Jewellery Industry in Hong Kong
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Industry Features of Fine Jewellery Sector [1] |
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No. of establishments |
260 (manufacturing) – 2023 |
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3,170 (import/export) – 2023 |
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Employment |
1,460 (manufacturing) – 2023 |
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11,210 (import/export) – 2023 |
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Source: Quarterly Survey of Employment and Vacancies |
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Hong Kong's jewellery industry can be broadly classified into two sectors: fine jewellery or jewellery made of precious metals, and imitation jewellery. In terms of value, 91.6% of Hong Kong’s jewellery exports were fine jewellery in 2024.
Hong Kong's jewellery industry is known for its flexibility in meeting customer needs. Fine jewellery covers a wide range of medium to high‑priced products. The most popular product category is gem‑set jewellery, particularly diamonds set in 14K or 18K and yellow/white gold. Hong Kong manufacturers are good at producing jewellery set with small stones with elements of contemporary fashion. Their gem‑setting skills and design capability are competitive with world‑class European manufacturers.
Hong Kong has a highly skilled and productive labour force capable of handling small orders and making elaborate designs at reasonable prices. Hong Kong leads in the production of gold items. Although high value‑added processes are still retained in Hong Kong, manufacturing processes have shifted to the mainland, mainly to Shenzhen and Panyu. The upcoming GBA Gold and Jewellery Innovation Eco‑City in Lunjiao, Shunde could be the next advanced manufacturing base of gold and jewellery.
Hong Kong has long been recognised as a leading production centre for jade jewellery. Major items are bangles, rings and pendants. Hong Kong is a leading trading and distribution centre for pearls, the majority of which are imported from Japan, India, Australia and Mainland China. In 2024, Hong Kong was the world’s largest exporter of pearls (HS 7101) and of precious and semi‑precious stones (HS 7103).
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Performance of Hong Kong's Jewellery Exports [2] |
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Precious jewellery (SITC 897.3) |
2022 |
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2023 |
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2024 |
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HK$ mn |
Growth % |
HK$ mn |
Growth % |
HK$ mn |
Growth % |
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Domestic exports |
18413 |
4 |
18729 |
2 |
16580 |
-11 |
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Re-exports |
52936 |
-6 |
69025 |
30 |
63920 |
-7 |
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of Mainland China origin |
23220 |
3 |
25988 |
12 |
25349 |
-3 |
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Total exports |
71348 |
-4 |
87754 |
23 |
80500 |
-8 |
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Precious jewellery by market |
2022 |
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2023 |
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2024 |
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Share % |
Growth % |
Share % |
Growth % |
Share % |
Growth % |
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US |
18.1 |
-4 |
17.1 |
16 |
20.7 |
11 |
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Mainland China |
16.9 |
-34 |
16.7 |
22 |
13.3 |
-27 |
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Macao |
10.7 |
-12 |
15.3 |
76 |
12 |
-28 |
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Taiwan |
10.1 |
18 |
8.2 |
0 |
9.9 |
11 |
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EU (27) |
9.4 |
12 |
7.8 |
2 |
9.1 |
6 |
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France |
3.4 |
11 |
3 |
10 |
3.8 |
17 |
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ASEAN |
10.1 |
44 |
8 |
-3 |
8.9 |
3 |
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Singapore |
5.3 |
52 |
3.6 |
-18 |
3.8 |
-1 |
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Switzerland |
6 |
-11 |
9 |
82 |
7.3 |
-26 |
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UAE |
4.3 |
42 |
5.1 |
46 |
5.5 |
-1 |
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UK |
5.2 |
-1 |
4.8 |
12 |
3.4 |
-36 |
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Precious jewellery by category |
2022 |
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2023 |
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2024 |
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Share % |
Growth % |
Share % |
Growth % |
Share % |
Growth % |
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Articles of jewellery, of precious metals |
97 |
-4 |
96.9 |
23 |
98.3 |
-7 |
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Articles of pearls, precious or semi-precious stones |
2.7 |
13 |
2.9 |
30 |
1.3 |
-59 |
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Goldsmiths' & silversmiths' wares, precious metal |
0.3 |
* |
0.2 |
-7 |
0.4 |
57 |
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Imitation jewellery (SITC 897.2) |
2022 |
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2023 |
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2024 |
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HK$ mn |
Growth % |
HK$ mn |
Growth % |
HK$ mn |
Growth % |
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Domestic exports |
42 |
464 |
22 |
-49 |
20 |
-8 |
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Re-exports |
6901 |
23 |
6852 |
-1 |
7391 |
8 |
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of Mainland China origin |
6043 |
26 |
6007 |
-1 |
6624 |
10 |
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Total exports |
6944 |
24 |
6873 |
-1 |
7411 |
8 |
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Pearls, gemstones and rough diamonds (SITC 667) |
2022 |
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2023 |
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2024 |
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HK$ mn |
Growth % |
HK$ mn |
Growth % |
HK$ mn |
Growth % |
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Domestic exports |
1096 |
71 |
959 |
-13 |
1603 |
67 |
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Re-exports |
157205 |
12 |
145101 |
-8 |
119662 |
-18 |
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of Mainland China origin |
12969 |
46 |
7276 |
-44 |
5754 |
-21 |
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Total exports |
158302 |
12 |
146060 |
-8 |
121265 |
-17 |
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*Insignificant |
Source: Hong Kong Trade Statistics, Census and Statistics Department
After a surge of 23% in 2023, Hong Kong’s fine jewellery exports were down 8% year‑on‑year to HK$80.5 billion in 2024. Re‑exports dropped by 7% year‑on‑year, while domestic exports declined by 11%. Due to the economic slowdown in Mainland China, sales to the mainland and Macao failed to maintain the growth momentum of 2023, recording a fall of 27% and 28% respectively in 2024.
Hong Kong’s imitation jewellery exports resumed growth in 2024, achieving an 8% rise in export value to HK$7.4 billion. Meanwhile, Hong Kong’s exports of pearls, gemstones and rough diamonds dropped by 17% year‑on‑year to HK$121.2 billion in 2024.
Sales Channels
Hong Kong’s jewellery industry is, by and large, export oriented. The trade is characterised by a subcontracting system where small‑ and medium‑sized factories provide services, such as mould making, precision casting, gem‑setting, polishing and electroplating, to larger manufacturers or local jewellery retailers. Mass production of jewellery products is normally restricted to established manufacturers who have automated production. Jewellery items made for export usually bear the buyers' brand names or logos. Some jewellery makers have set up overseas offices and outlets to promote sales.
Hong Kong’s fine jewellery, watches and valuable gifts sales were around HK$51.3 billion in 2024. Tourists were the major buyers of Hong Kong’s fine jewellery and watches. The resumption and expansion of the multiple‑entry Individual Visit Scheme for Shenzhen, as well as the resumption of international air routes, among other things, are expected to attract more tourists to visit Hong Kong. This is expected to boost the performance of the jewellery sector.
Some Hong Kong jewellers, such as TSL, Chow Sang Sang and Chow Tai Fook, have extended their retail network in the mainland market through franchising and co‑operative arrangements, successfully building a recognised brand there. A study conducted by the HKTDC in 2022 showed that Hong Kong brands and imported products normally enjoy a price premium and are well‑received in the mainland market.
Promotion via participation in trade fairs is an effective way for Hong Kong companies to explore export opportunities – below is a list of selected industry trade fairs.
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Country/Region |
Major events |
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Hong Kong |
HKTDC Hong Kong International Jewellery Show in March |
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HKTDC Hong Kong International Diamond, Gem & Pearl Show in March |
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Mainland China |
Shenzhen International Jewellery Fair in September |
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US |
The JCK Show in Las Vegas in June |
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Europe |
Vicenza Fair in Italy in January/September |
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Jewellery Geneva in Switzerland in April |
Industry Trends
Articles of jewellery are becoming more fashionable. Innovative designs are important for moving up‑market. For instance, silhouette designs, renaissance‑inspired jewellery and futuristic designs are the latest trends. Manufacturers must have deeper metallurgical knowledge and use the latest technologies, such as 3D printing, laser cutting, and digital printing, engraving and photography to create these designs. Jewellery is following the trend in fashion and moving from high end to target a younger, middle‑income market, sometimes with branded jewellery.
Recent technological developments allow mass production of jewellery products of good quality and at competitive prices. While Hong Kong jewellery production remains basically a handicraft industry, a number of larger establishments employ automated production equipment. These manufacturers integrate advanced techniques, such as electroforming, with handicraft skills to improve efficiency. They use computer‑aided design and manufacturing (CAD/CAM) systems, computer numerically controlled (CNC) machine tools and even 3D printers in their product design and manufacturing processes. Such new technologies enable Hong Kong manufacturers to develop fashionable jewellery items and to increase the accuracy of the designed output. Meanwhile, software in online apps allows buyers to customise their own jewellery, changing the colour, shape, stones and metal used as they desire. New social media platforms use changing social interactions and around‑the‑clock promotions to target particular market segments.
On marketing and distribution, some Hong Kong jewellers have built up their own branded jewellery or licensing agreements. While this is an effective strategy to enhance long‑term competitiveness, it may also require jewellery manufacturers to move into distribution. Apart from establishing direct retail outlets, e‑tailing is becoming an ever more prevalent option for jewellery retail. According to Euromonitor International, 33% of jewellery sales in the US were generated online in 2024 compared to 26.8% in 2019, indicating that online channels have been able to sustain their growth in the European and US markets after the pandemic. In Mainland China, the online sales growth of market leaders such as Chow Tai Fook and Chow Tai Seng is stronger than that in physical stores, with the e‑commerce channel accounting for 10%‑20% of their total sales. More jewellery brands have now adopted augmented reality (AR) technology to create more immersive shopping experiences.
In response to the e‑commerce spree, global jewellery traders are fast embedding e‑tailing business leads. According to the HKTDC Hong Kong International Jewellery Show Survey 2024, about 61% of traders were found to have established an online presence already. Additionally, most respondents were looking to ramp up their online business activities, with over half of them extending online activities to 41% or more in the next two years. A growing number of jewellery retailers are also expanding their social media footprints, making use of live‑streams and other social media perks to promote brands and sales. Going forward, jewellery e‑commerce will continue to expand, and the use of omni‑channel strategies will become even more indispensable for jewellery retailers.
CEPA Provisions
Under the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), the mainland has given all products of Hong Kong origin [3], including jewellery, tariff‑free treatment starting from 1 January 2006. This allows tariff savings of as much as 21%, compared to Most‑Favoured‑Nation (MFN) entries. According to the stipulated procedures, products which have no existing CEPA rules of origin can enjoy tariff‑free access upon application by local manufacturers and upon the CEPA rules of origin being agreed and met.
The promulgated rules of origin for jewellery to benefit from CEPA's tariff preference are basically similar to the existing rules governing Hong Kong's exports of these products. Generally speaking, for jewellery articles made from precious metals, the moulding, identified as the principal process for the purpose of delineating their origin, must be carried out in Hong Kong. If assembly is required, it must also be done in Hong Kong. For jewellery made from pearls, precious or semi‑precious stones, both moulding and setting have to be done in Hong Kong. Please click to view the detailed information.
General Trade Measures Affecting Jewellery Exports
The Shanghai Gold Exchange began operation on 30 October 2002, with its launch seen as a sign that China’s gold sector is moving towards complete marketisation. Please browse the website for details of its business code of conduct and other relevant laws and regulations.
In May 2003, the mainland abolished the licensing system for businesses trading in gold or silver products. As a result, the production, processing, wholesale and retail of jewellery are all fully deregulated, meaning that any individual can now register to operate a business in these sectors.
Hong Kong companies exporting to Mainland China are subject to three types of tariffs, namely Value‑Added Tax (VAT), customs tariff and consumption tax. Fine jewellery sold on the mainland is subject to a consumption tax of 5‑10%. From 1 April 2019, most goods (including fine jewellery, pearls, gemstones and rough diamonds and imitation jewellery) are subject to a reduced VAT of 13% (down from 16%). Also, from March 2020, exports of fine jewellery, gemstones and rough diamonds and imitation jewellery can apply for VAT rebates of up to 13%. MFN tariffs for such imports range from 0%‑21%, depending on the type of products.
Diamond (including rough diamond and unset polished diamond) imports and exports under general trade, as well as for the domestic sale of rough diamonds transferred‑out in the course of the processing trade, are required to go through the declaration formalities with customs located inside the Shanghai Diamond Exchange (SDE). Diamonds directly entering SDE from overseas are exempted from import duty, value‑added tax and consumption tax. All diamonds traded in SDE are exempted from value‑added tax. Diamonds entering SDE from domestic sources can enjoy tax refunds, and the tax collected at the processing stage is fully refunded when the diamonds are exported, while those flowing from SDE to overseas do not enjoy tax refunds. For diamonds channelled from SDE to the domestic market no import duty is levied, but the value‑added tax (except for 4% on polished diamonds) must be paid. The consumption tax is not collected until the retailing stage, at a rate of 5%. For details of its import and export policies, customs supervision policies, tax policies and foreign exchange management policies, please refer to the SDE website.
In response to the concern that diamonds from a few African sources might have been sold through illegal channels to finance civil wars and conflicts among neighbouring countries, the World Diamond Council (WDC), with some participating countries, has come up with a certification scheme to keep track of the rough diamonds exported from these conflict areas (the so‑called Kimberley Process). Both Hong Kong and Mainland China, as signatories to the Kimberley Process, have followed this certification scheme since 2003. Accordingly, all parties in Hong Kong in the business of importing, exporting, carrying (including carrying rough diamonds in transit and transhipment), buying or selling rough diamonds must now be registered with the Trade and Industry Department (TID). They are also required to obtain Kimberley Process (KP) Certificates issued by TID before the import and export of rough diamonds.
In the EU, environmental and health concerns continue to be major issues. The EU has banned the import of jewellery containing nickel, which can cause allergic reactions when in contact with skin. While this measure provides Hong Kong jewellery products made of other materials an advantage in exporting to the EU, other suppliers have had to adjust to the requirement. Imitation jewellery containing lead is also under strict regulations under the US Consumer Product Safety Commission.
In addition, in response to the Russian invasion of Ukraine, The EU and G7 set out a scheme to restrict direct or indirect imports of Russian gold and diamonds. The implementation of a traceability framework will be in place to enable efficient enforcement of the rules. The latest updates are available on HKTDC’s Regulatory Alert - EU and Regulatory Alert - US.
Several organisations offer certification for jewellery materials. They include the World Gold Council, the Natural Colour Diamond Association (NCDIA), and the Diamond Trading Company (DTC). The Tanzanite Foundation has developed a grading system for tanzanite. The Responsible Jewellery Council Certification has listed standards that evaluate responsible business practices in jewellery companies. Gaining certifications is a growing trend, and many are expected to become standard in the future.
In Hong Kong, the Dealers in Precious Metals and Stones Registration Regime came into effect in April 2023. Local dealers in precious metals and stones are required to register with Hong Kong Customs in order to engage in any transaction(s) with a total value at or above HK$120,000; non‑Hong Kong dealers fulfilling the prescribed conditions (including those coming to Hong Kong as exhibitors) are exempt from registration but are required to submit to Hong Kong Customs a cash transaction report for any cash transactions with total value at or above HK$120,000 carried out in Hong Kong.
Product Trends
Generation Y (Gen Y) and Generation Z (Gen Z) consumers are increasingly important buyers of precious jewellery. These consumers see jewellery as an everyday item rather than something only for special occasions such as weddings or festivals. Many new‑generation‑targeted jewellery labels are successfully responding to the demand for more affordable, trend‑focused and personalised pieces, and luxury brands have launched more affordable collections for daily use. Brands have also been launching collaborative collections with celebrities and global superstars in an attempt to connect with new generations of jewellery enthusiasts.
In terms of product trends, jewellery designs are increasingly influenced by clothing fashion. Consumers, especially women, are buying more accessories like jewellery to express their sense of style. While feminine, romantic pieces are sought‑after in the luxury market, wearability is important in the youth market, and this is reflected in the increasing trend to wear jewellery in a mix‑and‑match fashion.
Demand for male jewellery is rising, as men become more fashion‑conscious. The idea that “jewellery is feminine” is fading. Men have realised that jewellery can be masculine, and that fine jewellery is essential to a complete look, so jewellery is becoming an integrated part of personal style. They may buy stylish bracelets, rings and pendant necklaces, or choose a smarter look with brooches, cufflinks and tie pins. Gold chain necklaces, rings and pearl products on men are also gaining popularity nowadays. Articles of male jewellery are still quite limited, and so the market may have huge untapped potential. Additionally, to break gender stereotypes, an increasing number of brands are now promoting unisex designs or the concept of gender fluidity. The gender‑neutral designs do not carry gender identity and redefine traditional norms.
Costume jewellery is making a return. Increasingly, clothing boutiques offer jewellery accessories complementing their fashion lines. This may contribute to an increased demand for elegant and romantic diamonds, while semi‑precious stones and coloured crystals are likely to sell well in the middle and lower end of the market.
Lab‑grown diamonds offer a favourable price‑to‑quality ratio and with technological advancement and increased production capacity, both production and sales have been growing quickly. According to Statista, these diamonds accounted for 18% of the world’s diamond market share in 2024 [4]. Lab‑grown diamonds are becoming more affordable thanks to surging supply, causing considerable hit to the natural diamond market. To better serve new market segments, many leading fine jewellery manufacturers and brands have launched synthetic diamond collections, offering price‑sensitive consumers wider choice.
Customised jewellery is seeing increasing demand with more consumers looking for tailor‑made designs for self‑expression. Many jewellery brands are nowadays providing jewellery design platforms, personalised engraving and packaging services, to help create one‑of‑a‑kind jewellery products in line with consumers’ design ideas. Other than laser cutting and engraving technology, computer‑aided design software and 3D printing are also being utilised to bring consumer’s unique design ideas to life.
Sustainability is the current buzzword. Many brands are highlighting their environmentally friendly credentials: Pandora has committed to purchasing only recycled silver and gold for jewellery by 2025. Consumers are also looking for jewellers showing a commitment to environmental sustainability and social responsibility by, for example, offering sourcing solutions that can keep track of the origin of a diamond, minimise the negative impact on the environment, and protect labour rights. In addition, there are more brands that embrace the idea of upcycling, which transforms old or broken jewellery items into new delights.
[1] Industry statistics refer to the jewellery industry (excluding imitation jewellery) in Hong Kong only.
[2] Since offshore trade has not been captured by ordinary trade figures, these numbers do not necessarily reflect the export business managed by Hong Kong companies.
[3] Not including those prohibited by Mainland China’s rules and regulations and those prohibited as a result of the implementation of international treaties by the mainland, as well as products that the mainland has made special commitments in relevant international agreements.
Source: https://research.hktdc.com/