Tiffany's store in Beijing (A. Aleksandravicius / Shutterstock.com)
China's gem and jewellery market is slowly reopening after months of Covid 19-induced lockdowns.
While trade and consumption levels will take a while to return to pre-coronavirus levels, the country remains a major supplier of all things jewellery-related. Companies and factories have been gradually reopening in the last few months, with various online initiatives enabling client engagement through most of the crisis.
China's production output runs from the vast range of gemstones, pearls and all categories of gold, silver and platinum jewellery to packaging, displays and jewellery-making machinery and tools, among others.
International players are also training their sights on China to buoy sales and consumer sentiment in the wake of market disruptions.
The recently established Natural Diamond Council, formerly the Diamond Producers Association, will introduce its new content-driven advocacy for 'Only Natural Diamonds' in the China market next month. The message will be reinforced by an advertising campaign later in the year.
Luxury jeweller Tiffany & Co credits its earlier investments to cultivate China's domestic market for its respectable showing in the country in the first quarter (February 1 to April 30, 2020) amid falling revenues elsewhere in the world.
CEO Alessandro Bogliolo noted that while global net sales fell some 40 per cent in May, its retail sales in China grew around 90 per cent that month. This comes on the heels of a 30 per cent year-on-year increase in April, following declines of 85 per cent and 15 per cent during the hardest-hit months of February and March respectively.
Tiffany's business in China was also bolstered by the sales-enabled website it launched for the market last July. Sales through this portal have grown sequentially every quarter since its launch, he added.