China's Jewelry Market Development Report(2019-2024)中国珠宝市场发展报告(2019-2024)GAC中国珠宝玉石首饰行业协会Gems Jewelry Trade Association of China2024.12关于本报告的说明Notes about the report:编制单位：中国珠宝玉石首饰行业协会Compilation Unit:Gems Jewelry Trade Association of China(GAC)编制目的：本报告是中国珠宝玉石首饰行业协会对过去5年中国珠宝行业经济运行情况进行系统调研分析之结果，用于本协会会员单位、行业内部交流，不公开出版发行。Compilation Objectives:The report is the result of GAC's systematicsurveys and analyses of the economic operations of China'sjewelry industry in the past five years,aimed at internalcommunications among the association members and industryinsiders,and not for public publication or distribution.数据信息：本报告数据信息来源于：(1)政府部门、专业机构的公开数据：(2)编制单位通过调研自行采集的行业企业或相关单位的信息；(3)编制单位自有数据库历史资料。鉴于相关原始数据采集、统计和测算方法及其他因素，(1)本报告一些数据或观点、结论可能与业者个体实际感受存在某种程度的偏差；(2)编制单位无法承诺本报告中所有数据信息均能一一回溯并与市场个体的相关指标互相验证：(3)在报告编纂过程中，基于实际情况，编者可能会对援引的某些历史数据进行修正。Data Information:The source of the report's data information is from thefollowing:(1)open data from government departments andprofessional institutions;(2)industry,enterprises or relevantunits'information collected by the compilation unit throughsurveys;(3)historical information from the databases of thecompilation unitIn view of relevant raw data collection,statistical analysis,calculating method and other factors,(1)there may be a certaindegree of deviation between some data,views or conclusions ofthe report with practitioners'actual feelings;(2)the compilationunit couldn't promise that all the data information of the reportcan be backtracked and mutually verified by relevant parametersof the market entities;(3)during the compilation process,thecompiler may have revised some quoted historical data based onactual situations.关于版权：本报告版权归其编制单位中国珠宝玉石首饰行业协会所有。未经版权所有者书面同意，任何单位或个人不得复制本报告用于公开出版或其他商业目的。只有基于评论或报道宣传之目的，可以部分引用本报告内容和数据图表，但必须注明引文出处和它的版权所有者。About Copyright:The report's copyright belongs to the compilation unitGAC.Without the written permission of copyright owners,nounits or individuals are allowed to duplicate the report for publicpublication or other commercial purposes.Only for the purposesof commenting or reporting can one quote part of the content anddata figures of the report,and the source of citation as well as itscopyright owners should be indicated.说明：(1)本报告中所提到的增长率均为年均复合增长率；(2)本报告中未特别注明来源的数据，均来自中国珠宝玉石首饰行业协会。Explanation:(1)All the growth rates mentioned in this report are thecompound annual growth rate (CAGR);(2)Unless otherwisespecified,all the data in this report is sourced from the GAC.致谢：上海钻石交易所、上海黄金交易所、世界黄金协会、国际铂金投资协会、中国黄金协会等专业机构为本报告提供了数据支持。Acknowledgements:Professional institutions,such as theShanghaiDiamond Exchange,Shanghai Gold Exchange,World GoldCouncil,World Platinum Investment Council,ChinaGoldAssociation,have provided data support for the report.目录2019-2023年中国珠宝市场的发展状况.…6(一)零售市场：增速领先结构性调整步伐加快6(二)进出口：对欧美贸易额大幅增长17(三)网上销售：增速处于领跑位置21(四)上市公司：营收、利润增速可观22(五)头部品牌：引发珠宝市场马太效应27(六)零售终端：渠道布局加速下沉三四线城市27二、2024年前三季度珠宝市场的主要表现…33三、对未来的几点观察37CONTENTSI.Development Status of China's jewelry market from 2019 to 2023......61.Retail market:Leading in growth,and accelerating in structural adjustment62.Imports and exports:Large increase in trade with Europe and America......173.Online sales:Leading in growth rate..214.Listed companies:Considerable growth rate in revenue and profit..25.Top brands:Causing Matthew Effect..276.Retail terminal:Channel distributions speeding up penetrating into third-tier andfourth-tier cities......27II.The performance of China's jewelry market in the first threequarters of 2024.......33III.Insights to the future........37《中国珠宝市场发展报告(2019-2024)》重点是对过去5年间中国珠宝零售市场增长态势、进出口、主要品类市场、上市公司业绩、线上销售、终端渠道建设等6个方面，进行事件回溯与数据整理，力图以更大的视野观察中国珠宝市场发展的历史经纬和竞争格局的演变，希望能对中外珠宝业者对过去五年中国珠宝市场发展的总体情况、演进态势、变革动力等方面进一步加深认识，为中外珠宝品牌布局中国市场提供有价值、有意义的参考。China's Jewelry Market Development Report (2019-2024)focuses on the following six aspects:China's jewelry retail market'sgrowth trends,imports and exports,major segment markets,listedcompanies'performances,online sales,and terminal channelconstruction during the past five years.Through event backtrackingand data sorting,the report endeavors to observe the historicalcontext and competition landscape of China's jewelry marketdevelopment in broader perspectives.It hopes to provide valuableand meaningful references for domestic and overseas jewelrypractitioners to deepen their understandings of the overall situation,evolution trends and change dynamics of China's jewelry marketdevelopment in the past five years,and for domestic and overseasjewelry brands to tap into the Chinese market.本《报告》分三个部分：一是2019年至2023年中国珠宝市场的发展状况，二是2024年前三季度市场的主要变化和特点，三是对未来发展趋势的展望。The report consists of three parts.The first part covers thedevelopment status of China's jewelry market from 2019 to 2023.The second part talks about the major changes and characteristics ofChina's jewelry market in the first three quarters of 2024.The thirdpart is about the outlook of the market's future development trends.一、2019-2023年中国珠宝市场的发展状况I.Development Status of China's jewelry market from 2019 to2023过去的五年，世纪疫情的冲击，全球政治经济格局加速演进，中国经济调结构、转方式进入深水区。身处其中的中国的珠宝产业展现出了应对挑战的强大韧性、顶住压力向上生长的充足后劲。In the past five years,impacted by the Covid-19 pandemic,theglobal political and economic landscape witnessed acceleratedchanges.China's economic structural adjustment and growth modeltransformation is entering a deep-water zone.Against thisbackground,China's jewelry industry has demonstrated greatresilience in response to challenges and sufficient growthmomentum under pressure.一是，零售市场波动加剧，但增速仍高于社会消费品平均水平。First,despite greater fluctuations,the growth rate of the retailmarket is still higher than the average level of social consumergoods.二是，市场规模持续扩大，玉石、翡翠、珍珠等品类的强劲增长有力促进了市场整体的稳健增长。Second,the market size continues to expand.The robustgrowth in segments such as jades,Feicui and pearl has effectivelycontributed to the steady growth of the overall market.三是，线上零售增势迅猛，对冲了线下销售的乏力。Third,online retail grows rapidly,which offsets the sluggishgrowth of offline sales.四是，进出口活跃，对欧美等传统市场的贸易增长强劲。Fourth,the import and export activities are robust,with strongtrade growth with traditional markets in Europe and America五是，渠道下沉战略持续推进，三线及以下城市积极贡献增量。Fifth,as channel sinking strategies gain further traction,thethird-tier and lower-tier cities have made a positive contribution tothe incremental increase.(一)零售市场：增速领先结构性调整步伐加快1.Retail market:Leading in growth,and accelerating instructural adjustment中国珠宝零售市场在经历了2020年疫情冲击后，于2021年实现强劲回升，限额以上单位金银珠宝类零售额突破3000亿元整数大关，并于2023年再攀历史新高，达到3310亿元，同比增幅13.3%。过去五年(2019年-2023年)的年均复合增长率为6.2%，远高于社会消费品零售总额3.7%的平均水平。After going through the impact of Covid-19 pandemic in 2020,China's jewelry retail market witnessed a strong rebound in 2021,with the retail sales of gold,silver and jewelry from the units abovedesignated size surpassing 300 billion RMB.In 2023,the figurereached 331 billion RMB,a historic high,up 13.3 percentyear-on-year.During the last five years(2019-2023),its compoundannual growth rate(CAGR)is 6.2 percent,much higher than the 3.7percent average growth rate of the total retail sales of socialconsumer goods.图1.2019-2023年限额以上金银珠宝类零售额及其增长速度Figure 1:The retail sales and growth rates of gold,silver and jewelry of the units above designatedsize during 2019-20233310304130142606237629.8%13.3%0.4%1.1%4.7%20192020202120222023■金银珠宝类零售额（亿元）Retail Sales of Gold,Silver,and Jewelry 100 Million RMB)金银珠宝类零售额同比增速Year-on-Year Growth Rate of Retail Sales of Gold,Silver,and Jewelry(数据来源：国家统计局)(Source:National Bureau of Statistics of China(NBS))图2.2019-2023年社会消费品零售总额及限额以上单位金银珠宝类零售额同比增速Figure 2:The year-on-year growth rate of the total retail sales of social consumer goods and theretail sales of gold,silver,jewelry of the units above designated size during 2019-202329.8%12.5%13.3%8.0%7.2%0.4%-0.20%-3.9%-1.1%4.7%2019年2020年2021年2022年2023年一社会消费品零售总额同比增速Year-on-Year Growth Rate of Retail Sales of the total retail sales of social consumer goods金银珠宝类零售额同比增速Year-on-Year Growth Rate of Retail Sales of Gold,Silver,and Jewelry(数据来源：国家统计局)(Source:NBS)从市场总规模来看，根据中宝协的统计，过去五年，中国珠宝玉石首饰市场规模从2019年的6100亿元增长至2023年的8200亿元，年均增速达7.68%。From the perspective of total market size,statistics from theGems Jewelry Trade Association of China(GAC)show that inthe past five years,China's gems and jewelry market size hasincreased from 610 billion RMB in 2019 to 820 billion RMB in2023,with a CAGR of 7.68 percent.图3.2019-2023年我国珠宝玉石首饰产业市场规模及同比增速Figure 3:The market size and year-on-year growth rate of China's gems and jewelry industryduring2019-20238200720071906100610018.03%14.05%5.17%0%0.14%20192020202120222023■市场规模（亿元）Market Size (100 Million RMB)YoY Growth Rate从市场品类结构看，过去五年，黄金、钻石、翡翠玉石、彩宝、珍珠、铂金等几大品类的市场份额此消彼长，正在重塑中国珠宝市场的消费格局。具体看：From the perspective of market segments,during the past fiveyears,the market sizes of major segments such as gold,diamond,Feicui and jades,colored gemstones,pearl,and platinum havewaxed and waned,reshaping the consumption landscape of China'sjewelry market.To be more specific:黄金消费稳中有增，是珠宝市场的“压舱石”。过去五年，中国市场的黄金消费量从2019年的1002.78吨增至2023年的1089.69吨，年均增长2.1%，所占市场份额为60%左右。Gold consumption has achieved steady growth,which is thebedrock of the jewelry market.In the past five years,gold10consumption in China has increased from 1,002.78 tonnes in 2019to 1,089.69 tonnes in 2023,with a CAGR of 2.1 percent,takingabout 60 percent of the market share.图4.2019-2023年中国黄金消费量（吨）Figure 4:China's gold consumption during 2019-2023(Unit:tonnes)1120.91089.691002.781001.74820.98676.23711.29654.32706.48490.58225.8246.59312.86258.94299.620192020202120222023■黄金总消费量■黄金首饰消费量■金币及金条Total gold consumptionGold jewellery consumption Gold bars and coins(数据来源：中国黄金协会)(Source:China Gold Association)世界黄金协会报告显示，2023年中国市场在全球金饰总需求中占比超过30%，30多年来，中国的年度黄金消费已增长五倍之多。同时，中国央行的官方黄金储备由2019年的1948.31吨增至2023年的2235.39吨，年均增速3.5%。According to a report from the World Gold Council,theChinese market accounted for more than 30 percent of the globalgold jewelry demand in 2023.China's annual gold consumption hasrisen five-fold over the past more than 30 years.Meanwhile,goldreserves at China's central bank have increased from 1948.31tonnes in 2019 to 2235.39 tonnes in 2023,with a CAGR of 3.5percent.图5.2019-2023年全球黄金需求量（吨）Figure 5:Global gold demand during 2019-2023(Unit:tonnes)47414356444840213759.621072107208620931271.71411.6118012171190896.120192020202120222023■全球黄金需求（不含场外交易）■金饰需求■金条与金币需求Global gold demand (excluding OTC)Gold jewelry demandGold bar and coin demand(数据来源：世界黄金协会)(Source:World Gold Council)钻石市场或将筑底，积蓄复苏力量。2023年中国钻石市场规模约600亿元，同比下降22.0%；上海钻石交易所钻石交易总额31.09亿美元，同比下降29.7%，过去五年年均降幅为7.4%。随着库存的逐渐出清和市场推广策略的调整和加强，钻石市场有望加快筑底，市场或将传递出更多的复苏信号。As the recovery momentum is building up,the diamondmarket is likely to bottom out.In 2023,China's diamond marketsize was about 60 billion RMB,down 22.0 percent year-on-year.In2023,the diamond transactions on the Shanghai DiamondExchange (SDE)totaled 3.109 billion USD,down 29.7 percent12year-on-year,with an average annual decline rate of 7.4 percent inthe past five years.As the inventory is gradually depleted and themarketing strategies are adjusted and strengthened,the diamondmarket is expected to accelerate the bottoming out process and seemore recovery signals.图6.2019-2023年上海钻交所钻石交易总额（亿美元）Figure 6:The total diamond transaction values on SDE during 2019-2023(Unit:100 million USD)70.7642.3544.2439.02●31.0920192020202120222023(数据来源：上海钻石交易所)(Source:Shanghai Diamond Exchange)培育钻石产能大幅提高。2020年中国培育钻石产量约300万克拉，至2023年增长至2200万克拉，四年平均增长率为94.3%。2023年，中国培育钻石毛坯出口量为746,300克拉，同比下降48.6%，过去五年出口量年均增长5.3%；培育钻石成品出口量为268,960克拉，同比下降94.7%，五年平均复合增长率为31.4%。13The production capacity of lab-grown diamond has increasedsignificantly.China's lab-grown diamond production output hasincreased from about 3 million carats in 2020 to 22 million carats in2023,with a CAGR of 94.3 percent during the past four years.In2023,China exported 746,300 carats of lab-grown rough diamond,down 48.6 percent year-on-year,with a CAGR of 5.3 percent in thepast five years.In 2023,the export of lab-grown polished diamondreached 268,960 carats,down 94.7 percent year-on-year,with aCAGR of 31.4 percent in the past five years.图7.2019-2023年培育钻石出口量Figure 7:The export volume of lab-grown diamond during 2019-20235,105,9801,451,895607,135829,695757,350746,30090,25059,55599,195268,96020192020202120222023一培育钻石毛坯一培育钻石成品Lab-grown rough diamondLab-grown polished diamond(数据来源：海关总署)(Source:General Administration of Customs of the People's Republic of China(GACC))玉石翡翠市场持续强劲增长。过去五年，翡翠和田玉的市场规模持续高速增长，2023年市场规模约为1500亿元，同比增长2%，过去五年的年均复合增长率达25.7%；市场份额在20%上下，是仅次于黄金的第二大品类市场。