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    Greater China
     Mar 8, 2005
Glittering jewelry potential lures foreign firms
BEIJING - Foreign pearl and jewelry companies are showing growing interests in China, expressing a strong desire to enter this huge potential market.

The recent China International Gold, Pearl and Stone Exhibition held in Shenzhen City in South China's Guangdong povince attracted participation of more than 100 foreign companies. These firms accounted for one third of the total participants at the exhibition.

China's market is portends large-scale competition for a big share of the country's gold, silver, diamond jewelry and raw materials market.

China is now one of the world's leading jewelry producers. It exported US$1.8 billion worth of jewelry in 2003. It is also one of the biggest jewelry consumption markets in the world.

China's demand for gold reached 207.6 tons in 2003, retail sales of diamond jewelry topped $1.75 billion, and demand for platinum was valued at about 50 billion yuan (US$6.048 billion). yuan.

Up to now, 15 Taiwan and Hong Kong companies have started jewelry businesses in mainland China, and they plan to bring the number of shops opened on the mainland to 919 this year.

According to Lu Wenyuan, vice president and secretary general of the China Gold Association, several Italian companies are planning a large-scale promotion of Italian jewelry products in the Chinese market.

Italian pearl and jewelry businesses that enjoy high international standing have not yet entered the Chinese market mainly because of the high import tariff rate.

Beside the 17% added-value tax, there is 23% import tariff for jewelry products.

Hong Kong companies have succeeded in entering the mainland market by making use of the CEPA (the Closer Economic Partnership Arrangement) channel, basically no tariffs in mainland China.

(Asia Pulse/XIC)

 

 
 

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