News

China: Jewelry Sales +37% in May

Increase largest since May 2004

diamond world news service

As per market reports, retail sales in China during May 2007 rose 15.9 percent to about $94 billion. (As a comparison, retail sales in the United States during May came in at about $378 billion.) China's National Bureau of Statistics reported the increase was the largest since May 2004.

For the first five months of 2007 retail sales have risen 15.2 percent to $420 billion.

Jewelry sales rose 37 percent during May, furniture sales rose 42 percent, sales of construction and decoration materials rose 63 percent, and automobile sales rose 34 percent. Retail sales grew more in urban areas (up 16.3 percent) while rural areas rose 15 percent.

It is expected that retail sales growth will top-out at 14 percent in 2007, and consumers in China will outspend their counterparts in Japan by year 2010 ranking the country second in the world behind the United States. Bank Credit Suisse is projecting annual consumer spending at about $8.8 trillion by year 2020.


Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet

Gemfields' November 2024 Emerald Auction Yields $16.1 Million Amid Market Challenges

NDC and Jos Alukkas Unite to Elevate the Natural Diamond Market

GIA Board of Governors Welcomes Lisa Bridge and Dr. Wendy Bohrson as New Members

Marie Antoinette’s Historic Diamond Necklace Fetches $4.8 Million at Auction

Princess Margaret's Sapphire and Emerald Ring to Be Auctioned