Abstract:Jewelry consumption is a flexible consumption other than people's daily necessities consumption, with the increasing consumption capacity of mainland residents, the consumption level of upgrading, jewelry consumption is also gradually increasing. In 2023, the retail sales of gold, silver and jewelry products of units above designated size in mainland China will rise to 331 billion yuan, a year-on-year increase of 13.3%, and the scale will continue to expand. From the perspective of revenue scale, Lao Fengxiang's dominant position is prominent, with an operating income of 62.066 billion yuan in the first three quarters of 2023, a year-on-year increase of 15.93%.
1. Definitions and Classification
Jewelry refers to the raw materials and semi-finished products of jewelry, jade and precious metals, as well as wearing jewelry, craft decorations and art collections made of raw materials and semi-finished products of jewelry, jade and precious metals. Jewelry consumption is a flexible consumption other than people's daily necessities consumption, with the mainland residents becoming stronger and stronger, the consumption level is upgrading, jewelry consumption is also gradually increasing. Jewelry can be broadly divided into five categories: gemstone jewelry, semi-precious stone jewelry, precious metal jewelry, jadeite jewelry, and costume jewelry.
Second, industry policies
1. Competent authorities and regulatory system
The jewelry industry is an industry with a high degree of marketization, and government departments and industry associations only implement macro management of the industry, and the business management and production and operation of enterprises are basically operated in accordance with the market-oriented mode. At present, the main management department of the jewelry industry is the Jewelry and Jade Jewelry Management Center of the Ministry of Natural Resources, and the self-regulatory organizations are the China Jewelry and Jade Jewelry Industry Association and the China Gold Association.
2. Industry-related policies
As the core base of China's jewelry and gold industry, Shenzhen occupies an extremely important position in China's jewelry industry, and is the main processing and manufacturing center, wholesale center, material procurement center, main export base and industry information center of jewelry in China. Therefore, the state has given policy support to Shenzhen's jewelry industry. In January 2022, the National Development and Reform Commission and other departments issued the "Opinions on Several Special Measures to Relax Market Access for Shenzhen's Construction of a Pilot Demonstration Zone of Socialism with Chinese Characteristics", requiring the improvement of Shenzhen's jewelry and jade industry access system and supporting Shenzhen to give full play to the advantages of jewelry and jade industry agglomeration. In addition, Hainan, as the largest special economic zone in the mainland, is becoming a new highland for comprehensively deepening reform and opening up in the new era, and the state is also very supportive of the development of Hainan Island's jewelry industry. In January 2021, the National Development and Reform Commission and other departments issued the "Catalogue of Encouraged Industries in Hainan's Own Trade Port (2020 Edition)", which listed gem processing and jewelry inlay manufacturing as encouraged industries. With the construction of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, the state has also vigorously supported the development of the jewellery industry in the Cooperation Zone. In December 2023, the National Development and Reform Commission (NDRC) and other departments issued the Opinions on Supporting the Relaxation of Market Access in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin to support domestic and foreign jewellery and jade enterprise groups and institutions to carry out jewellery and jade processing, appraisal, exhibition and trading in the Co-operation Zone.
3. Industry barriers
1. Marketing network construction and management barriers
Marketing network is the main competitiveness of jewelry enterprises, and the construction of a marketing network with wide coverage and superior location requires a high level of management ability, sufficient capital investment and long-term business accumulation. With the intensification of competition in the industry, it is difficult for new entrants to gain channel advantages in a short period of time under the condition of limited marketing outlets in core business districts. In addition, the establishment of stable and high-quality marketing channels also requires a complete and scientific management system and system matching, and it is necessary to cultivate a large number of professionals with goods management, personnel management, brand image management and cross-regional supply chain management capabilities.
2. Brand barriers
Jewelry products have the characteristics of high single product value, and product quality is very important for consumer experience and brand image. The shaping of the jewelry brand system is a long-term process, and the whole process is accompanied by long-term capital investment and continuous output of values. Different jewelry brands contain their own unique design concepts, brand positioning and cultural elements, which need to be precipitated after long-term operation to obtain the deep recognition of consumers and generate brand stickiness, and the core competitiveness of the brand has established a high entry threshold for the industry.
3. R&D and design barriers
With the development of society and the improvement of people's living standards, consumers pay more and more attention to the style, design and product connotation of jewelry products. Therefore, product development and design capabilities are crucial for jewelry companies. The product design ability of a jewelry enterprise depends on whether the enterprise has a strong team of designers, a good product design system and system, and the ability to integrate and utilize external design resources.
Fourth, the industrial chain
1. Analysis of the industry chain
The upstream of the jewelry industry chain is the mining, smelting and processing of raw materials such as gold mines, silver mines, diamonds, and gemstones. The midstream is mainly engaged in the production and processing of jewelry. The downstream is the terminal sales link. The industrial chain of the jewelry industry is shown in the following figure:
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