China's Jewellery Market To Grow By 35 Pct, Momentum To Continue For 5 Years

KUALA LUMPUR, April 18 (Bernama) -- The jewellery market in China is expected to grow by 35 per cent, with momentum expected to continue for the next five years as economic growth pushes sales, says Malaysia External Trade Development Corporation (Matrade). It said this trend was primarily attributed to thriving domestic demand and increasing disposable income, particularly in second and third tier cities. Jewellery, especially gold, has traditionally been given at weddings and births and demand has been buoyed with rising awareness of jewellery as an anti-inflation asset, it said. Domestic Chinese jewellery companies also posted their best ever sales last year, with figures reaching about RM90 billion and growth rates in excess of 42 per cent, based on the National Bureau of Statistics, it said in a statement. Matrade said Malaysia's jewellery exports to China last year were worth RM2.758 million (US$0.9 million) for the first time. "Malaysian companies wishing to export jewellery to China would need to link up with buyers who have permits to import these items. "It is advantageous to export jewellery from Malaysia, which currently enjoys zero duty for exports of jewellery items under the China-Asean Free Trade Area," it said. With the substantive tariff reduction, Malaysian jewellery will be competitive, and with good and innovative designs should find good footing in the Chinese marketplace. -- BERNAMA