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Thai coloured stones and silver jewellery sector looks to China for growth

03 june 2020

Image credit: BKK Jewelry

The Commercial Consul, Royal Thai Consulate General in Shanghai has commented on the considerable potential for Thai jewellery to penetrate the Chinese market, adding that coloured stones and silver jewellery are gaining in popularity among young Chinese consumers who prefer modern designs.
Ms Jeeranun Hirunyasumlith, Commercial Consul, Royal Thai Consulate General, Shanghai, said that the COVID-19 situation in China is getting better and better. Various businesses, including those in the gems and jewellery sector, are gradually reopening while the Chinese public is returning to shops compared with the previous outbreak period.
China is the world’s second largest jewellery market after the U.S. The majority of high purchasing power consumers live in major cities such as Beijing, Shanghai, Shenzhen and Guangzhou. Gold is the most popular form of jewellery with Chinese consumers, as it can easily be converted into cash. Products with delicate designs are popular with younger Chinese consumers.
“Coloured Stones, especially rubies and sapphires, are very popular amongst certain groups of people in China’s jewellery market due to their delicate design, durability and uniqueness. Meanwhile, silver jewellery products with modern designs are becoming more popular with Chinese as gifts,” Ms Jeeranun said. “Following the COVID-19 outbreak, Chinese consumers are more cautious with their spending. This represents a further challenge for Thai entrepreneurs this year,” she added.
According to the China Luxury Report 2019, sales of Chinese’s gems and jewellery reached 585 billion yuan in 2018. Each generation reflects a different taste in jewellery. Those born in the 1960s and 1970s place great importance on brand names, while approximately half of those born in the 90s are content to try new brands so long as their products come in attractive designs and represent great value for money.
Ms Jeeranun emphasized that understanding markets and consumer needs, as well as choosing the right marketing strategies, are significant factors in determining successful business expansion into China’s jewellery market. China is a huge market with high competition from both local operators and world-class brands.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished