Up market Chinese travellers shift to high-end purchasing | Daily News


 

Lankan gem and jewellery trade to benefit:

Up market Chinese travellers shift to high-end purchasing

Up market travellers in China were shifting their holiday and travel spending to high-end purchases such as gems and jewellery and this creates a huge opportunity for the Sri Lankan gem and jewellery industry said, Director ICA China Chen Shen.

He was speaking at a webinar hosted by Sri Lanka’s premier gem and jewellery show and market platform, FACETS on ‘recovery and future potential of the global gem and jewellery industry in the wake of the COVID-19 pandemic’.

He said that it is now a challenge for the industry to reach and engage with these buyers in an online space. This is a necessity that would be novel and challenging but very lucrative.

During the panel discussion which had an online audience from 34 countries it was highlighted that some of the key markets have had sales of gems and jewellery continuously, though at lower volumes than usual, during the last few months. Many Chinese dealers had sold out their inventories and were looking to replenish stocks.

In yet another positive turn of events, it was announced that the Jewellery Television in USA had experienced a 20% growth in gems and jewellery sales during the year to-date. There was also consensus within the panel that gems and jewellery will continue to be sought after globally; for their aesthetic beauty and emotional value, as well as for their capacity in being reliable ‘stores of wealth’.

The webinar covered several key discussion areas and Director, Ellawala Exports, Chanaka Ellawala observed that it was a highly opportune moment for the industry to rewrite the narrative of the journey of the sapphire, as well as other coloured gems from a sustainability standpoint; thereby driving better customer buy-in to the value proposition of gems and jewellery.

Senior Buyer The Jewellery Television USA, Jay Boyle emphasized on the need to promote education-based selling, which creates demand all the way back to the primary markets. He also noted how it was possible for traditionally inclined buyers to make purchases off modern digital channels such as Instagram.

President Piat Company France, Emmanuel Piat was of the opinion that Europe’s buyers will continue to operate, in keeping the industry pulse beating. He also maintained that as brands, more thought should be given to promoting a much wider range of coloured stones, and not remaining restricted to only the high-selling and popular types.

Growth for the industry Emmanuel claimed would be through tapping into new market segments with a more varied offering.

Board Member Coloured Stome Commission Japan, Nilam Alawdeen held the view that stakeholders across the entire value chain of the business should share strengths and specialties in coming out with a stronger and more compelling value offering. The transition to online, he stated, was an eventuality that has now been accelerated due to the COVID-19 pandemic.

In accepting this reality, he further stated that Japanese businesses would also evolve their promotional messaging in portraying gems and jewellery, as purchases that promote positive emotional wellness.

The Q & A session, panel discussion was moderated by Director: Orofini Gems Rizwan Nayeem. The webinar can be viewed on FACETS Facebook page. The speakers at the event


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