China’s Jewelry Sales Reach $26B in 2007

China’s jewelry sales reached approximately CNY 180 billion ($25.88 billion) in 2007, representing growth of about CNY 20 billion ($2.87 billion) a year from 2005, according to a report by research company Research And Markets (R&M.)

R&M added the ‘China Gold & Silver Jewelry Market Channel Report, 2007-2008’ to its research listings given the recent growth of the market.

Since 2003, the retail price index of China's gold and silver jewelry goods has risen continuously, at a higher rate than all other commodities, the report explained.

In 2007, China’s jewelry imports grew 35 percent to $6.2 billion, and exports grew 16.8 percent to $8 billion, M&R reported adding that sales of gold and silver jewelry kept a good momentum in the first quarter of 2008.

“That indicates China's jewelry market is increasingly prosperous and the import and export trade is continuously growing,” the report said. “China's position as one of world's main jewelry manufacturers and consumers has been further strengthened.”

By year-end, there were more than 10,000 jewelry retailers on mainland China, the majority of which were small outlets without independent brands and competitiveness, M&R said.

“So far, China's jewelry industry has become the third largest consumer hot spot preceded only by real estate and automobile industry,” the report explained.

M&R said statistics in the report were based upon those provided by the Gems & Jewelry Trade Association of China, the China Gold Association, the Shanghai Diamond Exchange, the Ministry of Commerce, the National Bureaus of Statistics and statistics bureaus at provincial or municipal level.
Source: diamonds