China’s jewellery industry is now playing an increasingly important role in the global jewellery market, thanks to the country’s growing domestic market and surging jewellery exports over recent years. According to statistics from the International Trade Centre, China exported over $13 billion worth of jewellery products in 2016. It’s currently ranked as the largest jewellery exporter in the world, representing over 14% of world’s jewellery exports. Many leading jewellery manufacturing companies and online stores in China’s jewellery industry have also increased their shipments to the global market over recent years.
When it comes to the domestic jewellery market, China’s National Bureau of Statistics reports that the total retail sales revenue of jewellery products in China, including gold, silver and other precious metals, totalled 327 billion yuan (US$48.6 billion), in the fiscal year of 2016-2017.
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Over the last decade, China’s jewellery industry has grown from a small processing sector serving a national market to one of the largest jewellery manufacturers and exporters in the world. Throughout the 2000s, both the domestic market for jewellery sales in China and jewellery exports to the global market have increased by a staggering 30% compound per annum on average. Despite the slump in the price of gold around the world in 2013, the market still achieved impressive growth of 72%.
Today, China’s jewellery sector offers a vast variety of jewellery products to the global market, including significant quantities of gold, platinum and silver, which is increasing the value of these metals globally. China’s booming jewellery industry also offers a lot of non-precious metal jewellery products, such as processed copper and aluminium, which the country produces in vast quantities as well.
In recent years, brands in the Chinese jewellery industry have made bold strides in their development via e-commerce platforms. Some major jewellery brands such as Chow Tai Fook and Chow Sang Sang are all selling online via Tmall.com. Chow Tai Fook is also running its own online B2C shop. Despite the recent explosive growth of e-commerce in China, the fact that online sales of jewellery currently account for 5% of the jewellery industry total demonstrates that the market is still dominated by traditional brand-name jewellery stores.
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