2025年珠宝首饰业韧中求存

JhAIssue#454

|NOVEMBER/DECEMBER

2025CONTENTSJMAJEWELLERYWORLD

AWARDS18SublimeShine:Innovations

inthefine

jewellerytrade臻耀之境：高级珠宝的创新应用6Gold

prices

breachUS$4,000/oz

mark金价突破每盎司4,000美元大关8Lessons

in

resilience:Surviving20252025年珠宝首饰业韧中求存PER

IVE精辟视野14Changingoftheguardat

GIA

GIA领导层换届20Championsofsustainability可持续发展领军企业SPO

HT市场聚焦DI

ST市场指标F

S焦点J

E

W

E

E

RY

N

E

T

.CMOntheCover封面Goldringwithonyx,blacklacquerandtsavoritegarnets;

gold

braceletwith

emeraldsanddiamonds;andgoldearringsfromthePanthèredeCartier

Collectionof

Cartier卡地亚Panthère

de

Cartier系列的金戒指，镶嵌缟玛瑙、黑漆和沙弗莱石；

镶嵌祖母绿与钻石的金手镯；以及金耳环firdauslatifphoto

/Shutterstock.com38JJF2025:Innovationamidmarketchallenges2025年日本珠宝展：逆风前行，创新求变41ShiftingdemandevidentatIJSOctober20252025年伊斯坦布尔十月珠宝展需求变化明显MARKET

I

LIGENCE市场情报34Industryadaptsto

marketheadwindsatJGW20252025年九月珠宝首饰展见证珠宝业积极应对市场逆风25Opportunitiessparklefor

MiddleEasterngemdealers中东宝石商把握耀眼商机Digitalversion

电子版：https://news.jewellerynet.com/en/publications22AGJA:CreatingaunifiedASEAN

jewellerymarket打造一体化的东盟珠宝市场28Treasuretroveoffine

jewellery珍品宝藏28DESIGN设计

生产基地Associate

Publisher&Editor-in-Chief

Olivia

Quiniquini

副出版人及主编

程爱莉EDITORIAL编辑部Deputy

Editor

Bernardette

Sto.Domingo

副编辑

杜明高Assistant

Editor

Sharon

Kwok

助理編輯

郭芷雯Assistant

Digital

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Manager

William

Yick

助理数码产品经理

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Sinn

区域营业总监

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Ronny

Pang

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Monica

Kwok

市場及傳訊助理經理

郭君寧

Marketing&Communications

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Vincent

Wong

市场及传讯主任黄志伟PRODUCTION制作部Production

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Jennifer

So

制作部经理苏丽娟Senior

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Eva

Kam

高级设计师甘铭灵ADVERTISING

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bonnie.chan@informa.comPresident&CEO-Asia

Margaret

Ma

Connolly

亚洲主席及行政总裁马颖Director

of

Jewellery

Fairs

Celine

Lau

珠宝展览部总监刘小雯'

inf。rma

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areprotectedbycopyrightandcannotbereproduced,photocopied,transmittedorpostedinanyformwithoutthepriorwrittenconsentofthepublisher.本公司已尽力确保《JNA亚洲珠宝》所刊登的内容正确无误。如因错漏而引致任何损失，本公司概不负责。本公司保留刊登有关资料的一切权利。版权所有，如未获得本公司事先之书面允许，不得以任何方式翻印、仿制或转载本刊物任何部份之文字或图片。Printed

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印刷商:宏亚印务有限公司香港柴湾丰业街8号宏亚大厦13楼J

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responsibleforestry

FSC

C006398FSCWww.

fsc.

orgPRINTED

WITHSOYINKVicenzaoro:jewellery

capital,

cultural

crossroads,

place

of

discovery.

With

thesharedlanguageofcreativity.Itsboulevardsare

filled

withpremiers,inspirationalitineraries,

technological

solutions,

opportunities,

and

innovation.

The

leadinginternational

eventforthe

gold

andjewellerysector,

broughtto

life

by

unique

peopleandexperiences.Thelargestcommunityofexcellencein

theindustry.16—20JANUARY2026VICENZA,ITALYPEOPLE

PRODUCT

PLACESINCOLLABORATIONWITHDISCOVERMOREORGANISEDBYOnlineTradeUpdates新闻快讯Our

digital

platform

providesadditionalcontentforanevenmorecomprehensiveindustryperspective.Scan

the

QR

code

forthe

full

story

and

more

trade

news.我们的数字平台载有更多更全面的行业视角报道，请扫瞄二维码查看全文和更多行业信息。Newpushtodrivediamondsales

inChina全新广告计划推动中国钻石销售The

Shanghai

Diamond

Exchange(SDE)haslaunchedanewcategorymarketingcampaign

witheightretailerstorevitalisedemandfornatural

diamonds

in

China.上海钻石交易所(SDE)与八家零售商携手推出全

新品类营销活动，目的是重振中国天然钻石需求。Internationalpearlgrouplaunched国际珍珠组织正式成立The

international

pearl

industry

has

taken

asignificantsteptowardscollectivegrowthwith

the

establishment

of

the

Global

PearlDevelopmentCommunity(GPC).国际珍珠组织——全球珍珠发展共同体(GPC)正

式成立，揭开全球珍珠产业发展的重要新篇章，

并朝着协同共生、合作共赢的方向迈进。India,HKinkdealtobolsterdiamond

trade印度与中国香港签署协议以促

进钻石贸易TheHongKong

Indian

DiamondAssociation(HKIDA)andtheBharatDiamond

Bourse

(BDB)recently

signed

a

Memorandum

of

Understanding

(MOU)aimedatstrengtheningtwo-waytrade.香港印度钻石协会(HKIDA)与印度钻石交易所

(BDB)近日签署谅解备忘录，旨在加强双方贸易

往来。operations

in

November

2020

and

its

Diavik

Diamond

Mine

in

Canadaset

to

end

production

in

2026,the

final

collection

of

the

Art

Series

wasa

homage

to

the

life

of

these

iconic

mines.

The

diamond

collection,weighing

a

total

of45.44carats,was

headlined

by

six

sets

called“Masterpieces”

alongside

39

singles

and

an

additional

seven

curated

setsofdiamonds.力拓集团举行年度艺术系列的第三场拍卖会——最终场Beyond

RareTM拍卖会，呈献了52组珍稀钻石拍品。该拍卖会以“光之境”(Into

the

Light)为主题，标志着世界钻石史上的特殊篇章。随着力拓澳大利亚阿盖尔(Argyle)钻石矿于2020年11月关闭，以及加拿大戴维克(Diavik)钻石矿将于2026年停产，这次呈献的艺术系列最终藏品，就是向两大标志性矿场的生命历程致敬。拍品总重45.44克拉，以六套“大师级”钻石套装为重头戏，另有39颗单颗钻石及七套精选钻石套装。竞拍于2025年10月20日截止。52Diamondsfrom

RioTinto’s

Intothe

Light

tender

力拓集团“光之境”拍卖会呈献的钻石Total

lots

of

rare

diamonds

featured

in

Rio

Tinto’s

finalBeyondRareTM

Tender,

thethird

in

its

annual

Art

Series.

Titled

“Into

theLight,”

the

auction,

which

accepted

bidstillOctober

20,

markeda

special

chapter

in

worlddiamondhistory.With

RioTinto’s

Australian

Argyle

Diamond

Mine

having

ceasedYear-on-year

increase

in

China’s

platinum

jewellery

fabrication in

the

second

quarter

of

2025,

accordingtothe

latest

PlatinumJewellery

Business

Review

released

by

Platinum

Guild

International(PGI®).PGIattributedthegrowthtostrongwholesaledemand.Price

of

gold

per

ounce

on

October

8,

2025,

according

totheWorldGoldCouncil

(WGC),thefirsttime

goldbreached

the

US$4,000mark.

The

sharp

increase

ingold

prices

in

2025

prompted

a

more

pronounced

decoupling

betweenjewelleryconsumptionvolumeand

value,particularly

in

price-sensitive

marketssuchas

IndiaandChina,explainedWGC.根据世界黄金协会(WGC)的数据显示，2025年10月8日的每盎司黄金价格，为首次突破4,000美元大关。WGC指出，2025金价的急剧上涨，导致消费量与价值之间的脱钩现象更加明显，尤其是在印度和中国等对价格敏感的市场。根据国际铂金协会(PGI®)发布的《铂金首饰年度商业评论》（2025年第二季度），中国铂金珠宝市场产量的同比增幅。PGI指这增长主要得益于强劲的批发需求。151%US$4,005.99美元6

|JNA

November/December2025DIGEST市场指标news.jewellery/en/jnanewsLessonsinresilience:Surviving20252025年珠宝首饰业韧中求存

ewellers

are

describing

the

year

2025

as

very

challenging,

with

multipronged,widespread

risksaffecting

business

across

the

value

chain–

frommining

andmanufacturing

to

retail.Toppingthe

list

of

unfortunate

events

derailing

growthin

the

trade

are

US

tariffs,first

announced

by

US

PresidentDonald

Trump

on

April

2.

The

US

tariff

scheme

has

sinceundergone

various

iterations,

with

some

items

still

on

thenegotiatingtable.The

impact,

however,

has

been

palpable.

The

10

percent

base

levy

on

all

imports

that

remains

in

force

alongsidecountry-specific

tariffs

have

hurt

shipments

of

jewellery,gemstones

and

other

related

materials

to

the

US

market.India,

a

top

exporter

of

gems

andjewellery

to

the

US,currently

faces

a50per

cent

tariff,but

this

could

still

changeas

trade

negotiations

ensue.Other

major

jewellery

andgemstone

hubs

also

face

steep

levies:

Thailand,19per

cent;

Turkey,15percent;Brazil,

50

percent;and

Sri

Lanka,

20

percent,to

name

a

few.InSeptember,

the

Antwerp

World

Diamond

Centre(AWDC)

announced

that

polished

diamonds

from

EuropeenteringtheUSwillnolonger

be

subjecttothe

standard

15percenttariffasa

resultof

intensive

negotiations

betweenthe

US

and

the

European

Commission.Inmid-October,

Trumphad

threatened

toimposeanadditional100per

cent

tariff

onproductscomingfromChina,

a

few

months

after

mutually

agreeingto

drop

heftylevies

on

each

other’s

goods.

A

consensus

had

yet

to

bereached

at

press

time.Exacerbatingthe

situation

isthe

unprecedented

rise

inthe

price

of

gold,

which

reached

its

45th

new

all-time

highof

2025

at

US$4,000

per

ounce

on

October

8,

revealedtheWorldGoldCouncil.

Prices

rose

to

above

US$4,000/ozfrom

US$3,500/oz

injustovera

month.

Goldwas

pricedatUS$4,082.51/oz

as

of

October22,2025.Alotofmovingpartsarealsoinplay,including

economicand

geopolitical

tensions.It

is

all

seemingly

catastrophic

for

jewellers

–

having

to

contend

with

ongoing

volatility,

pricierThe

jewellery

and

gemstone

trade

successfully

navigates

market

challenges

throughinnovativeinitiativesanddemonstrated

tenacityandperseverance.为应对当今风云万变的市况，珠宝与宝石行业持续实施新举措，并展现出无比的韧性。8

|JNA

November/December2025JFOCUS焦点goldalongsideadditionalcostswhenshippinggoodstothe

US,theworld’slargest

jewellerymarket.Theimpactwasfeltat

recently

concludedtrade

shows,with

exhibitors

in

HongKong

and

Turkey

saying

buyers

are

wary

of

placing

orders.Overallbusiness

sentiment

remains

lacklustre

too,

with

many

industry

players

opting

for

caution

as

globaluncertaintiescontinuetounfoldinthetrade.Amida

toughscenario,however,

jewelleryandgemstonecompanies

are

rising

above

adversity

by

implementing

freshstrategies,

finding

new

markets

and

workingtogether

as

aunit–empowered

by

collective

resilience.MarketadjustmentsTrade

buyers

are

grappling

with

the

effects

of

highgold

pricescoupledwitheconomic

and

political

upheavals,shared

Cedric

Garnier,

managing

director

of

finejewellerymanufacturer

Sofragem

Co

Ltd.The

second

half

of

the

year

has

been

particularly

difficultbecause

of

the

tariff

issue,he

added.Heavily

affectedbygold

prices,meanwhile,

are

manufacturers

of

medium-range

pieces

while

companiesproducing

mass-market

items

are

gradually

shifting

to

othermetals

and

lab-grown

diamonds.Top-quality,

one-of-a-kindjewellery

pieces

continue

to

sell.Alexander

Sokolov,

co-owner

ofMousson

Atelier,

explainedthat

retailersare

increasingly

becomingcautiousduetomarketinstabilityandwouldrefusetoacceptcurrentprices

of

goods.Instead,some

are

insisting

on

buyingonconsignment.“It

is

quite

a

challenge.

However,

manufacturers

like

uscontinue

to

producejewellery

even

with

high

gold

prices,”he

added.AbhishekRawat,directoratLumeCreationsCo

Ltd,agreed

with

Garnier

that

high-end

jewellery

pieces

areperforming

strongly

amid

volatile

market

conditions.“Premium-qualityjewelleryand

innovative

designsremainindemand,”henoted.“Forinstance,

jewellerypiecesvalued

at

US$4,000

to

US$5,000

at

wholesale,

which

arearoundUS$10,000atretail,aremoving

particularlywell.”Buyers

are

also

regularly

enquiring

about

big-ticketitems

while

inventive

collections

are

gaining

a

great

dealof

interest.

This

signals

steadymomentum

and

a

starkimprovement

from

the

beginning

of

the

year,added

Rawat.More

importantly,

this

could

mean

that

the

industry

isheading

in

a

positive

direction,

with

important

shoppingoccasions

such

as

Christmas,

Chinese

New

Year

and

thewedding

season

in

India

on

the

horizon.Gold

jewelleryenjoyed

robust

demand

in2025,according

to

Sharon

Weng,

deputy

brand

director

ofChina-based

ShenzhenYuehao

Jewellery

Co

Ltd.

Its

broadselection

of

gold

jewellery

pieces,

which

include

24-karathardpuregold,waswell

received,driven

by

innovative

designs.

The

company

also

offers

diamond

and

coloured

gemstone

jewellery.Thisreflectedpotentialrecoveryinthebroader

jewellerymarket

in

China

where

gold

is

a

dominant

player,

accordingtoWeng.Among

Yuehao

Jewellery's

bestsellers

are24-karat

goldpieces

that

incorporate

unconventional

materials

such

aswood

and

feathers–an

experimental

fusion

that

appeals

to

fashion-forwardconsumersseekingindividuality.Felix

Chen,

president

and

CEO

of

PAJ

Group,

said

thejewellery

industry

has

changed

tremendously

in

2025

duelargely

to

Trump’s

protectionist

policies.

Business

wasbouncing

back

strongly

in

2024

after

the

pandemic,

butthe

US

tariffs

put

the

brakes

on

progress.

The

companymanufacturesmostlysilver

jewellery.“Thechallenge

has

not

so

much

beenthe

tariffsthemselves

but

their

unpredictable

nature,”

he

explained.

“The

rates

keepchanging,

making

it

difficultto

plansupplychains

and

production.”Therearealotof

diamondsonshoreintheUS.Othermarketsarelikewiseactive,

suchasVietnam,SouthKorea,theUnitedArabEmirates,BahrainandSaudiArabia.

Allinall,Iamencouragedthatthingsaremovingintherightdirection.–PaulRowley,DeBeersGroup’sseniorvicepresidentforDiamond

TradingJNA

November/December2025

|

9FOCUS焦点Fearfulof

uncertainties

and

economic

downturns,retailers

dare

not

make

long-term

plans

and

now

wait

till

the

last

minute

to

place

orders,

he

added.

Manufacturersmust

thus

increasingly

handle

urgent

orders

from

theirclients,withdeliverytimesoftendowntotwotofourweekscompared

to

eight

to12weeks

in

the

past.The

global

coloured

gemstone

market,

meanwhile,

isrecalibrating

in2025,marked

by

varyingregional

appetites

and

a

widening

gap

inconsumerspendingpower.According

to

Jason

Chen,executivedirector

of

Germany-based

colouredgemstonespecialist

Chq

GmbH,thesectoris

contending

with

economicheadwinds,particularlya

sluggishChinese

market.Chq,whichhasmanufacturingfacilitiesinItaly,Germanyand

China,serves

a

diverse

clientele

across

Asia,EuropeandtheUS.Chen

notedthatwhile

prices

for

high-quality

colouredgemstones

have

soared,

demand

fromChinaandSoutheastAsianmarketshasnot

kept

pace.Salesofaverage-quality

gemstonesare

lagging

while

demand

for

exceptional,largergemssuch

as

sapphires

of

10to20carats

and

rubies

of5to

6carats

remains

steady.“Business

in

2025

is

affected

by

the

global

economicdownturn.

TheChineseeconomyisparticularlysluggish,”heexplained.“Chinese

buyerscontinuetoseek

top-tier

rubies,emeralds

and

sapphires,showing

less

interest

in

othergemstones.However,actual

purchasing

has

been

slow.”Meanwhile,demand

from

the

US

and

Europe

holdssteady,thoughsales

volumes

are

primarily

driven

bycommercial-grade

or

lower-end

gemstones.Acriticalchallengefacingtheindustryisafundamental

shift

in

US

and

European

consumer

behaviour,

especiallyamong

younger

demographics

who

areincreasinglyhesitantto

buy

expensive

jewellery.To

address

this,Chq

is

focusingoninnovationandcustomisation.“Our

strategy

is

to

offer

more

personalised

products,

including

gem

cutting

and

jewellery

designs,”

Chensaid.

“These

have

to

be

innovative

in

order

to

appeal

toyounger

generations.”Over

in

the

pearl

sector,

global

trade

tensions

arisingfrom

US

tariffs,policy

uncertainty,inflation

and

high

interest

rates

are

also

adding

pressure

to

businesses,

according

to

Terence

Lee,

director

of

Hong

Kong-based

pearl

expert

Rio

Pearl.Thesefactorswere

majordeterrentstogrowth

in

2025,and

jewellery

businesses

that

are

heavily

reliant

on

theUSandother

Western

markets

were

particularlyimpacted.“Regardless

of

markets,

consumerspending

in

general

is

eroding,

and

oursector

has

been

hit

as

well,”

explainedLee.

“RioPearl’s

distribution

channels,however,

are

quite

diversified,

withsomeofourmajorbuyerslocatedinthe

Asia-Pacific

region.This

minimises

ourexposure

to

geopolitical

risks.”PaulRowley,DeBeersGroup’s

seniorvicepresidentforDiamond

Trading,saidthings

were

improving

at

the

start

of2025,with

companies

seeing

some

activity

and

prices

stabilising,

until

UStariffsdisruptedbusiness.Demand

in

China

has

since

startedtorebound,leadingtoapositivetrendattheconsumerlevel.Large

retailerswerereporting

encouraging

results,

not

justaround

gold

jewellery

but

gem-set

pieces

as

well,with

largersizesstartingtomoveafairbit.Amidweakerdemand,there

was

also

more

replenishment

and

restocking,indicating

thatthe

earlier

oversupply

that

distorted

the

market

had

easedandgoodsweremovingagain.“China’s

economic

situation

has

improved

as

well,givingconsumers

greater

confidence

to

purchase

luxury

goods.Self-purchase

is

a

strong

segment,

but

we

hope

to

seeweddingratespick

uptoo,”hecontinued.Rowley

also

remarked

that2025was

a

particularlytoughyearfortheindustry.“This

is

the

one

of

the

most

challenging

cycles

I

haveseeninmy40years

inthetrade,”

he

noted.“Several

factors

combined

tocreateaperfectstorm:FromCovid,

theUkraine

war

and

sanctions

on

Russian

diamondstothe

lab-grownproposition,the

Middle

East

conflict

and

the

US

tariffs.

I

donot

think

we

have

seen

anything

this

volatile

since

WorldWar

II.”NextstepsMovingforward,companiescould

benefitfromexpansion

initiatives.Mousson

Atelier's

Solokov

said

he

has

been

travelling

frequently

to

look

for

new

markets

andpotential

clients.Felix

of

PAJ,for

his

part,

has

put

in

place

variousmeasures

tomitigate

theimpact

ofUS

tariffs.

Havinganticipated

the

policy

shifts

of

the

Trump

administration,hiscompany

boughtafactory

in

Bangkokto

spread

out

itsproduction

capabilities,which

were

previously

concentratedin

China.

The

Bangkok

facility

now

handles

most

of

theordersandfulfilmentfortheUSmarket.Paul

Rowley,senior

vice

president,

DiamondTrading,

De

BeersGroup戴比尔斯集团钻石贸易高级副总裁Paul

Rowley10

|JNA

November/December2025FOCUS焦点economic

recovery

in

China

and

Hong

Kong,

particularly

inthe

second

half

of

the

year.“The

gem

and

jewellery

industry

has

had

to

cope

withsignificant

tariff

uncertainties

this

year.

All

we

can

do

isadjust

to

the

situation.

Earlier

in

the

year,

the

disruptionwas

less

pronounced

because

a

lot

of

diamonds

wereshipped

to

the

US

ahead

of

the

main

tariff

implementation,”

explained

Ma.Temporarymeasureswillcontinueto

beintroducedto

support

jewellery

production

in

the

post-tariff

era,

hedisclosed.Ma

is

also

upbeat

about

business

prospects,adding

thattheworstisprobablyover.“Thegeneraleconomicconditionwillbounceback,exceptforthoseexporterswhodependonthe

US

market.

Interest

rates

are

coming

down

worldwideand

governments

are

encouraging

spending,”he

added.De

Beers’

Rowley,

meanwhile,

expects

a

positiveThanksgiving

and

Christmas

season

in

the

US

amid

the

tariffissue.“There

are

a

lot

of

diamonds

onshore

in

the

US.

Othermarkets

are

likewise

active,such

as

Vietnam,

South

Korea,theUnited

ArabEmirates,Bahrainand

Saudi

Arabia,”

heremarked.“Allinall,Iamencouragedthatthingsaremovingintherightdirection.”AccordingtoRowley,De

Beers

has

realigned

itsproduction

and

business

by

removing

roughly

US$130

millionofcosts

peryear,

streamlining

operations

andfocusing

on

new

strategies

to

further

strengthen

the

naturaldiamondcategory.Its

new

polished

division

assists

clients

in

sourcing

specific

stones

in

the

De

Beers

system

while

its

beaconproduct,DesertDiamonds,

waslaunchedin

theUSandrecentlypresented

inChina.Ithas

alsorepositionedits

jewellerybrands:High

jewellerDe

Beers

London

is

opening

its

flagship

store

in

Paris

whileForevermark

is

now

an

India-specific

brand.“We

now

havearound

10

Forevermarkstoresthere

andare

aiming

for

a

hundredthroughoutthe

country

by

2030,”Rowleyrevealed.The

company

is

also

witnessing

further

growth

fromEastern

Europe

andthe

Middle

East

as

well

asthe

e-tailersegment.The

latter

is

often

driven

by

younger

generationsof

family

businesses

who

are

well

versed

in

the

logistics

andmechanicsofe-commerce.Some

manufacturers,meanwhile,are

focusing

on

other

precious

metals

to

meet

a

rising

demand

for

alternatives

togold.Japanesejeweller

Kuwayama,for

instance,

isshiningthe

spotlight

on

platinum.“This

timearound,

weare

focusingonplatinum

jewellery,

andthere

has

been

some

promising

activity.There

seemsto

be

a

movement

away

from

gold,

which

used

to

be

atop

performer,

but

this

is

changing

since

gold

prices

havebeen

skyrocketing,”explained

Noriyuki

Kamei,

Kuwayama'sdirector

and

head

of

Overseas

Business

Development.Platinum

has

its

own

superlative

characteristics,

too.The

metal’s

durability,

lustre

and

investment

value

areattractivetocustomers

lookingfor

a

meaningful

purchase.Kuwayama’s

platinum

jewellery

for

men

collection

has

beenmovingparticularlywell,withstrongbuyer

interest

inChina,Hong

Kong,the

Middle

East

and

India,

added

Kamei.Kuwayama’s

major

marketsareJapan,Thailand,China,

VietnamandthePhilippines.“Onwards

to

2026,

the

economy

is

getting

better,

and

marketmomentumis

strengthening.

India

is

our

maintarget

next

year

because

of

its

growing

demand

for

platinumchains,”he

added.Associations

are

likewise

implementing

measures

to

assist

their

members

during

uncertain

times.

TommyLee,

chairman

ofthe

Hong

Kong

Jewellery

Manufacturers’Association(HKJMA),

said

members

are

regularly

givenupdates

on

US

tariffs

as

well

as

other

markets

they

can

tap.HongKongcompanies

are

now

focusing

more

oncreative

designs

and

communicating

with

customers

ontheir

specific

requirements.“As

an

association,we

also

talkto

banks

to

explore

how

they

can

support

us

financiallyduring

this