Jewelry industry bid farewell to "Golden Decade" Internet restructuring supply and demand relationship

The diversified consumer demand and consumption habits are driving the transformation of the traditional jewelry industry.
From the double-digit growth of the jewellery industry before the “Golden Decade”, to the turning point of the industry in 2014 and the overall decline of the industry in 2015, the traditional business structure and product mix model of China’s gold jewellery are facing huge challenges, and the industry will enter Major innovations and reshuffles.
After the "Golden Decade", "the jewellery industry should return to its original source instead of continuing to compete at a low level." Zhao Ruijun, president of Gangtai Holdings, told reporters that "O2O is the future trend of the jewelry industry, but it is only an operating model, the core competition of jewelry enterprises. Power is still in design, research and development, products and services."

New opportunities in the industry's dilemma
Sales and profitability of the traditional jewelry retail industry have been poor in recent years due to restrictions on policies such as high public expenditures, changes in consumer habits, increasing competition, and rising store costs.
According to the latest statistics of China National Business Information Center, the retail sales of 100 major retail enterprises in China increased by only 0.4% in 2014, among which the sales of gold and silver jewelry products declined the most. The retail sales of such products decreased by 11.6% year-on-year. It fell sharply by 33.3 percentage points in the same period last year. In 2015, even the leading jewelers such as Chow Tai Fook and Luk Fook were not spared.
In the six months to the end of September 2015, Chow Tai Fook closed 115 retail outlets, equivalent to about 5% of total retail sales, while Chow Tai Fook, which had a 42.2% year-on-year decline in net profit in the first half of the fiscal year, also plans to continue to integrate East China and South China in Mainland China. A number of low-cost retail outlets. Another jewellery brand, Luk Fook Group, also recently issued a profit warning. It is expected that the interim profit will fall by about 40% year-on-year.
In fact, in the previous decade, it was the “golden decade” for the rapid development of China's gold and jewellery industry. According to statistics, the total sales of China's jewelry retail market in 2014 was no less than 500 billion yuan, but there are many behind the rapid development. Problems such as excessive competition, price wars, overcapacity and many other issues, a large number of small and medium jewellery companies face multiple pressures such as inventory, capital turnover, high channel costs, and reduced profit margins.
With the weakening of the gold tide overdraft that began in 2014, the continuous decline of international gold prices and the slowdown of domestic inflationary pressures have made the importance of gold jewelry as an investment hedging instrument fall, and the jewelry industry satisfies the psychological needs of consumers and the personality of emotional value. The increase in demand for chemicals has also tested the core competitiveness of Chinese gold and jewelry companies.
Zhao Ruijun believes that "the core competitiveness of jewelry enterprises is still in design, research and development, products and services. The gap between Chinese jewelry companies and international jewelry companies such as Cartier and Bulgari is also here. Of course, as Chinese consumers mature, jewelry The pursuit of the industry's original source will enable enterprises to break through the improvement of quality technology. At the same time, jewelry enterprises should also comply with the current online and offline channels to guide the market's demand for personalized jewelry."
Therefore, Gangtai Holdings, which focuses on the future, has taken the lead in laying out the entire industry chain of “Internet + Jewelry” raw materials, design, internet marketing, brand promotion, sales channels, etc., and hopes to explore a model that adapts to future consumer shopping habits.

E-commerce restructuring supply and demand relationship
In 2015, “Double Eleven”, a 4 carat diamond from Diamond Bird took only 2 minutes and 58 seconds from placing an order to submitting the advance payment, which refreshed the fastest transaction speed of its online sales of millions of diamonds; The sales of the Woodland Double Eleven under the Thai Holdings reached more than 50 million online, and the total online and offline sales during the Double 11 period exceeded 150 million yuan.
Although the high-priced unit, low-frequency, and re-experienced jewellery industry was once considered a bastion that e-commerce can be attacked later, a new generation of consumers who grew up with online payment made the rapid rise of jewellery e-commerce in recent years.
In addition to jewelers of Internet genes such as Diamond Bird, Woodlands, and Diamond Mall, many traditional jewelry brands such as Chow Tai Fook and Chow Sang Sang have achieved rapid growth in the field of e-commerce. However, the traditional jewellery leading enterprises have faced great challenges in the Internet transformation. They have large volume and many retail outlets. There may be contradictions between the online and offline. At the same time, compared with other products, and because the jewelry industry is in great need of experience, relevant statistics show that online sales currently account for only about 3% of jewelry sales.
“O2O is the trend of the jewelry industry in the future, but Internet + jewelry, not only sells jewelry as one of the channels of the network, but uses Internet thinking to transform the traditional jewelry industry, create new personalized demands, and reconstruct the relationship between supply and demand. Zhao Ruijun said that the innovation of Gangtai Holdings is that C2B and 3D printing can complete the customization of entry-level gold jewelry, rather than industrial mass production. This kind of experience is more obvious than traditional gold jewelry enterprises.
In 2016, Zhao Ruijun predicted that more jewelry companies will participate in the layout of the Internet. After leading companies are increasingly participating in the Internet, the O2O model of the jewelry industry is expected to grow rapidly, and it will grow 10 times in the next 3 to 5 years, reaching a share of around 30%.
Moreover, as the 90s gradually become the main consumer, their shopping habits and values ​​are completely different from those of the previous generation. Zhao Ruijun expects that the proportion of online jewelry will increase significantly in the future, especially synthetic diamond jewelry will be more and more popular. On the other hand, with the maturity of VR (Virtual Reality) technology, consumers may experience the effect of wearing jewelry through wearable devices such as glasses and helmets, which will make the sales of pure online jewelry go further.

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