-2.4%, this is the year-on-year increase in the retail sales of gold, silver and jewellery in China in the first two months of this year. After a double-digit growth of more than 30 years, China's jewelry industry suddenly slowed down the "steps" of running. What happened to consumers in the gold jewelry market? Where should the practitioners go? The spring of the jewelry industry is a bit cold The “2015 Beijing Spring Jewelry Show†just ended on April 3. Compared with the previous sessions, the reporters at the exhibition site were deeply impressed. Visitors are sparsely populated, and their popularity is much lower than in previous years, while customers who only ask not to buy take up the vast majority. Coincidentally, at the Hong Kong International Jewellery Show, one of the world's largest jewellery and trade platforms held last month, the traffic volume also dropped by 20% to 30%. Buyers are more wait-and-see and have a cautious attitude. In fact, the “chill†of the gold and jewellery industry has already appeared last year. According to a survey of more than 600 jewelry companies by the China Jewelry and Jade Jewelry Industry Association, sales of more than 90% of the companies in 2014 fell by more than 10% year-on-year. “2014 is destined to be a sensitive point in the turning point of the jewelry industry.†The China Bao Association report pointed out that the crisis of severe market surplus and the lack of industrial transformation and upgrading have made the survival of jewelry enterprises in 2014 unprecedented. Although jewelry companies of different formats and sizes feel different, and jewelry products of different categories and varieties are unevenly heated, everyone generally feels the downturn in sales. "Crazy stone" has become a thing of the past. However, in the global economic downturn, China remains one of the most important and potential jewellery markets. In 2014, China's gold consumption was 886.09 tons. Although it has dropped significantly year-on-year, it is still the fastest growing gold market in the world today, and over the past year, India has become the country with the most gold purchases. From the perspective of gold trading volume, the Shanghai Gold Exchange has grown into the world's largest on-market real gold trading market. In terms of diamond trading, China surpassed Japan in 2011 and became the second largest diamond consumer after the United States. At the same time, China is also the world's largest diamond jewelry processing and the second largest diamond polishing site. The "Annual Diamond Market Report" jointly issued by the Antwerp World Diamond Center (AWDC) and Bain recently announced: "China has become a well-deserved diamond jewelry manufacturing center." In addition, as the largest pearl farming country, China's annual pearl production is about 800 tons, accounting for more than 95% of the global total. According to statistics, the total sales of China's jewelry retail market in 2014 is not less than 500 billion yuan. With the increase in the income and living standards of our residents, the consumption of gold and jewellery will inevitably increase further. “We are very optimistic about the growth of the Chinese market,†said Philip Merière, CEO of De Beers, the world's largest diamond producer, recently. There are even foreign media predictions that the demand for jewellery in China and India will increase further in the next few years, and there may be a shortage of supply in 2019. What kind of jewelry is popular “Several joys and sorrows†is a true portrayal of the current jewelry industry. Gold and silver, diamonds, red sapphire, emerald, white jade, jade, pearls, beeswax... The variety of jewellery is quite rich, and the focus of the market is constantly changing. At present, the coldest non-emergency market is none other than. According to the statistics of Zhongbao Association, the sales performance of most jade companies has been reduced by 30% to 60% compared with 2013, and a considerable part of the loss operation. In the past, the situation of merchants “buying jade like buying cabbage†is gone forever. Since last year, due to the weak market, important jade wholesale places such as Jieyang and Shenzhen in Guangdong have been slow-moving. In addition, white jade, agate and other jade sales markets have also seen a small decline. The “bear market†in the jade market has lasted for three or four years. Many jade shops in Urumqi have advertised “20% off sale†and “tears sellâ€, but there are still not many customers in the store. The black horse South Red Agate that suddenly broke out in the past few years has been hot for a while, but now it is facing a situation of sudden decline in popularity and pricelessness. However, throughout the market, there are still many types of jewellery that are still favored by consumers. After visiting the counters of several jewelry cities and shopping malls in Beijing, the reporter found that there was a significant increase in the number of shop counters and merchandise in a category compared to previous years, that is, colored gemstones. Colored gemstones are a large family of "large numbers." Among them, there are noble jewels such as colored diamonds, rubies, sapphires, emeralds, and gold emeralds, as well as high-end gems such as tourmaline, garnet, spinel, tanzanite, and olivine. However, compared with the mature markets of hundreds of thousands of foreign countries, the perception of colored gems by domestic consumers has just started. As China becomes more international, people's willingness to spend and invest in colored gemstones is also growing rapidly. However, compared with the skyrocketing price of “Jade rocket speed†in the past few years, the price of colored gemstones has grown very smoothly, leaving enough room for growth in the market for Caibao. Industry upgrade is an urgent task Under the hot market atmosphere, enterprises lack the endogenous power of industrial transformation and upgrading. Once the market is cold, the industry will think and adjust. In this process, a group of enterprises will “die†and a group of enterprises will “stand up†better. At present, the development of China's gold jewelry manufacturing industry is still in the extensive stage, the price of raw materials occupies a large share of product prices, and the design and process level is difficult to reflect in product prices. This makes the whole industry highly homogenized, low gross profit margin, and sensitive to fluctuations in raw material prices, which is one of the root causes of the current jewellery industry crisis. How should the industry solve the dilemma? A scene of the “2015 Beijing Spring Jewelry Show†is worth pondering: On March 31, perhaps due to the light rain, the visitors of the exhibition were exceptionally rare. After browsing through the booths, the reporters found that the audience would rush to see the exhibition. Stay in front of several booths of the Taiwan Pavilion for a long time and fully communicate with exhibitors. The reason is still "unique". The materials are also traditional materials, such as jade, coral, diamonds, colorful treasures, etc. The finished products after inlay processing are very unique, and the unique design makes it possible to distinguish them from ordinary jewelry at a glance. Although the price is high, it still attracts the attention of many buyers. Industry insiders said that the development of Taiwan's jewelry industry has implications for the mainland. About a decade ago, Taiwan's jewelry market was also in the primary stage of development. Today, almost all problems encountered in the mainland jewelry industry can be found in the Taiwan market at that time. Taiwan's market capacity is limited, and extensive development has quickly deteriorated the entire industry environment. The Taiwanese industry has had to reshuffle. After the pain, the Taiwanese jewelry industry has been renewed with a unique design and high-level craftsmanship. Today, Taiwanese craftsmanship and Taiwanese design have become synonymous with exquisiteness and uniqueness. In addition, the "China Urban Consumer Survey: Jewelry Purchase Model and Hong Kong Advantage Report" released by the Hong Kong Trade Development Council recently also brought inspiration to the industry. According to the report, domestic female consumers are more motivated to wear jewellery in recent years. Practitioners can match market needs in style design and materials, such as designs that are light, stylish and easy to match with clothing, or Can work with fashion apparel brands or designers to launch a limited range of products. In terms of material application, K gold can be used instead of gold to attract young people or consumers with low purchasing power. In fact, small accessories such as pendants in diamonds, jade or other gemstones are also suitable for young consumers to wear everyday. Consumer demand for experiential consumption has increased significantly. Practitioners should pay attention to the consumer experience, such as changing the store's decorative design, creating a more comfortable shopping environment, or making more use of the store space for experience promotion activities. “The jewellery industry is a beautiful industry for people. Creativity and innovation are the main driving forces for maintaining the sustainable development of the industry.†As Bi Lijun, director of the National Jewelry Quality Supervision and Inspection Center, said, in order to break through the predicament and realize the benign development of the jewelry industry, It is necessary to achieve industry leadership in innovative design.
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August 23, 2021