The Jewelry Landscape in Asia 

Last November, the "Luxury Goods Worldwide Market Study" by Bain & Company and Altagamma estimated the luxury market to be worth € 1,550 billion in 2023, up 8-10% compared to 2022. This amount is a new record for the sector and highlights its resilience. Within this figure, the jewelry segment counts almost € 30 billion: fine jewelry is therefore a relevant asset class in such a currently uncertain context, a veritable safe-haven asset with an ever-greater propensity for buying bespoke creations and an increase in genderless proposals and items for men. 

The importance of the Asian market for high-end, and China in particular, is now clearly evident. The former Celestial Empire leads the way in terms of luxury goods consumption: between 2017 and 2021, the luxury market in China tripled in size, only to slow down in 2022 due to the impact of Covid-19. Last year marked a return to growth with +12%, albeit with significant differences between brands and contrasting performances in each financial quarters. Now - according to data from Bain & Company's "China Luxury Report" - the luxury market in the Asian giant is expected to continue to grow in 2024. In comparing the 14 major Asian markets, Statista reports that, in 2023, China led the ranking in terms of revenue from sales of luxury watches & jewelry, followed by Hong Kong, Japan, Singapore and India. More than 50% of jewelry and fine jewelry customers were between 25 and 34 years old, while around 36% of customers were between 35 and 44 years old. The target pool is therefore Millennials and Gen Z: hence the importance of using mar- keting levers and sales channels that appeal to this category of consumers. 

In the wake of rapid digital development, e-commerce has become the prevailing mode for most Asians making everyday purchases, from food to clothes and jewelry. Online sales of jewelry account for more than 55% of the entire Chinese jewelry market share. This rate will continue to grow and is expected to reach 64% by 2026. For all West- ern brands wishing to sell fine jewelry in the Asian giant, sufficient emphasis must be placed on direct e- commerce as well as on portals such as Tmall, live streaming shopping events, WeChat, Weibo, Douyin and Baidu, the leading Chinese-language search engine. The purchase of high-end jewelry is seen not only as consumption, but as an investment: Chinese customers are willing to pay more for jewelry that will retain its value over time. There is therefore trust in renowned brands with a long history and unmistakable heritage. Among the buying trends, Statista also notes the growing popularity of rose gold, colored stones and custom-made proposals. Although interest in synthetic stones is currently still limited, the importance of ethical sourcing certifications is on the rise. Lastly, diamond jewelry (perceived as a segment in its own right with classification according to strict standards and purchases still linked to anniversaries and big occasions) is becoming increasingly appealing even among men, also due to the influence of cultural and musical movements such as hip hop.