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In the wake of its phenomenal economic growth since 1978, China has captured the attention of the global gem and jewelry industry.
Already a global hub for jewelry manufacturing, it is now a rapidly growing consumer market.
While rising costs of labor in China have created challenges for the manufacturing sector, this has led to greater domestic consumption of luxury products, including jewelry.
The highest growth potential lies in the inland urban centers, as Chinese citizens continue a massive migration from rural areas to the cities.
Chinese consumers are becoming more knowledgeable about gemstones and jewelry and more astute in their purchases.
They have a keen sense of both value and brand trust, and they have become more open to contemporary and Western designs and materials.
At the same time, technological advances in manufacturing are leading to higher quality standards and lower labor costs, allowing China to meet the increasing demands of the global and domestic markets.
Although the recent global economic crisis has affected domestic sales, the Chinese gem and jewelry industry shows great potential for growth.
Bloomberg senior economist Michael Mc Donough correctly predicted that the government would tolerate much slower growth in the second half of 2013, as its strategy shifts to more sustainable long-term growth (Zheng, 2013).A 7.6% predicted growth may seem low compared to the years of double-digit growth over the past three decades, but it is still quite enviable when compared to growth rates in the U. The predicted growth rate is certainly very respectable for the world’s second-largest economy, with a GDP over trillion (table 2).Some analysts predict that China will overtake the U. as the world’s leading economy sometime between 20 (Shamim, 2010), while the International Monetary Fund (IMF) has predicted this will happen before 2020. A major factor behind this has been China’s surge in domestic consumption (Chen, 2013). First-tier cities like Guangzhou have been the driving force behind China’s economic growth. Chinese cities are generally divided into four tiers.article, “The Chinese Century,” summed up the widespread sentiment that China will become the world’s leading economic power and most influential country early in this century (Fishman, 2004).The same holds true for the gem and jewelry industry: For years a global manufacturing hub, China is emerging as the strongest consumer market for luxury products such as jewelry.