Colorful gems, the "new favorite" in fashion consumption

Colorful gemstones, the previously lukewarm products in the jewelry market, have become the "new favorite" in fashion consumption since this year. Despite increased sales, the demand for colored gemstones still exceeds its supply, raising both the quantity and price of colored gemstones.

According to research conducted by the Gems & Jewelry Trade Association of China (GAC), the average price of various types of colored gemstones in the domestic market increased by 30% to 50% in the first half of 2023, while the price of larger carat or relatively rare gemstones climbed by 100% to 150%.

Internationally, rising costs of colored gemstone raw materials extraction and processing, coupled with a relative decline in gems imported from Southeast Asian countries in recent years, result in the high consumption of domestic high-quality gemstones, as well as an imbalance in supply and demand. 

Colored gemstones with three years or more storage periods have become hot-selling products, especially those scarce and sought-after rubies and emeralds originating from specific areas. Once sold, it becomes challenging to find products of the same good quality.

Industry experts point out that the surge in colored gemstone prices is not only influenced by market but is also driven by people's changing consumption concepts. 

Data shows that in 2023, the 18 to 35-year-old consumer group accounted for over half of China's jewelry market share. As the "millennial generation" becomes the mainstream consumer, their pursuit of individuality and fashion is also highlighted. Elements such as metallic luster, high saturation colors, and three-dimensional cutting become popular.

Besides, the recent trend of "dopamine" fashion pairing on social media has propelled vibrant and bold colors, as well as exaggerated jewelry, into the latest fashion elements. This trend aligns with the "self-indulgence" and "appearance-first" consumer concepts of the young group, thus stimulating their desire to purchase colorful and flamboyant jewelry pieces.

Source: Xinhua; trans-editing by Guo Yao