China: Jewellery Powerhouse
Current challenges notwithstanding, China remains an indisputable powerhouse in the international gem and jewellery scene.
On the manufacturing front, it is a major source of freshwater pearls, gold and a large variety of natural coloured gemstones. Cities such as Shenzhen and Guangzhou are bustling jewellery production hubs that cater to domestic and export demand. Chinese designers are increasingly making waves in the international market.
China likewise boasts a lucrative jewellery market buoyed by a growing middle class and high-net-worth individuals, offering a wealth of possibilities and business opportunities. Chow Tai Fook Jewellery Group has announced plans to open approximately 600 points of sales in mainland China in FY2020, mainly in lower-tier and county-level cities. Luk Fook Holdings (International) Ltd is also expanding its presence on the mainland with at least 300 net shop additions in FY2020. These will be mostly licensed shops in low-tier cities.