Last updated: 21 November, 2008
Jewellery
Overview
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Hong Kong's jewellery industry is dominated by the precious jewellery sector. Its development has been facilitated by the expansion of the local market, including sales to tourists. Combined with re-exports, Hong Kong is the leading exporter of imitation jewellery and the fourth largest exporter of precious jewellery in the world.
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Jewellery production in Hong Kong encompasses a wide range of medium- to high-priced products. Hong Kong manufacturers are good at producing small stones fashion jewellery. Hong Kong is leading in the production of pure gold items, and has long been recognised as a major centre for the production of jade jewellery. It has also evolved into a leading trading and distribution centre for pearls in recent years.
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Although high value-added processes are still retained in Hong Kong, manufacturing processes are increasingly shifted to the Chinese mainland, mainly to Shenzhen and Panyu, by means of building factories or outsourcing. Meanwhile, more manufacturers have made use of computer-aided design to shorten the time cycle for product development.
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Under the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), the mainland has given all products of Hong Kong origin, including jewellery, tariff-free treatment starting from 1 January 2006.
Industry Features*
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-
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Manufacturing (Jun 2008)
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No. of Establishments
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414
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Employment
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4,035
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Note: * Industry statistics cover activities in Hong Kong only.
Hong Kong's jewellery industry can be broadly classified into two sectors: jewellery made of precious metal and imitation jewellery. In terms of value, more than 90% of Hong Kong's total exports of jewellery are made of precious metal.
Hong Kong's jewellery industry is known for its flexibility in accommodating customer needs. Production of fine jewellery encompasses a wide range of medium to high-priced products. The most popular product category is gem-set jewellery, particularly diamonds set in 14K or 18K and yellow/white gold. Hong Kong manufacturers are good at producing small stones jewellery with elements of contemporary fashion. Their gem-setting skills and design capability are competitive compared with world-class European manufacturers.
Hong Kong has a highly skilled and productive labour force capable of handling small orders and making elaborate designs at reasonable prices. The overall technology level of the precious jewellery industry is perceived by manufacturers to be above competitors like Thailand but below the world leaders such as Italy and Japan. Most notably, Hong Kong is leading in the production of gold items.
Hong Kong has long been recognised as a leading centre for the production of jade jewellery. Major items are bangles, rings and pendants. Hong Kong has also evolved into a leading trading and distribution centre for pearls in recent years, partly due to the fast emerging Chinese and South Sea pearl industry and the recent decline of the Tahitian pearl industry.
Although high value-added processes are still retained in Hong Kong, manufacturing processes are increasingly shifted to the Chinese mainland, mainly to Shenzhen and Panyu. With increased investment by Hong Kong manufacturers on the mainland and improved crafting skills of mainland workers, re-exports of jewellery from China have increased briskly in recent years.
Performance of Hong Kong's Jewellery Exports^
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Precious Jewellery (SITC 897.3)
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2006
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2007
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Jan-Sep 2008
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HK$mn
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Growth %
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HK$mn
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Growth %
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HK$mn
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Growth %
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Domestic Exports
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7,257
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+12
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8,581
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+18
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6,619
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+13
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Re-Exports
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21,736
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+15
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25,250
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+16
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20,761
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+23
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Of Chinese Mainland Origin
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17,086
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+11
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19,920
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+17
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14,256
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+7
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Total Exports
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28,993
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+14
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33,831
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+17
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27,380
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+21
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Precious Jewellery by Market
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2006
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2007
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Jan-Sep 2008
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Share %
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Growth %
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Share %
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Growth %
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Share %
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Growth %
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USA
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47.2
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+7
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44.5
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+10
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37.4
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+2
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EU
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23.2
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+15
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23.6
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+19
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23.9
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+23
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United Kingdom
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7.3
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+11
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7.7
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+24
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6.4
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+8
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France
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5.1
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+32
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4.5
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+5
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5.4
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+43
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Italy
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3.1
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+48
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3.4
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+28
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4.1
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+28
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Switzerland
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4.7
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+53
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5.1
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+27
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8.4
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+90
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ASEAN
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3.9
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+4
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4.5
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+34
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4.9
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+33
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Japan
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4.9
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-3
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4.1
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-1
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3.8
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*
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UAE
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2.3
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+35
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2.8
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+39
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3.6
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+47
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Chinese Mainland
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2.8
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+47
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2.7
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+14
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2.7
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+8
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Precious Jewellery by Category
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2006
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2007
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Jan-Sep 2008
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Share %
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Growth %
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Share %
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Growth %
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Share %
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Growth %
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Articles of Jewellery, of Precious Metal
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96.7
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+14
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96.9
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+17
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96.4
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+20
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Articles of Pearls, Precious or Semi-precious Stones
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3.0
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+23
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2.9
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+13
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3.4
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+39
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Goldsmiths' & Silversmiths' Wares, Precious Metal
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0.3
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-52
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0.2
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-8
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0.2
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-21
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Imitation Jewellery (SITC 897.2)
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2006
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2007
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Jan-Sep 2008
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HK$mn
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Growth %
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HK$mn
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Growth %
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HK$mn
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Growth %
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Domestic Exports
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110
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-12
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112
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+2
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75
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-12
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Re-Exports
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7,718
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+4
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8,388
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