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

To: RealMuLan who wrote (4537)	3/9/2005 12:46:19 AM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

CHINA'S JEWELRY MARKET POTENTIAL LURES FOREIGN BUSINESSES Publish Date : 3/8/2005 4:45:00 PM Source : Moneyplans.net Staff Foreign pearl and jewelry companies are showing growing interests in China, expressing a strong desire to enter this huge potential market. Therecent China (Shenzhen) International Gold, Pearl and Stone Exhibition held in Shenzhen City in South China's Guangdong Province attracted participation of more than 100 foreign companies. Foreign companies accounted for one third of the total participants at the exhibition. China's market is brewing a large-scale competition for a big share of the country's gold, silver, diamond jewelry and raw materials market. China is now a leading jewelry producer in the world. It exported US$1.8 billion worth of jewelry in 2003. It is also one of the biggest consumption market in the world. China's demand for gold reached 207.6 tons in 2003, retails of diamond jewelry topped US$1.75 billion, and demand for platinum reached 1.20 ounces, valued at about 50 billion RMB yuan. Up to now, 15 Taiwan and Hong Kong companies have started jewelry businesses in mainland China, and they plan to bring the number of shops opened on the mainland to 919 this year. According to Lu Wenyuan, vice-president and secretary general of the China Gold Association, several Italian companies are planning a large-scale promotion of Italian jewelry products in the Chinese market. Italian pearl and jewelry businesses that enjoy high reputation in the world have not entered the Chinese market mainly because of the high import tariff rate. Beside the 17 per cent added-value tax, there is 23 per cent of import tariff for jewelry products. Hong Kong companies have succeeded in entering the mainland market by making use of the CEPA (the closer Economic Partnership Arrangement) channel, basically obtaining zero tariff rate in mainland China. moneyplans.net