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China's Jewelry Sales in 2006 To Increase By 40%!
The Shanghai Daily News reports today that China’s jewelry sales is expected to grow by more than 40 percent within five years.
Sales of diamond, gold, platinum and other jewelry are set to top $25 billion in China by 2010, said Yang Sisan, secretary general of Gems and Jewelry Trade Association. "China's jewelry market will post a sound growth, above the blistering economic growth in the future," said Yang.
In 2005, China’s jewelry sales reached $17.5 billion, a 15 percent increase over 2004. Shanghai’s jewelry sales in 2005 increased 10 percent to $1.6 billion, comprising approximately 10 percent of the country’s total.
The National Gemstone Testing Center, the country's top jewelry examining body, will open a laboratory in Shanghai on May 8 in order to boost the Shanghai jewelry market. The 1,000-square-meter lab will give jewelers and consumers an official platform to settle disputes over quality of jewelry products. A similar lab exists in Shenzhen, the country's jewelry processing center.
The association will also hold its biggest jewelry fair in Shanghai this year together with the country's gold and diamond exchanges. The fair, which will cover 23,000 square meters, will be more than double the scale of former fairs in the city with top industry leaders slated to take part.
Market analysts anticipate that the new law cutting the value-added tax on diamonds from 17 percent to four percent will also boost the country’s jewelry sector. The change is expected to take place within one month.
The Canadian Government has also recently slashed taxes on Diamond Rings, Engagement Rings, and Wedding Bands and has seen a dramatic increase in Consumer purchases.
Are you listening U.S. Congress?
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