Yihan Ma
Research expert covering e-commerce and FMCG in Greater China
Jewelry market in China - statistics & facts
Being one of the oldest civilizations on earth, China has a history of jewelry production dating back 5,000 years. Historically, Chinese jewelry played an important role in rituals and betrothals. Today, jewelry remains a crucial part of Chinese people's daily lives, not only for enhancing their appearance but representing their socio-economic status. According to Statista's estimate, China ranked first among all jewelry markets in the world, with revenue exceeding 80 billion U.S. dollars.
Jewelry trade in China
Jewelry has been traded in China for centuries. Archaeologists uncovered evidence showing jade imports from western countries since the 13th century BC. During the Tang Dynasty (around the 7th century), numerous gemstones and gold were brought to China from Middle and West Asia along the far-famed ancient silk road. Today, China is one of the world's top jewelry import destinations and the largest jewelry exporter. In 2022, around 23.2 billion Hong Kong dollars' worth of jewelry was shipped from mainland China to Hong Kong for re-exporting to other countries, making it China's largest jewelry export destination. With an 80 percent increase that year, inlay jewelry remained the most exported jewelry type from China in 2021. That year, gold was China's most imported jewelry and precious metal, with an import value of more than 47 billion U.S. dollars.Jewelry consumption in China
China is the most massive jewelry consumer market in the world. In 2021, the number of jewelry consumers in China was expected to surpass 1.05 billion, nearly three-fourths of the country's population. The demand for gold, silver, and jewelry remained steady over the past year, with monthly retail sales hovering around 20 to 30 billion yuan. Besides wearing it for personal adornment, another major reason for Chinese consumers to purchase jewelry is for their weddings. A survey in 2023 found that around 84 percent of young people in China intended to purchase gold jewelry set for their weddings, followed by over 81 percent who would buy diamond rings or wedding rings. Jewelry retail in China is still dominated by offline channels. Nevertheless, consumers are increasingly opting to purchase jewelry online as a result of the growing e-commerce market. Between 2016 and 2020, the percentage of jewelry sales online nearly doubled. One of China's leading jewelry brands, Zhou Liu Fu Jewellery, saw its online sales share exceed 38 percent in 2022.
