China jewelry market was valued at USD 89.41 billion in 2023, expected to reach USD 163.30 billion in 2031, with a CAGR of 7.82% for the forecast period between 2024 and 2031. The market is one of the biggest and most fluctuating in the whole world, associated with a rich background of culture and a fast track to modernization. It includes various kinds of products including gold, diamond, platinum, and silver ornaments. The market has witnessed substantial expansion owing to increasing urbanization and establishment of robust middle class. Some major players have control over this field, taking advantage of vast distribution channels and strong brand recognition. Other than the local well-recognized players, global players are competing to gain the majority share in the country’s market by introducing innovative designs to potential buyers. For instance, in April 2023, Hermès International displayed its seventh collection of high jewelry at Hermès Maison in Shanghai. The new collection, Les Jeux De L’ombre, contains 39 pieces of jewelry and is designed by the creative director of the company’s jewelry, Pierre Hardy.
There is an evolution in consumer preferences which impacts China’s jewelry market as the demand for unique, personalized high-quality designs keeps on increasing. Additionally, young people are more inclined towards branded and fashionable pieces of jewelry, thereby increasing innovation and use of e-commerce for sales.
Global trends and consumer awareness have made sustainability and ethical sourcing key considerations. China jewelry market, despite challenges, such as fluctuating raw material prices and economic uncertainties, still thrives with a wide range of prospects for both established and new companies.
Collaborations between International Brands and Local Designers Spur Market Growth
The growth of China jewelry market is being driven significantly by collaborations between international brands and local designers. Such collaborations unite global luxury with Chinese traditional craftsmanship, making them appealing to both locals and foreigners. On the contrary, international brands avail themselves of local designers’ cultural insights and design capabilities to produce collections that relate closely to Chinese aesthetics and values. For instance, in January 2024, for the Chinese New Year capsule collection, Spanish fashion company Loewe S.A. collaborated with three Chinese jade carvers. The Chinese jade carvers were appointed to produce a limited-edition, hand-carved pendant set on an 18K gold chain, drawing inspiration from the art of ancient jade sculptures.
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Through these partnerships, local designers gain access to advanced methods in design, which help raise the profile of their brands and help them reach further. In this way, it has become possible to create jewelry with an original flavor that is rich in culture and is able to adapt quickly to the tastes of modern young demography who is searching for something extraordinary yet durable in quality.
Celebrity Endorsements Lead to Market Expansion
China jewelry market is expanding mainly due to the pivotal role played by celebrity endorsements. Endorsements from recognized celebrities and influencers increase brand visibility and build brand credibility for luxury jewelry making it more fascinating to a broader audience. Aspiration and glitz are part of what these celebrities come with, thus relating to people who admire or want their lifestyles as they are.
In China, the power of social media and celebrity culture is immense, and therefore the endorsement from popular figures has a direct impact on sales and brands, creating an immediate rise in demand. Celebrities often post their jewelry choices on their social media handles igniting buzz among consumers. This enhances the image of the brand and makes it accessible to younger generation inclined towards fashion that is active on these platforms.
Moreover, what a celebrity endorses is always accompanied by stories that express the values, craftsmanship and heritage of the brand to make an emotional bond between the consumer and the brand. By engaging with popular figures from within various disciplines, such as fashion, jewelry houses establish an identity that distinguishes their craftsmanship and style.
In July 2023, Qeelin Limited signed the Korean singer and actress, Yoona Lim, as its brand ambassador. Wearing Qeelin Wulu pendant, earrings, bracelet, and ring, Yoona precisely combines to convey Qeelin’s philosophy of harmony and balance in the released images.
Gold to Dominate China Jewelry Market
a long time now, gold has been a sign of wealth and well-being in China and is therefore preferred most in making ornaments during traditional occasions such as marriages and important significant events such as birthdays. Gold is, therefore, not just another piece of jewelry or fashion accessory but also an investment that modern-day women wear with pride.
Further, factors such as urbanization and increased disposable incomes drive the demand for gold jewelry in China. The growing customers’ preference for fine gold ornaments is expressed through perception of such items as a status symbol and a secure investment. Leading brands are expanding their gold collections to include a variety of options catering to different tastes of consumers from traditional to modern.
Although materials such as diamonds and platinum are increasingly popular, gold still stands out in China jewelry market due to its continuous cultural significance and long-term worth.
In September 2023, Tiffany (Shanghai) Commercial Co., Ltd. launched a new capsule collection called ROSÉ Edition, using rare pink sapphires and 18 carat rose gold. The unique creations come in four distinct patterns and are inspired by global superstar and House ambassador ROSÉ. Featuring elegant designs, the capsule is available in small or medium-sized versions as pendants, earrings, and a traditional lock bracelet.
Future Market Scenario (2024 – 2031F)
- Technological advancements and the expansion of e-commerce will play crucial roles in shaping the market landscape. E-commerce shopping is set to become more convenient, attractive, and involving for people who know their way around technology through online platforms and digital innovations like augmented reality (AR) for virtual try-ons.
- The market will continue bringing new and culturally relevant collections with international brands and local designers working together. Both local and global audiences are expected to find these collections appealing.
Report Scope
“China Jewelry Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of China jewelry market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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