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Friday, 25th November 2005 (5436 views)

First China International Gold, Jewelry and Gem Fair has opened in Shanghai amid anticipation of upcoming tariff cuts.

The Chinese government is set to lower tariffs on jewellery imports, thereby drawing a lot of foreign attention to the market.

"China will be our biggest market in the future as it opens up with lower tariffs and more consumers begin buying jewellery products," Wolfgang Fchlogl, general sales manager of Stenzhorn Juwelen GmbH, told Shanghai Daily.

Under the World Trade Organisation's rules mainland China must lower its tariffs on gold, silver, pearls and coloured stones to under 21 per cent, rather than its current rates of over 30 per cent.

Earlier this month China held its fourth annual jewellery contest and its jewellery sector is burgeoning. China is predicted to become the world's largest jewellery market by 2010.

 

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