Industry Observation
In 2024, China's jewelry and jade industry is undergoing a profound transformation, driven by an increasingly完善 and stringent policy and regulatory framework. From the State Administration for Market Regulation (SAMR) to various local governments, a series of new regulations and revised ordinances have been intensively introduced, signaling an era of more standardized, transparent, and high-quality development for the industry.
Intensive Policy Issuance, Standardization Becomes the Main Theme
According to incomplete statistics, in the first half of this year alone, more than 15 national-level policy documents and industry guidelines related to the jewelry and jade industry have been published. Among them, the most attention-grabbing is the 'Standard for Gemstone Identification and Naming (Draft Revision)' jointly released by SAMR and the Standardization Administration of China. This draft for the first time explicitly proposes more stringent definitions for geographical indications and compositional structures of traditional jade varieties such as 'Hetian jade,' aiming to combat market chaos caused by inferior quality products and speculative concepts. Mr. Wang Mingyuan, Deputy Secretary-General of the Gemological Association of China (GAC), stated in an interview with our website: "The implementation of the new standard will greatly enhance consumer trust in jewelry and jade products, which is a significant benefit for companies genuinely committed to quality and branding."
Furthermore, in response to issues of false advertising and price fraud in the live-streaming e-commerce sector, the Cyberspace Administration of China (CAC) and the Ministry of Commerce jointly issued the 'Interim Provisions on Regulating Online Live-streaming Marketing Activities,' which explicitly requires that live-streaming sales of jewelry must disclose product origin, appraisal certificates, and after-sales service commitments. According to industry data, live-streaming sales of jewelry accounted for 28% of total retail sales in 2023, and are expected to exceed 35% in 2024. The introduction of the new regulations will undoubtedly have a profound impact on this emerging sales channel.
Local Practices Lead the Way, Demonstrating Significant Effects
Under the guidance of national policies, local governments have also actively responded by introducing a series of regulatory measures with local characteristics. For example, the Xinjiang Uygur Autonomous Region officially implemented the 'Measures for the Administration of Origin Certification Marks for Xinjiang Hetian Jade' in March this year, which implements traceability management for the entire chain of Hetian jade rough stone mining, processing, and circulation, and mandatorily requires the wearing of a unified anti-counterfeiting mark. According to the Xinjiang Jade Association, since the implementation of these measures, sales of Hetian jade with origin certification marks have increased by 22% year-on-year, while sales of uncertified 'edge-ball' products have decreased by 15%. This successful case provides valuable experience for other jade-producing regions.
In Jieyang, Guangdong, one of the world's largest distribution centers for jade processing and sales, the local government and industry associations jointly launched the 'Jieyang Jade Integrity Alliance' program, introducing third-party testing agencies to conduct regular spot checks on jade products from alliance merchants and establishing a rapid consumer complaint handling mechanism. As of the end of May, over 200 enterprises have joined the alliance, and the consumer complaint rate has decreased by 18% year-on-year.
Challenges and Opportunities Coexist
The upgrade of policies and regulations, while bringing opportunities for standardized development, also presents new challenges to the industry. For small and medium-sized enterprises, the increased compliance costs, such as introducing professional appraisal equipment, establishing traceability systems, and strengthening employee training, will be a significant expense. Some enterprises that rely on gray areas to survive will face elimination.
However, in the long run, these challenges will push the industry as a whole towards higher standards. Professor Li from the Gemological Institute of China University of Geosciences (Wuhan) believes: "Policies and regulations are the ballast of industry development. Although there will be short-term pain, in the long run, it will purify the market environment and enhance the competitiveness of Chinese jewelry and jade in the global market. In the future, enterprises with core technologies, brand reputation, and compliant operational capabilities will stand out."
Looking ahead, with the continuous improvement and implementation of policies and regulations, the jewelry and jade industry will bid farewell to extensive growth and usher in a new stage of refined, branded, and international development. Enterprises need to pay close attention to policy trends, actively adjust their business strategies, adapt to the new normal, and seize new opportunities for high-quality development.