China Int'l Gold, Jewelry Fair ends in Beijing

The 2009 China International Gold, Jewelry, and Gem Fair has ended on a glittering note in Beijing. The fair demonstrated that the Chinese market is attracting considerably more attention than ever before from both domestic and overseas suppliers.

The city of Panyu, in the southern province of Guangdong, is China's biggest jewelry hub, accounting for more than 60 percent of the country's export. Jewelry makers there used to concentrate on the international market and rarely participated in domestic trade fairs. This time, however, 23 companies came to Beijing as a group for the fair, after their European sales dropped by half.

Li Zhiwei, Panyu Chamber of Commerce of China Int'l Chamber of Commerce,said, "Now, 90 percent of our products are exported. Only 10 percent is sold in China. I hope in the next two or three years, the domestic market can account for 20 percent of our sales."

Jewelry makers say the US market tumbled 60 percent this year, and the Japanese market is still in a long recession. In contrast, the Chinese market has been expanding by 10 percent a year.

Shi Hongyue, deputy Secretary General of China ewelry , Jade and GEM Industry Assoc.,said, "China's whole economy is developing at high speed. Our jewelry industry is developing even faster. Sales this year are expected to hit 200 billion yuan. And overseas suppliers are enjoying a growing market share."

More than 600 exhibitors from 15 countries and regions attended the mega-event, which presented a host of collections that included diamond jewelry, gem stones, antique jewelry, pearls and corals, gold and silver jewelry, and precious watches.