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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (3009)	3/31/2004 5:09:30 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

Sales of jewelry on rapid rise www.chinaview.cn 2004-03-31 12:23:01 BEIJING, March 31 (Xinhuanet) -- Jewelry consumption in China is expected to hit 200 billion yuan (24.2 billion US dollars) in ten years, according to sources with the Gemmological Association of China, China Daily reported Wednesday. In 1982, jewelry sales in the country stood at 100 million yuan.But now, yearly sales total 100 billion yuan, the paper said. "Judging by this speed, sales in 2013 may double," said Wang Yongqing, deputy secretary-general of the association during the Jewelry Shanghai 2004 convention being held from Tuesday to Friday. "Nowadays China is a big consumer market for jewelery," Wang added. Yearly sales of platinum hit 1.5 million ounces, or 52 percentof global consumption. The yearly consumption of gold is 240 tons,ranking third in the world. Sales of diamond ornaments have made a breakthrough of 10 billion yuan in sales, making China the biggest market for diamonds in Asia, according to the paper. The jewelry industry in China has a long history, but for historical reasons, the market did not develop until 1982. From 1982 to 1991, gold ornaments occupied the whole market. Diamond, jade, pearl and other precious stones appeared one after another in the 1990s. "Amid such a background, the exhibition this time is an opportunity for the sale and production of jewelry," said Hou Jie,General Manager with Broadway Exhibition Service, one of the event's organizers. The exhibition has attracted about 200 jewelry producers from 21 countries and areas. With CEPA (Close Economic Partnership Arrangement) launched between the mainland, Hong Kong and Macao, the tax for jewelry in the areas dropped from 35 percent to zero if the products meet the requirements of China Customs. With such a preferential policy, jewelry from Hong Kong and Macao can more easily enter the market in the mainland, the paper said. Enditem Related Story news.xinhuanet.com