Image credit: GDE
According to the report, from 2016 to 2020, the retail sales of gold, silver and jewellery products dipped from 0.9% to 0.6%, reaching 237.6 billion yuan in 2020. Since 2018, the monthly retail sales of gold, silver and jewellery products by enterprises above the designated size had been lower than the same period in the preceding years.
However, post-pandemic in 2020, the retail sales of gold, silver and jewellery products by enterprises above designated size showed a y-o-y growth since July, peaking at 25% in November, the highest monthly figure in the year.
In July 2020, when jewellery consumption began to rebound, sales in the fourth quarter exceeded that in the same period in 2018. Sales in November 2020 even surpassed that in the same period in 2015, reaching 25.8 billion yuan, a record high for November in the past six years.
Due to the steps taken to control the pandemic, the majority of jewellery stores in China that shut down in the first quarter resumed operations in the second quarter, and the retail confidence gradually builds up.
Jewellery stores in the mainland, as well as in Hong Kong and Macau saw an extraordinary performance. The overall robust sales in the mainland market propelled the persistently sluggish sales in the Hong Kong and Macau markets.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
