Since November 2009, the project of a new trading zone, Binhai, in the suburb of the Tianjin City approved by the State Council of the People’s Republic of China entered the period of fast development. Since the time when all the issues related to several large-scale projects were settled, the zone expects its further development and according to preliminary forecasts Binhai’s potential may well compete with the Pudong Economic Zone located in Shanghai.
Tianjin, earlier a regular seaport, spurred by fast economic growth is now the second- largest industrial and commercial centre in the northern part of China. During the last decade the economy of Tianjin mismatched the level of an advanced economic zone and this is why China’s central authorities outlined a new policy for developing Tianjin. In 2008, Tianjin was declared an economic hub of Northern China, and in 2009 the State Council of China approved the project of a new economic zone, Binhai, in the territory of Tianjin which taking the lead of Shanghai’s Pudong is to play an important part in the economic development of Northern China on a national scale. This kind of economic growth also created favorable conditions in the local jewelry market promoting an expanded range of jewelry products and attracting foreign brands. In the most prospering areas of the new economic zone there were opened several large-scale jewelry stores selling well-known local retail brands, including Kingpin, a famous jewelry brand in China. According to experts, currently besides the already traditional demand for diamond jewelry people are lately increasingly seeking for emerald and gold jewelry.
As well as in other Chinese cities, jewelry is in great demand in Tianjin. Quangyechang, the famous jewelry brand of Tianjin, is one of the most recognized and popular consumer goods.
The Taobao Market is one of Tianjin’s remarkable sights. Besides a great number jewelry stores, the market displays a wide assortment of everyday consumer goods attracting Chinese and foreign tourists. The jewelry section of the market boasts of a wide variety of gems where you may choose between various sizes, qualities and prices. However, many of such pieces are fakes and so far the local authorities are unable to deal with this problem.
Despite its geographical affinity to Beijing, Tianjin’s jewelry market still remains rather closed for public at large. Mr. Li Yinong, General Manager of the Tianjin Jewelry Show, Jilin, says there is a great deal of work to be done to develop the jewelry industry in the new economic zone. To reach this purpose, Tianjin will have to organize large-scale jewelry exhibitions, expand its jewelry processing facilities and provide most favourable conditions for developing both local and foreign jewelry brands.
Yekaterina Davydova, Rough&Polished Asian Bureau Editor in Beijing
