Shanghai could claim to be the most sparkling city in the country yesterday after more than 640 million yuan (US$91.3 million) worth of jewelry and diamonds went on display at Jewelry Shanghai 2008 in the New International Expo Center in Pudong.
Jewelers from 22 countries and regions brought their valuable pieces to put on show in 1,100 booths occupying a record 23,000 square meters of exhibition space.
Six jewelers from Thailand, led by the Thai Gems & Jewelry Traders Association, attended the exhibition for the first time, because of the popularity in Shanghai of color stone jewelry, particularly rubies and sapphires.
"The Chinese market started a little bit slow because of the import tax. But since we starting at the end of 2005, we have increased 100 percent export of color stones to China," said Prapee Sorakraikitikul, vice president of the association.
Thailand exported US$6 billion worth of jewelry last year. Sorakraikitikul said that China's consumption would double to make up 10 percent of the total this year.
China's lowering of import tax means a rosy outlook for foreign jewelers looking to expand in the market. Chinese customers' appetite for jewelry is also growing along with their spending power.
Zhu Zujie, general manager of Chia Ta Jewellery (Shanghai) Co Ltd, a Taiwan-based jeweler, said jewelry with prices up to 200,000 yuan were in demand.
With the rapid development of its jewelry and diamond market, China has become the world's second-largest market for diamonds after the United States.
Jewelry Shanghai 2008, which ends on Sunday, is the sixth event of its kind.
The exhibition is also part of the city's efforts to become a major center for the jewelry trade in Asia.
(Shanghai Daily May 9, 2008)
