The gold jewellery industry in Macau is a pillar industry of the city. In recent years, local jewellery retailers have been shifting their focus to brand building. Technically and financially supported by the local government, the industry is running for sustainable development. According to the in-depth analysis and anticipation of a Research Report on Macao Gold Jewellery Industry 2014, released by Macau Goldsmiths’ Guild, three major strategies: cross-regional cooperation among mainland China, Hong Kong and Macau, jewllery specialised human resource training and jewellery gem testing laboratory establishment will strengthen the foundation of the jewellery industry for future development.
Dr Norman Siu, project manager and author of the report told Hong Kong Jewellery: “Macau has some similar features as Hong Kong. For instance, except for small-scale manufacturing, retail is the main power driving the local economy.” Consumers in Macau have the same purchasing habit and preferences as Chinese in other places. The report mentioned that consumers aged from 36 to 45 have the strongest purchasing power. These consumers have acquired good knowledge on brand value. They are willing to pay more to purchase branded jewellery or high-end watches to show their different taste, life style, and cultural identity.
According to Siu, besides local jewellers, Macau also attracts brands from Hong Kong and overseas. Every year, the city receives 20 to 30 million tourists from mainland China. Thus for local jewellers, brand building will add value to the industry and accelerate consumption sustainably. He said: “Innovative operation methods are helpful to expand the local jewellery industry, for instance, holding high value events including press conferences for Macau brand, precious metal exchange, auctions of luxury jewellery, precious gemstones and diamonds, international jewellery exhibitions and seminars.”
Major products sold in Macau’s jewellery shops, according to the report, include pure gold jewellery, diamond jewellery and jewellery set with jadeite. Some shops extend their product categories by adding pearls, coloured gemstones and high-end watches. However, the marketing and promotion methods are still relatively basic. Siu noted: “Regarding to this, crossover industry collaboration might be one of the sustainable strategies. Collaborations between the jewellery industry and the fashion industry as well as the electronic industry can create featured products and new marketing strategies.”
He emphasised: “Currently, professional training is a priority task. As Macau is an international market, jewellery training centre with systematical courses in jewellery design, gemology or business management will sustainably optimise the local jewellery industry in terms of human resource and attract academic exchange with the trade in mainland China and overseas.
The cooperation projects such as Zhuhai-Macao Cross Border Industrial Zone and China, Zhuhai and Hengqin New Area have brought or will bring more business opportunities. Siu explained: “This would be a strategic alliance cooperation among mainland China, Hong Kong and Macau. Under the one-country-two-system policy, the cooperation is helpful to complete the supply chain from manufacturing to retail. China is facing the overproduction situation. If large Chinese companies want to penetrate overseas market, Hong Kong and Macau are valuable platforms to brand as an international company.”
“Jewellery market in mainland China is very dynamic. If overseas brands want to enter into the mainland market, Macau and Hong Kong are efficient gateways. It is necessary to upgrade local jewellery industry, as Macau will be a concentrated jewellery market to attract more consumers from Europe, the United States, Russia, Japan and mainland China,” he added
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