Tethered by the travel restrictions of the Covid-19 pandemic, mainland Chinese consumers are unable to go abroad to buy jewellery and have thus turned to the domestic market to make their purchases. As a result, the jewellery market in China grew steadily in 2021. According to the National Bureau of Statistics, total retail sales of jewellery in mainland China in 2021 were RMB304.54 billion, up 29.8% from the previous year.
The National Development and Reform Commission and the Ministry of Commerce have jointly issued a circular announcing further support to Shenzhen in its establishment of pilot demonstration zones and efforts to enhance market access in the Guangdong-Hong Kong-Macao Greater Bay Area. The aim is to create a market-oriented, law-based and internationalised business environment and to promote reform and opening up.
HKTDC conducted surveys with more than 800 buyers and exhibitors at the Hong Kong International Jewellery Show 2021 and the Hong Kong International Diamond, Gem and Pearl Show 2021. The survey results suggest jewellery traders remain broadly cautious on the industry outlook this year as a flurry of Covid-related challenges continue to loom on the industry, while consumers are tilting more towards small-ticket, everyday items.
Goods manufacturers and service providers from the GBA can expand their supply chains or tap into new markets to take advantage of the provisions of the RCEP. The agreement makes it possible for companies to tap into pools of lower-cost labour while also accessing rapidly growing consumer markets.
According to an analysis published by a leading European chemicals industry association, CEFIC, there is an urgent need for EU Member States to increase enforcement of the Registration, Evaluation, Authorisation and Restriction of Chemicals (“REACH”) legislation, particularly for imported goods. Earlier this summer, CEFIC published its analysis of 2020 cases of non-compliance with EU chemicals legislation.