In China, the demand for diamond consumption is huge. Diamond is a natural mineral, the raw stone of diamond. The diamond is called the “King of Gems” and its brilliance has made the world long for it. Natural diamonds have been hidden for billions of years and are often excavated with mystery and romance. At the same time, diamonds have become a popular gemstone that can be owned and worn by all. The culture of diamond has a long history and people see it more as a symbol of love and fidelity.
The diamond market in China is very promising
In China, the demand for diamond consumption is huge, and the country is not a gathering place for diamond deposits, so the diamond raw materials for jewelry companies in China are mainly obtained through imports from the Shanghai Diamond Exchange. The Shanghai Diamond Exchange data shows that the demand for diamond jewelry in China is about RMB 68.7 billion in 2019, and the demand for diamond jewelry in China can reach RMB 72.3 billion in 2021. China’s diamond market has always maintained a long-term upward trend of steady growth.
In addition, compared to Americans, 70% of whom wear diamond jewelry, only 20% of Chinese people will want to wear diamonds at present, so there is still a lot of room for expansion in the Chinese diamond sales market.
What kind of people buy diamonds in China?
- Women
As the saying goes, “Diamonds are a woman’s best friend”. Almost all women have longed for a beautiful and eternal love and have fantasized about the wedding scene in their hearts. The rarity and rarity of diamonds highly satisfy this inner psychological need of women, making them a magical “magic stone” in women’s minds. Because of this, in China, women are more attracted to diamonds than men.
- Marriageable people and fashionistas
As the raw material for diamond rings, diamonds are essential for proposals and wedding ceremonies. The huge demand in the wedding market is also the main reason for the growth of diamond sales, with the age distribution of young people between 24-30 years old. It is easy to see that diamonds are more sought after by the younger generation in China. In addition to representing eternal love, diamonds are an essential item for fashion icon to decorate and wear, and they can bring them spiritual pleasure.
- Middle class and above
It goes without saying that a diamond of the highest quality, from mining, polishing, to importing and processing, the entire process contributes to its high price. To be able to buy a diamond in full represents a family that must have a certain economic base. In China, the coastal provinces, and cities as open developed areas, with its always high consumption level, so that consumers also know more about diamonds, but also the main diamond merchants to promote the region.
At the same time, as the economic center and jewelry gathering area of China, Shanghai and Guangzhou consumers are most concerned about diamonds, and the trading market is exceptionally active.
How can diamond dealers make a splash in China?
- Price advantage
The Chinese are increasingly looking for “value for money”, which means that the price of a diamond is sometimes the key to choosing a diamond to buy. If a brand can offer the best price in terms of pricing, then many Chinese will not hesitate to choose a diamond product with a beautiful product at a good price.
- Do a good design, style is greater than everything
With the continuous improvement of living standards, jewelry consumers’ requirements for quality also continue to improve, consumers are more in pursuit of personalized, diversified and decorative styles. Therefore, jewelry companies need to have the ability to keep up with or even lead the market trend of product design. This requires jewelry companies to have a strong team of designers and a good product design system and system, or the ability to integrate the use of external design resources.
- Improve the process and integrate “GuoChao”
As we all know, most diamond craft designs are traditionally western in character. The traditional Chinese have always worn jade and gold, then the diamond design may also wish to combine the traditional oriental filigree, dotted cui, gold and silver wrong and various types of Western jewelry inlay process, catering to the aesthetics of the Chinese people, innovative integration of Chinese characteristics, GuoChao elements, I believe this will be a great highlight.
- Do a good job of brand marketing
Gold signboard to bring audience recognition, technology identification to provide quality assurance, cultural marketing to generate emotional dependence
These all need to cater to the current era, and when going into the Chinese market, the power of social media (douyin, Xiaohongshu, Weibo, WeChat) in China should not be forgotten. Choosing the right social media for the brand’s positioning is an important channel for Chinese netizens to get to know the brand, and the online shopping platform can be more direct and efficient to increase product sales and KPI.
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If you are also a jeweler looking to join the Chinese market, then…
China is a country with a large population and high market demand, combined with the development of digital media and logistics, all of which provide very favorable conditions for diamond dealers to join the Chinese market.
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