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China recorded a 4.7 per cent decline in jewellery retail sales in 2020 amid lockdowns, macroeconomic uncertainties and other business restrictions brought about by the coronavirus pandemic.
According to data from the National Statistics Bureau of China, sales of gold, silver and jewellery rose 11.6 per cent in December 2020.In 2019, the country’s jewellery sales saw a year-on-year increase of 0.4 per cent. However, throughout the first half of 2020, sales figure declined. But sales began to recover in July, recording a 7.5 per cent improvement with the COVID-19 situation there gradually improving.
Industry stakeholders are counting on China’s economic comeback to fuel growth in the jewellery sector. Data indicate retail sales of precious metals and jewellery in China by month 2019-2020 was encouraging. The retail trade revenue of gold, silver and jewellery in China totalled approximately 25.76 billion yuan in November 2020. This indicated a nearly 25 per cent revenue increase compared to the same period of the previous year.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
