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China reported a 99 per cent increase in jewellery sales during the first two months of 2021, reflecting sustained recovery as the country navigates a post-pandemic business environment.
According to the National Statistics Bureau of China, jewellery sales during the period in review reached RMB 54.5 billion (around US$8.4 billion), up from RMB 27.7 billion (around US$4.26 billion) during the same period in 2020.
Government figures further showed that total retail sales were up 33.8 per cent in January to February from year-ago figures, with the jewellery segment posting the most robust growth.
China's statistics bureau said effective containment of the Covid-19 virus coupled with other initiatives supported the country’s economic rebound although a lower base in 2020 is likewise a factor for major indicators. “Investment and consumption recovered steadily, employment and prices were generally stable, people’s basic livelihoods were safeguarded, and the national economy sustained steady recovery,” it noted.
China’s jewellery sales declined by 4.7 per cent in 2020, according to the National Bureau of Statistics. In December 2020, sales of gold, silver and jewellery rose 11.6 per cent, the government also reported.
Jewellery retailers suffered massive losses throughout the first half of 2020, but sales began to recover in July as the country’s Covid-19 situation gradually improved.
Industry stakeholders are counting on China’s economic comeback to fuel growth in the jewellery sector. Economists are likewise upbeat about China’s continued recovery. In a recent study, the World Bank said China’s economy is expected to expand by 7.9 per cent this year following 2 per cent growth last year.