China Jewelry Market Overview
Statistics & Insights
As one of the oldest cultures known to humanity, China’s craft in jewelry-making extends over five millennia.
Jewelry in ancient China held a great deal of significance in ceremonial practices and engagements.
In contemporary times, it’s an integral element of Chinese culture, symbolizing both aesthetic preferences and social and economic standing.
China dominates the global jewelry market, as per Statista, with revenues soaring past the 80 billion U.S. dollar mark.
Trade Dynamics of Chinese Jewelry
The trade of jewelry within China dates back several millennia.
Archaeological finds suggest that as early as the 13th century BC, China was engaging with the import of jade from western regions.
The Tang Dynasty saw a flourish of exotic gemstones and gold entering China through the legendary Silk Road from Middle and West Asia.
Presently, China ranks as a leading jewelry importer and stands as the top exporter globally.
In 2022 alone, jewelry exports directed to Hong Kong for subsequent re-export amounted to 23.2 billion Hong Kong dollars, making it the prime recipient of Chinese jewelry exports.
In 2021, inlaid jewelry exports from China surged by 80 percent, proving to be the most popular category, while gold topped the import charts with over 47 billion U.S. dollars’ worth coming into the country.
Chinese Jewelry Consumption Patterns
China takes the lead as the largest consumer of jewelry worldwide.
By 2021, the number of jewelry patrons in China was projected to exceed 1.05 billion—a staggering representation of nearly three-quarters of the entire Chinese populace.
The thirst for jewelry, including gold and silver, displayed stability, with retail sales consistently rounding the 20 to 30 billion yuan mark each month.
Jewelry in China is culturally significant, notably in matrimonial settings, with surveys in 2023 showing that roughly 84 percent of Chinese youth planned to buy gold bridal sets and over 81 percent intended to invest in diamond or wedding rings for their nuptials.
While traditional offline retail holds the majority in jewelry sales, the e-commerce sector has seen a notable uptick in popularity.
From 2016 to 2020, the proportion of jewelry purchased online saw a significant increase, almost doubling.
One of China’s top jewelry retailers, Zhou Liu Fu Jewellery, reported that its online sales constituted more than 38 percent in 2022, highlighting the shift towards digital platforms in the jewelry buying experience.
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