KUALA LUMPUR (April 18): Malaysian jewellery firms with good and innovative designs should find good footing in the Chinese marketplace, given that the jewellery market in China is expected to grow by 35%, with momentum expected to continue for the next five years as economic growth pushes sales, according to the Malaysia External Trade Development Corporation (Matrade).
Matrade said sales in China — especially of gold, which in 2011 exceeded 750 tonnes — showed that it is overtaking India as the largest gold jewellery market.
In a statement on Wednesday, Matrade said this trend was primarily attributed to thriving domestic demand and increasing disposable incomes, particularly in second- and third-tier cities.
"Jewellery — especially gold — has traditionally been given at weddings and births, and demand has been buoyed with rising awareness of jewellery as an anti-inflation asset," it said.
Matrade, citing China's National Bureau of Statistics, said domestic Chinese jewellery companies also posted their best ever sales in 2011, with figures reaching approximately 183.7 billion yuan (RM90 billion) and growth rates of in excess of 42%.
"Demand for other consumer goods, by comparison, rose 17.1% last year," it said.
It said traditional sources of jewellery imports into China included South Africa, Italy, Switzerland, Hong Kong, United States, France, Australia, Japan, Thailand and South Korea, while Malaysian exports of jewellery to China in 2011 recorded a total of US$900,000 (RM2.75 million) for the first time.
Matrade said that Malaysian companies wishing to export jewellery to China would need to link up with buyers who have permits to import these items.
"It is advantageous to export jewellery from Malaysia, which currently enjoys zero duty for exports of jewellery items under China-Asean Free Trades Area.
"With the substantive tariff reduction, Malaysian jewellery will be competitive, and with good and innovative designs should find good footing in the Chinese marketplace," it said.
Matrade, the external trade promotion arm of the Ministry of International Trade and Industry (Miti), was established to promote, assist and develop Malaysia's external trade, with particular emphasis on the export of manufactured and semi-manufactured products and services, as well as to formulate and implement export marketing strategies and trade promotion activities to promote Malaysia's exports.
Matrade said sales in China — especially of gold, which in 2011 exceeded 750 tonnes — showed that it is overtaking India as the largest gold jewellery market.
In a statement on Wednesday, Matrade said this trend was primarily attributed to thriving domestic demand and increasing disposable incomes, particularly in second- and third-tier cities.
"Jewellery — especially gold — has traditionally been given at weddings and births, and demand has been buoyed with rising awareness of jewellery as an anti-inflation asset," it said.
Matrade, citing China's National Bureau of Statistics, said domestic Chinese jewellery companies also posted their best ever sales in 2011, with figures reaching approximately 183.7 billion yuan (RM90 billion) and growth rates of in excess of 42%.
"Demand for other consumer goods, by comparison, rose 17.1% last year," it said.
It said traditional sources of jewellery imports into China included South Africa, Italy, Switzerland, Hong Kong, United States, France, Australia, Japan, Thailand and South Korea, while Malaysian exports of jewellery to China in 2011 recorded a total of US$900,000 (RM2.75 million) for the first time.
Matrade said that Malaysian companies wishing to export jewellery to China would need to link up with buyers who have permits to import these items.
"It is advantageous to export jewellery from Malaysia, which currently enjoys zero duty for exports of jewellery items under China-Asean Free Trades Area.
"With the substantive tariff reduction, Malaysian jewellery will be competitive, and with good and innovative designs should find good footing in the Chinese marketplace," it said.
Matrade, the external trade promotion arm of the Ministry of International Trade and Industry (Miti), was established to promote, assist and develop Malaysia's external trade, with particular emphasis on the export of manufactured and semi-manufactured products and services, as well as to formulate and implement export marketing strategies and trade promotion activities to promote Malaysia's exports.
