文章來源：中國黃金網撰寫時間：2018-03-20作者：呂磊 任心悅 李蔓 馬佳 張圓
China Market Report 2018: New Consumption Reform Begins.
In recent 40 years from Reform and Opening-up Policy, China's supply-demand structure and market situation has a fundamental change, in which a new diversified consumption pattern multi-choice and multi-level is forming. With stable growth of per capita income and a rapid emerging of "Millennial Generation", rural and urban residents are transforming the previous large-scale, homogenized and popularized consumption to a new diversified consumption with differentiation and high-quality.
Especially since 2016, China's gold and jewelry industry has been transformed structurally, featuring in following specific performances: By a fusion and application of "Internet +" and high-tech, an active innovation on production and business operation mode is executed, and a remarkable success is achieved in respects of Intelligent manufacturing, creative design, personal customization and integrated both online and offline marketing; brand concentration further improves, and an oligarch situation on distribution channels is forming; M&A in capital market focuses more on assets with high quality, international brands and the strategic layout of overall industry chain; the research and development on new technology and materials achieve continuous breakthroughs and many innovative products are constantly emerging, such as 3D printing jewelry, 3D hard-gold jewelry, wearable smart jewelry fused with digital technology as well as innovative jewelry integrated with traditional and new materials; new consumption type that focuses on creation of style design and pursues high quality, casual luxury, high frequency is forming...
With the implementation of a series of new economic policies, such as the Supply-side Structural Reform of Chinese government, the growth pattern of China's economy is changing from speed-oriented growth to qualitative-oriented growth. The conversion of old and new impetus energies has shown real effect -- in recent two years, the impetus layout of China's economic growth has gradually given its priority from previous investment and export driving to consumption driving.
In recent, Li Keqiang, Premier of the State Council pointed out in the Government Work Report made at the First Meeting of the Thirteenth National People's Congress that, in recent five years, China, with a resident income growth at an average annual rate of 7.4%, exceeding the economic growth, has formed a middle-income group with the world's largest population. According to the standard of the World Bank, the conservative estimation shows that currently China's middle-income group has a population of more than 400 million, accounting for about over 30% of that in the world, with a rapid growing size. It is estimated that by 2030, the population of China's middle-income group will account for about 60% of the total. As shown in National Bureau of Statistics data, in 2017, Chinese residents' final consumer expenditure annually has 58.8% contribution rate of GDP growth.
It is certain that China, with the world's largest middle-income group, has a huge consumption market which is full of vitality remaining a strong expansion capacity for a longer period in the future, so as to allow China's economy also to keep a strong tenacity to resist the impact of changes in the external environment.
As the middle-income group gets larger, the consumption upgrading of China's market is producing a profound effect on all kinds of traditional industries including gold and jewelry. From cultural inheritance and capital M&A to talent cultivation and brand building; From product innovation, respecting design, encouraging originals to protecting intellectual property rights, revitalizing traditional handicraft and craftsman culture... At present, China's gold and jewelry industry is discarding its previously extensive-style theories of fickleness and quick money at all levels and returns to the pursuit of product quality, art taste and brand style from previously simple pursuit of scale output and market shares.
Based on a general confident and optimistic estimation towards our nation's future, new consumption revolution in China has sounded the horn. Obviously, in this wave of consumption, China's market has become more open, which possesses more attractions to gold and jewelry industry both at home and abroad.
At the opening of the Watch and Jewellery Show (Basel Watch Fair), the English version of China Market Report 2018 launched to face participants in international gold and diamond industry is designed to providing an objective and detailed reference guide for international participants to have an insight into the development and changes of China's gold and jewelry consumption market as well as the growing trend of this industry. At the same time, it also offers opportunities to enter into China's booming market and enhance the communication and cooperation between Chinese and foreign enterprises.
As the one and only national-level authoritative media organization and think tank for professional research in China's gold and jewelry industry, China Gold News (Beijing Gold Economic Research Center) has been concentrating on a sustainable and deep date collection and research for China's gold and jewelry consumption market for years, as well as carried out special surveys and launched research reports regarding to transformation and upgrading of the industry or significant topics related. We have published and released annual report on China's Gold and Jewelry Consumption White Paper for years in succession, which has been an important reference for participants in this industry to grasp market change and adjust strategy or methods.
The main content and its viewpoints of China Market Report 2018 is formed on a basis of the integration, reframing, re-analysis and research of Research Report on China's Gold and Jewelry Consumption Upgrading 2017, White Papers of China's Gold and Jewelry Consumption Survey 2018 and relative research results (China Gold Press and Beijing Gold Economic Research Center are eligible for copyright of relevant works above). Taking the "consumption upgrading" as a core goal, it carries out the analysis and study on two levels of industry and consumption market, strives to reveal the development and changes of China's gold and jewelry market in recent two years in a full view with objective and detailed data.
Part I: The Gold and Jewelry Industry under Deep Transformation
For almost 40 years since the reform and opening-up policy, the flourishing development of gold and jewelry market in China has been remarkable and thus attracted wide attention in the global industry. As of 2016, the sale amount at the terminal market had reached RMB 550 billion and persuasively secured China as one of the largest gold and jewelry consumption markets with the fastest growing speed in the world. Currently, with the rising of the "Millennial Generation", the gold and jewelry market is experiencing the consumption upgrading and it will definitely become a major pushing force in leading the industry future and shaping the competitive landscape of the market. In 2017, changes occur in each link of the whole industry chain; under a restricted current view, large revolutionary transformation might not be expected to occur; however, under the context of the great transformation of China's economy and society, these changes involve a logic that is key to the wax and wane of various enterprises in a future certain period.
(I) Product Transformation: Rising of Personalized Consumption
According to statistics, the diamond consumption in China has ranked the second in the world for many consecutive years while the sale proportions of jade, pearl and color jewel have also realized continuous rising. Especially in the just past 2017, under the general background of picking up in the jewelry industry, individuality and fashion represent new trends in the development of jewelry industry. As the prices of international raw materials vary, the "Millennial Generation" rises up and their appeal to the market changes, the quotation, price trend and styles of jewelry products in domestic market has experienced great changes.
金飾：工藝提升帶動消費世界黃金協會提供的數據顯示，2017年中國內地前三季度共加工金飾47.25噸，同比增加13%，加工金條和金幣232.8噸，同比增長57%，消費需求量為 70.53 噸，同比增長23%。針對中國黃金需求量增長，世界黃金協會中國區董事總經理王立新曾表示，由于消費者鐘愛創新及差異化，中國金飾需求量增長主要集中在 18K 金、3D 硬金等。
Gold ornaments: The improvement of processing technic drives the consumption. It is shown in the data provided by the World Gold Council that 47.25t gold ornaments have been processed in Chinese mainland within the former three quarters of 2017 (a year-on-year increase of 13%), 232.8t gold bars and gold coins have been processed (a year-on-year increase of 57%) and the relevant consumption demand is 70.53t (a year-on-year increase of 23%). With regards to the increasing gold demand in China, Wang Lixin, the Director and General Manager the Chinese zone of the World Gold Council, expressed that since consumers favor innovation and differentiation, the gold demand increase mainly lies in 18K gold and 3D hard gold, etc.
針對高純度黃金過于柔軟，很難承載復雜設計的“短板”，一些從業者更注重新技術、新工藝的應用。以 3D 硬金為例，企業在不改變黃金純度的基礎上，生產出了立體感強、硬度高的金飾，造型精致，克數小，體積大。
Due to the excessive softness of the gold of high purity, it is often inapplicable in complicated designs. Thus, some practitioners pay more attention on the application of new technologies and new processes. In the example of 3D hard gold, enterprises try to produce gold ornaments featuring high stereoscopic impression and hardness in exquisite styling with small grammage and large size.
不可否認，新工藝為市場帶來了共贏。消費者對于可以展現獨特風格的新產品，更愿意買單，而從業者也得到了更高的加工費和附加值。但是不容忽視的是，在 2017 年，主打“四個九”甚至“五個九”的高純度黃金飾品，銷售也呈現明顯增長態勢，很多珠寶企業和消費者的第一關注點仍然是金含量。
It cannot be denied that new processing techniques create win-win situation in the market. The consumers prefer to pay for the new products of unique characteristics while the practitioners gain more processing fees and additional values. However, what should not be ignored is that in 2017 the sales of gold ornaments featuring high purity of AU 9999 and even AU99999 take on an obvious increasing trend for the priority to the jewelry enterprises and consumer still lies in the au content.
世界黃金協會調研顯示，一方面，順應城鎮消費升級大趨勢，黃金首飾銷售渠道不斷下沉。金飾行業實體店鋪在經歷了 2015 年至 2016 年度的停滯期后有所恢復，新開門店主要集中在三線、四線城市。另一方面，著眼于精通科技的“千禧一代”，是網上消費的重要推動力量，零售商不斷調整策略以吸引這一消費群體。
According to researches of the World Gold Council, on one hand, to follow the general trend of urban and town consumption upgrading, the gold and jewelry marketing channels continue to extend towards grass-root levels. After a stagnant period from 2015 to 2016, the real stores for gold ornaments see a recovery in some degree with the new stores gathering in the third-tier and fourth-tier cities. On the other hand, aiming at the technology-proficient "Millennial Generation" as an important driving force for online consumption, retailers constantly renovate their policies to attract attention of this group of consumers.
Diamond accessories: The mainland market features a great potential. Except the largest diamond market in the world --- the USA, the Chinese mainland market also attracts a lot of attention from multiple international companies famous for the sale of diamond ornaments, including Tiffany and Co.
此外，周大福集團最近公布的業績證實，其在內地市場已經連續四個季度出現同店銷售增長。一貫主打黃金飾品的周大福，近兩年來非?？春脙鹊劂@飾市場前景，動作頻頻。先是在 2016 年推出自有鉆石品牌“周大福 T MARK”；而后又在2017 年 4 月以 7120 萬美元競得全球最貴60 克拉“粉紅之星”，以拉動產品銷售，振奮市場情緒；同年 5 月，周大福特別推出輕奢珠寶品牌“SOINLOVE”, 主打婚嫁鉆戒定制。
In addition, it can be told from the performance recently released by Chow Tai Fook Jewellery Group Limited that it has realized a four-quarter consecutive increase in the mainland market. Chow Tai Fook has always focused its business on gold ornaments; since they expect a good prospect for the diamond in the mainland market, frequent actions have been taken correspondingly. Firstly, in 2016, it launched their own diamond brand "Chow Tai Fook T MARK"; Later, in April 2017, it won the most expensive 60-karat "Pink Star" with 7,120 USD in an auction to drive products sales and rouse the market sentiment. In May of the same year, Chow Tai Fook launched the luxury jewelry brand "SOINLOVE" featuring customization of diamond rings for wedding.
婚嫁市場依然是 2017 年中國內地鉆飾的主要銷售動因，特別是主石在 30 分~50 分左右的鉆戒，正在成為二三線城市婚嫁鉆戒的基礎分值。
The wedding market still functions as a major sale driving force of diamond accessories in Chinese mainland in 2017. Especially wedding diamond rings of 0.3-0.5 karat are becoming the basic types demanded in the third-tier and fourth-tier cities.
2018 年，中國年輕消費者特別是千禧一代的鉆石消費比重將日益增加。同時，女性為自己購買鉆飾的情況也越來越普遍，這些購買群體將使作為愛情和婚慶象征的鉆石漸漸變為一種自我表達的時尚標識。因此，在鉆石首飾的設計和推廣中，更應關注此類人群的情感和審美訴求。而方形鉆、梨形鉆、心形鉆等異形鉆也將在 2018 年獲得更多關注。
In 2018, the diamond consumption proportions of the young consumers, especially the consumers derived from the "Millennial Generation", will increase. At the same time, it is becoming more common for a woman to buy herself a diamond accessory. This group of consumer will turn the diamond originally signifying love and marriage to be a fashionable identifier used for self-expression. Therefore, the affection and aesthetic request of this group of people should be highlighted in the design and promotion of diamond jewelries. Nevertheless, cube diamond, pear-shaped diamond, heart-shaped diamond and other fancy shaped diamonds will attract more attention in 2018.
彩寶飾品 Consumers of color jewels
彩色寶石市場兩極分化越來越明顯。普通商品價格與前一年基本持平，但高品質寶石價格依然堅挺并有水漲船高之勢，特別是高品質的紅藍寶和祖母綠等 3大寶石價格堅挺。如在 2017 年 4 月蘇富比（香港）拍賣中，1 枚卡地亞制作的（1930年）1.25 克拉無燒紅寶石戒指成交價達237500 港幣。
The polarization of color jewels grows more and more distinct. The prices for common commodities stays stable compared with last year while the high-quality jewels keep a high price level and are expected to realize corresponding rises, especially high prices of high-quality ruby, sapphire and emerald. For example, in the auction of Sotheby in April 2017, the closing cost of a 1.25 karats non-burned ruby ring made by Cartier (in 1930) reached 237,500 HKD.
此外，新興寶石品種逐漸走熱。由于國際珠寶廠牌的助推，名貴寶石價格居高不下，而市場急需尋求購買替代品、新品種入門門檻相對較低等原因都令新興寶石品種價格走熱。最重要的還是新興寶石本身令人著迷的美麗和珍貴稀缺性。在 2017 年，巴西“帕拉伊巴”碧璽、俄羅斯“翠榴石”以及部分高級紅色尖晶石價格增速極快。
Moreover, new emerging jewel categories are becoming in favor. Due to the propelling of international jewelry brands, the prices of precious jewels stay at a high level; moreover, the urgent need for alternatives by the market, low accession thresholds for new categories and other reasons all promoted the popularity of new jewel categories. What is the most important is the fascinating beauty and precious rareness implied in the new jewels themselves. In 2017, the prices for Brazilian "Paraiba" tourmaline, Russian "Demantoid" and part of red spinel saw a fast increase.
另外， 由 于 近 幾 年 的 組 團 推 廣，2017 年堪稱中國“歐珀”年，歐珀成為在中國內地市場認知度和接受度較高的寶石之一。黑歐珀價格漲幅明顯，高級別歐珀國際成交價達到 3 萬元 / 克拉，但白歐珀和鐵線歐珀價格較 2016 年持平。
In addition, the promotion by various groups in recent years allows the 2017 to be designated as China's "opal" year with opal becoming one of the most widely recognized and accepted jewels in Chinese mainland market. The price of black opal increases significantly and the closing cost for high-grade opal reaches 30,000 RMB/karat; however, the prices for opal and wire-vein opal level off with 2016.
有數據顯示，款式時尚，銷售價格在 3000 元至 5000 元，K 金鑲嵌的碧璽、海藍寶石、水晶等彩色寶石首飾在 2017年受到時尚女性消費者的廣泛青睞。
Some data display that K-gold inlaid tourmaline, aquamarine, crystal and other color jewelries with sale prices falling between 3,000 RMB and 5,000 RMB in fashionable designs won a wide popularity among stylish women consumers in 2017.
而隨著國人對各種彩色寶石認知度的不斷提高，以及消費力、審美力的不斷提升和服飾搭配的多種訴求，2018 年，K 金鑲嵌彩色寶石首飾需求將繼續攀升，并將從單一產品消費向個性化、套系化擴展。
With our fellow countrymen's consecutive advancement in the recognition of color jewels, consumptive power and aesthetic ability and the varying of their requests for apparel and accessories, the demand for K-gold inlaid color jewelries will continue to rise in 2018 and extend from singular product consumption to individual products and set & series products.
玉石品類：名家精品受熱捧2017 年，各類玉石原材料價格都有所上升，特別是品級優良的和田玉、翡翠原材料及成品價格穩中有升。同時，新玉種表現搶眼，在 2017 年，玉石材料呈現多樣化，析木玉、南紅瑪瑙、阿拉善瑪瑙等多種玉石種類受玉雕大師青睞。
Jade categories: Boutiques made by masters are highly demanded. In 2017, the prices of various jade raw materials saw increases; especially the those for raw materials and finished products of high-graded hetian jade and jadeite realized a steady rise. Meanwhile, new jade categories took on an eye-catching performance. In 2017, jade materials exhibited a variety, with Simu jade, Nanjiang red agate, Alashan red agate, etc. widely favored by jade cariving masters.
New jade categories from Huanglong jade to Taishan jade gradually have gained the recognition of authorities and are successively listed national standards. Under the increasing shortage of Hetian jade and high-graded jadeite, the development of new jade categories will necessarily bring larger space for jade carving.
From the perspective of high-end jade collectables sale, buyers will pay more attention on the personal preferences in jade collection and thus, boutiques made by masters with highlighted personalities and outstanding characteristics will be popular in 2018. In the field of jewelry products, inlaid jade product (gold inlaid with jade) is still one that satisfies ordinary consumers at retail terminals.
Pearls: Unexpected price increases occurred at the source.
由于近年來海水污染加劇，2017 年天然海水珍珠拍賣價格不斷攀升，即使是海水養殖珠，價格也有所上浮。2017年 3 月初香港國際珠寶展之后，珍珠價格漲勢迅猛，不僅 Akoya 珍珠價格大增，其他海水珍珠，例如大溪地珍珠、南洋珍珠等也持續上漲。而且 15 毫米以上的優質品質珍珠已很難入手。
Due to the exacerbation of marine pollution, the auction price of seawater natural pearls saw a continuous increase in 2017; even prices for those deriving from sea farming also realized some increases. After the Hong Kong International Jewellery Show at the beginning of March 2017, peal prices increased rapidly. The price increase occurred ont only in Akoya pearl but also in other seawater peals, such as Tahitian pearl, the South Sea pearl, etc. Moreover, high quality pearls above 15mm have become hard to be bought.
2017 年國內淡水珍珠行業經歷了最為殘酷的“寒冬”——各地淡水珍珠“禁限養令”接連下發，對上游養殖業影響巨大。根據華東國際珠寶城發布的珍珠成品價格信息指數顯示，除 2017 年 1 月、7 月、9 月略有下跌之外，其他月份都呈上漲趨勢。由于終端零售市場成品庫存量大，因此，2017 年珍珠成品零售價格未出現大幅增加。但是，相信隨著庫存的減少，2018 年以后淡水珍珠價格在終端市場將大幅度上漲。
In 2017, the domestic fresh water pearl industry experienced the severest "winter" --- "Regulations To Prohibit and Restrict Breeding" targeted at fresh water pearls were issued successively and generated huge influences on the upstream aquaculture. The price index of finished pearl products released by CP&J City displays that the related prices took on a rising trend in all months except January, July and September of 2017. Since the retail market terminal held a large scale of inventory, no large-scale price increases occurred in the retail of finished pearl products in 2017. However, with the decreasing of inventory, the prices for fresh water pearls will increase largely at the terminal market since 2018.
(II) Transformation of Brands: Newly emerged groups and subdivided areas are targeted.
In 2017, more jewelry brands appeared on the center of the stage; however, to catch up the consumption upgrading trend of the domestic jewelry market as being "affordable luxury and individualized", it is necessary to possess one's own "special skills".
The jewelry market in 2017 has entered into the phase for "last spurt". In a review of the overall performance of the 2017 jewelry market, it is not hard to discover by people that the industrial consolidation is speeding up. On one hand, strong brands keep rising prices; on the other hand, brands specialized for singular items move towards continuous deep ploughing in professional subdivided areas. Obliviously, the "breakout competition" among domestic jewelry brands has been started.
Confronted with a more and more competitive environment, what is the future way for jewelry brands? Will the industrial giants like Chow Tai Fook and Chow Sang Sang be destined to win the laurel? Or will the industrial ordinary brands like Batar, Y&M Jewelry and Leysen Tesiro rise suddenly as a new force? Or will the characteristic small brands like Mover, LILIBOBO and MLE take by surprise? All of these are remained to be witnessed in 2018.
The brand construction represents the general trend.
Hong Kong's brands like Chow Tai Fook, Chow Sang Sang and Lukfook and mainland brands like China Gold, Lao Feng Xiang Jewelry and Chow Tai Seng are all strong brands mainly distributed in the first-tier and second-tier cities and are speeding up their brand value on the basis of their capital, channels, rescources and other brand advantages. With the advent of branding era for the jewelry industry, qualitative improvements are realized in the product R&D, craftsmanship, operation model, service level and brand culture, which allow the overall industry to step into a new phase for development.
Layered Layout towards Subdivided Areas
In 2017, more jewelry brands appeared on the center of the stage; however, to catch up the consumption upgrading trend of the domestic jewelry market as being "affordable luxury and individualized", it is necessary to possess one's own "special skills".
Wherein, Chow Tai Fook and Leysen Tesiro realize outstanding transformations in the aspect of rejuvenation. By integrating the culture of Belgian royal jewelry brand --- Leysen, Leysen Tesiro manages to create royal IP in the production differentiation competition. Moreover, Chow Tai Fook, a traditional brand in gold ornaments, also begin to be infused with young feelings and launched two jewelry brands at the level of affordable luxury, respectively girl pink series of SOINLOVE and individual-aloof series of Monologue. Meanwhile, popular actress Miss Zhao Liying is invited as the image spokesperson to pay attention to the e-commerce, which is popular among the young. Driven by the trend of being youthful, increasing rates of both terminals are higher than the overall data.
Besides, the "Xifu" brand of Batar Group, the leader in the gold and jewelry producing industry is just aiming at the wedding gold jewelry, a newly specified market trend. This group has built up with effort several brands such as Batar Jewelry, Showking and Batar National Gift for further development, which lies the powerful practice of the group's brand strategy.
Manufacturing enterprises in the gold and jewelry manufacturing industry, at the same time, are sparing no efforts to popularize their brands. As a result, not only the quality of all brands has won significant improvement, but the brands also won more customers' attention and acceptance while thoroughly illustrating their decision to make breakthroughs and developments. Y&M Jewelry, the bellwether in its field has also wasted no time this year to upgrade itself by starting the jewelry brand era, shaping its own style. It shapes a jewelry brand with distinguished brand style by printing the image of "Rose" on customers' impression, making it easy to tell.
"Age" Is No Longer an Advantage of a Brand.
Being improved from the steady style of following the old track, modern brands have formed their own development and management mode, running forward with continuous subversion, upgrading and transformation. A new brand may be in vogue overnight, while a historical brand may die out within a day. "Age" is no longer an advantage of a brand. The trend of domestic jewelry market to be "affordable luxury & personality" has also derived some creative jewelry brands represented by the creative and cultural jewelry brand -- Mover. A series of customized, characteristic and emotional brands have been established this year, occupying their share in a market used to be ruled by old brands. These brands usually have their unique design idea, brand positioning and cultural elements, aiming to gain customers' acceptance and attention, which require long-time marketing and accumulation to be sustained.
In an increasingly competitive market at a new age, jewelry brands must face the challenging future with the resolution of taking every battle as the last one to win this long lasting competition, and create more domestic and even international famous brands in the jewelry industry.
(III) Channel Transformation: Close Integration of Online and Offline Channels.
Those who win the channels will handle the steering wheel of gold and jewelry industry. One can never be emphasized further is the importance of building and developing marketing channels. Channel, in a certain degree, is the key for a manufacturer to rule the market. Channel developing and maintaining, when the homogenization appears in products and prices, have become the companies' priority of development.
The new channel in gold and jewelry industry is B2B platform, which has won much attention in recent years.
Upstream: How to Survive for Traditional Channels?
It's agreed that in a long run, traditional marketing channels of gold and jewelry consist of manufacturers, wholesalers, dealers and retailers. In such a channel, sellers of every level get certain market profit because of beneficial market response, and in return, they maintain the channel to be smooth and prosperous in a long period for a relatively well-distributed profit. E-commerce platforms are emerging with the gold and jewelry market's booming such as "Jewelry Dealers", "Golden Zu" and "Jewelry Easy", most of which belong to B2B platforms. Channels such as live shows, Wechat sellers and TV shopping are keeping emerging, allowing manufacturers to develop and control new channels in various ways. With people's way of life being improved by technology, the thorough transformation is happening in market channels and marketing. "Real economy + Internet" has greatly pushed the development of the real economy, but it also introduces "disaster" to some links on the industry chain. Firstly, it's because that the whole market is suffering a "harsh winter" with low sales. Secondly, there appears an attack form internet platforms.
Innovation: Will B2B Be Prosperous?
B2B platforms in recent years have occupied the market and customers' resource with a surprising speed, which has shown their surprising vigor and advantages, and solved inherent problems existing in the industry, such as the historical inventory is high and the turnover remains slow; traditional stocking is costly and difficult; as well as the fast product upgrading and old fashioned styles have been a general problem in this industry.
Even a best seller may be killed by poor marketing. In jewelry industry, a poor marketing could be taken as a long insisted habit or an old fashioned thinking mode. Such mode has been running so long that it's almost impossible to be eradicated. As it's well known in the jewelry industry, all retailers are tied to their own suppliers by a long term relationship.
終端零售商和供應商之間不僅僅是一種貨品交易關系那么簡單，他們之間還有資金支持的關系——供貨商可以直接授信給零售商，允許合作多年且資質較好的零售商以繳納部分資金的形式，來獲得多于全額資金所需的產品，既可以賒賬，也可以拉長賬期。對比很多新生的 B2B 平臺而言，他們大抵還無法滿足終端零售商的這些剛性需求。這種傳統渠道的運作模式，使得傳統批發形式依然占據著主流。
This relationship between sellers and buyers is not only about commodity transaction, but about fund supports -- a supplier could credit a long-term cooperator who is trusted to pay part of the cost for products worth more than the total sum. The cooperator may pay later or longer than required when permitted. In contrast, most new B2B platforms are not able to satisfy such rigid demands of their retailers. This running mode of old channel helps traditional wholesale maintain its controlling position.
Besides, jewelry purchasing period, taking diamond embedded ones as an example, is usually about 3 months. At the first purchase or a bulk buying of jewelry, retailers usually go to Shuibei Market in Shenzhen City for selecting on his own. A retailer would observe the jewelry by eyes before deciding whether to purchase or not, except there is a given style or size, when they submit their order on B2B platforms to supplement storage.
Terminal: Channel Conquers to Be the King, Assisted by New Retailers.
A channel so lively is nowhere but only when there is new resource. A new source for the gold and jewelry industry is nothing but a channel net centered with its customers.
There have never been more channels for customers to choose today with the well-developed internet and they can buy in real shops, online shops or even make an order with their smart phones or pads at any time. They usually use more than one channel for one purchase. For instance, when attracted by a piece of jewelry on the internet but hesitating if it is suitable or not, one would try it on in real shops before deciding which channel they prefer.
Obviously, any separated channel couldn't satisfy its customers in the future. Such example proves that the top task to "properly market" one's customer is to satisfy their needs to purchase through multiple channels. That's why retailers need to maintain all channels to touch their customers and offer them convenient shopping experience, not being confined by time and space.
It has been generally agreed to start a new retailing mode of both online and offline combination. Such combination in the gold and jewelry industry is becoming increasingly popular. It's no news that some famous brands, represented by Chow Tai Fook, Chow Sang Sang, TSL, Lukfook, Zhouliufu and Tesiro, have started their e-stores on e-commerce platforms such as Taobao and JD.com. Besides, Kela, Zocai and other brands only starting from e-commerce have increased investment for offline market, expecting to promote the brands and online sales by offering offline customer experience.
(IV) Marketing Transformation: All Is to Attract Yong Consumers.
The year 2017 witnessed the key stage of the supply-side reform of the gold and jewelry industry. As the internet becomes available everywhere, the consumption is upgrading and young consumers start to be main force, jewelry manufactures are required to make themselves entertaining, prompting and being hunger for fashion.Endless marketing modes came into stage in 2017 in jewelry industry. Manufacturers are sparing no energy to explore new channels. They use internet media or they cooperate with other industries. They reshape emotional value and explore young consumers. They never knew fatigue.
New Media Marketing: "Fingertip Marketing" Storm's Coming.
A new circle of shuffling is ruling the jewelry market along with the tide of "Internet +" and big data. The new media marketing becomes the new darling of the jewelry industry to broaden market overnight. More and more jewelry manufactures start to interact with their customers with live show, Wechat, Weibo, self-media and other platforms. The storm of "Fingertip Marketing" has been fashionable rapidly in the jewelry industry. Among all brands, Chow Tai Fook, as one of the first Wechat marketing brands has won rich experience in managing its Wechat official account, who has offered various contents and done real-time interactivity with its fans. Live show is also a broadcasting channel preferred by the jewelry industry in recent years. The booming popularity of live show platform and its promoting effect attract lots of companies, among which Zbird is a representative.
Zbird, cooperating with live platforms like Xiaokaxiu and Yizhibo, planned an activity "520 ? Speak out your love" on May 20, 2017. It invited some show attenders and love showers in Shanghai and Guangzhou to its experiencing center for activities. They helped the "90s" generation who have their own characters to express their love with everyone's witness.
Emotional Marketing: The Closer We Are, the More I "Catch You".
In 2017, transboundary performances have been booming incisively and vividly in all industries, especially in the jewelry industry. Transboundary cooperation has been made in all types between the jewelry industry and all walks, such as cooperating with co-named jewelry brands and makeup brands, investing and shooting brand films, mini films, TV series, as well as inviting even film stars and internet idols as brand representatives. Such transboundary cooperation couldn't be more popular in today's jewelry industry. Companies rob their share of market by hiding entertainment factors in their products or service -- Tesiro invested in metropolis TV plays such as Carat Lover and Jade Lover and invited the popular actress Miss Tang Yan as its representative... All these have been Teriso's entertainment marketing tags, telling that it is apart from its competitors. On the other side, China National Gold Group Gold Jewelry Co., Ltd has won Disney, Marvel, B.Duck and Paul Frank's cooperation to make fashion jewelry, to satisfy customers' emotion knot to fashion brands and express themselves.
Entertainment Marketing: Transboundary and Diversified Cooperation.
Jewelry brands have been marketing "emotionally", implementing more interacting activities with consumers. It's agreed that encouraged by the fan economy, a new competition of "emotional value" has ushered in its formal debut. Almost all brands have devoted to adopting "emotional marketing" with various "experiencing stores" and "ideology stores", just aiming to be closer to their consumers.
While, actually, the really "Catch you" marketing means a transpositional consideration. Were you a consumer, what's your actual demands? The brand could be buried deep in consumers' minds by impressing advertisements that could bring emotional resonance.
像百泰囍福金飾發布的 2017 微電影《金色祝?！?，通過講述父親與女兒之間因愛跨越隔閡的感人故事，把囍福結婚金飾打造成“珍藏記憶、儲蓄情感、傳承祝?！钡臏嘏d體，傳遞出的溫情和“和囍合?！钡纳顚右饬x，以打動消費者的心；周生生則針對情人節與春節設計情感主題——“愛·回家”，因為對出門在外的情侶和夫妻來說，春節回誰家總是一個兩難的選題，家庭生活并不適合講道理，因此周生生為顧客創造了一個表達情感的機會，“因為我愛你，所以我邀請你跟我一起回家?！比绱速N近人心。
A good example is the mini film named A Gold Blessing released by Xifu, Batar in 2017. The film tells a moving story between a father and his daughter striding over the gap between them because of love. It makes the wedding gold jewelry of Xifu a warm carrier which cherishes memories, stores love and passes blessings, trying to touch consumers. While Chow Sang Sang choses "Love Is Back Home" as its emotion theme, a suitable one for Valentine's Day and Lunar New Year. It has been a dilemma for those couples and lovers living out of their hometown to decide whose parents to be visited during Lunar New Year. Considering that it's not always useful for couples to reason, Chow Sang Sang offers a chance to express their love --"Because I love you, you are the only to be invited to my home" -- which is just so touched.
Customized Marketing: Advocate Personality and Define New Trend.
In recent years, "personal customization" has been gradually popular in the jewelry industry. The marketing mode featured by subdividing infinitely, positioning accurately, meeting personalized demands of clients and building up exclusive service has become one of the main marketing modes of many brands.
尤其在婚嫁領域，私人訂制格外受歡迎。像是 Blove 婚戒定制中心，用心把一個個愛情故事打造成一枚枚擁有專屬符號和個性印記的婚戒，專屬定制婚戒承載著獨屬于二人的美好回憶；而 Darry Ring，因“男士一生只能定制一枚”的浪漫規定，成為無數新人的鉆戒首選。
Particularly in marriage field, personal customization is especially welcomed. For example, the Blove Wedding Ring Customization Center sincerely infuses each love story into each wedding ring with exclusive symbol and personalized mark. An exclusive wedding ring bears the sweet memory of the couple; Darry Ring has become the first choice for innumerous new couples because of its romantic provision of "One man can only customize one ring all his life".
In addition, the mental state of presenting the personality by a feeling of freshness, minority and strangeness promotes more consumers to set up the new relationship with unfamiliar brands in their original life circle, and new brands that seem unique but unknown to the public happen to coincide with such mental state.
"Grasping young consumers" drives to success.
在 2017 年，從各種讓我們眼花繚亂的新鮮營銷模式中不難發現，這一年的珠寶行業出現了一個有趣的變化，即越來越多的產品設計和主題活動，不再從消費需求出發，而是選擇從年輕人感興趣的話題入手，與年輕消費者產生共鳴?？梢?，對于珠寶企業來說，抓住年輕人可謂王道。
In 2017, it is not difficult to discover among dazzling fresh marketing modes that, a funny change has happened in the jewelry industry, i.e., an increasing number of product designs and topic activities start from the interested topics of young people instead of the consumption demand to trigger the resonance with young consumers. For jewelry enterprises, visibly, attacking young peoples' attention is the top priority.
現在，“90 后”“00 后”已經被推上歷史的主舞臺，基于年輕人玩得開、有態度、愛分享的天然屬性，越來越多的珠寶品牌把營銷和年輕一代緊密掛鉤。
At present, "post-90s" and "post-00s" have been leading roles on the historical stage. Considering such natural attributes of playing freely, having personalized attitude and loving to share, more jewelry brands relate the marketing to the younger generation closely.
How to master the consumption demand of the younger generation better? The first step is to understand young people's culture. Regardless of cute-acting marketing and hunger marketing, or decadent marketing and Buddhist-style marketing, the first purpose of jewelry enterprises is to generate sparks together with young people and attract them. When the product and service of enterprises and brands obtain the recognition of young people, a brand barrier difficult to break for competitors has been formed.
It is agreed that the jewelry industry is at a crossroad where new consumption force and trend will bring transformation to this industry. In the future, some brands may suffer a total failure and some others may rise rapidly. However, the victory will finally belong to people who are brave to face the coming transformation. As Shakespeare said, "A wise man will not sit down and cry for the failure, they must be looking for ways to save them with optimism."
(V) Capital M&A: Collect Capital from Both inside and outside.
In 2017, the purchase (merger) of the jewelry industry in China is continuously attracting eyesight from the whole industry to enterprises. The involvement of capital brings great impact and attracts more attention.
When looking back on the purchase (merger) events of the jewelry industry in 2017, we find that the A-share listed jewelry companies were extremely active; four listed companies, namely Gangtai Group, Kingee Culture, Ideal and Tesiro lifted up the flag of "industrial integrator", becoming main "players" of the capital merger and acquisition in 2017.
2017年金一文化、通靈珠寶、剛泰集團、愛迪爾等珠寶上市公司的幾起收購，凸顯了當前國內珠寶行業產業并購的兩大方向。第一是收購國際品牌。剛泰控股收購 Buccellati，通靈珠寶收購 Leysen，都是通過跨國收購國外品牌，迅速實現品牌形 象 提 升。 像 通 靈 珠 寶 收 購 Leysen 后， 目前 Leysen1855 的產品、設計正被陸續引入通靈珠寶所有旗下店面，通靈珠寶品牌已經升級為 Leysen1855 萊紳通靈。而剛泰集團收購Buccellati，一舉獲得了百年歷史的國際高端奢侈品牌。
Multiple purchases of listed companies including Kingee Culture, Tesiro, Gangtai Group and Ideal in 2017 highlight two major directions of domestic jewelry industry at present. The first is purchasing international brands. Gangtai Group purchased Buccellati and Tesiro purchased Leysen. Both of them improved their brand images by purchasing foreign brands. For example, after Tesiro purchases Leysen, products and design of Leysen1855 are consecutively introduced into all Tesiro stores and the Tesiro brand has been upgraded to Leysen1855 Leysen Tesiro. In the meantime, Gangtai Group purchased Buccellati, the international high-end luxury brand with over one hundred years' history.
The other direction in parallel with international purchase is to carry out merger and acquisition within the industry and to realize the expansion of channels and scales through the integration of resources among enterprises. Kingee Culture and Idea belong to this type. They promote the synergistic effect of their businesses through intra-industrial acquisition. Under this mode, the acquirer rapidly expands its existing businesses scale and operating region, which improves the company's market share and brand competition rapidly.
The vigorous acquisition within the domestic jewelry market also reflects the intense re-shuffling situation of the jewelry market at present.
事實上，從數據上看，相比 2016 年，2017 年珠寶企業的收購金額、收購級別都有較大的增長，顯示了企業的整合訴求的積極一面。
In fact, the data show that, compared with 2016, the acquisition amount and level of jewelry enterprises increased significantly in 2017, claiming the positive aspect of enterprises' integration appealing.
In fact, in recent two years, the development bottleneck in the depressive industrial environment has limited some regional jewelry enterprises of smaller scales, which have expressed a strong will to be integrated. They have increasingly wished to be acquired by and integrated into listed companies and to set the foot in the capital market or realize a transformation in another manner. On the other hand, the unique capital platform of listed companies enables them to play the role of integrator in the industry. They quickly complement their own shortcomings by active merger and acquisition, seize the initiative in the competition in jewelry industry and, in the meanwhile, achieve the management of their own market value.
從這個角度而言，可以預見的是，未來珠寶行業的收購將會更加頻繁，并且有望加速。未來的整合有望升級不過，盡管未來珠寶行業內的收購前景明朗，但收購方式則有望升級。一方面，伴隨著證監會更嚴格與密集的監管舉措，包括國內珠寶上市公司在內的資本買家們面臨著更嚴苛的收購約束，未來的收購運作必然不再那么容易。另一方面，目前，國內珠寶類 A 股上市公司數量只有 10 家。作為“稀缺資源”，這些“產業整合者”的收購策略也在調整。
From this perspective, it can be predicted that the acquisition of jewelry industry will become more frequent and more rapid in the future. The future integration may be upgraded. Although the prospect of acquisition in the jewelry industry is bright, the acquisition manner is expected to be upgraded. On the one hand, as increasing strict and intensive supervision measures are taken by China Securities Regulatory Commission, all capital buyers, including domestic listed companies, are facing more rigorous restrictions on acquisition and the future acquisition will no longer be so easy. On the other hand, there are only 10 A-share listed jewelry companies in China now. As "rare resources", these "industrial integrators" are also adjusting their acquisition strategies.
Anyway, Chinese gold and jewelry market remains a low-concentration market at present and has a large space for integration. Levered by capital, the shuffling and integration trends of the industry are unavoidable.
To satisfy the needs of international participants, custom service to provide English versions of Research Report on China's Gold and Jewelry Consumption Upgrading 2017, White Papers of China's Gold and Jewelry Consumption Survey 2017 and other research reports in this series published by the China Gold Press and Beijing Gold Economic Research Center will be launched; and third-party services like consultation on relevant Chinese market conditions and commissioned research in special field will also be offered.
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