The male jewelry market in China is catching on as men in big cities show a growing fondness for jewelry, especially diamonds.
BEIJING(BullionStreet): China is all set to become world’s largest consumer market for jewelry by 2020, according to Gems&Jewelry Trade Association of China.
The Association said although per capita jewelry purchase in China is far behind that in developed countries, the growing purchasing power of Chinese consumers will provide the fundamentals for rapid market growth.
Sales of jewelry in China reached 40 billion yuan ($6.33 billion) in 2011, an increase of 33 percent year-on-year.
Industry insiders believe that jewelry sales in the country will sustain this brisk pace of growth over the next decade, and jewelry will become the most sought-after possession after real estate and automobiles for China’s growing middle class.
They said many Chinese, particularly women, are wearing jewelry to look prettier or to flaunt their possessions.
This growing appetite for jewelry has contributed to the continuous growth in jewelry sales in China, making it not only the world’s most competitive jewelry maker, but also one of the largest jewelry consumers.
They added the improvements in domestic jewelry products and the entry of more foreign jewelry brands have given Chinese consumers a much wider range of options today.
Although gold, diamond, and jade jewelry are still the favorites with Chinese consumers, jewelry made from other materials, such as colored gems, are gaining popularity as an increasing number of buyers look for personalized jewelry.
To cater to the tastes of a more diversified consumer group, jewelry makers have been compelled to be innovative, especially in gold jewelry products that were considered old-fashioned.
The male jewelry market in China is catching on as men in big cities show a growing fondness for jewelry, especially diamonds. A De Beers report shows that 67 percent of Chinese men aged between 30 and 44 years wish to own diamonds.