China reported a 99 per cent increase in jewellery sales during the first two months of 2021. Data from the National Statistics Bureau of China indicates that total retail sales were up 33.8 per cent from January to February, against the 2020 figures. The Chinese government attributes this to effective containment of the Covid-19 virus, as well as because of a steady recovery in investment and consumption, stable employment and prices that safeguarded people’s basic livelihoods with the sustained steady recovery of the national economy.
In 2020 China’s jewellery sales declined by 4.7 per cent amid lockdowns brought about by the coronavirus pandemic and jewellery retailers suffered massive losses. However, sales began to recover in July and in December 2020, sales of gold, silver and jewellery rose 11.6 per cent.While industry stakeholders and economists are counting on China’s economic comeback and the countries continued recovery, the World Bank said China’s economy is expected to expand by 7.9 per cent this year.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
