中国珠宝市场发展报告（2019-2024）（中英）-中国珠宝玉石首饰行业协会-

4一、2019-2023年中国珠宝市场的发展状况 6（一）零售市场：增速领先结构性调整步伐加快 6（二）进出口：对欧美贸易额大幅增长 （三）网上销售：增速处于领跑位置 21（四）上市公司：营收、利润增速可观 22（五）头部品牌：引发珠宝市场马太效应 27（六）零售终端：渠道布局加速下沉三四线城市 27二、2024年前三季度珠宝市场的主要表现 33三、对未来的几点观察 37CONTENTSI.DevelopmentStatusofChina’sjewelrymarketfrom2019to2023 62.Importsandexports:Largeincreaseintrad 27II.TheperformanceofChina’sjewelrymarketinthefirstquartersof2024 33III.Insightstothe 375《中国珠宝市场发展报告（2019-2024）》重点是对过去5年间中国珠宝零售市场增长态势、进出口、主要品类市场、上市公司业绩、线上销售、终端渠道建设等6个方面，进行事件回溯与数据整理，力图以更大的视野观察中国珠宝市场发展的历史经纬和竞争格局的演变，希望能对中外珠宝业者对过去五年中国珠宝市场发展的总体情况、演进态势、变革动力等方面进一步加深认识，为中外珠宝品牌布局中国市场提供有价值、有意义的参考。China’sJewelryMarketDevelopmentReport(2019-2024)focusesonthefollowingsixaspects:China’sjewelryretailmarket’sgrowthtrends,importsandexports,majorsegmentmarkets,listedcompanies’performances,onlinesales,andterminalchannelconstructionduringthepastfiveyears.Througheventbacktrackinganddatasorting,thereportendeavorstoobservethehistoricalcontextandcompetitionlandscapeofChina’sjewelrymarketdevelopmentinbroaderperspectives.Ithopestoprovidevaluableandmeaningfulreferencesfordomesticandoverseasjewelrypractitionerstodeepentheirunderstandingsoftheoverallsituation,evolutiontrendsandchangedynamicsofChina’sjewelrymarketdevelopmentinthepastfiveyears,andfordomesticandoverseasjewelrybrandstotapintotheChinesemarket.本《报告》分三个部分：一是2019年至2023年中国珠宝市场的发展状况，二是2024年前三季度市场的主要变化和特点，三是对未来发展趋势的展望。6Thereportconsistsofthreeparts.ThefirstpartcoversthedevelopmentstatusofChina’sjewelrymarketfrom2019to2023.ThesecondparttalksaboutthemajorchangesandcharacteristicsofChina’sjewelrymarketinthefirstthreequartersof2024.Thethirdpartisabouttheoutlookofthemarket’sfuturedevelopmenttrends.一、2019-2023年中国珠宝市场的发展状况I.DevelopmentStatusofChina’sjewelrymarketfrom2019to2023过去的五年，世纪疫情的冲击，全球政治经济格局加速演进，中国经济调结构、转方式进入深水区。身处其中的中国的珠宝产业展现出了应对挑战的强大韧性、顶住压力向上生长的充足后劲。Inthepastfiveyears,impactedbytheCovid-19pandemic,theglobalpoliticalandeconomiclandscapewitnessedacceleratedchanges.China’seconomicstructuraladjustmentandgrowthmodeltransformationisenteringadeep-waterzone.Againstthisbackground,China’sjewelryindustryhasdemonstratedgreatresilienceinresponsetochallengesandsufficientgrowthmomentumunderpressure.一是，零售市场波动加剧，但增速仍高于社会消费品平均First,despitegreaterfluctuations,thegrowthrateoftheretailmarketisstillhigherthantheaveragelevelofsocialconsumergoods.7二是，市场规模持续扩大，玉石、翡翠、珍珠等品类的强劲增长有力促进了市场整体的稳健增长。Second,themarketsizecontinuestoexpand.Therobustgrowthinsegmentssuchasjades,Feicuiandpearlhaseffectivelycontributedtothesteadygrowthoftheoverallmarket.三是，线上零售增势迅猛，对冲了线下销售的乏力。Third,onlineretailgrowsrapidly,whichoffsetsthesluggishgrowthofofflinesales.四是，进出口活跃，对欧美等传统市场的贸易增长强劲。Fourth,theimportandexportactivitiesarerobust,withstrongtradegrowthwithtraditionalmarketsinEuropeandAmerica.五是，渠道下沉战略持续推进，三线及以下城市积极贡献Fifth,aschannelsinkingstrategiesgainfurthertraction,thethird-tierandlower-tiercitieshavemadeapositivecontributiontotheincrementalincrease.（一）零售市场：增速领先结构性调整步伐加快1.Retailmarket:Leadingingrowth,andacceleratinginstructuraladjustment中国珠宝零售市场在经历了2020年疫情冲击后，于2021年实现强劲回升，限额以上单位金银珠宝类零售额突破3000亿元整数大关，并于2023年再攀历史新高，达到3310亿元，同比增幅13.3%。过去五年（2019年-2023年）的年均复合增为6.2%，远高于社会消费品零售总额3.7%的平均水平。8AftergoingthroughtheimpactofCovid-19pandemicin2020,China’sjewelryretailmarketwitnessedastrongreboundin2021,withtheretailsalesofgold,silverandjewelryfromtheunitsabovedesignatedsizesurpassing300billionRMB.In2023,thefigurereached331billionRMB,ahistorichigh,up13.3percentyear-on-year.Duringthelastfiveyears(2019-2023),itscompoundannualgrowthrate(CAGR)is6.2percent,muchhigherthanthe3.7percentaveragegrowthrateofthetotalretailsalesofsocialconsumergoods.Figure1:Theretailsalesandgrowthratesofgold,silverandjewelryoftheunitsabovedesignated（数据来源：国家统计局）(Source:NationalBureauofStatisticsofChina(NBS))9Figure2:Theyear-on-yeargrowthrateofthetotalretailsalesofsocialconsumergoodsandtheretailsalesofgold,silver,jewelryoftheunitsabovedesignatedsizeduring2019-2023（数据来源：国家统计局）(Source:NBS)从市场总规模来看，根据中宝协的统计，过去五年，中国珠宝玉石首饰市场规模从2019年的6100亿元增长至2023年的8200亿元，年均增速达7.68%。Fromtheperspectiveoftotalmarketsize,statisticsfromtheGems&JewelryTradeAssociationofChina(GAC)showthatinthepastfiveyears,China’sgemsandjewelrymarketsizehasincreasedfrom610billionRMBin2019to820billionRMBin2023,withaCAGRof7.68percent.Figure3:Themarketsizeandyear-on-yeargrowthrateofChina’sgemsandjewelryindustry从市场品类结构看，过去五年，黄金、钻石、翡翠玉石、彩宝、珍珠、铂金等几大品类的市场份额此消彼长，正在重塑中国珠宝市场的消费格局。具体看：Fromtheperspectiveofmarketsegments,duringthepastfiveyears,themarketsizesofmajorsegmentssuchasgold,diamond,Feicuiandjades,coloredgemstones,pearl,andplatinumhavewaxedandwaned,reshapingtheconsumptionlandscapeofChina’sjewelrymarket.Tobemorespecific:黄金消费稳中有增，是珠宝市场的“压舱石”。过去中国市场的黄金消费量从2019年的1002.78吨增至2023年的1089.69吨，年均增长2.1%，所占市场份额为60%左右。Goldconsumptionhasachievedsteadygrowth,whichisthebedrockofthejewelrymarket.Inthepastfiveyears,goldconsumptioninChinahasincreasedfrom1,002.78tonnesin2019to1,089.69tonnesin2023,withaCAGRof2.1percent,takingabout60percentofthemarketshare.Figure4:China’sgoldconsumptionduring2019-2023(Unit(数据来源：中国黄金协会)(Source:ChinaGoldAssociation)世界黄金协会报告显示，2023年中国市场在全球金饰总需求中占比超过30%，30多年来，中国的年度黄金消费已增长五倍之多。同时，中国央行的官方黄金储备由2019年的1948.31吨增至2023年的2235.39吨，年均增速3.5%。AccordingtoareportfromtheWorldGoldCouncil,theChinesemarketaccountedformorethan30percentoftheglobalgoldjewelrydemandin2023.China’sannualgoldconsumptionhasrisenfive-foldoverthepastmorethan30years.Meanwhile,goldreservesatChina’scentralbankhaveincreasedfrom1948.31tonnesin2019to2235.39tonnesin2023,withaCAGRof3.5percent.Figure5:Globalgolddemandduring2019-2023(（数据来源：世界黄金协会）(Source:WorldGoldCouncil)钻石市场或将筑底，积蓄复苏力量。2023年中国钻石市场规模约600亿元，同比下降22.0%；上海钻石交易所钻石交易总额31.09亿美元，同比下降29.7%，过去五年年均降幅为7.4%。随着库存的逐渐出清和市场推广策略的调整和加强，钻石市场有望加快筑底，市场或将传递出更多的复苏信号。Astherecoverymomentumisbuildingup,thediamondmarketislikelytobottomout.In2023,China’sdiamondmarketsizewasabout60billionRMB,down22.0percentyear-on-year.In2023,thediamondtransactionsontheShanghaiDiamondExchange(SDE)totaled3.109billionUSD,down29.7percentyear-on-year,withanaverageannualdeclinerateof7.4percentinthepastfiveyears.Astheinventoryisgraduallydepletedandthemarketingstrategiesareadjustedandstrengthened,thediamondmarketisexpectedtoacceleratethebottomingoutprocessandseemorerecoverysignals.Figure6:Thetotaldiamondtransactionva（数据来源：上海钻石交易所）(Source:ShanghaiDiamondExchange)培育钻石产能大幅提高。2020年中国培育钻石产量约300万克拉，至2023年增长至2200万克拉，四年平均增长率为94.3%。2023年，中国培育钻石毛坯出口量为比下降48.6%，过去五年出口量年均增长5.3%；培育钻石成品为31.4%。Theproductioncapacityoflab-growndiamondhasincreasedsignificantly.China’slab-growndiamondproductionoutputhasincreasedfromabout3millioncaratsin2020to22millioncaratsin2023,withaCAGRof94.3percentduringthepastfouryears.In2023,Chinaexported746,300caratsoflab-grownroughdiamond,down48.6percentyear-on-year,withaCAGRof5.3percentinthepastfiveyears.In2023,theexportoflab-grownpolisheddiamondreached268,960carats,down94.7percentyear-on-year,withaCAGRof31.4percentinthepastfiveyears.Figure7:Theexportvolumeoflab-growndiamondduring2019-2023（数据来源：海关总署）(Source:GeneralAdministrationofCustomsofthePeople’sRepublicofChina(GACC))玉石翡翠市场持续强劲增长。过去五年，翡翠和田玉的市场规模持续高速增长，2023年市场规模约为1500亿元，同比增长2%，过去五年的年均复合增长率达25.7%；市场份额在20%上下，是仅次于黄金的第二大品类市场。ThejadeandFeicuimarkethassustainedstronggrowth.Inthepastfiveyears,China’sFeicuiandHetianYumarkethasseencontinuousrapidgrowth.In2023,itsmarketsizereached150billionRMB,up2percentyear-on-year,withaCAGRof25.7percentinthepastfiveyears,takingabout20percentofthemarketshare,secondonlytothatofgold.Figure8:China’sjadeandFeicuimarkets价格上涨成为彩色宝石市场的主导因素。2023年，中国彩色宝石市场规模约为310亿元，过去五年年均增长0.4%，主要是因为2022年的销售额下挫了11.11%，整体拉低了彩宝市场的增长率。过去五年，国内彩色宝石价格整体持续上涨，尤其是2023年，高品质红、蓝宝石价格大幅上涨。Priceriseshavebecomeadominantfactorinthecoloredgemstonemarket.In2023,China’scoloredgemstonemarketsizereachedabout31billionRMB,withaCAGRof0.4percentinthepastfiveyears.In2022,itssalesvolumefell11.11percent,draggingdowntheoverallgrowthrateduring2019-2023.Inthepastfiveyears,pricesofcoloredgemstoneshavecontinuedtoriseinthedomesticmarket,particularlyin2023,whenthepricesofhigh-qualityrubiesandsapphiressawsignificantincreases.Figure9:China’scoloredg珍珠市场一路高歌猛进。2023年，中国珍珠市场的销售额达350亿元，同比增长45.83%。过去五年，中国珍珠市场年均增长18.09%，表现出了强劲的增长势头。Thepearlmarkethasseenremarkablegrowth.In2023,thesalesvolumeofChina’spearlmarketreached35billionRMB,up45.83percentyear-on-year.Inthepastfiveyears,China’spearlmarketrecordedaCAGRof18.09percent,showingarobustgrowthtrend.铂金首饰市场持续萎缩。中国市场的铂金首饰需求量从2019年的27.1吨降至2023年的12.7吨，比也从41%下降至22%。Theplatinumjewelrymarkethasexperiencedcontinuousshrinking.TheplatinumjewelrydemandintheChinesemarkethasdroppedfrom2.71billiontonnesin2019to1.27billiontonnesin2023,downby53percent.Itsshareintheglobalmarkethasfallenfrom41percentin2019to22percentin2023.Figure11:GlobalandChina’splatinumjewelryde（数据来源：国际铂金投资协会）(Source:WorldPlatinumInvestmentCouncil)（二）进出口：对欧美贸易额大幅增长2.Importsandexports:LargeincreaseintradewithEuropeandAmerica2019-2023年，中国珠宝类商品进口和出口的年均增长率均保持在双位数水平。其中，进口额年均增长17%，高于出口年均增长率6个百分点。从具体商品类别看，宝石或半宝石、镶嵌首饰和黄金制品在过去5年的进口额年均增幅均超过20%。During2019-2023,boththeimportandexportvalueofChina’sjewelrygoodshavemaintainedadoubledigitCAGR,amongwhichtheCAGRofimportsreached17percent,sixpercenthigherthanthatofexports.Fromtheperspectiveofcommoditycategories,theimportvalueofpreciousorsemi-preciousstones,inlayjewelry,andgoldproductshaveallregisteredaCAGRofmorethan20percentinthepastfiveyears.Figure12:China’simportandexportvaluesofjewelry（数据来源：海关总署）(Source:GACC)Table1:ImportvaluesbyjewePreciousorsemi-pr2InlayjewelryImitationjewelryVariouspreciousmetal（数据来源：海关总署）(Source:GACC)从贸易对象来看，过去五年中国与美洲和欧盟的珠宝进出口贸易更为活跃，进出口总额年均增幅分别为24.15%和20.58%，远高于其他地区。Fromtheperspectiveoftradepartners,inthepastfiveyears,theimportandexporttradebetweenChinaandAmericaandEUismoreactive,withaCAGRof24.15percentand20.58percentrespectively,muchhigherthanotherregions.表2.2019-2023中国-部分国家地区珠宝行业进出口数据统计（单位：亿美元）Table2:ImportandexportvaluesofjewelryindustrybetweenChinaandsomecountriesorregionsduring2019-2023(Unit:100millionUSD)（数据来源：海关总署）(Source:GACC)（三）网上销售：增速处于领跑位置3.Onlinesales:Leadingingrowthrate过去五年，珠宝类实物商品网上零售额年均增幅达22%，在商务部监测的18类商品中连续五年增速位居第一，其中，2023年的增速高出网上实物总类31.9个百分点，按绝对值计算为3397亿元；在网上实物类商品中的占比也由2020年的1.59%升至2023年2.61%。Inthepastfiveyears,theonlineretailjewelrysalesinphysicalgoodshaveloggedaCAGRof22percent,rankingfirstforfiveconsecutiveyearsamongthe18typesofgoodsmonitoredbytheMinistryofCommerce(MOFCOM).In2023,itsgrowthratewas31.9percenthigherthanthatofallcategoriesofphysicalgoods,itsvaluereached339.7billionRMBbyabsolutevalue,anditsmarketshareinonlinephysicalgoodshasincreasedto2.61percentfrom1.59percentin2020.Figure13:TheYoYchangesofonlineretailsalescategoriesofphysicalgoodsduring2019-2023（数据来源：商务部）(Source:MOFCOM)（四）上市公司：营收、利润增速可观4.Listedcompanies:ConsiderablegrowthrateinrevenueandprofitA股珠宝上市公司营收稳步增长。A股上市的处于稳定经营状态的12家珠宝公司，到2023年总营业收入达到了2500亿元，实现了年均10.61%的增长；而归属于上市公司股东的净利润虽在2021年高位回落，但总体仍在上行区间，5年间年均增速3.40%。TherevenuesofjewelrycompanieslistedontheA-sharemarkethaveachievedsteadygrowth.Thereare12A-sharelistedjewelrycompaniesinstableoperation.In2023,theiroperatingrevenuestotaled250billionRMB.Inthepastfiveyears,theyhaveloggedaCAGRof10.61percent.Althoughthenetprofitsattributabletoshareholdersofthelistedcompanieshasdeclinedfromrecenthighsin2021,itisstillintheupwardrangeonthewhole,withaCAGRof3.40percentinthepastfiveyears.图14.A股珠宝上市公司2019年-2023年营业收入（Figure14:TheoperatingrevenuesofA-sharelistedjewelrycompaniesduring2019-2023(Unit:100millionRMB)（数据来源：上市公司年报）(Source:Annualreportsoflistedcompanies)Figure15:Thetotaloperatingrevenuesofthe12A-sharelistedjewelr图16.A股珠宝上市公司2019年-2023年归属于上市公司股东的净利润（单位：亿元）Figure16:ThenetprofitsattributabletoshareholdersoftheA-sharelistedjewelrycompaniesduring2019-2023(Unit:100millionRMB)（数据来源：上市公司年报）(Source:Annualreportsoflistedcompanies)Figure17:Thetotalprofitsattributabletoshareholdersofthe港股珠宝上市公司利润大增。周大福、六福、周生生等三家港资品牌在过去五年营收总额一路上扬至1400多亿港元，年均增速达14.83%；其股东应占溢利年均增长率则高达20.43%。TheprofitsofHongKonglistedcompanieshaveregisteredasharpincrease.Inthepastfiveyears,thetotaloperatingrevenuesofthethreeHongKongbrandsincludingChowTaiFook,Lukfook,andChowSangSanghasincreasedtomorethan140billionHKD,loggingaCAGRof14.83percent.TheprofitsattributabletoshareholdershaveachievedaCAGRof20.43percent.Figure18:ThetotaloperatingrevenuesoftheChowTaiFook,thefinancialyearsof2019/2020-2023/2024,andChowSang图19.周大福、六福集团2019/2020-2023/2024财年、周生生2019-2023年股东应占溢利总额（单位：亿港元）Figure19:ThetotalprofitsattributabletoshareholdersoftheChowTaiFook,andLukFookHoldingsduringthefinancialyearsof2019/2020-2023/2024,andChowSangSangduring2019-2023(Unit:100millionHKD)5.Topbrands:CausingMatthewEffect根据中宝协品牌价值与品牌强度评价体系的数据，截至2023年，中国前八大珠宝零售品牌占据了国内市场40.71%的份额。从品牌零售门店覆盖率来看，珠宝上市公司前五大品牌共开设28119家零售店，占上市珠宝公司品牌门店总量的76%。StatisticsfromtheGACshowthatby2023,thetopeightjewelryretailbrandshadaccountedfor40.71percentofdomesticmarketshare.Fromtheperspectiveofbrandretailstorecoverage,thetopfivebrandsofthelistedjewelrycompanieshadopened28,119retailedstores,accountingfor76percentofthetotalbrandstoresofthelistedjewelrycompanies.（六）零售终端：渠道布局加速下沉三四线城市6.Retailterminal:Channeldistributionsspeedinguppenetratingintothird-tierandfourth-tiercities从区域分布上看，截至2023年，A股和港股上市珠宝公司（下同）门店主要集中在华东、华中、华北地区，依次为14523 Fromtheperspectiveofregionaldistributions,by2023,thestoresofA-sharelistedandHongKonglistedjewelrycompanies(thesamehereinafter)hadbeenprimarilycenteredintheeast,centralandnorthChina,wherethenumberofstoresamountedto14,523stores,5,368stores,and4,769storesrespectively,accountingfor39.4percent,14.6percentand12.9percentofthetotalrespectively.Figure20:StoredistributionsofA-sharelistedandHongKonglistedjewelrycompaniesin从一线、新一线等城市线级分布上看，上市珠宝公司在北在成都、重庆、杭州、南京等新一线城市共有7566家，占比Fromtheperspectiveofcity-tierdistributions,suchasfirst-tierandnewfirst-tiercities,thelistedjewelrycompanieshavesetup3,392storesinthefirst-tiercitesincludingBeijing,Shanghai,GuangzhouandShenzhen,accountingfor9.2percentofthetotal.Theyhad7,566storesinthenewfirst-tiercities,suchasChengdu,Chongqing,HangzhouandNanjing,accountingfor20.5percentofthetotal.Theypossessed7,002stores,9,053stores,and6,231storesinthesecond-tiercities,third-tiercities,andfourthandlower-tiercitiesrespectively,accountingfor19.0percent,24.6percent,and16.9percentrespectively.Figure21:Brandstoredistributionsoflistedjewelrycompaniesintieredcities从省份分布上看，江苏省有3697家上市珠宝公司品牌门店，家，占比7.8%，山东省2869家，占比7.8%，浙江省2占比7.6%。Fromtheperspectiveofprovincialdistributions,Jiangsuprovincehosts3,697storesofthelistedjewelrycompanies,accountingfor10percentofthetotalandrankingfirstinthecountry.Guangdong,ShandongandZhejiangprovinceshost2,881stores,2,869storesand2,817storesofthelistedjewelrycompaniesrespectively,accountingfor7.8percent,7.8percent,and7.6percentofthetotalrespectively.图22.各省上市珠宝品牌门店分布情况Figure22:Brandstoredistributionsofthelistedjewelrycompaniesinprovinces结论：纵观过去五年中国珠宝市场的发展轨迹，我们不难发现，正是多个层面的持续稳健增长与综合发力，推动了市场总体积极向好的态势不断巩固和加强，更为行业应对未来各种不确定性风险冲击夯实了基础、提高了能力、充实了底气、丰富了工具箱。归纳总结为以下几点：Conclusion:FromthedevelopmenttrajectoriesofChina’sjewelrymarketinthepastfiveyears,it’snothardtoseethatdrivenbysustainedsteadygrowthandconcertedeffortsfrommultiplefacets,theoverallpositivemomentumofimprovementhasbeencontinuouslyconsolidatedandstrengthened.Withenhancedcapacities,boostedconfidenceandenrichedtoolkits,ithaslaidasolidfoundationfortheindustrytocopewithfuturerepercussionsofuncertainties.Insummary:在消费端，经济动荡加剧和不确定性风险抬升的时代，黄金珠宝产品较强的保值、对冲风险、守护居民财富安全的投资属性在过去几年间得到大幅回归。Ontheconsumptionside,thepropertiesofvalue-retaining,risk-hedgingandinvestmentforwealthinsuranceofgoldjewelryproductshasseenstrongreboundinthepastfewyears.在供给侧，以古法金、3D硬金、国潮国风为代表的工艺、材料、文化创新已蔚然成风，并在低迷的市场环境中频频引燃消费热点，开辟了新增长点。Onthesupplyside,theburgeoninginnovationintheprocesses,materials,andculture,whichisrepresentedbyancientgoldcraftsmanship,3Dhardgold,andChina-chic,haschartednewavenuesforgrowth,frequentlyignitingtheenthusiasmofconsumersinalacklustermarketenvironment.在海外市场方向，面对日趋紧张的国际贸易关系，在跨境电商的加持下，一方面稳定与传统贸易国的关系，巩固其市场份额，另一方面积极开拓新兴市场，推进进出口贸易渠道更加多元化。中国珠宝产业完整、紧密、通畅、门类丰富、配套齐全的产业链和可靠、高效、具有韧性的供应链的优势得以彰显。Fromtheperspectiveofoverseasmarkets,facedwithincreasinglytensetraderelations,andboostedbycross-bordere-commerce,effortsarebeingmadetostabilizerelationswithtraditionaltradepartnersandconsolidateitsmarketshare.Effortsarealsobeingmadetoactivelytapintoemergingmarkets,andadvancethediversificationofimportandexportchannels.Withacomplete,close,smooth,andfull-fledgedindustrialchain,andareliable,efficientandresilientsupplychain,China’sjewelryindustryhasdemonstrateditsadvantages.在市场建设上，多元化的消费需求、多层次的市场结构，特别是海南自贸港的巨大潜力，加之不断扩大的中产阶层和持续推进的城镇化，为珠宝行业的稳健发展和国际合作提供了广阔空间和战略纵深。Intermsofmarketconstruction,thediversifiedconsumptiondemands,themulti-levelmarketstructure,especiallytheimmensepotentialofHainanFreeTradePort,theexpansionofmiddleclassandthecontinuousurbanizationprovidebroadspaceandstrategicdepthforthesounddevelopmentandinternationalcooperationofChina’sjewelryindustry.二、2024年前三季度珠宝市场的主要表现II.TheperformanceofChina’sjewelrymarketinthefirstthreequartersof2024今年前三季度，中国限额以上单位社会消费品零售总额同比上涨3.3%，其中，金银珠宝类商品零售额达2454亿元，同比下降3.1%，但其绝对值依旧高于过去五年2106亿元的平均数。Inthefirstthreequartersof2024,thetotalretailsalesofsocialconsumergoodsfromtheunitsabovedesignatedsizesawayear-on-yeargrowthof3.3percent,amongwhichtheretailsalesofgold,silverandjewelryreached245.4billionRMB,down3.1percentyear-on-year,butitsabsolutevalueisstillhigherthanitsaveragenumberinthepastfiveyears,thatis,210.6billionRMB.Figure23:Theretailsalesandgrowthratesofgold,silverandjewelryfromtheunitsabovedesignatedsizeduringthefirstthreequartersof2019-2024从珠宝市场主力产品——黄金的消费情况看，前三季度，全国黄金消费量741.732吨，同比下降11.18%。其中：黄金首饰400.038吨，同比下降27.53%；金条及金币282.721吨，同比增长27.14%。Fromtheperspectiveofgoldconsumption,amajorsegmentinthejewelrymarket,inthefirstthreequartersof2024,thenationwidegoldconsumptionstoodat74.1732billiontonnes,down11.18percentyear-on-year,amongwhichtheconsumptionofgoldjewelrywas40.0038billiontonnes,down27.53percentyear-on-year,andthatofgoldbarsandcoinswas28.2721billiontonnes,up27.14percentyear-on-year.进出口方面：前三季度，中国珠宝首饰类商品的进出口总亿美元，同比增长11.03%，进口额为879.59亿美元，同比增长0.12%。Fromtheperspectivesofimportsandexports,inthefirstthreequartersof2024,theimportandexportvaluesofChina’sjewelryproductsreached113.266billionUSD,up2.37percentyear-on-year,amongwhichtheexportandimportvalueswere25.307billionUSDand87.959billionUSDrespectively,up11.03percentand0.12percentyear-on-yearrespectively.图24.近五年前三季度中国珠宝行业进出口数据（单位：亿美元）Figure24:TheimportandexportvaluesofChina’sjewelryindustryduringthefirstthreequartersoftherecentfiveyears(Unit:100millionUSD)网上零售方面：按绝对值计算，今年前三季度中国金银珠宝类商品网上零售额达2095.66亿元，增速同比下降9.8个百分点至25%，但依然是商务部监测的18类商品中增长最快的品Fromtheperspectivesofonlinesales,calculatedbyabsolutevalues,theonlineretailsalesofgold,silverandjewelrygoodsinthefirstthreequartersof2024reached209.566billionRMB,anditsyear-on-yeargrowthratedroppedto25percent,downby9.8percent,butitisstillthefastestgrowingcategoryamongthe18typesofgoodsmonitoredbytheMOFCOM.图25.近五年前三季度金银珠宝类实物商品网上零售额数据Figure25:Theonlineretailsalesofgold,silverandjewelryinphysicalgoodsduringthefirstthreequartersoftherecentfiveyears（数据来源：商务部）(Source:MOFCOM)上市公司方面：前三季度，12家A股上市公司的总营收同比出现2.22%的小幅下滑，总利润降幅较大，有21.51%的下降。而港股三大珠宝上市公司上半财年营收和净溢利都出现双位数的下降。值得注意的是，今年6月刚上市的老铺黄金上半年营业收入约35.2亿元，同比增长148.3%；净利比增长198.8%。Fromtheperspectiveoflistedcompanies,inthefirstthreequartersof2024,thetotalrevenuesofthe12A-sharelistedcompaniessawasmalldropof2.22percentyear-on-yearandthetotalprofitsexperiencedalargerdropof21.51percentyear-on-year.TheoperatingrevenuesandnetprofitsofthethreeHongKonglistedcompaniesallloggedadouble-digityear-on-yeardeclineinthefirsthalfofthisfinnancialyear.OfparticularnoteisthattherevenueandnetprofitofLaopuGold,newlylistedinHongKonginJune,reached3.52billionRMBand588millionRMBrespectivelyinthefirsthalfof2024,up148.3percentand198.8percentyear-on-yearrespectively.三、对未来的几点观察III.Insightstothefuture即将过去的2024年和即将到来的2025年，可能是中国珠宝市场发展的一个重要分水岭。相比过去5年，当前乃至未来一段时期，珠宝行业发展的内外部环境因素更加错综复杂，这不仅导致今年市场的一些指标表现不佳，全行业更是普遍面临着比过去更大的增长压力。Thesoon-to-end2024andsoon-to-begin2025maybeanimportantwatershedperiodinthedevelopmentofChina’sjewelrymarket.Comparedwiththepastfiveyears,theinternalandexternaldevelopmentenvironmentofChina’sjewelryindustryismorecomplexatpresentandevenforsometimetocome,resultinginnotonlytheunderperformancesofsomeindicators,butalsogreaterpressureforthewholeindustryingeneral.但另一方面，我们也看到，过去几年市场下行压力正倒逼珠宝行业加速过剩产能出清；更加重视对存量市场的精耕细作和再开发；更加重视通过系统性创新开拓新增长点；更加重视对细分市场的深耕厚植，以巩固、强化其在某一垂直领域的核心优势；更加追求稳健、成本效益比更高、更有质量的可持续However,ontheotherhand,wehaveseenthatoverthepastfewyears,themarketdownwardpressurehasforcedtheacceleratedclearingofexcesscapacity.Meanwhile,moreattentionhasbeenpaidtocarefullyexploitingandredevelopingofthestockmarket,persistentlyexploringnewgrowthopportunitiesthroughsystematicinnovation,andpainstakinglycultivatingmarketsegmentssoastosolidifyandstrengthencoreadvantagesinverticalfields.Moreimportancehasbeenattachedtosustainablegrowthcharacterizedwithmorerobustness,highercost-benefitratioandhigherquality.凡事豫则立，不豫则废。展望未来，我们认为，珠宝