Industry News » Jewelry industry will have a brighter outlook in 2020.
The year of 2020 is full of opportunities and challenges for the jewelry industry: on the one hand, the industry can look forward to the U.S. general election to stimulate the market, on the other hand, the unresolved Chinese-American trade disputes and social conflicts in China Hong Kong will continue to bring about an undercurrent.
Under the economic downturn, no one can be independent in the business world. The key to the problem is how to keep flexible in the storm.
Although the current economic level is far from the level of the financial crisis, the trade disputes between China and the United States in 2019, followed by social events in China Hong Kong, made 2020 a difficult year for many industries.
Take the jewelry industry as an example. According to Hong Kong government data, jewelry sales fell 42.9% in October, due to a series of social events affecting consumer sentiment and reducing the number of visitors to Hong Kong. Domestic jewelry sales also continued to weaken for many months, with jewelry sales down 4.5% in October, which is the fourth consecutive monthly decline. There are also internal concerns in the jewelry industry, such as low sales of rough diamonds, oversupply of gem products, and the trading of colored gemstones is also hindered by China's monetary policy.
Domestic and foreign troubles finally met a dawn at the end of 2019. Price of De Beers diamond products has returned to stable gradually, and the demand for raw stones has also improved. At the same time, the U.S. market has begun to restore the main general interest rate to a low level. On the other hand, all sectors of the jewelry industry have made adequate preparations. Just as Ma Yongyi, President of the founding Committee of the Diamond Federation of Hong Kong, China, said: "in the crisis, we should know ourselves and our partners, and we should be careful to strive for flexibility and time to prepare for the challenges."
《Jewellery News Asia》interviewed industry personages to discuss the future of the industry.