development of gold and silver jewelery industry

Parker CHAN By Parker CHAN, 8th Dec 2014 | Follow this author | RSS Feed
Posted in Wikinut>Guides>History

believes that the coexistence of different types of gold shops, the industry is expected to blossom.

the development of gold and silver jewelery industry

Bullion Macau in the 1940s there was a glorious period, when the gold market in Macau Open earlier than other regions, the Australian wool merchant can borrow gold imports advantage purify large quantities of gold a day, selling to Hong Kong and other markets, haystack Street during the peak period, Kang Gongmiao camps lined the streets near the gold shops, within a small area there are as many as 30. Gold occurs after the return of another rare opportunity for development, the rapid development of tourism, passenger surge, some brand new gold enterprises to enter the Macau market, chain stores, stores also increased significantly compared with before return. According to Bureau of Statistics figures, after the return from 2000 to 2008, sales of watches and jewelery alone will increase by nearly 10 times. Bullion Association of Li Zifeng and 谢耀宇(Stephen), in an interview he analyzed the jewelry industry developments and prospects in return 10 years.

Policy plays a key role in promoting
Bullion Association president Li Zifeng recalled Macau Bullion Development said that since Hong Kong Gold wool market opening, investors see the market more conducive to the development of Hong Kong, have transferred to the gold industry in Hong Kong and Macao was in trouble. By the late 1970s, visitors from Southeast Asia, Japan, slowly increase, followed by China's reform and opening, a substantial increase of tourists to Australia, the business of gold industry gradually turn for the better.
Li Zifeng said that after reunification, gold and silver jewelry industry has made great progress in Macau, which is the result of policy and market together. He explained that after the return of the gaming industry and the mainland to implement open personal travel policies have resulted in a large number of tourists, Macau
goldsmith shops has been its good degree of integrity, purity standards, service attitude to attract consumers, and therefore many tourists prefer to buy gold in Macau.
Bullion Association of Supervisors 谢耀宇(Stephen) also pointed out that the poor market for some time before the handover, after the reunification, the implementation of open gaming franchise and personal travel policies Macao economy took off, rising incomes and Macao, mainland tourists consumption rises and other factors, led to gold the rapid development of the industry. According to the Association statistics, before the handover of Macau jewelry business has more than 70 shops, mainly in the Costa, new roads and other areas, if coupled with some selling gold and silver jewelry and watch shop pawn shops, a total of about 100; after the reunification, many of our chain, foreign brands stationed in Macau, after the completion of the large-scale return of the hotel also opened a considerable number of gold shop, he estimated that the number of gold and silver jewelry store after the handover operation at least doubled.

Changing demand for innovation
Before the handover, Macao many jewelry stores to local tourists mainly due to passenger surge after the reunification, visitors gradually become the main source of a lot of shops. Long-term note market, Li Zifeng travelers say before the handover in addition to the local market,
Japanese and South Korean tourists generally do business, after the reunification, a substantial increase in mainland visitors, he estimates, now goldsmith shops's tourist market, accounting for 80 per cent of mainland visitors.
On the other hand, some of the original customer-oriented local goldsmith operation are also different. On the local consumer market is more familiar 谢耀宇(Stephen) pointed out before the handover to the customer-oriented local goldsmith, local passenger spending accounts for about eighty percent of turnover, tourists (mostly mainland visitors to Hong Kong or off) the proportion of consumption is not, after the return of the situation almost. However, the consumption patterns of residents has changed, after the reunification, the younger generation of the purchasing power of gold and silver jewelry consumption gradually increased, they more willing to buy some of the higher price of gold and silver jewelry. 80 end of the last century to the early 1990s, most of the local customer buying gold jewelry, mainly to hedge against inflation, because of marriage or the need to buy, early 1990s, because of information developed, diamonds, gold jewelry K-coming trend change local consumers only buy gold habits, public acceptance of jewelry continues to increase, with more trendy styles K gold buyers have more choices to make than the increase in gold jewelery sales lot. After reunification, the public acceptance of jewelry continues to increase, the relative reduction in consumer buying gold. He believes to this consumer trend will remain unchanged in the future.
In tourist areas, the most obvious change is the source of tourists and the consumer level is more diversified than ever before, the requirements for gold and silver jewelry has become diversified. 谢耀宇(Stephen) he came into contact with tourists, for example, than the love of gold Cantonese, but also for preservation; north tourists prefer K gold, focusing on style and trends. In this case, Li Zifeng believes tourists increasing requirements of different consumer is normal, even as the trend, as constantly changing. He believes that the shop is designed to be innovative, constantly consider the needs of consumers; 谢耀宇(Stephen) also believes that innovation is necessary, some shops should be more original style, develop more new products to

meet customers' different needs.
The impact and opportunities to flourish under
Tourists, the local strength of the goldsmith shops to open branches of foreign well-known brands are also large-scale development to Australia, after the handover of Macau's jewelry industry, with its strong momentum of development, the competition will naturally increase.

Turning to the issue of competition, 谢耀宇(Stephen) said with a smile can be viewed at different angles. He said increased competition is inevitable, but the market is indeed bigger; competition can promote progress, especially in local jewelry store, shift in their thinking, enhance their competitiveness, but also the development, innovation products and the times in terms of human and management. But he also acknowledged that some of the traditional local goldsmith or will cause some impact, because tourists will pick some familiar big brand shops to buy gold, plus the increase in operating costs and other incentives, making some of the local goldsmith graduation or career change. Even so, some of the family-run shop is still local customer satisfaction, even if not necessarily benefit from the personal travel policy, but can benefit from the increased purchasing power of local residents, so you can more publicity, expand customer base, in order to seek greater development. 谢耀宇(Stephen) to a business than a hundred years old, for example local, which in addition to maintaining the local market, before the reunification opened another jewelry store for young consumers to fashion models to attract young consumers, after the return of the sights the growing tourist market, opening new branches in large hotels to small niche consumer groups positioning to attract high-end innovative avant-garde style of jewelry consumers with special requirements, while re-packaging, build brand and strengthen competitiveness. He believes that distinctive positioning, innovation, coupled with the effect of publicity, local gold shop also promising.

On the other hand, well-known brands of large-scale development to Australia, but also bring other influences. Li Zifeng pointed out, before the return of the gold and silver jewelry industry are mostly family-run, generally do not operate other businesses, after the reunification situation is a bit different, no longer alone goldsmith shops family-owned business, the gradual emergence of the Group-run, while the implementation of the new the management model. According to his understanding, now has some family goldsmith shops added chain. Li Zifeng believes that the local jewelry industry needs to slowly transition, in order to continue the development, not only need to learn to field gold industry, the introduction of more new technologies, but also to develop regional cooperation, such as with the Hong Kong Jewellery Show organized for gold and silver jewelry industry to seek more development possibilities.

Training of personnel to ensure the sustainable development
That being said, today's gold industry in Macau is as smooth? 谢耀宇(Stephen) frankly, the industry is also facing shortage of human resources, to sustainable development, the need for more specific expertise and Multilingual personnel; Li Zifeng pointed out that the industry is now a large turnover of staff, they need to start regular training, training and more more personnel to stabilize the situation. Society in cooperation with the Office's training hall, organized training two or three times a year, such as language, jewelry design, jade identification, diamonds and other professional courses, invited expert instruction, and will take participants to the China-Burma border, Guangdong four jade market in the field study, so that they know more kinds of jade, jade mining process to understand and learn to distinguish between true and false and the value of the level of judgment, thereby improving the professional standards of the industry. These courses are also open to lay people who are interested to enroll, thereby attract more talents and reserve. 谢耀宇(Stephen) also pointed out that the industry is also hope that through this training, training more local jewelry designers, promote Macau original design career.

Future: flourishing
For the future development of gold and silver jewelery industry, Li Zifeng believes that maintaining the integrity of the local good, and constantly improve the quality of service is very important because the information developed today, many customers have the expertise and quality service attitude is also easier to store known, Therefore, maintaining a stable quality services, establish a local brand, will attract more customers.

谢耀宇(Stephen) believes that the future of the industry will be brand-oriented, our large group, foreign brands still continue to expand their businesses, one hundred heat of competition, but the local goldsmith shops familiar with the local market, with a fixed source, and therefore still has its advantages, to expand customer base also conditionally feasible. He believes that the different types of goldsmith shops, can satisfy the different needs of customers ── popular, high-precision, niche, etc., some smaller-scale local goldsmith shops can find the right source, seize the opportunity to continue development of.


Bullion, Macau

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