Jewelry was one of the strongest categories as China’s luxury market expanded in 2023 following the resurgence of tourism, according to a new report by Bain & Co.
The jewelry segment increased between 15% and 20% last year after the government lifted Covid-19 restrictions and travel resumed, Bain said last week. The fashion and lifestyle category also gained 15% to 20%, leather goods 10% to 15%, and beauty 8%. The watch market saw the softest rebound, up 5% to 10%.
While the growth was strong in 2023 compared to the previous year, which saw sharp declines due to restrictions on travel and extended lockdowns, it has still not returned to the record high of 2021. That disparity is primarily attributable to lower consumer confidence, a slower-than-expected economic recovery, and the return of Chinese consumers to purchasing luxury goods overseas.
Overall, China’s personal luxury sales rose 12% in 2023, Bain noted. The market is set to see mid-single-digit growth in 2024. Part of the issue with the slower market recovery is the pricing gaps between luxury goods in China and other markets. Jewelry is as much as 10% higher on the mainland than overseas, while watches cost up to 5% more.
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A rare 6.70-carat VS1 natural fancy deep yellow diamond from the famous Zimmi mine, in Sierra Leone, could fetch as much as $705,000 at auction.
Canary yellow diamonds from Zimmi can command double the price of other fancy yellows because of their uniquely high color saturation levels. Yellow Zimmi stones over five carats are extremely rare.
This gem will lead the Tiancheng International Jewellery and Jadeite Autumn Auction 2020 in Hong Kong on 28 November.
Also at the sale is a pair of Zimmi natural fancy deep yellow diamond earrings 3.03 carat and 3.01 carat with an estimate of up to $320,000.
The Zimmi mine is in the heart of the rainforest region of Sierra Leone where the Mano river marks the border with Liberia.
Yellow diamonds occur when a single nitrogen atom replaces a carbon atom, absorbing the violet and blue light.
Diamonds have the power to transform the look of a watch completely. It can give sportive watches a touch of elegance, where it makes quite a difference if the understated baguette-cut is selected, or the more vibrant brilliant cut, while a mixture of both has an appeal of its own as well. For Hublot, diamonds are part of the ‘Art of Fusion,’ as they seamlessly integrate them in the following four stunning watches;
Spirit of Big Bang High Jewelry As can be expected from a brand like Hublot, does it not settle for just an ordinary setting when decorating one of their watches with diamonds. This Spirit of Big Bang is the perfect example of this. Hublot took different shapes and sizes of diamonds and set them in the case, dividing each with a white gold rim that holds the gemstone. Such a setting is extremely difficult to accomplish, especially on the already complex case shape of the Spirit of Big Bang. The result is breathtaking, as it looks like cracked ice with an ice-hole at the bottom through which we don’t see water, but a tourbillon.
Classic Fusion Aerofusion Chronograph High Jewelry It is improbable that James Bond will ever sport a diamond-set watch on the big screen, but when he does, this Classic Fusion Aerofusion Chronograph High Jewelry might be perfect. It is another watch in which Hublot utilizes a very complex setting, creating an effect very much like the gun barrel sequence at the start of each James Bond movie. It gives the Classic Fusion Aerofusion Chronograph a very dynamic look, not commonly associated with a diamond-set watch. Hublot went even as far as setting the skeletonized dial with diamonds, another feature not easy to accomplish. It is offered in white gold, but also in King gold, where it shows a different side of its character.
Big Bang MP-11 High Jewellery The Big Bang MP-11 imposes with its seven series-coupled mainspring barrels, which give the watch a power reserve of 14-days. As they are horizontally aligned at the bottom of the movement, the sapphire crystal has a slight dome to accommodate them underneath. The case has this dome also, and while already stunning in the regular edition, the High Jewellery version is even more breathtaking. Here Hublot opted for a very close setting of baguette-cut diamonds, which make it look like most of the watch is made out of a solid gemstone.
Hublot Big Bang Tourbillon Power Reserve 5 Days High Jewellery Sometimes you want it all, with both the watch and the bracelet completely set with diamonds. The Hublot Big Bang Tourbillon Power Reserve 5 Days High Jewellery offers just that, combined with a generous five-day power reserve and a tourbillon. The watch is set in such an exquisite way that hardly any part of the white gold case and bracelet shows. To achieve this, Hublot used 1.574 diamonds, with a total carat weight of 84.90. The fun part of this watch is that it also comes with Hublot’s patented ‘One-click system,’ which enables you to switch between the diamond set bracelet and a rubber or alligator strap in a matter of seconds.
It’d take a pretty special kind of bloke to pull this one off. Even among the richest figures currently walking about on this Earth, I just can’t imagine a Bezos, Buffet, or Musk being able to wear the Jacob & Co Billionaire ASHOKA watch on their wrists without every single one of us scrunching up our faces. In any case, it’s very much real and priced at US$7 million.
Reportedly a new and improved update of Floyd Mayweather’s hella frosty 260 carat Jacob & Co Billionaire’s watch – which itself cost US$18 million – this revised iteration features over 189 carats of proprietary diamond cuts by William Goldberg. What’s so special about a William Goldberg ASHOKA diamond? As it so happens, less than 1% of all rough diamonds meet the criteria to even become an ASHOKA. In other words, what you see before you are the elite stones.
With a distinct rectangular shape highlighted by the skeletonised calibre JCAM09 tourbillon movement, this mind-numbingly opulent timepiece is comprised of 167 elements, 19 jewels, and brings a 72-hour power reserve to the table. The 19 jewels themselves have been divided into 62 individual examples to completely cover the case, bracelet, and clasp. But you didn’t need me to tell you where to look for ’em.
Naturally, an offering such as this will be ultra-exclusive. Given the rarity of ASHOKA diamonds in the world, only a single Jacob & Co Billionaire ASHOKA watch will ever be crafted.
De Beers is shutting its diamond-recycling division, as digital advancements in the sector have lessened the need for its services.
The International Institute of Diamond Valuation (IIDV) was set up in 2016 to repurchase and recycle diamond jewelry that consumers no longer wanted. De Beers began the operation after noting the difficulty consumers faced in trying to sell their jewelry at a fair price. The venture provided a means of emphasizing the enduring value of diamonds, De Beers said.
However, since IIDV launched, technology in the industry has improved, and online consumer-to-consumer selling platforms have become a more popular option, the company explained.
“Following a number of years gaining experience in the diamond-recycling sector, we have taken the decision to suspend the activities of the International Institute of Diamond Valuation,” David Johnson, De Beers’ senior manager for media and commercial communications, told Rapaport News Thursday.
While the project is no longer a viable option, it has provided De Beers with valuable insight into consumer behavior and the needs of its retail partners, Johnson explained.
“We know that consumer acceptance of the consumer-to-consumer market is growing and likely to be the future of this sector, and we will therefore continue to look for opportunities in this space,” he added.
