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Wednesday, 31st March 2004 (7298 views)

Reports in China Daily today suggest that Chinese jewellery consumption is continuing to grow at a rapid pace, with gold still a firm favourite.<BR/><BR/>The current annual consumption of gld now stands at 240 tons, putting the country at third place in the world.<BR/><BR/>Indeed, the total annual market is expected to be worth 200 billion yuan (US$24.2 billion) in ten years doubling the existing level of 100 billion yuan. <BR/><BR/>"Judging by this speed, sales in 2013 may double," explained deputy secretary-general of the association Wang Yongqing during the Jewellery Shanghai 2004 convention. <BR/><BR/>"Nowadays China is a big consumer market for jewellery," he added. <BR/><BR/>The exhibition itself has attracted around 200 jewellery producers from 21 countries and areas, with organiser Hou Jie hailing the commercial and networking opportunities for the industry.<BR/><BR/>"The exhibition this time is an opportunity for the sale and production of jewellery," he declared. <BR/><BR/>The jewellery sector has been helped by the growing fashion for wearing platinum, as well as new diplomatic moves such as the CEPA (Close Economic Partnership Arrangement) launched between the mainland, Hong Kong and Macao.<BR/><BR/>Under the terms of the agreement the tax for jewellery in the areas dropped from 35 per cent to zero if the products meet the requirements of China Customs.

 

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