Industry Dynamics | Strong Growth in Jewelry Import and Export in the First Half of the Year - RAPNETBUY

Industry Dynamics | Strong Growth in Jewelry Import and Export in the First Half of the Year

2023-08-09

Domestic trends

Strong growth in import and export volume of gold, silver, and jewelry products in the first half of the year

According to the retrieval and analysis of statistical data from the General Administration of Customs by the China Jewelry and Jade Industry Association, the total import and export volume of the jewelry industry in the first half of this year increased by 55.8% year-on-year to $75.017 billion. Among them, the total export volume increased by 17.4% year-on-year to 14.623 billion US dollars; The total import volume increased by 70.6% year-on-year to $60.394 billion.

In terms of categories, China's gold import volume increased by 110.4% year-on-year to 48.973 billion US dollars; The export value of inlaid jewelry increased by 15.3% year-on-year to 6.397 billion US dollars.

From the perspective of trading partners, the import and export volume of China's jewelry industry to ASEAN increased by 185.7% year-on-year to 5.405 billion US dollars; The import and export volume to the European Union decreased by 4.2% year-on-year to 4.383 billion US dollars; The import and export volume to the United States increased by 13.0% year-on-year to $1.811 billion.

Release of Global Gold Demand Trends Report

Recently, the World Gold Council released the "Global Gold Demand Trends Report". The report shows that the gold market has maintained a good momentum thanks to the record high gold purchases by the central bank in the first half of this year, as well as the continuous growth in gold investment and gold jewelry consumption demand.

In the second quarter of 2023, the total global gold demand increased by 7% year-on-year to 1255 tons. In the first half of the year, the total global demand for gold increased by 5% year-on-year to 2460 tons. In terms of gold jewelry, hard gold products are increasingly popular in the market due to their lightweight and cost-effective advantages; The market share of ancient gold products remains stable, with light ancient gold products embedded with enamel and gemstones becoming sales highlights.

Wang Lixin, CEO of the World Gold Council in China, said, "Given the low base in 2022, the year-on-year growth rate of global gold demand in 2023 is expected to reach double digits. In terms of gold jewelry, various consumer stimulus policies may help to increase demand for gold jewelry

Jewelry sales in Hong Kong SAR increased significantly in June

According to the Statistics Department of the Hong Kong Special Administrative Region Government, due to the recovery of the inbound tourism industry and positive consumer sentiment, sales of all retail categories in the Hong Kong Special Administrative Region increased by 20% year-on-year to HKD 33.12 billion in June, with sales of jewelry, watches, and precious gifts increasing by 64% year-on-year to HKD 5.56 billion.

From January to June, the sales of all retail categories in the Hong Kong Special Administrative Region increased by 21% year-on-year to HKD 205.08 billion, with sales of jewelry, watches, and precious gifts increasing by 74% year-on-year to HKD 30.41 billion.

Caibai Group's Q2 Performance Pre increase

Recently, Caibai Group provided answers to questions about the company's quarterly performance and store expansion planning during investor research activities.

In terms of performance, the company's operating revenue in the first quarter increased by 45.6% year-on-year to 5.052 billion yuan, and the net profit attributable to the parent company increased by 30.6% year-on-year to 235 million yuan. The expected net profit attributable to the parent company in the second quarter is 145 million to 195 million yuan, a year-on-year increase of 111% to 184%.

In terms of store expansion planning, the company will continue to enhance its layout in the Beijing area, taking Beijing as the cornerstone, driving the markets in the surrounding areas of Hebei and Tianjin, and radiating outward to other provinces and cities, gradually moving towards a national layout.

Yuneng Holdings' Half Year Revenue Grows Significantly

Recently, Yuneng Holdings released its annual report for the fiscal year ended March 31, 2023. During the reporting period, the company's operating revenue increased by 26.1% year-on-year to HKD 186 million, gross profit increased by 25.9% year-on-year to HKD 3 million, and shareholder attributable losses decreased by 66.8% year-on-year to HKD 2.6 million.

The company stated that in the fiscal year, the sales revenue in the European and American markets significantly decreased to HKD 0 compared to the same period last year, while the revenue in the mainland China and Hong Kong SAR markets significantly increased by about 83.6% compared to the same period last year.

Zhou Shengsheng expects net profit to increase by 70-80% in the first half of the year

Recently, Zhou Shengsheng announced that within the six months ending June 30, 2023, the company expects shareholders to account for a profit of HKD 800-850 million, an increase of 70-80% compared to the same period in 2022.

International Development

The number of jewelry companies in the United States continues to shrink

According to data from the Jewellery Trade Commission (JBT), the number of US jewelry companies decreased by 2.4% year-on-year in the second quarter of 2023 to 23424. Retailers remain the mainstay of the industry, with a year-on-year decrease of 2.5% in the number of enterprises to 17760; The number of wholesale trade enterprises decreased by 1.5% year-on-year to 3394; The number of manufacturing enterprises decreased by 2.7% year-on-year to 2270.

Brilliant Earth Releases "Carbon Capture" to Cultivate Diamonds

Recently, American online jewelry brand "Brilliant Earth" has launched two diamond jewelry series focused on carbon reduction.

The first series of "Capture Collection" uses "carbon capture" technology to produce diamonds, which are cut and polished into various shapes for use in wedding and high-end jewelry.

The second series, "Renewable Collection," uses renewable energy generated by wind and solar power plants in the production process.

De Beers rough diamond sales continue to decline

Global diamond demand continues to slow down, with De Beers rough diamond sales declining for the sixth consecutive cycle.

Compared to the same period last year, the company's transaction volume in July decreased by 36% to $410 million, the lowest level since December 2021. The company stated that in July, it had lowered the price of large particle rough diamonds by 5-15% and will continue to implement a repurchase policy for specific low selling products.

Firestone Diamond's Sales Decline

Due to the slowdown in demand for rough diamonds, Firestone's revenue declined in the fourth fiscal quarter ended June 30, a decrease of $8 million compared to the previous quarter, and an average carat price decrease of approximately 5.6%.

Kaiyun Group's jewelry business performed outstandingly in the first half of the year

Recently, Kaiyun Group announced its performance for the first half of 2023. During the reporting period, the overall revenue of the group increased by 2% year-on-year to 10.14 billion euros, and the net profit increased by 4% year-on-year to 1.85 billion euros. The network revenue of direct stores, including e-commerce websites, increased by 4% year-on-year, with good performance in the Asia Pacific region and stable growth in Western Europe, but sales in North America decreased.

The report points out that, driven by the economic recovery in the Asia Pacific region, jewelry brands Boucheron, Pomellato, and Qeelin have all achieved double-digit sales growth.

Prada's net profit surged by 62% in the first half of 2023

Recently, the Italian luxury goods group Prada released its first half performance report. During the reporting period, the group's sales increased by 20.5% year-on-year to 2.232 billion euros, and its net profit increased by 62% year-on-year to 305 million euros. The sales of the group's eponymous brand Prada increased by 17.7% year-on-year in the first half of the year, accounting for up to 85% of retail sales.

From a regional perspective, sales in all regions except the Americas have achieved double-digit growth, with sales in Asia Pacific increasing by 25.3% year-on-year, sales in Europe increasing by 24.4% year-on-year, sales in the Middle East increasing by 13.5% year-on-year, and sales in the Americas decreasing by 1% year-on-year.

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