Sources with the Gemmological Association of China told China Daily that jewellery sales in the country stood at 100 million yuan in 1982, rising to 100 billion yuan today.

"Judging by this speed, sales in 2013 may double," Wang Yongqing, deputy secretary-general of the association, forecasted. "Nowadays China is a big consumer market for jewellery."

The Chinese jewellery industry has historically had problems developing, but has boomed since 1982. Between 1982 and 1991 gold ornaments dominated the market and gold still remains a popular commodity.

Speaking during the Jewellery Shanghai 2004 convention, Hou Jie, general manager of Broadway Exhibition Service, said: "Amid such a background, the exhibition this time is an opportunity for the sale and production of jewellery."

China is third in the world in terms of gold consumption, which currently stands at 240 tons a year, while sales of diamond ornaments are at 10 billion yuan a year and platinum consumption has reached 1.5 million ounces.

With CEPA (Close Economic Partnership Arrangement) launched between the mainland, Hong Kong and Macao, the tax for jewellery in the areas drops from 35 per cent to zero if the products meet the requirements of China Customs.

Over 200 jewellery producers from 21 countries attended the Jewellery Shanghai 2004 convention.

 

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