In The Second Half Of The New Consumption, The Jewelry Market Has More Opportunities In The Sub-Sectors
With the development of the times and the change of people's aesthetic concepts, the jewelry market is gradually showing a trend of diversification and innovation.
In 2024, the jewelry industry will usher in a new revolution. Traditional jewelry design and manufacturing methods are being redefined, and new materials, processes and concepts are emerging, bringing more diverse choices to consumers. Behind this trend is the increasingly diversified and personalized pursuit of people's demand for jewelry.
In this new era, the jewelry market will take diversification and innovation as keywords to lead consumer consumption trends and the development direction of the industry.
In this article, we will start from the four main jewelry categories of gold, diamonds, colored gems and pearls, and analyze their market trends and opportunities in 2024, in order to provide users with a more comprehensive and in-depth understanding of the market.
Gold：Consumption remains hot, gold jewelry enters peak sales season
Diamond: Enhance product personalization advantage
Colored gemstones: Rare colored gemstones become potential stocks
Pearl: During the adjustment period, technology comes first
Gold：Consumption remains hot, gold jewelry enters peak sales season
As an important part of the traditional jewelry industry, gold is expected to maintain an upward trend in 2024. The impact of the global situation and market supply and demand has led to a steady rise in gold prices, which is expected to further promote domestic consumers' love for gold jewelry this year.
Entering 2023, gold jewelry consumption continues to lead other jewelry. Despite the weak recovery of physical consumption, the demand for gold jewelry has increased instead of decreased.
The latest "Global Gold Demand Trends Report" released by the World Gold Council shows that the global gold demand (excluding over-the-counter transactions) in 2023 will be 4,448 tons, and the annual gold demand will rise to 4,899 tons, setting a new record.
In China, the consumption demand for gold jewelry is mainly driven by festivals, weddings, gifts and self-pleasing factors.
As gold jewelry processing and retail enterprises continue to innovate in the design of gold jewelry products, small-weight and new-style gold jewelry is favored by consumers, promoting the increase of gold jewelry consumption.
In addition, as consumers' aesthetics and tastes improve, a single gold jewelry may not be able to meet diversified needs.
Therefore, the mix-and-match style of gold and other jewelry may become a popular trend. This mix-and-match style can create more colors and layers, highlighting the texture and luster of gold.
Diamond: Enhance product personalization advantage
At present, although white diamonds may be a little bland, small-grain white diamonds may be more used in inlay crafts, such as in the "point diamond" design of gold. In addition, we believe that personalized products such as colored diamonds and special-shaped diamonds will receive more attention, providing consumers with more choices.
In terms of price, it is mainly related to factors such as supply and demand, quality, cut, color, and clarity of diamonds. In 2023, due to the imbalance between supply and demand, diamonds around the world have been hit to a certain extent, resulting in a downward trend in diamond prices.
Especially large-grain white diamonds, due to their high prices and sluggish market, it is difficult to find a suitable market.
However, with the gradual recovery of supply and demand in 2024 and the adjustment of the diamond industry, the price of diamonds in 2024 will still be constrained by the market and remain in a reasonable range.
In China, the consumption demand for diamond jewelry is mainly driven by factors such as weddings, emotions, and fashion. With the personalized and diversified needs of consumers, white diamonds may no longer be the only choice.
Personalized products such as colored diamonds and special-shaped diamonds will receive more attention, such as pink diamonds, blue diamonds, heart-shaped diamonds, pear-shaped diamonds, etc., which can meet consumers' different preferences and needs for diamonds.
At the same time, small-grain white diamonds may be more used in inlay craftsmanship. In the product design that is compatible with other jewelry, the diversity of choices is expected to reduce costs and prices and attract more consumers.
Colored gemstones: Rare colored gemstones become potential stocks
According to data from the National Bureau of Statistics, the sales of colored gemstones in China have increased significantly. As early as 2009, the overall growth rate of domestic jewelry sales was 15.9%;
In just a few years, the growth rate of domestic colored gemstone sales has been significantly higher than the average level of the jewelry market, about twice the average growth rate of jewelry, that is, more than 30%.
Today, with strong market demand combined with increasingly tight supply, the prices of many colored gemstone varieties have shown a clear upward trend. In terms of price, it is mainly affected by factors such as quality, rarity, origin, and processing.
In 2023, due to the lack of segmentation, the price of colored gemstones has shown a trend of differentiation. High-quality colored gemstones, such as rubies, emeralds, sapphires, etc., are still favored by the market due to their rarity and ornamental value, and prices continue to rise, and auctions are also commonplace.
However, in 2023, there are also many potential stocks, such as high-quality unheated sapphire, Jedi spinel and Khazani green tsavorite.
These colored gems have attracted the attention and pursuit of the market due to their excellent quality, unique color and rare origin, and their prices have risen rapidly, even exceeding the traditional high-quality colored gems.
For example, unheated sapphire, because it has not undergone any artificial processing, maintains its natural color and luster, and is more precious and rare than burned sapphire.
It is expected that in 2024, the prices of high-quality colored gems and rare colored gems will continue to rise, while the prices of medium and low-quality colored gems will lack the main upward momentum.
At the same time, the market may be more segmented according to the color, origin and other factors of the colored gems. For example, in red colored gems, in addition to traditional rubies, there are other red gems, such as red tourmaline, red spinel, red topaz, etc., and their prices and qualities will also be different.
Similarly, in green colored gems, in addition to traditional emeralds, there are other green gems, such as green prehnite, green peridot, green topaz, etc.
Pearl: During the adjustment period, technology comes first
The price of pearls is affected by factors such as quality, rarity, origin, and processing. In 2023, the supply and demand of pearls have been adjusted to a certain extent, resulting in a surge in the price of pearls.
In particular, high-quality pearls, such as South Sea pearls, black pearls, and gold pearls, are still favored by the market due to their rarity and ornamental value. Their prices continue to rise, and even auctions have occurred.
However, for medium and low-quality pearls, such as freshwater pearls, seawater pearls, and artificial pearls, the price base lacks major upward momentum, but "substitute" products will still be popular.
In addition, in 2024, the industry may focus on research on pearl farming technology and farming environment to improve the quality and output of pearls.
For example, by improving the variety and genes of pearl oysters, increasing the size and luster of pearls, by optimizing the farming conditions and management of pearl oysters,
reducing the defects and damage of pearls, and by innovating the processing and dyeing technology of pearls, increasing the color and style of pearls.