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Platinum Jewelery Market in China

Platinum Jewellery Market in China

wholesale pearlsPlatinum jewellery has quietly emerged as a fast growing sector, vying with the gold jewellery sector as an equal. Within less than 10 years since platinum was first used as jewellery in China, it has developed rapidly. Now, it is quite common to find platinum jewellery occupying the most prominent place in retail jewellery outlets in every city. Since platinum, unlike gold, is not subject to supervision of the People’s Bank of China, the country’s monetary authority, the production and value added chains in platinum jewellery have expanded in number. According to statistics from World Platinum Association, platinum consumption in China in 2001 was 1.3 million ounce, that is, about 40 tons, accounting for 55.6% of the global production. Consumption registered further increase in 2002 and 2003. According to information from the China Gemmological Association, 60 tons of platinum were processed in China in 2003. It is estimated by industry insiders that platinum will be the highlight of China’s jewellery market in the years to come.

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Scale production of platinum jewellery in China started as late as 1995, but the industry has recorded rapid progress since then, with a number of scale platinum jewellery processing enterprises, mainly located in Shenzhen and Panyu areas of Guangdong province. At present, there are two major components in platinum jewellery consumption: platinum jewellery and platinum mounted jewellery, of which the former is by far the largest component.

The industry’s demand for platinum rose at an amazing speed since 1999. In 2001, China overtook Japan as the largest consumer of platinum used in jewellery industry. At the same time, China became the biggest consumer of platinum jewellery in the world. In 2001, when global volume of jewellery-used platinum declined 11%, the figure for China increased by 18% to 1.3 million ounce. In 2002, when global volume rose 12.3% to 2.83 million ounce, the growth in China’s demand for jewellery-used platinum (1.48 million ounce) was higher at 14%.

Year Sales volume of platinum jewellery (million ounce)

  • 1996 = 0.285
  • 1999 = 0.95
  • 2000 = 1.10
  • 2001 = 1.30
  • 2002 = 1.48

(Source: China Gemmological Association)

Platinum is expected to remain a highlight of the gems and jewellery industry in China, with prospects brighter than gold. Due to certain aesthetic preferences of the East Asians, platinum enjoys large and growing market in this region. Thus China and Japan are the two largest consumers of platinum jewellery.

Silver Jewellery Market in China

China is a large producer of silver. In 2003, total volume of silver processed in China was 400 tons, according to China Gemmological Association. When Huatong Silver Exchange was established in Shanghai on 1st January 2000, it was for the first time in 50 years that the silver market was opened up in China. With this, monopoly procurement and distribution of silver was abolished and market trading in silver commenced on the lines of non-ferrous metal trading, allowing direct interaction between producers of silver and the units using silver. At the same time, the administrative license-permit apparatus for processing, wholesaling and retailing of silver products was abolished. Export was encouraged, while import of silver and silver products restricted. Along with marketization of the silver industry, there have been changes in values. People no longer want to buy jewellery as a store of value, and use them more for cosmetic use. This has created increased demand for silver jewellery in China.

Articles source: Gems & Jewellery Industry in China, Embassy of India, Beijing
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Processing of Gold Jewellery in China

Processing of Gold Jewellery in China

wholesale pearlsShenzhen:
Shenzhen is a large market as well as a processing centre of gold jewellery. According to a representative of the Shatoujiao Bonded Area, Shenzhen’s gold processing volume makes up 70% of the national total and accounts for 10% of the city’s industrial output value. The Shatoujiao Bonded Area alone contributes to half of Shenzhen’s gold jewellery output. In fact, gold and jewellery processing has become one of the three pillar industries in the bonded area.

The other two industries are computers and electronic toys. Shenzhen and its surrounding area has 800 jewellery manufacturers and supplies between 70 percent and 80 percent of jewellery offered for sale in the domestic market in China. 70% of platinum and K-gold inlaid jewellery is manufactured in Shenzhen. Shenzhen exports over US$ 1 billion worth of jewellery products, accounting for over 20% in the whole of China. Recent years have seen Shenzhen produce over 26 million pieces of gold jewellery every year. Shenzhen has emerged as the most important processing manufacturing centre, wholesale centre, information centre and raw material supplier.

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The Shenzhen Special Economic Zone is now:

  • The largest jewellery manufacturing and wholesale centre supplying the domestic market in China.
  • A gem-set gold jewellery manufacturing centre for the domestic market.
  • The centre for platinum jewellery production.
  • The centre for gemstone polishing

Panyu

Panyu area in the city of Guangzhou is an important processing centre for gems and jewellery. Jewellery processing is one of the fastest growing, most successful export oriented industries in Panyu. The industry has been supported and promoted by the local government. Under this environment, Panyu has become the largest processing centre with the maximum concentration of manufacturers, most advanced technology and the most mature investment climate.

Panyu started raw-material-import based gold and silver jewellery production in 1985. At present, it has over 100 foreign companies. The main export destinations are markets in the US, Europe and South East Asia. Panyu has five reasonably large-scale jewellery processing zones. The range of products varies from jewellery equipments manufacturing, polished diamond, jewellery inlaid with gold and platinum, silver jewellery, pure gold and K-gold jewellery, high-value handicrafts and jewellery watches etc. The share of Panyu in China’s export of gold and inlaid jewellery is as high as 20%.

The position of gold among various jewellery materials is being challenged as new choices are becoming available to Chinese consumers. According to an article published in China Gems magazine, in a survey conducted in the top 10 Chinese cities, it was found that 53.9% of the respondents already possessed gold jewellery, representing the highest among various types of jewellery. However, when asked what jewellery they planned to buy, only 16.5% chose gold, with 55.7% choosing platinum, 35.4% diamond and 22.3% coloured gems.

Articles source: Gems & Jewellery Industry in China, Embassy of India, Beijing
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China Gold Jewelery Market

China Gold Jewellery Market

wholesale pearlsChina is one of the largest consumers of gold, with gold jewellery being the major item of demand. Gold has been a traditional item of interest for the Chinese consumers. However, with her large population, China’s per capita gold consumption is less than 0.2 grams. This also shows the vast potential for development of the gold jewellery industry in China. According to industry sources, at present, there are 1200 enterprises in China engaged in processing of gold jewellery and over 30000 engaged in wholesale and retail trade. Apart from 2 million people involved in gold extraction in the upper streams, there are more than 3 million in sales business.

Annual volume of processed gold is 250-300 tons, with a total value estimated at over 40 billion RMB (about US$ 4.9 billion). The growth of the gold market has also facilitated the development of gold production. Production volume has increased from 110 tons in 1991 to over 200 tons at present. The rest of the processed volume is out of imported gold.

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Between 1988 and 2001, average annual gold consumption in China was 260-300 tons. Per capita gold consumption at 0.16 grams is quite low compared with the world standard of 0.7 grams. Thus, if per capita gold demand goes up by a mere 1 gram, it will result in an additional gold demand of about 1300 tons. This will have profound implications for global demand for gold as China grows richer. Apart from pure gold, the traditional store of value highly prized by the Chinese customers when the jewellery market was first opened up in late 1980s, K-gold jewellery has also been widely accepted.

Through several years of development, China’s gold industry has emerged as a comprehensive industrial segment incorporating mining, smelting, engineering, S&T research etc. In 2001, the total volume of gold production was 181.83 tons, with cumulative realized industrial value of 21.16 billion RMB (about US$ 2.6 billion). Production volume and cumulative realized industrial value in 2002 increased respectively by 4.39% and 15.8% to 189.81 tons and 24.62 billion RMB (about US$ 3 billion).

In 2002, the gold market in China was formally opened up, and market trade and circulation started.

  • 1995 = 108 tons
  • 1996 = 121 tons
  • 1997 = 167 tons
  • 1998 = 172 tons
  • 1999 = 169 tons
  • 2000 = 175 tons
  • 2001 = 181.83 tons
  • 2002 = 189.81 tons

(Source: China Gold News)

During China’s 10th five-year plan (2001-05), growth rate of gold production is projected to be around 5%, and total gold production volume is expected to reach 220 tons by 2005. It is planned to create 12 internationally competitive large enterprise groups in different regions of China through measures like mergers and acquisitions as well as reorganization and these groups are expected to have 40% share of China’s gold mining industry. The plan also proposes to establish 2-3 hi-tech gold refining and downstream processing industries by 2005.

China’s gold market has also undergone reform involving the following three major components:

  • In the first step, for about two years after the formal functioning of Shanghai Gold Exchange (SGE) in 2002, People’s Bank of China (PBOC) has adopted a twin-track transitional procurement system. In this, each gold producing enterprise is given a production proportion for procurement purposes. If this proportion is satisfied, the excess can be sold in the market.
  • In the second step, after SGE matures, PBOC will stop procurement and allow the entire production volume to be traded in the market. According to plans, this process will take about three years.
  • In the final stage, within a period of 5 years, the domestic and international markets in gold would be interlinked directly. Due to gradual interlinking with the international markets, and increased price-cutting in the domestic market, gold jewellery prices have shown a declining trend recently. However, gold still remains the most valued jewellery item, especially among consumers with traditional notions of value. There has, however, been a change in terms of aesthetics, resulting in increased competition between diversified and more detailed 18 K gold and mounted gold jewellery on the one hand and traditional pure gold on the other. Although demand for 14 K and 9 K is still not high, it is expected that due to their exquisite designs and low price, K gold jewellery will be able to corner a part of the market in the future.

Articles source: Gems & Jewellery Industry in China, Embassy of India, Beijing
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Shanghai Diamond Exchange Administration

Shanghai Diamond Exchange Administration

wholesale pearlsShanghai Diamond Exchange Administration (simplified as SDEA) was officially established in April 2000. Approved by the State Council of the People’s Republic of China, it is a government organization co-sponsored by some related departments such as the Foreign Economic Relations & Trade Department, the Customs, the Foreign Exchange Administration and the Industrial & Commercial Administration. It began operations in June 2002.

SDEA has following functions:

  • Examine and verify the Constitution of Shanghai Diamond Exchange, its transaction rules and procedures.
  • Exercise diamond export and import administration, customs administration, foreign exchange administration and industrial and commercial administration on related issues with authorization by the foreign economic relations & trade department, the customs, the foreign exchange department, the industrial & commercial department.
  • Supervise SDE to observe relevant laws, regulations and rules as well as the constitution of SDE, the transaction rules and procedures; put on file the members of the supervision council of SDE, the senior executives and the transaction records of SDE.
  • Coordinate with relevant policy-making bodies and make suggestions on policy adjustments.

Inside SDEA there are Policy & Research Office, General Office, Customs Administration, Foreign Exchange Administration, and Industrial & Commercial Administration. Along with the creation of an institutional structure in the form of the establishment of SDE, the Chinese government also undertook certain policy changes in order to promote the development of the industry. In August 2001, the government issued a policy document on readjustment of the import export administration and taxation.

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The two policy documents regulating the trading framework of diamond through Customs are:

  1. Provisions of the General Administration of Customs (GAC) on the Supervision of Diamond Entry and Exit at the Shanghai Diamond Exchange and
  2. Notice of the GAC on the Implementation of Policies Concerning Diamond and Diamond Jewellery Imports. The
    two documents make it clear that the Shanghai Diamond Exchange (SDE) is a special zone established with the approval of the State Council for the handling of diamond import and export formalities and for customs control in the diamond trade. GAC maintains an office within SDE to carry out closed management.

In May 2002, General Administration of Customs (GAC) also officially promulgated the Rules of Supervision of diamond traded in Shanghai Diamond Exchange (SDE). At the same time, in a notification to all customs posts in China, General Administration of Customs clearly stated that beginning June 2002, all diamond imported into China, except those for processing, will have to be reported for customs purpose at the single customs post created at SDE. Other customs posts will not be allowed for export or import procedures, or for export tax rebate.

The Provisions cover measures for the management of SDE and its members, the supervision of movement of diamonds between SDE and offshore enterprises and between SDE and domestic enterprises, as well as the management of diamond processing. The Notice stipulates that with effect from 1 June 2002, diamond imports and exports under China’s general trade and the domestic sales of diamond under the processing trade are required to complete import and export customs declaration formalities at the SDE customs office; other customs offices may not handle these two categories of diamond imports and exports. The SDE customs will levy importrelated VAT on the domestic sale of diamonds mentioned above (including diamonds in finished products). Diamonds imported into China (except Hong Kong, Macau and Taiwan) through SDE will be exempt from import tariffs.

The new rules also stipulate the following:

  • The consumption tax formerly collected at the import and processing stage will be postponed until the retail stage.
  • The consumption tax for unset polished diamonds and diamond jewellery will be collected at a reduced rate of 5 per cent.
  • Rough diamonds and unset polished diamonds directly entering the SDE from overseas will be exempted from value-added taxes and consumption taxes.
  • Diamonds traded in the SDE will be exempt from value-added taxes. Full tax refunds will be given based on the difference between the former refund rate of 13 per cent and the tax collected at the processing stage, when the diamonds are exported.
  • Diamond flowing from the SDE to overseas will not enjoy tax refunds.
  • Value-added tax shall be duly paid on diamonds imported from the SDE for use in domestic markets, For customs supervision, if diamonds imported in the name of processing trade are to be sold domestically, the diamonds must be sent to the SDE for transactions or filing.

The Ministry of Finance and the State Administration of Taxation (SAT) jointly issued a notification in December 2001, announcing a new tax policy starting 1st January 2002. This policy allowed duty-free import of all types of diamond through the customs post established at SDE, while at the same time making downward adjustments in consumption tax. After this readjustment, actual import tax on semi-finished diamond and finished diamond products fell by nearly half. This was a major policy decision to promote the development of diamond industry in China. Thus by narrowing the cost-gap between standard and non-standard import of diamond, smuggling activities were controlled to a certain extent. This also introduced order into the market and curbed tendencies of fierce and virulent competition on the part of small and dispersed enterprises.

The results brought about by these institutional and policy reforms were quite visible. Trade of various kinds of diamond reached 7.764 million carat in 2002, with a total value of US$ 157 million. That year, VAT proceeds on diamond import through SDE reached 67 million RMB (about US$8.2 million), a 13-fold increase in import tax proceeds over the previous year. Total volume of diamond traded was 15 times the export-import volume of diamond under general trade. Volume of diamond finally entering domestic market through SDE was 2.44 million carat valued at US$ 47.696 million, accounting for 30.4% of all diamond traded at SDE. To put things in perspective, in the first two months of 2004, 4.02 million carat of diamond was traded in the SDE under general trade head, with a total transaction value of US$ 40.1 million.

However, the domestic industry is not completely satisfied with the changes.

  • First, import taxes on both semi-finished diamond and processed finished goods (not inlaid) have been abolished, thereby raising apprehensions of large-scale influx of foreign finished products.
  • Second, although trade within SDE is tax-free, diamond needs to be taken out of SDE for processing purposes, and VAT is imposed on processing at the rate of 17%, which eats into the low profit margin of entrepreneurs.
  • Third, although consumption tax on diamond has been reduced from 10% to 5%, due to the changed tax base of processors and retailers, there has not been much actual reduction in taxes.

In over 10 years, both diamond processing industry and diamond jewellery markets have registered high growth. As a labour-, technology- and capital-intensive industry, this is encouraged by the State for development. However, in terms of resources, it is mainly dependent on supply of raw materials from overseas. (China produces good quality diamond, which is primarily exported, while it is a net importer of diamond).

Following are the major trends in the industry after SDE started operations:

  • First, the undervaluation of imports rampant in the past has been curbed effectively. For instance, during 1995-2001, the average import price of various categories of diamond under general trade was about US$ 4-5 per carat, whereas the price is 16 to 17 times higher at US$70-80 per carat for diamond traded or imported under central administration of SDE.
  • Second, diamond smuggling has been partly controlled, even as trade through regular channels has gone up.
  • Third, the number of SDE members with foreign capital has increased.

Scale of China’s diamond production and processing:

  • Number of diamond processing enterprises Over 70
  • Manpower involved Over 16000
  • Annual volume of processed diamond 2.4 million carat
  • Annual production value US$ 0.8 billion
  • Proportion of global production 20%

China’s diamond processing enterprises are mainly concentrated in Guangdong, Shanghai and Shandong. Conghua in Guangdong is a place of relative concentration of the diamond processing industry. Most of these are FIEs engaged in processing of imported raw materials. Diamond processing in Guangdong is known for high value addition and quality products. Panyu district of Guangzhou is another area of relative concentration of the jewellery industry, exporting most of its products. Shanghai has established a complete market for important raw materials for jewellery market.
Gold, Diamond and Silver Exchanges have also been established in Shanghai. The city government of Shanghai, in order to coordinate with the development of SDE, has opened up two diamond processing zones, namely Lujiazui Diamond Processing Zone and Longhua Diamond Processing Zone. Shanghai accounts for one-fifth of all diamond consumed in China.

Developmental goals of SDE:

  • Year Sales 2002 : volume of diamond US$ 0.4-0.6 billion, Manpower in industry > 20000
  • Year Sales 2003 : volume of diamond US$ 2-3 billion, Manpower in industry > 60000
  • Year Sales 2004 : volume of diamond US$ 3-5 billion, Manpower in industry > 100000

(Source: SDE)

Shandong is a major processing centre for diamond in China, with 20 enterprises and over 3000 workers by end-2003, processing a total annual volume of 200000 carat. With cost advantage in terms of labour and quality advantage in terms of technology, Shandong is able to supply lowprice polished diamond of reasonable quality.

Articles source: Gems & Jewellery Industry in China, Embassy of India, Beijing
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Shanghai Diamond Exchange

Shanghai Diamond Exchange

wholesale pearlsFaced with these problems, China’s government approved the establishment of Shanghai Diamond Exchange in February 2000, and followed it up by actual establishment in the October the same year. This non-profit organization brought together most of the diamond processing and trading companies in China, and in addition attracted alliances from several foreign diamond companies. This organization addressed the problem of disorganized nature of the diamond market in China, and helped formulation of trading rules and administration of export taxes and import tariffs in diamond.

The main functions of the SDE are:

  • standardize and promote the development of China’s diamond industry,
  • grab the opportunities offered by the global movement of diamond processing and join the internationalized market for trade in diamond processing, • foster markets for diamond trade in China and
  • meet the increasing demand from growing diamond consumers in China.

The Shanghai Diamond Exchange (SDE) provides diamond dealers a fair, just and safe transaction venue with closed management. It is another state-level production factor market set up in the Pudong New Area of Shanghai authorized by the State Council. SDE operates in accordance with the international practices of the diamond industry. SDE has got a Membership Conference which is composed of all the members.

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It is an organ of authority which exercises self-disciplinary administration. Under the Membership Conference there is the Supervision Council, a permanent organization of the Membership Conference. The Council is responsible to the Membership Conference, and is composed of members elected by the Membership Conference. Chairman of the Council must be a Chinese citizen. The Council set up several professional councils under it, such as the Discipline Council, the Arbitration Council, and so on.

Shanghai Diamond Exchange is located in the Jin Mao Tower which is the highest building in China. It covers an area of 5422 square meters with the building’s two floors. Besides the Transaction Hall with matching facilities, the government institutions including Customs Office, Foreign Exchange Office, Industry & Commerce Office and so on provide “One-Door” service in Joint Administration Quarter of SDE. Many organizations covering bank, insurance, security escort, and diamond grading provide relevant services within the premises.

SDE also offers nearly one hundred high-level business offices for its members to rent. SDE is equipped with convenient communication and network system, and sound facilities for fire control, monitoring and security. SDE subjects itself to the coordination, instruction and supervision of the Shanghai Diamond Exchange Administration (see below). All activities of SDE must abide by the relevant laws and regulations of People’s Republic of China. The organizational structure of SDE and all its business activities should comply with the Constitution of SDE and other relevant rules and regulations rectified by the Membership Conference.

The requirements for membership applicants are as follows:

  • The applicant shall be diamond enterprise duly registered in PRC which enjoy independent legal entity status.
  • The applicant shall have at least three years of experiences both domestically or internationally in diamond business. • The applicant shall have good business credit.
  • The applicant shall be recommended by two full members of SDE and go through necessary warranty formalities
  • The applicant shall be willing to accept the Constitution of SDE, abide by the regulations of SDE and pay the entrance fee and annual fee in full on time.

As of April 2004, the Shanghai Diamond Exchange Centre has 125 members, over half of which are foreign/overseas funded by foreigners or from overseas. The Chinese members are from 10 provinces and cities like Beijing, Shanghai, Shandong and Guangdong. The Foreign members are from 11 countries and regions including Hong Kong, Taiwan, Israel, Belgium, the US and India. At any point of time, some 50-55 companies are actively trading in the exchange. Currently, membership fee is US$ 1500 and the prospective members need a minimum registered capital of US$ 200,000 for registration.

Articles source: Gems & Jewellery Industry in China, Embassy of India, Beijing south sea pearls wholesaleFor Questions and answer you can contact & chat with us on:

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