In the wake of its phenomenal economic growth since 1978, China has captured the attention of the global gem and jewelry industry. Already a global hub for jewelry manufacturing, it is now a rapidly growing consumer market. While rising costs of labor in China have created challenges for the manufacturing sector, this has led to greater domestic consumption of luxury products, including jewelry. The highest growth potential lies in the inland urban centers, as Chinese citizens continue a massive migration from rural areas to the cities. Chinese consumers are becoming more knowledgeable about gem-stones and jewelry and more astute in their purchases. They have a keen sense of both value and brand trust, and they have become more open to contemporary and Western designs and materials. At the same time, technological advances in manufacturing are leading to higher quality standards and lower labor costs, allowing China to meet the increasing demands of the global and domestic markets. Although the recent global economic crisis has affected domestic sales, the Chinese gem and jewelry industry shows great potential for growth.
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