Industry News

Hong Kong’s shipments of jewellery, goldsmiths’ and silversmiths’ wares rose 23.2 per cent in March, signalling market recovery, latest government data showed. Jewellery exports reached HK$21.64 billion (around US$2.8 billion) in March and HK$54.81 billion (approximately US$7.06 billion) in the first quarter of the year, up 4.6 per cent from the same period in 2024. In comparison, January and February 2025 exports saw a 4.8 per cent and 4.3 per cent decline, respectively, while full-year 2024 shipments were down 4.4 per cent.  First-quarter jewellery imports, meanwhile, remained in negative territory, recoding a 4.5 per cent dip. Imports decreased 2.9 per cent in March alone.  Overall, Hong Kong’s exports sectors rose 18.5 per cent in March and 10.9 per cent in the first three months of 2025. Hong Kong attributes the sharp increase to stronger demand from mainland China and the US. Major Asian economies, meanwhile, showed a mixed performance while the European Union registered a marginal increase, the government said. “Global trade tensions have escalated abruptly due to the significant increase in US tariffs in early April. This will pose challenges to Hong Kong’s merchandise trade performance,” a government spokesman was quoted as saying.  

The Rapaport Group of companies has appointed Dan Mano as CEO. In his new role, Mano will lead the Israel-based group’s global businesses, including trading network RapNet, Rapaport Auctions, the Rapaport Price List, and Rapaport Information Services (including its news website). Founder and namesake Martin Rapaport, who had been the group’s chairman and CEO, will become its executive chairman starting in July. “Martin is not retiring and he will be involved in oversight of the price list,” says Mano, who joined the company on April 1. “But he is taking a step back.” Mano says the “core approach” to the widely watched Rapaport Price List will remain the same: “It will be independent and have no financial interest in the prices.” And Mano assures JCK that Martin Rapaport will continue to speak his mind. “Martin is a legend in the industry,” he says. “He will keep saying what he thinks and will probably have more time to do thought leadership and events.” Mano previously served as a manager and chief marketing officer for Perion Network, a NASDAQ-listed advertising tech firm. Prior to that, he served as chief revenue officer at MyHeritage, a genealogy company that was eventually acquired for $600 million. “My bread and butter is developing technology,” he says. “I think it is a big step that the board wanted to hire someone with a tech background.” His plans include using the company’s wealth of diamond data “to bring new tools to the diamond industry, remove friction, and make the market more transparent.” Mano notes that while he’s a newcomer to the diamond industry, he has long lived in Ramat Gan, Israel, and when he was recruited for the job, he made a few phone calls, and quickly understood Rapaport’s importance. “The first time I was walking with Martin in the bourse, people wanted to take their picture with him,” he says. “I quickly understood I was dealing with a unique company.” Rapaport said in a statement: “Dan brings the leadership and technological vision that will propel Rapaport [Group] into its next chapter. Our mission remains the same: to make diamonds a force for good. We are committed to the creation of ethical, transparent, competitive and efficient markets that support fair trade and sustainable development.” Photo credit: Orna Gutman Levy (courtesy of Rapaport Group)

A more affluent middle class alongside growing demand for branded jewellery could fuel sturdy growth in India’s jewellery industry over the next four years, a new study revealed. India-based technology-backed consultancy 1Lattice said the Indian gem and jewellery market is projected to hit US$128 billion by 2029, indicating a compound annual growth rate (CAGR) of 9.5 per cent. The report, Glimmers of Growth, also pointed to an increased adoption of digital retail platforms aside from rising disposable income among the middle class and preference for certified and branded jewellery as growth drivers. Gold, which currently accounts for 86 per cent of overall share, remains a dominant player in the market, it added. “Government initiatives such as reductions in gold import duties and mandatory hallmarking have boosted consumer confidence and affordability,” the report said. “The rise of online retail, with virtual try-on tools and digital marketing strategies, is reshaping consumer engagement, especially among younger demographics.” LGD The lab-grown diamond (LGD) sector is also promising, driving significant growth in the jewellery industry. India’s LGD market is projected to reach US$1.2 billion by 2033, with CAGR of nearly 15 per cent. LGD exports, meanwhile, grew eightfold since 2021, with India now contributing around 15 per cent of global LGD production, according to 1Lattice.  “However, the lack of domestic HPHT machine fabrication presents an opportunity for investment to establish a full-fledged supply chain,” the report noted. “LGDs are increasingly favoured for their affordability, ethical sourcing and environmental benefits, aligning well with global ESG goals.” Challenges Despite an upbeat outlook, India’s jewellery trade also faces several roadblocks, led by volatile gold prices, high labour costs, fragmented inventory systems and the slow adoption of advanced retail technologies.  “Nonetheless, India’s position as a global leader in both natural and lab-grown diamond processing, supported by favourable policy frameworks and rising international demand, sets the stage for sustained growth,” explained 1Lattice. To capitalise on this momentum, industry players should enhance transparency through certification, invest in technology and tap into global trade opportunities while promoting jewellery as both a fashion statement and a long-term investment, the report said.  

Jewellery sales in China rose 6.9 per cent year over year in the first quarter of 2025, latest data from the country’s National Bureau of Statistics showed.  First-quarter sales also demonstrated a faster pace of growth compared to the first two months of the year, which could indicate steady recovery in consumer spending on discretionary goods. This is also an improvement from the 3.1 per cent drop in 2024 jewellery sales, which suffered from economic uncertainties and record-high gold prices. Sales last year totalled RMB330 billion (approximately US$45.3 billion), slightly lower than RMB331 billion recorded in 2023. Overall, retail sales of goods in China grew 4.6 per cent year on year in Q1 2025, with nearly 80 per cent of major retail categories showing a positive trend. Gold, silver and jewellery, alongside categories such as food and sports equipment, were among the top performers. According to Yu Jianxun, director of the Department of Trade and External Economic Relations Statistics at bureau, China’s consumer market demonstrated solid recovery in early 2025. Consumer confidence, however, is yet to bounce back to previous levels. “Recovery in some areas remains slow and business conditions in the commercial sector require improvement,” he added. 

The European Union suspended its retaliatory tariffs on US goods for 90 days, citing the bloc’s willingness to negotiate with US President Donald Trump.  Trump earlier announced a 90-day pause for higher-band tariffs and lowered reciprocal duties during the period, with the exception of China. “We took note of the announcement by President Trump. We want to give negotiations a chance,” European Commission President Ursula von der Leyen said in a statement on X. She, however, warned that EU countermeasures will kick in “if negotiations are not satisfactory,” and that preparatory work on further countermeasures continues. Meanwhile, the Antwerp World Diamond Centre (AWDC) lauded the European Commission’s decision – which meant EU will not impose reciprocal import tariffs on polished diamonds originating from the US.  The supposed tariffs on US diamonds were part of a broader package of EU countermeasures against Trump’s import duties. According to AWDC, European import tariffs would have significantly harmed Belgium’s diamond industry, without meaningfully impacting the US. Karen Rentmeesters, CEO of AWDC, said, “It is common practice in our industry for diamonds to be shipped multiple times between Belgium and the US — for example, to obtain a grading report from one of the major diamond labs based there. Without this decision, those diamonds would have been subject to import tariffs not once, but twice: Upon entry into the US and again when returning to Europe.” She added reciprocal import tariffs would have had “negligible” impact on the US from both a political and economic perspective.  “The US does not mine diamonds, and an additional import tariff would only make diamonds more expensive — a cost neither the customer nor the trader is willing to absorb. That would only further depress diamond demand, which is already at a historic low, with serious consequences for the entire diamond sector,” continued Rentmeesters.