China is promising to be biggest consumer of jewelry
It was revealed from Jewelry Shanghai 2009 on May 13 that, by 2020, China's jewelry industry can expect annual sales of 300 billion yuan and exports worth over 12 billion USD. Consequently, China will have become one of the most competitive producers and a trade center of jewelry and accessories in the world, as well as the world's biggest consumer market of jewelry.
The development of the jewelry industry relies on an increase in national economic strength and a rise in consumer consumption and confidence. Generally speaking, jewelry consumption is the first to suffer and the last to recover when the economy experiences drastic fluctuations.
As demand from countries with high jewelry consumption such as the US drastically decreases in 2009, China's processing and trade exports of diamonds, precious metals and others will greatly reduce. General trade exports of pearl, fashion accessories and colored gemstones will also face challenges.
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