Wednesday, 9th March 2005 (4007 views)

Jewellery firms are becoming increasingly interested in China, with many keen to enter the area's huge potential market.

Recently the China (Shenzhen) International Gold, Pearl and Stone Exhibition, held in the Guangdong Province, attracted over 100 foreign companies.

In addition, participants themselves consisted of a large number of foreign companies, with the firms making up one third of total participants, according to Money Plans.

China's market is now building a large-scale competition for a big share in the gold jewellery and raw materials market and is now a world leading jewellery producer.

Exports reached $1.8 billion worth of jewellery in 2003 and China is now one of the biggest consumption markets in the world.

Gold demand reached 207.6 tonnes in 2003, whilst platinum demand and diamond jewellery demand have also increased.

Already Taiwan and Hong Kong companies have started jewellery businesses in mainland China and Italian pearl and jewellery firms are now looking to enter the Chinese market.

However, companies have not entered the market in the past due to the high import tariff rate for jewellery.

 

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