Perusahaan Kami Mengatur - AA amp M SECURITIES, LLC 2475 NORTHWINDS PKWY, SUITE 200, ALPHARETTA, GA 30004 SURAT SURAT BERHARGA LLC 1151 GIBSON RD, SELAH, WA 98942 AP SECURITIES, INC 15 WATERVIEW DR, CENTERPORT, NY 11721 Alamat surat: PO BOX 434, CENTERPORT, NY 11721 A. BRIDGE REALVEST SECURITIES CORPORATION 50 TICE BLVD, SUITE 340, WOODCLIFF LAKE, NJ 07677 ACR SURAT BERHARGA, INC 687 PARK LANE, CEDARHURST, NY 11516 A. G. INVESTASI INVESTASI QUINTAL 2177 ACUSHNET AVE. NEW BEDFORD, MA 02745-6316 A. J. SLOANE amp COMPANY, LLC 623 AVENUE KELIMA, LANTAI 28, NEW YORK, NY 10022 SURAT AARDVARK LLC 550 W JACKSON BLVD. CHICAGO, IL 60661 AARON CAPITAL INCORPORATED 5180 PARK AVENUE, SUITE 128, MEMPHIS, TN 38119 Alamat Mailing: 5180 PARK AVENUE, SUITE 120, MEMPHIS, TN 38119 ABACUS INTERNATIONAL CAPITAL CORP 6 BOWERY, LANTAI 4, NEW YORK, NY 10013 ABACUS INVESTMENTS , INC 138 N. MAIN ST, OCONOMOWOC, WI 53066 MODEL ABBEY (AS) LLC 350 PARK AVENUE, SUITE 1315, NEW YORK, NY 10022 LAYANAN PELAJARAN ABD, INC 450 SANSOME STREET, SUITE 300, SAN FRANCISCO, CA 94111 ABELNOSER , LLC SATU BATERAI PLAZA, 6, NEW YORK, NY 10004 DISTRIBUTOR SUDUT, LLC 1735 MARKET STREET, 32 ND FLOOR, PHILADELPHIA, PA 19103 ABG SUNDAL COLLIER INC 850 THIRD AVENUE, NEW YORK, NY 10022-4212 Alamat Milis: 850 THIRD AVENUE , NEW YORK, NY 10022 ABG, LLC 1100 MAIN STREET, SUITE 2100, KANSAS CITY, MO 64105 ABN AMRO CLEARING CHICAGO LLC 175 WEST JACKSON BLVD, STE 400, CHICAGO, IL 60604 ABN AMRO SECURITIES (USA) LLC 100 PARK AVENUE, 17 FLOOR, NEW YORK, NY 10017-5516 ABNER HERRMAN amp BROCK, LLC HARBORSIDE 5 185 HUDSON STREET, SUITE 1640, JERSEY CITY, NJ 07311 TENTANG CORPORATE FINANCE CORPORATION 1900 AVENUE OF STARS, SUITE 2460, LOS ANGELES, CA 90067 ABRAHAM amp CO INC 3724 47 STREET CT. NW, GIG HARBOR, WA 98335 ABRAMSON FINANCIAL, LLC 293 EISENHOWER PARKWAY, SUITE 330, LIVINGSTON, NJ 07039 Alamat Mailing: 293 EISENHOWER PARKWAY, NINTH FLOOR, LIVINGSTON, NJ 07039 PERENCANAAN INVESTOR AKUNTAN PERENCANAAN CORPORATION 290 RUTE 22 LANTAI BARAT, 2ND, HIJAU BROOK , NJ 08812 ACADEMY SECURITIES, INC 277 PARK AVENUE, FLOOR 35, NEW YORK, NY 10172 ACALYX ADVISORS INC 275 MADISON AVENUE, FLOOR 14, NEW YORK, NY 10016 ACC SECURITIES, LLC 16400 DALLAS PARKWAY, SUITE 300, DALLAS, TX 75248 Alamat Mailing: 16400 DALLAS PARKWAY, SUITE 300, DALLAS, TX 75248 GROUP MODAL YANG DISELAMATKAN 18301 VON KARMAN, SUITE 400, IRVINE, CA 92612 ACCEPTUS CAPITAL CORP 510 BROADHOLLOW ROAD SUITE 104, MELVILLE, NY 11747 ACCESS FINANCIAL GROUP, INC. 118 NORTH CLINTON ST-SUITE 450, CHICAGO, IL 60661 ACCESS INVESTMENTS, INC 3621 NW 63RD, OKLAHOMA CITY, OK 73116-2000 EFEK AKSES, LLC 30 BUXTON FARM ROAD STE 300, STAMFORD, CT 06905 ACCESSALPHA WORLDWIDE LLC 20 BARAT KINZIE STREET, LANTAI 17, CHICAGO, IL 60654 A CCORD CAPITAL PARTNERS LLC 600 JALAN MONTGOMERY, LANTAI 17, SAN FRANCISCO, CA 94111 AKTIVA YANG BERSIH. 150 BROADHOLLOW RD, SUITE PH 02, MELVILLE, NY 11747 ACE DIVERSIFIED CAPITAL, INC 923 BLVD VALLEY TIMUR. SUITE 213, SAN GABRIEL. CA 91776 ACF INTERNATIONAL INC 50 CONGRESS STREET, SUITE 6, BOSTON, MA 02109 ACGM, INC 590 MADISON AVENUE, 41ST FLOOR, SUITE 4103, NEW YORK, NY 10022 MITRA TERKENAL, LLC 800 THIRD AVENUE FLOOR 21, NEW YORK CITY, NY 10022 Mailing Address: MITRA BARU, LLC, 800 THIRD AVENUE FLOOR 21, NEW YORK, NY 10022 ACKRELL CAPITAL, LLC 38 KEYES AVE. SUITE 200, SAN FRANCISCO, CA 94129 Alamat Mailing: 475 MARINA BOULEVARD, SAN FRANCISCO, CA 94123 SURAT ACORNS, LLC 19900 MACARTHUR BLVD, SUITE 500, IRVINE, CA 92612 SURAT ACP, LLC 1450 BRICKELL AVENUE, SUITE 1490, MIAMI, FL 33131 ACQUEST SECURITIES LLC 1221 MCKINNEY STREET, SUITE 3250, HOUSTON, TX 77010 ACQUIOM FINANCIAL LLC 1614 15TH STREET, SUITE 250, DENVER, CO 80202 Alamat Surat: 1614 15 STREET, SUITE 250, SUITE 250, DENVER, CO 80202 LAYANAN PELEPASAN ACS, LLC 12 BROAD STREET, 2ND FLOOR, RED BANK, NJ 07701 ACTINVER SECURITIES, INC. 5075 WESTHEIMER, SUITE 650, HOUSTON, TX 77056 ADCAP SECURITIES LLC 701 BRICKELL AVE, SUITE 850, MIAMI, FL 33131 ADP BROKER-DEALER, INC SATU ADP BOULEVARD, ROSELAND, NJ 07068-1786 Mailing Address: 71 HANOVER ROAD, MS - 580, FLORHAM PARK, NJ 07932 LAYANAN JASA ADVANCE, INC SATU TOWNE SQUARE, SUITE 444, SOUTHFIELD, MI 48076 ADVISASI ADVISOR GROUP, LLC 440 EMERSON STREET N SUITE 4, CAMBRIDGE, MN 55008 STRATEGI ADVANCED BROKER DEALER L LC 1308 DALLAS ROAD, CHATTANOOGA, TN 37405 KEUNGGULAN GFC LLC 2 WALL STREET, NEW YORK, NY 10005 KEUNGGULAN KEUNTUNGAN LLC 231 S. LASALLE STREET, SUITE 1400, CHICAGO, IL 60604 ADVISER DEALER SERVICES, INC 6125 MEMORIAL DRIVE, DUBLIN, OH 43017-9767 Mailing Address: PO BOX 7177, DUBLIN, OH 43017-9767 ADVISORS ASSET MANAGEMENT, INC 18925 JALAN CAMPURAN BASE, MONUMEN, CO 80132-0000 Alamat Mailing: 18925 JALAN CAMPURAN BASE, MONUMEN, CO 80132 ADVISORS CLEARING NETWORK, INC 7 N. FAIR OAKS AVENUE , PASADENA, CA 91103 ADVISORY GROUP EQUITY SERVICES LTD. 444 WASHINGTON STREET, SUITE 407, WOBURN, MA 01801 AEG CAPITAL, LLC 200 W. MADISON STREET, SUITE 2410, CHICAGO, IL 60606 AEGIS CAPITAL CORP 810 7TH AVE, LAMPU 18 22ND, NEW YORK, NY 10019 Alamat Mailing: 810 7 AVE, FLOOR 18, NEW YORK, NY 10019 AEGIS ENERGY ADVISORS CORP 708 THIRD AVENUE, FLOOR 6, NEW YORK, NY 10017-4201 AEGIS INVESTMENTS, INC 4915 JALAN BARAT 35, SUITE 206, ST LOUIS PARK, MN 55416 AEI SURAT BERHARGA, INC 1300 TEMPAT FARGO BAIK, 30 SEVENTH STREET EAST, ST. PAUL, MN 55101-4901 AERIS PARTNERS LLC 200 JALAN NEGARA, LANTAI 11, BOSTON, MA 02109 AETHLON CAPITAL, L. L.C 225 SOUTH ENAM ST. SUITE 1790, MINNEAPOLIS, MN 55402 PERUSAHAAN BANK TERBATAS, L. L.C. 901 SOUTH MOPAC EXPRESSWAY, BARTON OAKS PLAZA V, SUITE 140, AUSTIN, TX 78746 AFL-CIO ITC FINANCIAL, LLC 815 CONNECTICUT AVENUE NW, SUITE 320, WASHINGTON, DC 20006 AFS SECURITIES, LLC 404 WYMAN STREET, SUITE 100, WALTHAM, MA 02451 AGC PARTNERS 99 HIGH STREET, FLOOR 22, BOSTON, MA 02110 AGECROFT PARTNERS, LLC 103 CANTERBURY ROAD, RICHMOND, VA 23221-3211 BADAN DESK, LLC 590 MADISON AVENUE, 21 FLOOR, NEW YORK, NY 10022 AGENCY TRADING GROUP, INC. 235 LEMBAGA LEMBAR TIMUR, WAYZATA, MN 55391 AGM SECURITIES LLC 800 THIRD AVENUE, FLOOR 39, NEW YORK, NY 10022 SURAT SURAT AGRICAPITAL INC 1410 BROADWAY, SUITE 1802, NEW YORK, NY 10018 AIG CAPITAL SERVICES, INC. HARBORSIDE FINANCIAL CENTER, 3200 PLAZA 5, JERSEY CITY, NJ 07311-4992 AIG GLOBAL CAPITAL MARKETS SECURITIES, LLC 50 DANBURY ROAD, WILTON, CT 06897 AILERON CAPITAL MANAGEMENT, LLC 3401 W. CYPRESS STREET, SUITE 101, TAMPA, FL 33607 Alamat Surat: 3401 W. CYPRESS STREET, SUUITE 101, TAMPA, FL 33607 AK CAPITAL LLC 445 PARK AVENUE, FLOOR 9, NE W YORK, NY 10022 Alamat Mailing: 445 PARK AVENUE 9TH FLOOR, NEW YORK, NY 10022 PENGELOLAAN MODAL AKAR, INC 8551 W. SUNRISE BLVD. 102A, PLANTATION, FL 33322 Alamat Mailing: 8551 W. SUNRISE BLVD 102A, PLANTATION, FL 33322 AKIN BAY COMPANY LLC 780 THIRD AVENUE, NEW YORK, NY 10017 ALAMO CAPITAL 201 N CIVIC DR, SUITE 360, WALNUT CREEK, CA 94596 ALANTRA, LLC 75 STREET NEGARA, SUITE 1210, BOSTON, MA 02109 ALBERT FRIED amp COMPANY, LLC 45 BROADWAY, FLOOR 24, NEW YORK, NY 10006 ALBRIGHT SECURITIES LLC 601 13TH STREET, NW, SUITE 1000 SOUTH, WASHINGTON, DC 20005 ALCHEMY SECURITIES, LLC 2 SANDWEDGE LANE, ISLE OF PALMS 29451 ALDERMAN amp MODAL PERUSAHAAN, LLC 35 WARRINGTON ROUND, DANBURY, CT 06810 ALDWYCH SECURITIES LLC 546 KELUARGA RATA-RATA, LANTAI 18, NEW YORK, NY 10036 ALERUS SECURITIES CORPORATION 2300 COLUMBIA ROAD SOUTH, GRAND FORKS, ND 58201 Mailing Address: PO BOX 6001, GRAND FORKS, ND 58206 ALEXANDER CAPITAL, L. P. 17 LAYANAN NEGARA, LANTAI 5, NEW YORK, NY 10004 ALEXANDER INVESTMENT SERVICES CO 909 LILY CREEK ROAD 101, LOUISVILLE, KY 40243-2808 ALLEGHENY INVESTMENTS, LTD. BATAS QUARRY BATU, 811 CAMP HORNE ROAD, SUITE 100, PITTSBURGH, PA 15237 LAYANAN INVESTASI ALLEGIS, LLC 591 PARK AVENUE, SUITE 101, IDAHO FALLS, ID 83402 Alamat Mailing: 591 PARK AVENUE, SUITE 101, IDAHO FALLS, ID 83404 ALLEGRO SECURITIES LLC 434 KING WILLIAM, SAN ANTONIO, TX 78204 ALLEN amp PERUSAHAAN LLC 711 KELIMA AVENUE, NEW YORK, NY 10022 ALLEN amp PERUSAHAAN FLORIDA, INC 1401 FLORIDA SELATAN AVENUE, LAKELAND, FL 33803 Alamat Mailing: PO BOX 387, LAKELAND, FL 33802 ALLEN C. EWING amp CO 7807 BAYMEADOWS JALAN TIMUR, SUITE 200, JACKSONVILLE, FL 32256 Alamat Mailing: 7807 BAYMEADOWS JALAN EAS, SUITE 200, JACKSONVILLE, FL 32256 ALLEN, MOONEY amp BARNES BROKERAGE SERVICES, LLC 135 S. MADISON STREET, THOMASVILLE, GA 31792 Alamat Mailing: POST OFFICE BOX 1116, THOMASVILLE, GA 31799 ALAMAT ALIANSI amp EFEK, INC 3390 AUTO MALL DRIVE, DESA WESTLAKE, CA 91362 ALLIANCE FINANCIAL GROUP, INC 5950 BERKSHIRE LANE 1060, DALLAS, TX 75225 INVESTASI ALLIANCEBERNSTEIN, INC 1345 AVENUE OF THE AMERICAS, NEW YORK, NY 10105-0096 INVESTASI EKUITAS ALLIANT, LLC 21600 OXNARD STREET - SUITE 1200, WOODLAND HILLS, CA 91367 Alamat Mailing: 21600 OXNARD STREET-SUITE 1200, KAYU HILLS, CA 91367 SURVEI ALLIANT, INC TURNER, NORD, KIENBAUM 695 LEGACY UTARA RIDGE DRIVE SUITE 300, LIBERTY LAKE, WA 99019 ALLIANZ GLOBAL INVESTOR DISTRIBUTOR LLC 1633 BROADWAY, NEW YORK, NY 10019 ALLIANZ LIFE FINANCIAL SERVICES, LLC 5701 GOLDEN HILL S DRIVE, MINNEAPOLIS, MN 55416-1297 Mailing Address: PO BOX 1117, MINNEAPOLIS, MN 55440-1117 ALLIED MILLENNIAL PARTNERS, LLC TIGA PUSAT KEUANGAN DUNIA, 200 VESEY STREET 24TH FL, NEW YORK, NY 10281 Alamat Mailing: TIGA DUNIA PUSAT KEUANGAN , 200 VESEY STREET 24TH FL, NEW YORK, NY 10281 PERUSAHAAN ALLISON-WILLIAMS 90 JALAN SELATAN 7, SUITE 3850, MINNEAPOLIS, MN 55402-2441 ALLSTATE DISTRIBUTOR, LLC 3075 SANDERS ROAD, SUITE I2, NORTHBROOK, IL 60062 MELALUI LAYANAN KEUANGAN, LLC 2920 S 84TH STREET, LINCOLN, NE 68506 Alamat Mailing: PO BOX 83271, LINCOLN, NE 68501-3271 ALLUVION SECURITIES, LLC 5101 WHEELIS DRIVE, SUITE 200, MEMPHIS , TN 38117 ALMAX FINANCIAL SOLUTIONS, LLC 12 VAN SYCKLES ROAD, CLINTON, NJ 08809 SURVEI MODAL ALPHASOURCE LLC 32 JALAN TIMUR 57, LANTAI 12, NEW YORK, NY 10022 ALPINA CAPITAL, LLC 100 JACKSON STREET, SUITE 101, DENVER, CO 80206 ALPINE SECURITIES CORPORATION 39 EXCHANGE PLACE, SALT LAKE CITY, UT 84111 ALPS DISTRIBUTOR, INC 1290 BROADWAY, SUITE 1100, DENVER, CO 80203 Alamat Mailing: PO BOX 328, DENVER, CO 80201-0328 ALPS PORTFOLIO SOLUTIONS DISTRIBUTOR, INC 1290 BROADWAY, SUITE 1100, DENVER, CO 80203 Alamat surat: PO BOX 328, DENVER, CO 80201-0328 ALT FUND DISTRIBUTOR LLC 4925 S WEBSTER CT, LITTLETON, CO 80123 Alamat Surat: 4925 S WEBSTER CT, LITTLETON, CO 80123 ALTACORP CAPITAL (AS) INC 410, 585 8 AVENUE SW, CALGARY, T2P 1G1 AB CANADA ALTEGRIS INVESTMENTS, LLC 1200 PROSPECT STREET, SUITE 400, LA JOLLA, CA 92037 MODEL AKTIF ALTERNATIF, LLC 700 LARKSPUR LANDING CIR, SUITE 245, LARKSPUR, CA 94939 ALTERNATIF ASET INVESTMENT MANAGEMENT SECURITIES, LLC 260 JALAN BARAT 36, SUITE 502, NEW YORK, NY 10018 Alamat Mailing: BOX 5274, STASIUN ROCKEFELLER, NEW YORK, NY 10185-5274 GROUP EXECUTION ALTERNATIF 708 AVENUE KETIGA, LANTAI 6, NEW YORK, NY 10017 Alamat Mailing: 708 KETERLIBATAN KETIGA, LANTAI 5, NEW YORK , NY 10017 ALTERNATIVE INVESTMENT SERVICES, LLC 141 W. JACKSON BLVD. SUITE 1340A, CHICAGO, IL 60604 ALTERNET SECURITIES INC SATU LIBERTY PLAZA, 165 BROADWAY, 4TH FL. NEW YORK, NY 10006 ALVAREZ amp MARSAL SECURITIES, LLC 600 MADISON AVE, 8TH FLOOR, NEW YORK, NY 10022 Alamat Mailing: 600 MADISON AVE, LANTAI 8, NEW YORK, NY 10022 ALYSSA LLC 1290 AVENUE OF AMERICAS, FL 10. NEW YORK, NY 10104 AMA SECURITIES LLC 405 LEXINGTON AVENUE, LANTAI 67, NEW YORK, NY 10174 AMBASSADOR FINANCIAL GROUP, INC 1605 CEDAR CREST BOULEVARD, SUITE 508, ALLENTOWN, PA 18104 AMBATA SECURITIES, LLC 1201 PEACHTREE ST. NE, BANGUNAN 400, SUITE 1720, ATLANTA, GA 30361 AMBIT AMERICA INC. AMBIT AMERICA INC 750 THIRD AVENUE. 9th FLOOR, NEW YORK, NY 10017 Alamat Mailing: AMBIT AMERICA INC 750 THIRD AVENUE, FLOOR 9, NEW YORK, NY 10017 AMD CAPITAL, LLC 100 TRI-STATE INTERNATIONAL, SUITE 138, LINCOLNSHIRE, IL 60069 AMERICA NORTHCOAST SECURITIES, INC. 2000 AUBURN DRIVE, SUITE 300, CLEVELAND, OH 44122 AMERICAN CAPITAL PARTNERS, LLC 205 OSER AVE. HAUPPAUGE, NY 11788 AMERICAN CENTURY INVESTMENT SERVICES INC 4500 MAIN STREET, KANSAS CITY, MO 64111 Alamat surat: P. O. BOX 410141, KANSAS CITY, MO 64141-0141 AMERICAN ENTERPRISE INVESTMENT SERVICES INC 707 2ND AVENUE SOUTH, MINNEAPOLIS, MN 55402 Alamat Mailing: 5221 AMERIPRISE FINANCIAL CENTER, MINNEAPOLIS, MN 55474 AMERICAN EQUITY CAPITAL, INC 6000 WESTOWN PARKWAY, 2ND FLOOR, WEST DES MOINES, IA 50266-7711 Alamat surat: PO BOX 71607, DES MOINES, IA 50325 AMERICAN EQUITY INVESTMENT CORPORATION 4222 JALAN GRANTLINE, NEW ALBANY, DI 47150 SURVEI KEBEBASAN AMERIKA, INC 9000 CAMERON PARKWAY, OKLAHOMA CITY, OK 73114-3701 Alamat Mailing: P. O. BOX 25523, OKLAHOMA CITY, OK 73125-0523 ASOSIASI AMERIKA AMERIKA, INC 1700 JALAN UTARA, SUITE A, EASTON, PA 18042-1659 Alamat Mailing: 1700 STAF NORTHAMPTON, SUITE A, EASTON, PA 18042-1659 AMERIKA KEUANGAN SECURITIES, INC 6003 UNIVERSITAS AVE. - SUITE C, CEDAR FALLS, IA 50613 Alamat Mailing: 6003 UNIVERSITY AVE.- SUITE C, CEDAR FALLS, IA 50613 AMERICAN FUNDS amp TRUSTS INCORPORATED 3030 SELATAN MAIN STREET, SUITE 100, SALT LAKE CITY, UT 84115-3554 DISTRIBUTOR AMERICAN, INC 333 S. HOPE ST. FL 55 LOS ANGELES, CA 90071 AMERICAN HERITAGE SECURITIES, INC 655 W MARKET STREET, AKRON, OH 44303-1438 AMERICAN INDEPENDENT SECURITIES GROUP, LLC 1036 E. IRON EAGLE DR. SUITE 105, EAGLE, ID 83616 AMERICAN INVESTOR COMPANY 2440 CAMINO RAMON, SUITE 103, SAN RAMON, CA 94583 Alamat surat: PO BOX 1307, SAN RAMON, CA 94583 AMERICAN INVESTORS GROUP, INC 10237 DRIVE CIRCLE YELLOW, MINNETONKA, MN 55343 AMERICAN SURAT BERHARGA, INC 720 KEDUA AVE S. ST. PETERSBURG, FL 33701 Alamat Surat: P. O. BOX 11749, ST. PETERSBURG, FL 33733-1749 AMERICAN PORTOFOLIOS FINANCIAL SERVICES, INC 4250 VETERANS MEMORIAL HIGHWAY, LANTAI 4 LANTAI, HOLBROOK, NY 11741 Alamat Mailing: 4250 VETERANS MEMORIAL HWY, LANTAI 4 LANTAI, HOLBROOK, NY 11741 AMERICAN REPUBLIC EQUITIES CORPORATION 601 ENAMTH AVE, DES MOINES, IA 50309 AMERICAN TRUST INVESTMENT SERVICES, INC 1244 119 JALAN, WHITING, IN 46394-1003 MANAJEMEN KEKAYAAN AMERIKA, INC 1050 CROWN POINTE PARKWAY SUITE 1230, ATLANTA, GA 30338 PELESTARIAN AMERICAS, LLC CO ACCOUNTING amp COMPLIANCE INTERNATIONAL, 40 WALL STREET, SUITE 1704, NEW YORK, NY 10005 AMERIPRISE FINANCIAL SERVICES, INC. 707 2ND AVENUE SOUTH, MINNEAPOLIS, MN 55402 Alamat Mailing: 5221 AMERIPRISE FINANCIAL CENTER, MINNEAPOLIS, MN 55474 AMERITAS INVESTMENT CORP 5900 O STREET, LINCOLN, NE 68510 -2234 Alamat Mailing Mail: PO BOX 5507, LINCOLN, NE 68505-0507 AMERITECH ADVISORS 708 THIRD AVENUE, FLOOR 5, NEW YORK, NY 10017 AMERIVET SECURITIES, INC 26550 SILVERADO COURT, MORENO VALLEY, CA 92555 AMG DISTR IBUTORS, INC 600 STEAMBOAT ROAD, SUITE 300, GREENWICH, CT 06830 AMHERST PIERPONT 245 PARK AVENUE, FLOOR 15, NEW YORK, NY 10167 DISTRIBUTOR AMUNDI USA, LLC 280 JALAN MANGUM SELATAN, SUITE 301, DURHAM, NC 27701 AMUR ADVISORS LLC ONE NORTH LEXINGTON AVENUE, SUITE 1101, WHITE PLAINS, NY 10601 ANCHIN CAPITAL ADVISORS LLC 1375 BROADWAY, LANTAI 18, NEW YORK, NY 10018 Alamat Mailing: 1375 BROADWAY, LANTAI 18, NEW YORK CITY, NY 10018 MANAJEMEN ASET ANCHOR LLC ONE EAST END AVENUE , SUITE 10A, NEW YORK, NY 10075 ANCHOR BAY SECURITIES, LLC 5780 FLEET STREET, SUITE 308, CARLSBAD, CA 92008 ANDBANC BROKERAGE, LLC 1221 BRICKELL AVENUE SUITE 1550, MIAMI, FL 33131 ANDERSON LENEAVE amp 6000 FAIRVIEW ROAD, SUITE 625 , CHARLOTTE, NC 28210 ANDES CAPITAL GROUP, LLC 205 DRIVE WACKER BARAT, SUITE 1804, CHICAGO, IL 60606 ANDREW GARRETT INC. 52 VANDERBILT AVE, STE 510, NEW YORK, NY 10017 ANDREWS PARTNERS 1754 LAFAYETTE STREET, DENVER, CO 80218 ANGEL ISLAND LAYANAN MODAL, LLC SATU EMBARCADERO CENTER, S UITE 2110, SAN FRANCISCO, CA 94111 LAYANAN KEUANGAN ANICO, INC ONE ONE MOODY PLAZA, SUITE 1423, GALVESTON, TX 77550 Alamat Mailing: ONE MOODY PLAZA SUITE 1423, GALVESTON, TX 77550 LAYANAN KEUANGAN ANOVES, INC 3225 SHALLOWFORD ROAD, SUITE 220 , MARIETTA, GA 30062 ANSLEY SECURITIES LLC 465 WEST COLEMAN BLVD. SUITE 202, MT. PLEASANT 29464 ADVISOR ANTARCTICA 1200 BRICKELL AVE. SUITE 1950, MIAMI, FL 33131 ANTHEM SECURITIES, INC PARK TEMPAT CORPORATE CENTER SATU, 1000 COMMERCE DRIVE, SUITE 410, PITTSBURGH, PA 15275-1011 SURAT-SURATUR ANAWIS LLC 717 AVENUE KELIMA, LANTAI 18, NEW YORK, NY 10022 ANZ SECURITIES, INC 277 PARK AVENUE, FLOOR 31, NEW YORK, NY 10172-0003 AOC SECURITIES, LLC 49 BLEECKER STREET, SUITE 305, NEW YORK, NY 10012 AON SECURITIES INC 200 RUMOLPH STREET TIMUR, CHICAGO, IL 60601 APB FINANCIAL GROUP, LLC 470 PARK AVENUE SELATAN 9 FLOOR, NEW YORK, NY 10016 Alamat Mailing: 470 PARK AVENUE SELATAN 9 LANTAI, NEW YORK, NY 10016 APEX CLEARING CORPORATION ONE DALLAS CENTER, 350 N. ST. PAUL, SUITE 1300, DALLAS, TX 75201 APEXUS CAPITAL LLC 321 STREET 19TH, SANTA MONICA, CA 90402-2409 APOLLO GLOBAL SECURITIES, LLC 9 JALAN 57 BARAT BARAT, NEW YORK, NY 10019-2701 APPLE LANE GROUP LLC 2393 JALAN UTAMA, PENGHARGAAN, MA 01523 MODAL TERTENTU, LLC 120 E. JALAN PASAR, SUITE 930, INDIANAPOLIS, DI 46204 APRIO STRATEGIC PARTNERS, LLC LIMA CONCOURSE PARKWAY, SUITE 600, ATLANTA, GA 30328 APTO PARTNERS, LLC 5 COLD HILL JALAN SELATAN, SUITE 11, MENDHAM, NJ 07945 AQUA SECURITIES LP 125 PARK AVENUE, NEW YORK, NY 10017 AQUEDUCT CAPITAL GROUP, LLC 2820 SELWYN AVENUE, SUITE 550, CHARLOTTE, NC 28209 DISTRIBUTOR AQUILA LLC 120 STAF BARAT 45, SUITE 3600, NEW YORK, NY 10036 AQUILO PARTNERS, LP ONE MARITIME PLAZA, FLOOR 14, SAN FRANCISCO, CA 94111 ADVISOR ARBOR, LLC 1875 GRANT SELATAN ST. STE. 720, SAN MATEO, CA 94402 ARBOR COURT CAPITAL, LLC 8000 TOWN CENTER DRIVE, SUITE 400, BROADVIEW HEIGHTS, OH 44147 ARBOR RESEARCH amp TRADING, LLC 1000 HART JALAN, SUITE 260, BARRINGTON, IL 60010 ARC SECURITIES, LLC 1215 19 STREET NW , WASHINGTON, DC 20036 ARCA CAPITAL INVESTMENTS, INC. WELLS FARGO CENTER, 333 AVENUE OF AMERICAS, SUITE 2530, MIAMI, FL 33131 ARCADIA SECURITIES, LLC 720 FIFTH AVE, FL 10TH, NEW YORK, NY 10019 Alamat Surat: 720 FIFTH AVE , FLOOR 10, NEW YORK, NY 10019 ARCHER DISTRIBUTOR, LLC 6100 CHEVY CHASE DR. SUITE 100, LAUREL, MD 20707 ARCHIPELAGO SECURITIES L. L.C. 353 JALAN CLARK UTARA, SUITE 3200, CHICAGO, IL 60654 ARCHIPELAGO TRADING SERVICES, INC 353 JALAN CLARK UTARA, SUITE 3200, CHICAGO, IL 60654 ARCHSTONE CAPITAL, LLC 1400 EYE ST. NW STE 1115, WASHINGTON, DC 20005 ARCTIC SECURITIES LLC ONE ROCKEFELLER PLAZA, SUITE 1706, NEW YORK, NY 10124 ARDEA PARTNERS LLC 32 NASSAU STREET, SUITE 300, PRINCETON, NJ 08542 ARDOR CAPITAL INVESTMENTS, LLC 26 BROADWAY, SUITE 1107, NEW YORK, NY 10004 ARENA FINANCIAL SERVICES LLC 405 LEXINGTON AVENUE, FLOOR 59, NEW YORK, NY 10174 Alamat Mailing: 405 LEXINGTON AVENUE, FLOOR 59, NEW YORK, NY 10174 ARES INVESTOR SERVICES LLC 2000 AVENUE OF STARS, LANTAI 12, LOS ANGELES, CA 90067 ARETE RESEARCH LLC 15 BROAD ST. 1ST FLOOR, BOSTON, MA 02109 MANAJEMEN KEKAYAAN ARET, LLC 1101 W LAKE STREET, LANTAI 1ST, CHICAGO, IL 60607 ARGENTHAL amp CO INC 23-50 38 ST, 2ND FLOOR, ASTORIA, NY 11105 ADMINISTRASI ADMINISTRASI ARIA, LLC 475 TENGAH AVENUE, SUITE M1, ST. PETERSBURG, FL 33701 ARIANE CAPITAL PARTNERS LLC 830 SOUTH VALLEY FORGE ROAD SUITE 100, DEVON, PA 19333 DISTRIBUTOR ARIEL, LLC 200 JALAN RANDOLPH TIMUR, SUITE 2900, CHICAGO, IL 60601 PASAR MODAL ARIF 9017 5TH AVENUE, BROOKLYN, NY 11209 ARK GLOBAL, LLC 44 WASHINGTON ST. SUITE 100, WELLESLEY HILLS, MA 02481 ARLINGTON SECURITIES, INC 140 MARINE LANE, ST. LOUIS, MO 63146-2236 ARMORY SECURITIES, LLC 1230 ROSECRANS AVE, SUITE 660, PANTAI MANHATTAN, CA 90266 ARONSON CAPITAL ADVISORS, LLC 805 KING FARM BOULEVARD, SUITE 300, ROCKVILLE, MD 20850 ARQUE MODITAL, LTD. 7501 E MCCORMICK PKWY, STE 106N, SCOTTSDALE, AZ 85258 ARROW INVESTMENTS, INC 3010 WESTCHESTER AVENUE, SUITE 203, PURCHASE, NY 10577 ARROWROOT PARTNERS, LLC 100 WILSHIRE BLVD. SUITE 1830, SANTA MONICA, CA 90401 ARTISAN PARTNERS DISTRIBUTOR LLC 875 E. WISCONSIN AVENUE, SUITE 800, MILWAUKEE, WI 53202 ARTIST CAPITAL LLC 20 JALAN BARAT BARAT, LANTAI 11, NEW YORK, NY 10019 ROKOK TERSEDIA TERBARU LLC 149 AVENUE KELIMA, LANTAI 16 , NEW YORK, NY 10010 ARUNDEL (SECURITIES), INC CO RED WALL PARTNERS, 45 ROCKEFELLER PLAZA - SUITE 2000, NEW YORK, NY 10111 Alamat Mailing: CO REDWALL PARTNERS, 45 ROCKEFELLER PLAZA - SUITE 2000, NEW YORK, NY 10111 ARVEST MANAJEMEN KEKUASAAN 921 WEST MONROE AVENUE, LOWELL, AR 72745 Alamat surat: PO BOX 1515, LOWELL, AR 72745-1515 ARXIS SECURITIES LLC 623 KELUARGA RATA-RATA, LANTAI 21, NEW YORK, NY 10022 ASANTE CAPITAL GROUP ADVISORS LLC 4TH FLOOR, 25 LST BURLINGTON STREET, LONDON, MITRA KEUANGAN PERTAMA, MITRA 671 ENGLAND AS LLC, LLC 5347 VALENTIA SELATAN WAY, SUITE 250, GREENWOOD VILLAGE, CO 80111 PASAR MODAL ASCENDIANT, LLC 18881 VON KARMAN, LANTAI 16, IRVINE, CA 92612 SURAT ASCENDIANT, LLC 18881 VON KARMAN, SUITE 1630, IRVINE, CA 92612 ASCENSUS BROKER DEALER SERVICES, INC 95 WELLS AVENUE, SUITE 160, NEWTON, MA 02459 ASCENSUS FINANCIAL SERVICES, LLC. 200 DRYDEN RD, SUITE 4000, DRESHER, PA 19025 ASCENT CAPITAL ADVISORS (AMERICA) LLC 27 AVENUE IMPERIAL, TOP FLOOR, WESTPORT, CT 06880 ASHMORE MANAJEMEN INVESTASI (AS) CORPORATION 475 AVENUE 5, FLOOR 15, NEW YORK, NY 10017 ASHTON STEWART Amp CO INC INC 1271 AVENUE OF AMERICAS, 43RD FLOOR, NEW YORK, NY 10020 ASHTON YOUNG, INC 2600 S JALAN TELEGRAPH, SUITE 150, BLOOMFIELD HILLS, MI 48302 GROUP MANAJEMEN KEUANGAN ASIA PACIFIC, INC 145 ASPINALL AVE, HAGATNA, 96910 GUAM, USA Alamat Mailing: 145 ASPINALL AVE. HAGATNA, 96910 GUAM, ASETMARK BROKERAGE, LLC 1655 GRANT STREET, LANTAI 10, CONCORD, CA 94520 ASSETPOINT FINANCIAL, LLC 1300 JALAN UTARA 17, SUITE 1800, ARLINGTON, VA 22209-3810 LAYANAN INVESTASI TERKAIT, INC 433 JALAN UTAMA, HIJAU BAY, WI 54301-5114 Alamat surat: PO BOX 640, GREEN BAY, WI 54305-0640 AST INVESTOR SERVICES LLC 48 WALL STREET, 22ND FLOOR, NEW YORK, NY 10005 Alamat Mailing: 6201 15TH AVENUE, BROOKLYN, NY 11219 ASTOR RIDGE NA LLP 245 PARK AVENUE, LANTAIAN 39, NEW YORK , NY 10167 ASTORIA CAPITAL MARKETS, INC 344A WILLIS AVE, MINEOLA, NY 11501 ATEL SECURITIES CORPORATION TRANSAMERICA PYRAMID 600 JALAN MONTGOMERY, LANTAI 9, SAN FRANCISCO, CA 94111 SURVEI ATHENE, LLC 7700 MILLS CIVIC PARKWAY, WEST DES MOINES, IA 50266 ATIS, INC 9717 PRAIRIE AVENUE, HIGHLAND, IN 46322 ATLANTIC - PACIFIC CAPITAL, INC 102 GREENWICH AVENUE, FLOOR 2ND, GREENWICH, CT 06830 SURAT SURAT, INC 920 PROVIDENCE RD. SUITE 201, TOWSON, MD 21286-2988 ATLAS ONE FINANCIAL GROUP, LLC 200 SOUTH BISCAYNE BOULEVARD, SUITE 1860, MIAMI, FL 33131 ATLAS STRATEGIC ADVISORS, LLC 140 LINTAS 45 TIMUR, LANTAI 18, NEW YORK, NY 10017 ATLAS TECHNOLOGY GROUP LLC 2800 LEAVENWORTH STREET, SUITE 250, SAN FRANCISCO, CA 94133 ATM EXECUTION LLC 599 LEXINGTON AVE, 21 FLOOR, NEW YORK, NY 10022 ATREYU GROUP LLC 28 W. 44TH STREET, FLOOR 16, NEW YORK, NY 10036 AUERBACH GRAYSON amp LLC LLC 25W 45TH STREET SUITE 16, NEW YORK, NY 10036 Alamat Mailing: 25W 45TH STREET SUITE 16, NEW YORK, NY 10036 AUFHAUSER SECURITIES, INC 112 STREET BARAT 56, NEW YORK, NY 10019-3841 AUGEO ADVISORS, LLC 10801 BLVD NASIONAL. SUITE 245, LOS ANGELES, CA 90064 Mailing Address: 10940 WILSHIRE BLVD. FLOOR 16, LOS ANGELES, CA 90064 AUGMENT SECURITIES INC 1140 AVENUE OF AMERICAS, FLOOR 9, NEW YORK, NY 10036 AURIGA USA, LLC 110 WALL STREET, 2ND FLOOR, NEW YORK, NY 10005 AURORA CAPITAL LLC 354 JALAN GELAR WIDOW, PO BOX 1167, BRIDGEHAMPTON. NY 11932-1167 SURATUR AURORA 111 CONGRESSIONAL BLVD. SUITE 114, CARMEL, IN 46032-5639 AURUS ADVISORS, INC. 822 FLORIDA A1A, SUITE 310, PONTE VEDRA BEACH, FL 32082 Alamat Mailing: 156 TEMPAT RETREAT, PONTE VEDRA BEACH, FL 32082 MITRA KEUANGAN AUSDAL, INC 5187 UTICA RIDGE RD, DAVENPORT, IA 52807 AUSTIN ATLANTIC CAPITAL INC 1 ALHAMBRA PLAZA, SUITE 100, GABLES KALI, FL 33134 Alamat Milis: 1 ALHAMBRA PLAZA, SUITE 100, MIAMI, FL 33134 PASAR EKUITAS EKUITAS OTOMATIS, INC 225 LIBERTY STREET, 10TH FLOOR, SUITE 1020, NEW YORK, NY 10281 PENELITIAN AUTONOMO AS LP SUITE 2303, FLOOR 23RD, 1325 AVENUE OF THE AMERICAS, NEW YORK, NY 10019 INVESTASI INVESTASI OLEH SECURITIES GROUP, INC 404 AVALON AVENUE, SUTE 200, SEPATU SEPATU, AL 35661 AVALON SECURITIES, LTD. 1001 ENAMTH AVENUE, FLOOR 10TH, NEW YORK, NY 10018 MANAJEMEN KEKAYAAN AVALON LLC 2929 ALLEN PKWY STE 3000, HOUSTON, TX 77019-7124 AVANTI SECURITIES CORPORATION 2 ST. CLAIR AVENUE BARAT, SUITE 2102, TORONTO, M4V 1L5 CANADA AVATAR CAPITAL GROUP LLC 525 WASHINGTON BLVD. FLOOR, JERSEY CITY, NJ 07310 AVENDUS CAPITAL, INC 499 PARK AVENUE FLOOR 12, NEW YORK, NY 10022 SURAT AVENTURA, LLC 2999 NE 191 STREET, SUITE 901, AVENTURA, FL 33180 Alamat Mailing: 2999 NE 191 STREET, SUITE 901 , AVENTURA, FL 33180 AVERE FINANCIAL GROUP, LLC 8310 S. VALLEY HIGHWAY, STE. 110, ENGLEWOOD, CO 80112 PASAR MODAL AVILA, INC 135 JALAN TIMUR 57, LANTAI 7, NEW YORK, NY 10022 Alamat Mailing: 135 JALAN TIMUR 57, LANTAI 6, NEW YORK, NY 10022 EFEK TERSIRAT, INC 3620 AMERICAN RIVER DRIVE , SUITE 145, SACRAMENTO, CA 95864-7256 AVM, LP 777 YAMATO ROAD, SUITE 300, BOCA RATON, FL 33431 PARTNER AVONDALE, LLC 3102 WEST END AVENUE, SUITE 1100, NASHVILLE, TN 37203 Alamat Mailing: 3102 WEST END AVE, SUITE 1100, NASHVILLE, TN 37203 LAYANAN AWM, LLC 1330 POST OAK BOULEVARD, SUITE 1550, HOUSTON, TX 77056 AX TRADING, LLC 6 JALAN TIMUR 45, LANTAI 19, NEW YORK, NY 10017 AXA ADVISORS, LLC 1290 AVENUE OF AMERICAS, NEW YORK, NY 10104 Alamat Mailing: 1290 AVENUE OF AMERICAS, FLOOR 16, NEW YORK, NY 10104 AXA DISTRIBUTOR, LLC 525 WASHINGTON BOULEVARD, JERSEY CITY, NJ 07310 AXCESSNET, LLC 192 PARTRIDGE LANE, CONCORD, MA 02421 PASAR MODAL AXIA, LLC 645 FIFTH AVENUE, SUITE 903, NEW YORK, NY 10022 MANAJEMEN MODAL AXIOM, INC 780 THIRD AVENUE, 43RD FLOOR, NEW YORK, NY 10017-2024 Diperbaharui terakhir: 21317Menjelajahi Industri Gem dan Perhiasan China Seiring pertumbuhan ekonomi fenomenalnya sejak 1978, China telah menarik perhatian industri permata dan perhiasan global. Sudah menjadi pusat global untuk pembuatan perhiasan, sekarang pasar konsumen berkembang pesat. Sementara meningkatnya biaya tenaga kerja di China telah menciptakan tantangan bagi sektor manufaktur, hal ini menyebabkan konsumsi domestik lebih besar untuk produk mewah, termasuk perhiasan. Potensi pertumbuhan tertinggi terletak di pusat-pusat perkotaan pedalaman, karena warga China terus melakukan migrasi besar-besaran dari daerah pedesaan ke kota-kota. Konsumen China menjadi lebih berpengetahuan tentang batu permata dan perhiasan dan lebih cerdik dalam pembelian mereka. Mereka memiliki rasa kepercayaan dan kepercayaan merek yang tajam, dan mereka menjadi lebih terbuka terhadap desain dan bahan kontemporer dan Barat. Pada saat yang sama, kemajuan teknologi di bidang manufaktur mengarah pada standar kualitas yang lebih tinggi dan biaya tenaga kerja yang lebih rendah, yang memungkinkan China untuk memenuhi tuntutan pasar global dan domestik yang semakin meningkat. Meskipun krisis ekonomi global baru-baru ini telah mempengaruhi penjualan domestik, industri permata dan perhiasan China menunjukkan potensi pertumbuhan yang besar. Daya tarik Westrsquos dengan China sebagai pembangkit tenaga ekonomi sama dengan peluang luar biasa yang ditemukan di sana. Judul artikel New York Times tahun 2004, ldquoThe Chinese Century, rdquo menyimpulkan sentimen luas bahwa China akan menjadi kekuatan ekonomi terkemuka dunia dan negara yang paling berpengaruh di awal abad ini (Fishman, 2004). Hal yang sama berlaku untuk industri permata dan perhiasan: Selama bertahun-tahun, pusat manufaktur global, China muncul sebagai pasar konsumen terkuat untuk produk mewah seperti perhiasan. Konsumen China sekarang identik dengan produk mewah, dan ini benar dengan batu permata dan perhiasan. Pasar China adalah fokus baru untuk kemewahan dan kemewahan untuk berbagai jenis perhiasan (gambar 1). Meski pertumbuhan eksplosif dalam tiga dekade terakhir diprediksi akan melambat, konsumsi domestik dan pengeluaran discretionary diperkirakan akan meningkat. Tren ini, bersamaan dengan urbanisasi yang cepat, kelas menengah yang sedang berkembang, dan generasi penerus pembeli yang canggih, memberi sinyal peluang menarik bagi China dan industri permata dan perhiasan global. Hal ini mengharuskan China untuk menghadapi tantangan baru, seperti menyediakan batu permata yang cukup untuk memenuhi permintaan impor dan ekspor (gambar 2). Gambar 2. Konsumsi Chinarsquos dari batu permata, baik untuk ekspor dan pasar domestik, telah menyebabkan kekurangan pasokan dan persaingan yang ketat di sumber pertambangan dan pasar di seluruh dunia. Foto oleh Andrew Lucas. TINJAUAN EKONOMI Pada tahun 2010, China melampaui Jepang untuk menjadi ekonomi terbesar kedua dunia setelah Amerika Serikat (tabel 1). Secara keseluruhan, tingkat pertumbuhan tahunan Chinarsquos rata-rata sekitar 10 selama 30 tahun terakhir (Barnett, 2013). Menurut Biro Statistik Nasional Chinarsquos, pertumbuhan produk domestik bruto (PDB) untuk paruh pertama tahun 2013 adalah US4 triliun, peningkatan 7,6 tahun dari tahun ke tahun. Ekonom senior Bloomberg Michael McDonough benar meramalkan bahwa pemerintah akan mentolerir pertumbuhan yang jauh lebih lambat pada paruh kedua tahun 2013, karena strateginya bergeser ke pertumbuhan jangka panjang yang lebih berkelanjutan (Zheng, 2013). TABEL 1. PDB menurut negara, 2012. Sebuah pertumbuhan yang diprakirakan 7,6 mungkin tampak rendah dibandingkan dengan pertumbuhan dua digit selama tiga dekade terakhir, namun masih cukup iri bila dibandingkan dengan tingkat pertumbuhan di Eropa A. S., dan Jepang. Tingkat pertumbuhan yang diprediksi tentu sangat terhormat bagi ekonomi terbesar kedua dunia, dengan PDB lebih dari 8 triliun (tabel 2). Beberapa analis memprediksi bahwa China akan menyalip AS sebagai ekonomi utama dunia pada tahun 2020 dan 2030 (Shamim, 2010), sementara Dana Moneter Internasional (IMF) memperkirakan hal ini akan terjadi sebelum tahun 2020. Jangka waktu pada akhirnya bergantung pada pertumbuhan di masa depan. Rate, yang diprediksi akan melambat. TABEL 2. Pertumbuhan ekonomi China, 1979-2012 Data disusun dari World Bank (2013) dan Gemmological Association of China (2013). PDB (triliun dolar AS) PDB per kapita (yuan) Pendapatan discretionary per kapita (yuan) Gambar 3. China adalah produsen terkemuka duniarsquos secara keseluruhan, sekaligus sebagai penghasil perhiasan terbesar. Di pabrik mutakhir di provinsi Guangdong ini, para pekerja menciptakan berbagai macam perhiasan. Foto oleh Eric Welch milik Chow Tai Fook. Manufaktur. China menjadi ekonomi manufaktur terbesar di dunia (gambar 3) pada tahun 2010 dan pada tahun 2012 melebarkan keunggulannya di atas A. S. dengan 2,9 triliun barang manufaktur setiap tahunnya, dibandingkan dengan 2,43 triliun dari A. S. (Sims, 2013). Faktor utama di balik ini adalah kenaikan Chinarsquos dalam konsumsi domestik (Chen, 2013). Gambar 4. Kota-kota lapis pertama seperti Guangzhou telah menjadi pendorong pertumbuhan ekonomi Chinarsquos. Menara televisi di sebelah Sungai Mutiara merupakan simbol kekayaan Guangzhoursquos. Foto oleh Eric Welch. Pusat Perkotaan Kota-kota di Cina umumnya terbagi menjadi empat tingkatan. First-tier cities (figure 4) are the most developed and cosmopolitan urban centers these include Shanghai, Beijing, Shenzhen, and Guangzhou. The other tiers represent cities with less wealth, lower wages, less discretionary income, less infrastructure, fewer amenities, and fewer resources. Unofficially, there are 59 cities in the second tier, 92 in the third, and 105 in the fourth (Schuster, 2012). Second-tier cities are rapidly developing into commercial centers, and this is reshaping the countryrsquos commercial, industrial, and regulatory landscape (Schuster, 2012). With rising costs of labor and land in first-tier cities, manufacturing has moved into second-tier cities and continued into the lower tiers. Government reforms have helped fuel this development. As jobs are created and more resources are allocated into these emerging cities, consumer wages increase, discretionary income rises, and greater discretionary spending occurs. A sizeable portion of this discretionary spending goes to jewelry. Major retailers such as Chow Tai Fook and Chow Sang Sang have recognized the potential of these lower-tier cities for years, aggressively moving manufacturing efforts into these areas. Special Administrative Regions. Hong Kong and Macau are the only Special Administrative Regions (SARs) of the Peoplersquos Republic of China. Hong Kong was formerly a British colony, while Macau was a Portuguese colony. They were transferred to China in 1997 and 1999, respectively, under the ldquoone China, two systemsrdquo policy. By virtue of their SAR status, Hong Kong and Macau enjoy a high degree of autonomy. While economic studies frequently separate China and Hong Kong, it is important to consider them as one country. The business relationship between the two was established before the change in sovereignty in 1997, especially after the significant economic reforms China instituted in the late 1970s. Many Hong Kongndashbased businesses set up facilities in mainland China, some right across the border in Shenzhen, to capitalize on less-expensive labor (figure 5). Figure 5. Hong Kongndashbased businesses have helped turn the Guangdong province into a major global manufacturing center. This jewelry factory uses modern manufacturing techniques such as wax models and casting. Photo by Eric Welch courtesy of Chow Tai Fook. The advantage of combining low-cost labor and free trade was heightened by the formation of special economic zones (SEZs) in mainland China shortly after the country opened up for trade in 1978. This move fostered free market activity and flexible economic policies, especially for manufacturing and export. The province of Guangdong, including Shenzhen and Panyu, has important SEZs for the diamond, gemstone, and jewelry industries. Many of the products manufactured in these zones are exported to the rest of the world through Hong Kong. Another major economic turning point was Chinarsquos 2001 acceptance into the World Trade Organization, which removed trade barriers and created a larger market for Chinese goods. Five-Year Plan. Since 1953, the government has issued a series of five-year plans outlining economic and social strategies. China is currently in its twelfth five-year plan, from 2011 to 2015. The 2011ndash2015 plan relies less on exports and more on domestic consumer spending to fuel growth. This most recent initiative emphasizes slower but more sustainable growth, and greater reliance on the domestic market. The current five-year plan (see KPMG China, 2011) outlined several key strategies that will influence the nationrsquos economy, including: Higher-quality growth: GDP growth goals have been reduced to around 7, with emphasis on curing problems related to earlier rapid growth, such as environmental issues, resource depletion, and excessive energy use. Development of lower-tier cities and the western regions: Shifting the emphasis from first-tier cities, primarily in coastal areas, to the less-developed cities and inland western regions has been successful. Transition from an export-driven economy to a domestic market economy: The current plan reinforces the need to move from reliance on exports for growth to an emphasis on further expanding the Chinese consumer market. Increasing urbanization from 47.6 to 61.6: Much of this increase will consist of migration from rural areas to the lower-tier cities. Discretionary Income. Between 2000 and 2011, approximately 230 million people moved to Chinese cities, in what some have considered the greatest urbanization in history (Rare Investment, 2013). The average disposable income of urban residents was expected to rise 13 annually between 2012 and 2047. According to Chinarsquos National Bureau of Statistics, the consumption of discretionary goods is expected to grow at a compounded annual rate of 13 between 2010 and 2020 (Barton et al, 2013). The growth rate of discretionary income has been consistently below the GDP growth rate (figure 6).Figure 6. In China, discretionary income has lagged behind GDP. Data from the World Bank and Chinese Jewelry Industry Year Book. According to Chinarsquos National Bureau of Statistics, the gain in household disposable income has been most prominent among the highest earners, followed by the high-income and upper-middle-class segments, registering compound annual growth rates of 14.5, 12.8, and 12.1, respectively. Members of these classes are the biggest spenders on luxury goods and often have a voracious appetite for the finer things (Fung Business Intelligence Centre, 2013). It is clear that the percentage of discretionary income for higher-income groups has been consistently rising at a faster rate. Demographics. The key to future growth in China is domestic consumption. The creation of a vast middle class has fueled the rapidly increasing consumption of goods and services. Chinarsquos middle class is projected to expand from approximately 225 million in 2012 to 330 million by 2025 (Schuster, 2012). Percentagewise, the most dramatic increase of the middle class is expected to occur in the second - and third-tier cities farther inland (Barton et al. 2013). Chinarsquos new middle class can also be segregated by age. The average age of individuals with net worth of more than 10 million yuan is 39. Among those with net worth above 100 million yuan, the average age is 41 (Fung Business Intelligence Centre, 2013). Chinarsquos Generation 2 (G2) consists of some 200 million youths in their teens and early twenties born since the mid-1980s. This demographic represents about 15 of urban consumers (Barton et al. 2013). By 2022, the G2 segment is expected to be three times larger than the U. S. baby-boomer population, and should make up 35 of the domestic consumer market (Barton et al. 2013). Members of this younger generation have a more Western outlook toward consumption. They are confident of their own financial prospects, loyal to brands, willing to try new products, and comfortable shopping on the Internet (figure 7). Figure 7. So-called Generation 2 shoppers in their teens and early twenties are an important new class of consumers in China. Their attitudes toward shopping, reflected in this survey of 10,000 Chinese consumers, may alter the way products are marketed and sold. Adapted from Barton et al. (2013), courtesy of McKinsey amp Company. The increase in Chinarsquos middle-class population will inevitably lead to greater domestic consumption. In 2002, 40 of Chinarsquos still relatively small middle class lived in four cities: Beijing, Shanghai, Guangzhou, and Shenzhen. By 2022, that percentage is expected to drop to 16 due to the faster middle-class growth of cities in the north and west, especially third-tier cities (Barton et al. 2013). When the predicted increase in the upper middle class is charted alongside the projected increase in private consumption, the importance of middle-class purchasing power becomes obvious (figure 8). Figure 8. Comparing the inland cities along the middle and lower Yangtze River with the coastal cities, differences in consumer attitudes become evident. Adapted from Atsmon et al. (2012), courtesy of McKinsey amp Company. According to the global consulting firm McKinsey amp Co. and as shown in figure 9, the most important population sector for domestic consumption is the upper middle class (Barton, 2013). The report defines upper middle class as Chinese citizens with an annual income of 60,000 to 106,000 yuan. The same study estimates that by 2022, the upper middle class will account for 56 of urban household consumption. Like their affluent and ultra-wealthy counterparts, upper-middle-class consumers are contributing to the growth of the luxury products market, which has increased 16ndash20 annually over the last several years (Barton et al. 2013). By 2015, Chinese customers will account for over one-third of global spending on jewelry and other luxury items, both in their domestic market and outside China. Figure 9. The magnitude of Chinarsquos middle-class growth is transforming the nation by fueling domestic consumption and growth. Adapted from Barton et al. (2013) courtesy of McKinsey amp Company. The upper middle class are the most Westernized of all Chinese consumers. They show a willingness to try new products, and tend to regard expensive products as intrinsically superior. Chinarsquos growing middle class also regards discretionary spending on luxury products as an essential element of social status. Another demographic aspect to Chinese consumption is the increasing contribution by women to household income. By 2009, women provided 50 of household income (Shaun Rein, pers. comm. 2013), while three-quarters of Chinese women say they control the family finances (Georgette Tan, pers. comm. 2013). Figure 10. Private consumption, the leading contributor to Chinarsquos economic growth, is expected to overtake investment as the main percentage of Chinese GDP growth. Adapted from Woetzel et al. (2012), courtesy of McKinsey amp Company. Domestic Consumption. China market analysts predict a shift in the percentage of income used for investment versus consumption (figure 10). In the period from 2000 to 2010, investment comprised 53 of GDP growth, while the rate of private consumption was 27. These percentages are expected to change dramatically between 2020 and 2030, with 34 of money invested and 51 used for private consumption (Woetzel et al. 2012). The government expects wages to at least keep pace with, if not surpass, GDP growth. In the first half of 2012, four-fifths of Chinarsquos administrative districts raised the minimum wage by 19.7 (Woetzel et al. 2012). While rising labor costs create challenges for global competitiveness in manufacturing, the direction is clear, and the growth of Chinese domestic buying power and consumerism is almost certain. Figure 11. Many Chinese consumers trust the quality of well-known, higher-priced brands. Adapted from Atsmon et al. (2011) courtesy of McKinsey amp Company. A 2011 survey by McKinsey (Atsmon et al. 2011) revealed several illuminating facts: Chinese consumers are often quick to adopt new and unfamiliar products. Brand awareness is rising, but not brand loyalty. In China, brands must earn trust. The study found that Chinese consumers are not blindly brand loyal and are willing to change brands if another earns their trustmdashmore so than in the West. Most Chinese consumers choose from several favorite brands. Price also exerts a strong influence (figure 11). Chinese shoppers do not necessarily buy lower-priced items, but they do consider the value for the price. The popularity of social media is growing at an amazing rate. By mid-2011, 195 million Chinese people used Sina Weibo, the microblogging equivalent of Twitter. That was triple the number from just six months earlier. The instant messaging tool WeChat (also known as Weixin in Chinese) launched in early 2010 and is growing even faster. CNN reported that WeChat registered 100 million users in its first 15 months and had 271.9 million active daily users in September 2013 (Skuse, 2014). Now people can even buy and sell goods on WeChat, similar to eBay. Emotional considerations are important in brand choice and purchases among higher-income consumers (though still below U. S. levels) during 2011, and this trend is expected to continue to rise. Despite the economic challenges faced in 2011, Chinese consumers are becoming more confident about their economic prospects. The same McKinsey survey provided useful suggestions for companies wanting to capitalize on growth and opportunity in China in the future. Prioritize growth opportunities. While many companies focus on first-tier cities, approximately 60 of consumer goods in urban China are purchased in lower-tier cities. Tailor marketing strategies to capture growth opportunities. Regional preferences and differences in disposable income dictate that a China-wide strategy will not work as well as one that is optimized for different regions. Focus on perceived value, not price. Chinese consumers seem particularly sensitive to price. Yet low prices are often associated with low quality, and getting good value for the money is the key consideration. Build mass appeal and meet the needs of specific consumer groups. As Chinese consumers become more discerning, products must be targeted to certain types of shoppers. Companies that market a variety of product lines to specific consumer groups may be well poised in the coming years. Modernize marketing tools. Though expensive, traditional mass-media advertising, such as television commercials, are highly effective in China. Internet commerce and social media gained acceptance more slowly in China than in the West, but the last few years have seen an extraordinary rise in online retail sales and in small businesses using social media. More attention to Internet marketing has the potential to facilitate greater growth. Import and Export. China ranks 96th out of 189 countries worldwide for ease of doing business (World Bank, 2013) in comparison, the U. S. is 4th and India 134th. Chinarsquos standing does not tell the whole story, however. Many businesses, including foreign ones, are opening up in China because of the tremendous growth potential there. Additionally, Hong Kong, which has its own business regulations as a Special Administrative Region, ranks second in the World Bankrsquos report, and much of Chinarsquos trading is done through this free-trade zone. As previously noted, many companies originally based in Hong Kong have moved into mainland China, in part because of the low-cost manufacturing and export, but also to reach the domestic consumer market. China is the worldrsquos second-largest exporter, just behind the European Union (Central Intelligence Agency, 2013). China is also the third-largest importer of goods, trailing only the European Union and the United States. These statistics demonstrate Chinarsquos important role in the global economy. Luxury Products. Greater China, including Hong Kong and Macau, is the worldrsquos second-largest consumer of luxury products. Chinese consumers purchase half of all luxury products in Asia and one-third of those in Europe (Bain amp Company, 2012). The rising rate of luxury purchases in the U. S. is partly due to Chinese tourism. Predictions indicate that the Chinese market will mature but continue to grow both at home and globally, as Chinese tourists travel abroad to shopping destinations such as Paris, New York, and Hawaii. Chinarsquos slowdown in luxury spending growth in 2012 was partly due to increased luxury shopping overseas by Chinese tourists, along with the economic recovery. Chinese trade members interviewed for this article also cited new regulations, brought on by negative publicity, that have discouraged government officials from flaunting lavish luxury gifts. Meanwhile, Chinese consumers are becoming more sophisticated in their shopping habits, moving away from purchasing only brands with well-known logos and toward quality and value in luxury products (Bain amp Company, 2012). Even though status symbols remain an important part of the Chinese luxury market, brands that can also demonstrate value are more likely to thrive. Shoppers in first - and second-tier cities are not purchasing goods based on conspicuous branding alone. They are also looking for quality, value, uniqueness, and a low-key statement. Consumers in third - and fourth-tier cities, who tend to be less sophisticated in their shopping, still seek brands with conspicuous logos (figure 12). Yet the cultural heritage of a brand is becoming a more important consideration than just the logo (Fung Business Intelligence Centre, 2013). Figure 12. Consumers in third - and fourth-tier Chinese cities are much more likely to buy luxury products with conspicuous logos than shoppers in first - and second-tier cities. Adapted from Bain amp Company (2012). Chinese luxury brand shoppers are shifting from predominantly older businessmen to younger shoppers and women (Bain amp Company, 2012). Sixty percent of Chinese luxury consumers are between 20 and 39 years of age, compared to only 38 in Western Europe (Fung Business Intelligence Centre, 2013). Only 7 of Chinese luxury consumers are over the age of 60, as opposed to 21 in Western Europe (Hurun, 2013). Notably, 40 of the 102 million Chinese people with personal wealth above 10 million yuan are women. Affluent womenrsquos spending on luxury goods increased from 25 in 2010 to 46 in 2012 (Lui et al. 2012). Internet Retail . E-commerce in China has grown tremendously in the last few years, including sales of clothing, electronics, and gems and jewelry. Individuals in third - and fourth-tier cities actually spend a higher percentage of disposable income shopping online than first - and second-tier residents (Dobbs et al. 2013). Jewelry companies like Zbird, a pioneer in Chinarsquos Internet diamond jewelry sales, have spent years building customer confidence in online purchases. Several Western luxury jewelry retailers, including Cartier, Bulgari, and Tiffany, rank among the most followed luxury brands on social media (figure 13). Figure 13. Several Western jewelry brands are among the luxury brands most followed on Weibo. Adapted from Fung Business Intelligence Centre (2013). Chinarsquos phenomenal growth in e-commerce was demonstrated in late 2013, on the unofficial holiday known as Singlesrsquo Day. The event falls on November 11, with the calendar date of 1111 representing unmarried people. For years, Singlesrsquo Day was a social occasion for Chinarsquos large bachelor population. In 2008, the Chinese e-commerce giant Alibaba began promoting Singlesrsquo Day as an e-commerce event. (Two of Alibabarsquos sites, Taobao and Tmall, have a transaction volume larger than that of Amazon and eBay combined.) Most other Chinese e-commerce sites quickly followed suit, offering deals on all types of consumer goods. All told, Singlesrsquo Day 2013 brought in more than US5.75 billion, making it the biggest one-day e-commerce event of all time, well surpassing Cyber Monday 2012 in the United States (Wang and Pfanner, 2013). Alibaba alone reported 402 million unique visitors to its sites on Singlesrsquo Day 2013, and prepared 152 million parcels for shipping. The gem and jewelry industry played a role in this success. In one instance, a woman from Zhejiang province purchased a 13.33 ct diamond costing 3.37 million (Wang and Pfanner, 2013). THE CHINESE GEM AND JEWELRY INDUSTRY Historical Perspective. Jewelry has a well-established history in China, where gold and silver have been used for decorative purposes for at least 3,000 years. Based on archaeological evidence, the Chinese began using jade even earlier, during the New Stone Age (Zhang, 2006). With the development of manufacturing techniques, precious metal decoration evolved from the simple gold sheet and leaves discovered in tombs dating from the Shang dynasty (circa 1700ndash1100 BC) to the delicate jewelries embedded with local and Western elements in the Han and Tang dynasties (265ndash907). Precious metal art reached its peak during the Ming and Qing dynasties (1368ndash1912), with luxury gold and silver practical wares and jewelries made for the royal families (figure 14) still in existence. Figure 14. These 24K gold fingernail protectors are replicas of the versions made for the royal family during the Qing dynasty. Photo by Eric Welch courtesy of Zhaoyi and Bai JingYi. Before jadeite was imported from Burma, early in the Qing dynasty, references to ldquojaderdquo in Chinese records signified nephrite. Owing to its special color, luster, and structure, nephrite was thought to represent the conservative character of Chinarsquos culture and the spirit of its people. Originally used for tools and sacrificial vessels, jade gradually became the stone of choice for practical wares, jewelry, and carvings. The Qing emperorsrsquo love of jadeite influenced its prominence. Historically, jadeite has been imported from Burma in two ways: through the boundary between the two countries in southwestern China, and through the port at Guangzhou, which became the capital of the jadeite trade. From 1873 to 1878, an average of 200 tons of jadeite was imported yearly through Guangzhou (Li, 2013). Today, the famous jadeite manufacturing and trade centers of Guangzhou, Jieyang, Sihui, and Pingzhou are still very active. The Modern Jewelry Industry. Throughout Chinarsquos history, small-scale manufacturers, along with royal studios and workshops, dominated the market. Once the emperor commissioned a workshop to manufacture an item, the products were hallmarked and could not be traded by private parties. The strict enforcement of this rule on trading delayed the development of the jewelry industry in China. The modern Chinese jewelry industry began with the rise of Yinlou, private businesses that acted as precious metal manufacturers and dealers, from the end of the Qing Dynasty until the formation of the Peoplersquos Republic of China in 1949. Most of the Yinlou (which translates to ldquosilver mansionrdquo in English) also served as pawn shops. The British victory in the First Opium War (1840ndash1842) paved the way for the opening of the lucrative Chinese market and society as a whole, which triggered the development of modern industry in China. With access to the breakthroughs of the Westrsquos Industrial Revolution (circa 1760ndash1840), the Chinese started to form modern factories and businesses. Unlike the workshops and the royal manufacturers that were the norm before the Opium War, the Yinlou were backed by private investors and operated on a larger scale. There was even a professional guild to represent all these businesses in their dealings with other industries and the government. Figure 15. Lao Feng Xiang, one of the original Yinlou businesses, formed in 1848. This undated photo shows their original Shanghai location. Photo courtesy of Lao Feng Xiang Co. Ltd. By the end of the Qing dynasty in the early 20th century, many of these businesses had established reputations and become leaders in the industry. In Shanghai, nine respected Yinlou formed a jewelry industry association in 1896. Since then, precious metal trading in Shanghai has been self-regulated (Sun and Nie, 2008). Among the original nine companies, Lao Feng Xiang (figure 15) may be the most famous. Formed in 1848, it operated three chain stores in Shanghai until 1949. In 1952, the Communist government bought the stores, and it remains a state-owned business. After numerous ups and downs, Lao Feng Xiang is presently thriving as Chinarsquos second-largest jewelry retailer after Chow Tai Fook, with over 2,300 retail outlets all over the country. Other Yinlou companies were located along Chinarsquos east coast. Although nearly all of them disappeared during the Sino-Japanese War (1937ndash1945) and the Cultural Revolution, some survived and are trying to revitalize their business in the current jewelry market. Yinlou helped set the stage for the modern Chinese industry. PostndashCultural Revolution. After years of war, followed by the Cultural Revolution from 1966 to 1976, China finally had the opportunity to modernize its economy. When we talk about this new era of the Chinese jewelry industry, these 30 years can be roughly divided into four stages. Recovery Period (1976ndash1989). During the Cultural Revolution, a turbulent period when communism was strictly enforced, jewelry and other luxury products were taken off the market. In 1982, the political constraints imposed on the jewelry industry were finally removed. In 1986, the government released 100 tons of gold to the market for jewelry manufacturing. Following this, the jewelry industry became independent again after nearly 30 years of state control (Zhang, 2008). New jewelry companies and old brands worked to build their businesses, but sales were severely confined by Chinarsquos underdeveloped economy and lack of discretionary income among its citizens. Statistics show that in 1980 there were only 10 gold jewelry manufacturers in the entire country, employing about 10,000 workers (Zhang, 2008). Most stores at this time only carried fine gold jewelry. Consumers had almost no jewelry knowledge, so most purchased whatever was available, simply as a hedge against inflation. With a limited amount of gold circulating in the market, supply often could not satisfy consumer demand. Retailers were primarily state-owned department stores, and privately owned companies were rare (Qiu et al. 2002). Dynamic Growth (1990ndash2000). The Chinese jewelry industry experienced a dramatic upswing in the last decade of the 20th century. In the early 1990s, many state-owned jewelry companies formed. With money to invest in human resources and technology, these businesses started to collaborate with foreign companies and large, state-owned department stores. Some foreign jewelry companies entered the Chinese market for the first time, with De Beers forming its first Chinese diamond promotion center in Shanghai. The four most successful Hong Kong jewelry brands (Chow Tai Fook, Chow Seng Seng, Tse Sui Luen, and Luk Fook) entered the mainland market as well (figure 16). By the end of the 1990s, there were about 20,000 jewelry businesses and three million workers involved in the jewelry industry (Gemmological Association of China, 2013). In 1990, gross jewelry sales were about 2 billion yuan (US300 million). By the year 2000, this number climbed to 89 billion yuan (US15 billion) (China Economic Net, 2012). The largest growth in the Chinese jewelry industry happened in the 1990s (table 3), and most of todayrsquos companies were formed during this decade. Figure 16. Chow Tai Fook retail stores are now commonplace in Chinarsquos urban centers. Photo by Eric Welch. TABLE 3. Jewelry sales in China, 1990-2012. With the presence of De Beers, Chinese consumers began to feel more comfortable purchasing diamonds. Some consumers actually paid too much attention to the quality of diamonds. For instance, some customers purchasing a 10-point diamond would insist on G color and VVS clarity (Qiu et al. 2002). Medium - and low-quality corundum were also imported from global sources and trading centers. Jewelry featuring mounted gemstones found a market, but jewelry clientele still knew little about gems. Platinum made its greatest advance in the 1990s. In 1994, Chinarsquos platinum consumption comprised only 1 of the world market. In 1998, this figure rose to 23, with China ranking second in world platinum consumption (Zhang, 2008). Through the 1990s and into the 21st century, the state-owned department stores were still the main jewelry-selling channel. Some department stores thrived after they start focusing on jewelry sales Beijingrsquos Cai Shi Kou store is one famous example. Though no longer a department store, from 1989 to 2012 it was ranked Beijingrsquos top gold jewelry seller every year. It now markets its own jewelry brand. Guo Hua, also in Beijing, is another success story. After following a path similar to Cai Shi Koursquos, it is now Beijingrsquos leading platinum jewelry seller. Figure 17. The gold market has seen tremendous growth in China since the 1990s. Photo by Andrew Lucas courtesy of Bartar Jewellery Co. Ltd. Steady Growth (2000ndash2008). In the 21st century, Chinarsquos domestic jewelry industry entered a steady growth period. In 2001, the country was the worldrsquos leading consumer of platinum. In 2007, its gold consumption reached 363 tons (figure 17), second only to Indiarsquos (Zhang, 2008). As a result of this growth, both the jewelry market and consumers matured. The focus of the industry shifted from quantity to quality. Companies that could not compete went out of business. By 2000, jewelers realized the importance of branding and started promoting products by emphasizing cultural and historical significance rather than simply lowering prices. Consumers started to pay attention to design rather than just focusing on the value of the materials being used. A New Start (2008ndashPresent). The 2008 Summer Olympics in Beijing (figure 18) helped shed light on Chinese society, opening the country even more to the rest of the world. Meanwhile, Chinese tourism abroad has increased, the GDP per capita has risen, and more income is being spent on luxury goods. Figure 18. The 2008 Summer Olympics in Beijing marked another milestone for Chinarsquos emergence as a global leader. The state-of-the-art Beijing National Stadium, also known as the ldquoBirdrsquos Nest, rdquo served as a symbol of these Olympics. Photo copy iStockphoto. While the global economy experienced a severe shock with the recession of 2008ndash2009, the Chinese jewelry industry slowed only slightly. Trade officials note that with the rise in discretionary income in the early 2000s, jewelry became the third-largest investment purchase, after real estate and automobiles. In 2009, more than 11 million couples got married in China, a number that is expected to rise through 2019 (China Economic Net, 2012). A survey by the Shanghai Diamond Exchange indicated that 8 out of every 10 new couples from first-tier cities such as Beijing, Guangzhou, and Shanghai were willing to purchase diamond wedding rings. The Platinum Guild International (PGI) surveyed eight major Chinese cities and found that 84 of prospective brides desired platinum wedding rings (Wen, 2012). And a recent online survey conducted in Shanghai showed that 50 of new couples spent 15,000ndash20,000 yuan (US2,500ndash3,000) on wedding jewelry (Lin, 2012). Todayrsquos consumers know far more about the products they purchase than ever before. This is partially due to better disclosure from sellers and easy access to product knowledge through different channels, especially online resources. Many diamond consumers already know exactly what they want before they step inside a jewelry store or place an online order. As Chinese jewelry shoppers have become better educated, they have cultivated more of an appreciation for design, including Western and innovative Chinese styles. In 2013, several Chinese designers conveyed to the authors these changes in their customersrsquo buying habits. Rather than thinking only in terms of the value of the materials, Chinese jewelry consumers increasingly think in terms of design, value, and the quality of the piece as a whole. Whereas haute couture was very rare in China only five years ago, nearly every mainstream jewelry company now offers luxury products and services. Some designers focus exclusively on custom haute couture jewelry for high-end clientele. ECONOMIC FACTORS For any business in China to prosper, it needs the support of government at all levels. Similarly, the governmentrsquos fiscal policies can benefit both the individual company and the entire industry. Upon opening the country to trade after 1978, the central government enacted major reforms to catch up with other global economies. Additional reforms, such as anti-corruption measures and environmental protection, are necessary to continue this development. Tax Reform. Since 1978, China has transformed its tax system several times to adapt to its own rapid economic development. A large-scale transformation of the socialist economy occurred in 1994, with a shift toward free-market policies. Since 2003, China has implemented a series of reforms primarily related to income, property, and export taxes. As of 2012, there were 25 tax categories in China. The central government relies heavily on consumption-based taxes, which are less damaging to individual savings than traditional income taxes (Institute for Research on the Economics of Taxation, 2010). Legislative power over tax laws in China is highly centralized. Only the state council can create and reform national tax laws or policies. Tax collecting responsibilities belong to the State Administration of Taxation. Local governments can slightly adjust some tax rates under certain circumstances, but in general, the power of local government to add or remove taxes, or change major tax rates, is very limited. Unlike the U. S. China relies more on consumption taxes than income taxes. Value-added tax (VAT) is a large portion of the taxes that an enterprise or individual pays this applies to jewelry companies as well. According to the State Administration of Taxation website, there are two basic rates: 13 and 17. While exporting certain jewelry industry products, such as colored gemstones, to China can be challenging for foreign companies, gold and diamonds have exchanges in China that have clarified and simplified importations. Figure 19. Establishing the Shanghai Gold Exchange was an instrumental development in opening up Chinarsquos gold market for investment and jewelry use. Photo courtesy of China Gems magazine. Gold Exchange. The Shanghai Gold Exchange (SGE), founded by the Peoplersquos Bank of China in October 2002, is a nonprofit organization that regulates gold transactions domestically (figure 19). It provides facilities and supervision for gold transactions, sets precious metal prices domestically, and connects the Chinese and international markets. The SGE also works with testing institutions to conduct qualification examinations for gold quality standards. Several events led up to the formation of the Exchange. In 2000, the government developed a five-year economic plan that included an open gold market (Skoyles, 2013a). A year later, the Peoplersquos Bank of China eliminated its monopoly of the nationrsquos gold market. Shortly thereafter, gold price quotes were released on a weekly basis, allowing for adjustments to the gold spot price to reflect free market prices. This effectively paved the way for the SGE (Skoyles, 2013a). As a result, the price of gold in China is based on the open international market. In 2011 alone, over one million gold savings accounts were opened at ICBC, Chinarsquos largest bank, as well as 14.4 million gold futures contracts on the Shanghai Gold Futures Exchange. Jewelry remained Chinarsquos largest gold demand, with a growth in 2011 of 27.87, 5.45 times higher than the rate for 2010 (Shanghai Gold Exchange, 2011). Much of this sharp rise was attributed to an increase in personal income and the need for a hedge against inflation the latter drove investors to buy when prices were rising instead of falling. By 2012, Chinarsquos total gold consumption reached 832.18 tons (figure 20), and the SGE had become the worldrsquos largest physical gold exchange. Figure 20. China has seen a steady increase in gold consumption. Adapted from Sina Corporation (2013). In the first six months of 2013, the SGE supplied 1,098 tons of gold to China for domestic consumption, totaling more than 25 of global supply (Skoyles, 2013a). SGE has 41 warehouses in 34 Chinese cities to facilitate stocking and delivery of gold. Gold is physically delivered to members three days after a deal is completed. Figure 21. The China Diamond Exchange Center houses the Shanghai Diamond Exchange, one of the worldrsquos most important diamond bourses. All legal diamond imports enter China through this building. The exchange is a one-stop shop for all Chinese diamond importation needs. Photo courtesy of China Diamond Exchange Center. Diamond Exchange. In October 2000, the Shanghai Diamond Exchange (SDE) was established. Housed in the China Diamond Exchange Center (figure 21), the SDE is often referred to by that name. Prior to that, taxationmdashincluding tariffs, VAT, and sales tax on diamond importsmdashwas very high, around 35 to 40. Thanks to the work of the Exchange, diamond taxation policy is now very favorable (table 4). While all goods imported into China are charged a 17 VAT, 13 is refunded for polished diamonds, leaving the net VAT on diamond at 4. If the rough is polished in China and then sold in the domestic market, VAT is applied, the same as any polished diamond imported into China. If the rough is polished in China and returned to the country of export, then no VAT is applied. These reforms were instrumental in curbing the smuggling of diamonds into the country to avoid taxation. TABLE 4. China39s diamond taxation policy. The China Diamond Exchange Center is home to a grading and identification lab, diamond dealers, government agencies, and shipping services. It is the central location for all of Chinarsquos diamond imports and exports. The Diamond Exchange handles all import and export of loose diamonds under normal trade, but not diamond jewelry. The Exchange joined the World Federation of Diamond Bourses in 2004 and hosted the 33rd World Diamond Conference in Shanghai in 2008. The Chinese diamond industry has benefited greatly from the Diamond Exchange. Before its formation, the official value of diamond imports was about US1 million annually. By 2011, diamond import value had reached over US5 billion annually, of which around 2 billion was imported solely into mainland China (figure 22). According to the Diamond Exchange, imports dropped by 10 in 2012 due to worldwide economic conditions, but indications pointed to a higher value for 2013. Figure 22. The growth rate of diamond imports into China has far exceeded other major world markets. Adapted from the China Diamond Exchange Center Compendium (2013). The China Diamond Exchange Center is the only legal processing area for diamond import and export. Set up by the central government, its mission is to make trade more convenient by simplifying diamond import and export procedures. According to Chinese law, all imported diamonds must be received at the Exchange to begin the taxation process (figure 23). These imports must be declared and sealed by Chinese customs or else they are considered illegally smuggled. The diamonds are unsealed, inspected, and assessed by an expert at the Exchange before taxation is imposed. Figure 23. Taxes are collected on diamonds once they leave the Exchange to enter the Chinese domestic market. Adapted from the Diamond Administration of China (2007). Likewise, imported rough diamonds must be inspected before entering China. Kimberley Process certificates must accompany these diamonds, and a special department in the CDEC is set up for inspecting and registering the certificates. Once the certificates pass inspection, the rough can be sold in the domestic market. After serving as vice chair country of the Kimberley Process for 2013, China became the chair country for 2014, with an officer from Chinarsquos National Bureau of Quality Inspection assuming the chairmanship. The China Diamond Exchange Center is a completely open platform that welcomes diamond dealers from all over the world. It has more than 350 members, of which 67 are from Israel, Belgium, the United Kingdom, France, the United States, Japan, Africa, and other overseas locations. There are 114 member diamond companies from mainland China, 62 from Hong Kong, 50 from India, 32 from Israel, and 23 from Belgium the remaining 69 are from other countries. Diamond Administration Center of China. The Diamond Administration Center of China (DAC) was established in April 2000. It is authorized by the Ministry of Commerce to supervise the Diamond Exchange. The DAC and other government organizations jointly control everyday diamond imports and exports across the country, as well as trade within the China Diamond Exchange Center. Functions of the DAC include administration and statistical analysis of national diamond imports and exports, examination and verification that transactions meet the requirements of the Diamond Exchange, and supervision of the Diamond Exchangersquos operations. The DAC also coordinates with other government officials within the Exchange, approves and oversees the activities of foreign-invested diamond countries within China, participates in the creation of diamond importexport policies, and provides services to the Diamond Exchange and domestic and foreign diamond companies. Colored Stones. Unlike diamonds and gold, which are traded in their own exchange centers with special tax policies, colored stones and colored stone jewelry are taxed at the same rate as other luxury goods. Because China does not have rich colored stone resources, this market depends mainly on imported goods. Tariff, VAT, and consumption tax are collected by the central government, while the local government collects business taxes. The customs tariff of imported colored stones is 8, and retailers or wholesalers pay an additional 10 business tax. The VAT of mounted colored stone jewelry is an unusually high 17.5, while consumption tax is 5. In total, a jewelry retailer or wholesaler pays about 40 on colored stones, driving up prices for these products significantly. For example, a Cartier LOVE bracelet that sold in Hong Kong for 34,855 yuan (US6,000) in 2013 cost 47,300 yuan (US8,000) in nearby Shenzhen. This difference of about 35.7 is at least partially due to Chinarsquos high tax rate on colored stone jewelry (Fung Business Intelligence Centre, 2013). Taxes collected by the central government are related to different industries thus, it takes longer for changes to occur. There are still some special policies that can help to lower these tax rates. For example, the formation of the Diamond Exchange allowed all diamonds to be traded under special tax rates, which effectively lowered the taxes collected by the central government. A similar organization might help with the colored stone industry. Moreover, reciprocal import-export policies between China and other countries help to lower the tariff, as does the formation of some special trade zones in China. The hardest part to change is the VAT, because Chinarsquos central government is heavily reliant on this tax. To change it just for one industry is even harder (Qiu, 2013). Local taxes seem to have more flexibility than those collected by the central government, as they are more dependent on the attitude of the local government toward developing its jewelry industry. LAB STANDARDS Based on modern gemological knowledge, industry standards were created to standardize the gem and jewelry trade and protect consumers. Over the past 30 years, China formed a series of lab standards based on both Western examples and research by Chinese gemologists. The three most important are the Jewelry Industry Nomenclature Standard (GBT 16552-2010), the Gem Identification Standard (GBT 16553-2010), and the Diamond Grading Standard (GBT 16554-2010). These standards apply to all labs across the country. They were first published in 1996, and updated versions were issued in 2010 and applied to lab work effective February 2011 (ldquo2010 edition of the three. rdquo 2011). In addition, there are standards for precious metals. As the largest jadeite consumer in the world, China has sought a national standard on jadeite grading for years. It is a very difficult process, because jadeite has a wide range of appearances, including transparency, color zoning, and texture. Therefore, every piece is unique and evaluated largely on personal experience using trade jargon. In 2009, the General Administration of Quality Supervision, Inspection and Quarantine and the Standardization Administration published a national jadeite grading standard, GBT 23885-2009. This standard mainly deals with green jadeite (figure 24), but it can also be applied to transparent, lavender, and red-brown material. The four factors evaluated are color, transparency, texture, and clarity. Gemologists may also comment on the craftsmanship of a particular piece on the certificate. The current standard uses letters to represent different grades while also using the corresponding trade jargon, so that consumers and dealers alike can easily connect the lab report with their goods. The establishment of this standard was supported by both the NGTC lab and high-end jadeite dealers. Figure 24. The value of green jadeite has risen tremendously in China, and differences in qualities or grades can make large differences in price. Photo by Eric Welch courtesy of Zhaoyi. China is also the worldrsquos largest cultured pearl producer. In 2002, a grading standard (GBT 18781-2002) was published regulating the terminology, grading factors, analysis methods, and product labeling for both saltwater and freshwater cultured pearls. Some other colored stone varieties have a huge market in China, namely ruby, sapphire, rubellite, and more recently tanzanite. Consumers and gemologists expect more national standards to be issued and applied to identification and evaluation so they will be better guided in purchasing and certifying these gems. PROFESSIONAL EDUCATION AND TRAINING In 1980, only 20,000 people throughout China were involved in the jewelry industry. Thirty years later, more than three million are employed in this field. The structure of the jewelry training and education system changed over the same period. The jewelry industry requires workers skilled in mining, manufacturing, sales, and management. At the same time, gemology, design, and engineering experts are also needed for the development of this industry. Compared to many other countries, China has a very specialized jewelry training and education system (figure 25). There are two main components of this system. Figure 25. Gemological training has been critical to ensuring growth in the Chinese jewelry industry. Photo by Eric Welch, courtesy of Chow Tai Fook. Professional Training. Before any modern training organizations formed in China, knowledge was passed from master to apprentice. This system, which existed for thousands of years until the very recent reopening of the country, focused on one-on-one training. It was not efficient in training a large pool of workers. Modern certificate training programs, first established in the West, have been successful in this regard. China imported these foreign programs. In 1989, the China University of Geosciences in Wuhan formed a collaborative teaching center with the Gemmological Association of Great Britain to launch the first FGA program in Chinarsquos history. Fifteen students were enrolled in that program (Yang, 2013). After that, more foreign gemology and diamond certificate training programs were established in mainland China. For example, the Diamond High Council (HRD) opened an education center in Shanghai in 1993, followed by Gem-A in Wuhan a year later. The Gemological Institute of America taught its first Chinese graduate gemology courses in Beijing in 1998. Altogether, these accredited programs trained about 300 students every year (Yang, 2013). As more gemologists were trained, China started to develop its own certification programs. Different authorities, including universities, national gem and jewelry technology centers, and gemological societies, can all issue professional certifications. The China University of Geosciences in Wuhan, for instance, issues a certificate called the GIC about 4,000 people were enrolled in this program in 2012 (Yang, 2013). The training content in these courses includes gemology, manufacturing, design, sales, and management. Competition between education providers, both foreign and domestic, has led to the development of more specialized training programs. Many local labs offer high-end classes for management-level personnel from jewelry companies, banks, and insurance companies to help them better understand the trade and related investment options. Labs and associations at the national level also collaborate with sales experts from leading jewelry brands to offer sales and management classes for store personnel. Some jewelry advisors even offer one-to-one classes for high-end investors and collectors. Gemology Certificates and Degree Programs. Another distinguishing feature of the training system in China is its higher-education programs in gemology. Since the mid-1980s, some universities have offered gemology degrees, which are equivalent to an associatersquos degree in the United States. The Gemmological Institute at the China University of Geosciences in Wuhan, the first of its kind officially registered by the central government, was formed in 1992. In 1998, the Ministry of Education added gemology as a major in the nationrsquos universities (Yang, 2013), allowing students to pursue degrees up to and including doctorates. This academic major expanded to include jewelry design, jewelry manufacturing, and jewelry business management. In 2009, the Gemmological Institute in Wuhan became the first university to offer a masterrsquos-level program in jewelry design (Yang, 2013). To secure the talent needed to compete in the jewelry industry, many companies provide their employees with special training and higher salaries. The president of the Pingzhou Mazu jadeite company pointed out that many of his jadeite carvers earn salaries of more than one million yuan per year (US150,000). The factory leader from one major diamond-cutting factory in Guangdong province also noted that salaries there have increased by about 15 annually for several years. JEWELRY MANUFACTURING China, the worldrsquos foremost manufacturing center, is arguably the leading jewelry maker. Most of these operations are based in Guangdong province. Over 2,000 companies are located in Shenzhen, with an annual output of US8 billion. This is estimated at over 70 of Chinarsquos actual jewelry production (ldquoShenzhen steps up role. rdquo 2012). China is moving from a primarily low-cost manufacturing model to one with a highly skilled workforce and state-of-the-art technology such as laser sawing for diamonds, computer-aided diamond cut planning, highly precise robotic cutting for colored stones, and vacuum-casting in platinum. The industry is investing heavily in technology as well as staff skill level. Figure 26. Tremendous amounts of colored gemstone rough are required to fill the needs of the Chinese gemstone cutting and jewelry manufacturing industry. Photo by Andrew Lucas, courtesy of LJ International Inc. The Chinese jewelry manufacturing industry faces the challenges of rising costs, consumer sophistication, value chain complexity, and global economic uncertainty. One of the biggest obstacles is the supply of rough material. The Chinese manufacturing industry is already known for its appetite for rough colored stones (figure 26). During interviews at the 2013 Tucson gem shows, several U. S. dealers confirmed the difficulty of acquiring rough when trying to compete against China (Gemological Institute of America, 2013). Many dealers said they could not compete against the prices offered by Chinese cutting firms and jewelry manufacturers. To feed the growing demand for colored stones, China is making investments in African nations to secure a supply of raw materials. One of the largest investments has been in developing African infrastructure, a strategy outlined in five-year plans since 2001 (Ashok, 2013). Some of these African locales produce diamonds. Zimbabwe, potentially a major diamond producer, is one of the countries where Chinese goods, services, and capital have been traded for rough diamonds since 2011 (Ashok, 2013), and so far this strategy has been successful. Between 2006 and 2011, when there was a 3 fall in global rough supply, China posted a 20 increase in rough diamond imports by weight and a 55 increase by value (Ashok, 2013). Diamond sourcing will remain a challenge as the global competition for rough intensifies. China, once a primarily low-cost manufacturing center, faces the challenges of rising costs, greater consumer sophistication and demands, value chain complexity, and global economic uncertainty. The country now boasts a highly skilled workforce, state-of-the-art technology, and high-quality products, including gemstones and jewelry These factors will help address most manufacturing concerns. THE DOMESTIC GEM AND JEWELRY MARKET While China has been a leading force for manufacturing and exports in the global jewelry industry, the most anticipated development has been the growth of its domestic market. The rise in wages, though a competitive challenge for Chinarsquos manufacturing sector, has created great opportunities for its retail jewelry industry. Figure 27. Chinarsquos gross jewelry sales have grown impressively since 2005, with most years seeing double-digit growth. Data from China Economic Net (2012). Domestic Jewelry Market. China is now the second-largest jewelry market in the world. Although there have been boom years and slower years, the overall growth has been remarkable (figure 27). When gold prices plummeted in April 2013, Chinese consumers seized the opportunity to buy gold, including fine gold jewelry, at bargain prices. Retail sales for jewelry that month totaled 30.3 billion yuan (US5 billion), a 72.2 year-on-year growth (HKTDC Research, 2013). Figure 28. Chinarsquos jewelry consumption per capita, though low compared to other major consumer countries, is on the rise, signaling strong potential for future growth. Data from China Economic Net (2012). While the growth of domestic jewelry consumption in China has been impressive over the last few years, there is still room for advancement. Per capita jewelry consumption is still relatively low compared to many other global markets (figure 28). Since 2009, jewelry consumption in both China and the United States has risen significantly, with Chinarsquos consumption per capita more than doubling. Still, Michael Huang, managing director of the Diamond Index Group, noted that Chinarsquos jewelry consumption still lagged far behind the major developed countries (Krawitz, 2013). China now has an estimated jewelry consumption per capita of US44, compared to Japan at 91 and the U. S. at 242 (Krawitz, 2013). Figure 29. China consumes much of the worldrsquos gold, platinum, and diamond supply. Data adapted from ldquoDiamond giant De Beers. rdquo (2012) Johnson Matthey(2013) and China National Gold Group Corporation (2013). Gold Jewelry. As figure 29 demonstrates, fine gold jewelry is still a major seller in China. By 2012, China consumed 518.8 tons of gold jewelry and was the worldrsquos fastest-growing market for gold jewelry more than 75 of Chinese women in urban areas own a significant piece of gold jewelry (World Gold Council, 2013). Two-thirds of Chinese women regard gold jewelry as more of an investment than an adornment. Yet in 2013, some 6.6 million Chinese brides were expected to receive gold as part of their wedding ceremony (World Gold Council, 2013). Clearly, gold also holds an emotional and sentimental value in China. In the United States, diamond jewelry makes up a much higher percentage of overall jewelry consumption. But with the growth of the new consumer classes in China and the development of lower-tier cities, the domestic market for diamond and gemstone jewelry should continue to grow, with the market eventually becoming more diversified. This is already the case when one compares Chinarsquos proportion of jewelry consumption categories to those of India and the United States (figure 30). Figure 30. Chinarsquos jewelry market is more diversified than Indiarsquos, which is primarily focused on fine gold jewelry. Data from ldquo2012 import and export statistics of the Chinese jewelry industryrdquo (2013). Chinese consumers traditionally have a strong preference for 24K gold jewelry because of its intrinsic value and the cultural affinity for purity. 24K gold accounts for more than 80 of the gold jewelry sold there (World Gold Council, 2013). Gold has made inroads into the gem-set jewelry market, in both bridal and Western designer jewelry. In 2008, the World Gold Council collaborated with Chinese designers and manufacturers to create a line of 18K jewelry branded as K-Gold. This line was intended to inspire new designs and attract younger consumers seeking to combine tradition with innovation. The World Gold Council also launched advertising campaigns for two gold jewelry collections. These lines, the ldquoSign of Loverdquo and the ldquoCode of Love, rdquo capitalized on the tradition of gold jewelry as the first important gift in a romantic relationship. By 2013, China was on track to overtake India as the worldrsquos largest consumer of gold (World Gold Council, 2013). That year, David Lamb, global managing director of jewelry and marketing for the World Gold Council, noted in an interview on the organizationrsquos website that more jewelry stores are opening in second - and third-tier cities. This reflects the greater consumer demand as these cities undergo economic development. In the same interview, he also mentioned a renewed interest in pure gold jewelry, as opposed to 18K and other karat gold jewelry. Platinum Jewelry. China is the worldrsquos leading consumer of platinum, accounting for about 68 of the worldrsquos demand in 2012 according to Platinum Guild International. In a 2012 speech, Platinum Guild CEO James Courage noted that since 1997, PGI has invested US150 million into the Chinese market to promote the precious metal, an investment that has yielded a US4.3 billion net return to the platinum industry. Courage added that jewelry represented about 31 of worldwide platinum consumption. Platinum jewelry purchases in China rose in by 16 over 2011, with 1.95 million ounces of platinum consumed as jewelry (Johnson Matthey, 2013). In the Chinese market, women typically decide when to buy jewelry and what to purchase, whether it is a self-purchase or a romantic gift. Most of the platinum jewelry sold in China does not feature gems, but there has been an increasing trend to purchase it with gemstones, especially diamonds, for the bridal market. PGIrsquos market research shows that platinumrsquos natural white color and durability are seen as a fitting symbol for purity and a lifelong commitment in the Chinese bridal culture. (Stone Xu, pers. comm. 2013). Mr. Courage described visiting Chinese platinum jewelry factories that employed more than a thousand people and produced tons of jewelry (Johnson Matthey, 2013). Major jewelry manufacturers in China often have large showrooms where retailers come and select the merchandise they want to buy for their stores. In fact, the showrooms in China are larger than the authors have seen in any other country, with cases full of inventory and buyers purchasing by the kilo. This general observation also applies to platinum jewelry. Like other retail markets, China has seen a shift from stand-alone retail stores to jewelry sections in department stores and specialty malls for jewelry. This is especially true in the second - and third-tier cities. Department stores often showcase a variety of jewelry in high-traffic areas on the ground floor. According to PGI, platinum jewelry usually represents 10 to 20 of the entire jewelry inventory, a higher percentage than in other markets. Consumers in second - and third-tier cities often buy 24K gold jewelry but aspire to be like their first-tier counterparts. PGI reports that in a cosmopolitan city like Shanghai, 60 of the wedding rings purchased are platinum. As disposable income rises in lower-tier cities, PGI foresees a higher marriage rate and a higher percentage of platinum wedding rings. The same study notes that in larger cities, Chinese consumers are starting to adopt the Western trend of three-band wedding rings. This may also become the trend in second - and third-tier cities. Silver Jewelry. China is the worldrsquos largest silver jewelry manufacturer. While industrial applications accounted for more than half of Chinese silver fabrication at 56, jewelry fabrication accounted for 34 in 2011 (Silver Institute, 2012). Domestic consumption of silver jewelry rose dramatically as styles moved beyond the bulky traditional designs for weddings and birth celebrations. Younger Chinese consumers in first - and second-tier cities began to embrace silver jewelry after 2006, and most of the promotion has focused in these areas. Recently, consumers in rural areas have adopted silver jewelry as a lower-cost alternative to white gold and platinum. Rhodium-plated silver jewelry has also become popular, as it offers the look of platinum. Domestic manufacturers have been duplicating their gold jewelry lines in silver to provide lower-cost alternatives to a broad Chinese consumer market, especially entry-level customers. Diamond Jewelry. China is now the second-largest diamond market, after the United States. Over the course of five years, diamond jewelry has grown from about one-quarter of Chinarsquos total retail jewelry market to approximately one-third (ldquoAll that glitters. rdquo 2013). China is also expected to lead diamond jewelry market growth, along with India, in the global market (Bain amp Company, 2013). Much of this growth has come from accepting the Western tradition of giving diamond engagement rings and wedding rings. In China, there are an estimated 13 million brides per year (ldquoAll that glitters. rdquo 2013). There has been a steady shift from gold wedding bands to diamond rings. According to Stephane Lafay, Tiffanyrsquos head of Asia Pacific and Japan, the number of urban people in China buying diamond engagement rings has risen from less than 1 to over 50 in the last 20 years (ldquoAll that glitters. rdquo 2013). In turn, large Chinese jewelry companies that were built on 24K gold jewelry, such as Chow Tai Fook, have moved into the diamond jewelry market. While growth has fluctuated since 2011, Kent Wong, managing director of Chow Tai Fook, noted that the Chinese jewelry market was cyclical, especially during changes in the central government and its policies (Krawitz, 2013). With diamondrsquos tradition as a symbol of love, eternity, and puritymdashand the relatively low per capita consumption todaymdashgrowth seems almost inevitable. Add to that the Western-inspired trend of diamond jewelry as a gift for special occasions, along with the rise of diamond fashion jewelry, and it is clear to see why many in the industry are looking to China for growth. In 2012, Rio Tinto released results from a study by the global market research company Ipsos that showed the Chinese consumer was becoming more open to affordable, fashion-flexible diamond jewelry (ldquoRio Tinto research confirms strong potentialhellip, rdquo 2012). While diamond consumption in China represents a far lower percentage of global consumption than gold or platinum, the market shows enormous growth potential (figure 31). Figure 31. China has seen phenomenal growth in diamond sales over the last three decades (China Diamond Exchange Center, 2013). Colored Gemstones. In recent years, especially since 2010, Chinarsquos consumption of jewelry has expanded to colored gemstones. While retail colored stone sales have been highest in first-tier cities, second-tier purchasers are close behind (table 5). As consumers in third - and fourth-tier cities earn more discretionary income, their retail consumption of colored stones should also increase substantially. TABLE 5. Colored stone retail sales in China by year (billion yuan). Many dealers at the 2013 Tucson gem shows reported a rebound in U. S. customer sales and a strong presence of Chinese buyers (Gemological Institute of America, 2013). They also noted dramatic price increases that were primarily due to Chinese consumption. In fact, several dealers pointed to problems replenishing their inventory. In the words of one U. S. colored stone dealer, ldquoI went to a mine to buy rough, and a Chinese buyer had already been there and bought their production. When I returned six months later, the Chinese had purchased the mine. rdquo Figure 32. China has become a consumer of rubellite tourmaline from sources around the world, including these Nigerian rubellites. Photo by Robert Weldon. Dealers at the 2013 Tucson shows reported that Chinese buyers were interested in a wider variety of colored stones than in years past. Red is traditionally a popular color in China, and ruby and rubellite tourmaline (figure 32) have been popular there for many years. In fact, many trade members have attributed skyrocketing prices for those two gems to the Chinese market. When Christiersquos held its first jewelry auction in mainland China in Shanghai on September 26, 2013, a ruby and diamond necklace commanded the highest bid, at 3.4 million (ldquoRuby necklace tops Christiersquos first China auction, rdquo 2013). Based on the authorsrsquo observations and feedback from the industry, other red and pink gemstones such as spinel, garnet, rose quartz, and red jasper also appear to be gaining a following in China. Gemstones in other colors are also in demand. Multicolored tourmaline jewelry is becoming more popular in response to the rising price of rubellite (ldquoTourmaline grips Chinese collectors, rdquo 2013). Both blue and green tourmaline, alongside other blue gems like sapphire, aquamarine, blue topaz, and even lesser - known gems like catrsquos-eye siliminate, are gaining a foothold in the Chinese market (ldquoBlue and green gems on the risehellip, rdquo 2012). Blue to violet tanzanite has become especially popular. Recently, the large retailer Chow Tai Seng, with 2,200 stores domestically, was named a ldquoretail polished sightholderrdquo with TanzaniteOne (Max, 2013), which demonstrates the Chinese marketrsquos openness to nontraditional colored stones. Chinarsquos consumers have become aware of all the gemstone choices, and more of these choices at many price points are now available to them. Figure 33. Blue and green tourmaline, like this copper-bearing stone from Mozambique that sold to a Chinese buyer at the September 2013 Hong Kong show, are increasingly in demand in China. Photo by Andrew Lucas courtesy of Lorenzo. Enzo, the retail division of LJ International, recently acquired a copper-bearing tourmaline mine in Mozambique (figure 33). With 250 retail stores in mainland China, Enzo hopes to popularize this rare and unusually vivid gemstone domestically (Lorenzo Yi, pers. comm. 2013). These tourmalines are being promoted through advertising, the trade media, and celebrity endorsement. One of the biggest challenges facing the Chinese colored gemstone industry, for both exports and domestic consumption, is sourcing material (Wilson Yuan, pers. comm. 2013). The fierce competition for many varieties of colored stones, particularly finer-quality material, has also been felt in other manufacturing centers such as India, Thailand, and Sri Lanka. As Chinese consumer demand has grown, the price of colored rough has soared. These price increases have had some positive global effects. For instance, some mines that were not previously economically viable (such as rubellite mines in Brazil) are now able to operate. Jadeite. While jadeite does not have as long a history in China as nephrite, it is still one of the countryrsquos most popular gem materials. The Guangdong Province Jade Association notes that since the late 1990s, thousands of tons of rough jadeite have been imported through the port of Guangzhou (Tingxin Li, pers. comm. 2013). The jadeite is carved or manufactured locally, making Guangdong the national hub of jadeite manufacturing and sales. The Pingzhou region of Guangdong, Chinarsquos largest jadeite rough market, is referred to as the ldquohometownrdquo of the jadeite bracelet (figure 34). More than 20 auctions are held here each year, attracting dealers and retailers from all over the country. The Sihui area draws carvers from Putian and Nanyang, who apply skills and concepts from wood and stone carving to jadeite. Figure 34. The Pingzhou area of Guangzhou is known for manufacturing jadeite bangle bracelets. This man is drilling the shape from a precut circular piece of jadeite. Photo by Eric Welch. Another important entry point lies along the border between China and Myanmar in Yunnan province, Chinarsquos earliest jadeite import locale. There were about 6,000 jadeite companies in Yunnan in 2007 five years later, this number had increased to 21,000 (Tingxin Li, pers. comm. 2013). The main markets there are concentrated in Tengchong, Yingjiang, and Ruili. From 2000 to 2009, the price of jadeite rose by an average of 20 annually. For 2011 and 2012, this rate increased more than 30 annually (China Industrial Information Network, 2013). Myanmar, which produces much of Chinarsquos jadeite, wants to strictly control its export and develop its own mine-to-market business, even as the Chinese demand for high-end jadeite continues to grow. Some jadeite dealers were forced to tap into their reserves to deal with the lack of rough. At the June 2013 Myanmar jadeite auction, rough prices skyrocketed. In total, fewer than 10,000 pieces were available for purchase (compared to 20,000ndash30,000 pieces in previous auctions), while prices were three to ten times higher (Chen, 2013). Trade experts from both Yunnan and Guangdong said the retail price of high-quality jadeite increased at about the same rate as the rough price medium - to low-quality jadeite was not as affected. The price hike was not well received by Chinese consumers, who did not want to spend much money on lower-quality material (Tingxin Li, pers. comm. 2013). High-end jadeite products are still in demand among Chinese collectors and investorsmdashin China and around the worldmdasheven at significantly marked-up prices. IMPORT AND EXPORT Looking at imports of jewelry by country (figure 35, left) and value, the importance of the EU and its branded luxury jewelry lines to Chinarsquos market is evident. The import value is even more impressive when one considers all the purchases of European jewelry made by Chinese consumers traveling abroad. At the other end of the import range are low-end commercial lines from India. Figure 35. Left: Jewelry from the European Union is a significant amount of the total jewelry imports into China reflecting the luxury brands from that country. Right: The percentage of Chinese jewelry exports going to Hong Kong reflects that cityrsquos status as the gateway from China to the global market. Data from ldquo2012 Import and Export Statistics of the Chinese Jewelry Industryrdquo (2013). The significance of the ldquoone China, two systemsrdquo policy governing mainland China and Hong Kong becomes clear when looking at Chinarsquos jewelry exports by country. Although Hong Kong is part of China, it is also a free trade area and in an excellent position to serve as Chinarsquos export center. In 2012, 88 of Chinarsquos jewelry was exported to Hong Kong (figure 35, right), most of it for distribution in the global market. Diamond jewelry represents the largest percentage by value of jewelry imports into China, at 71 in 2012 (figure 36, left). This is partly due to the efficient import channels via the Diamond Exchange, the VAT refund lowering the cost of diamond jewelry to Chinese consumers, and the inherent value of the product. As seen in figure 36 (right), China is a major supplier of jewelry to the global market the largest category of export is findings and precious metal jewelry. Diamond and gemstone jewelry have significant room for expansion in the overall percentage of exports, while imports and exports of colored gemstones and cultured pearls have seen consistent gains (table 6). Figure 36. Left: Diamond jewelry is the largest category of jewelry imported into China. Right: Precious metal jewelry and findings is the largest category of jewelry exported from China. Data from ldquo2012 Import and Export Statistics of the Chinese Jewelry Industryrdquo (2013). TABLE 6. Chinese imports and exports of gemstones and natural and cultured pearls (in billion US). China is currently the second-largest jewelry consumer in the world. Its economy has shown phenomenal growth and resilience over the last 30 years, averaging around 10 annually. Although its growth is expected to slow over the next several years, China may still overtake the U. S. within the next decade. The latest five-year national plan, issued in 2011, emphasizes sustainable growth coupled with policies to develop domestic consumption. Large numbers of Chinese citizens are expected to migrate to cities over the next decade, and less-developed inland cities are specifically targeted for growth. As discretionary income grows, particularly in the third - and fourth-tier cities, so should domestic consumption of goods, especially luxury goods such as jewelry. Meanwhile, Chinarsquos Generation 2, born after the mid-1980s, is considered global-minded and open to Western-style product consumption. Their confident outlook on the future is a positive signal for discretionary spending. Brands and quality considerations rank very high among Chinese consumers, although brand expectations vary. For instance, residents of lower-tier cities tend to purchase goods with conspicuous logos, while shoppers in the cosmopolitan coastal cities favor understated sophistication. Chinese luxury consumers tend to be younger than their U. S. and European counterparts and are already predisposed to consider luxury goods a necessity. With the success of e-commerce campaigns, such as Singlesrsquo Day on November 11, the continued growth of Chinese consumption seems almost a foregone conclusion. When China reopened to the world market, jewelry businesses in Hong Kong took advantage of lower-cost labor in Guangdong province and the newly established free trade zones. The ldquoone China, two systemsrdquo policy, which has maintained a free market in Hong Kong since reunification in 1997, stimulated rapid growth in Chinese exports. Some of these same jewelry businesses from Hong Kong moved into the domestic Chinese market as it took off. The creation of the Shanghai Diamond Exchange and the Shanghai Gold Exchange led to the reform of import and export protocols, including revision of tax policies, and this fueled the growth of the domestic jewelry industry. While rising labor costs are a concern to Chinarsquos jewelry manufacturing industry, the adoption of technology and the move to the high-end market have kept it competitive globally. Chinarsquos consumption per capita of jewelry is low compared to the United States, but it is rising at a dramatic rate. The success of platinum in a relatively short time shows an openness to new products. Diamond jewelry has been very popular in China, especially in the bridal market, and diamond fashion jewelry is also considered a new sector for growth. A variety of colored stones are being marketed and gaining interest in the domestic market. The global markets for colored gemstones such as ruby, rubellite, and tourmaline have already been profoundly impacted by Chinese consumers (figure 37). Other stones such as tanzanite are gaining considerable traction, while the more traditional jadeite remains extremely popular. Figure 37. Colored stones, like other sectors of the gem and jewelry industry, have gained great popularity in China over the past several years, a trend that is expected to continue. Photo courtesy of China Gems magazine. While it remains a global manufacturing leader, China is also developing and diversifying its domestic jewelry market. Although the country faces challenges such as wealth disparity, environmental issues, and bureaucratic obstacles, Chinarsquos dynamic gem and jewelry industry seems destined for an even brighter future. About the Authors Dr. Hsu is technical editor of Gems Gemology . Mr. Lucas is the manager of field gemology education at GIA in Carlsbad, California. Dr. Qiu is a professor in the department of earth science at Sun Yat-sen University in Guangzhou. Mr. Li is the vice chairman of the Diamond Administration of China, and Ms. Yu is the colored stone director of a global mineral company in Guangzhou. Acknowledgments The authors would like to thank the following jewelry professionals for arranging our China visit in 2013: Wilson Yuen and Shirley Zhang from International Colored Gemstone Association Ting Ding and Nali Sha from the National Gemstone Testing Center and Gemmological Association of China Shumin Cao and Qinghong Guo from Guangdong Gemstone Precious Metals Testing Center Shouguo Guo and Xiaobo Lang from East China University of Science Technology Lu Gao and Vivian Jiang from Zhaoyi Jade Ltd and Xiaoyan Yu and Jianzhu Xiong from the China University of Geosciences (Beijing). The authors also thank all the jewelry companies, manufacturers, government officials, and independent jewelry designers who provided valuable industry information. The authors would not be able to finish this article without the help provided by all of these people and organizations. References 2010 edition of the three promulgated national standards have been approved (2012) China Jeweler. Sept. 21, chinajewelerzhubaohangyexingyezixun guanlizhongxingonggaodetail201209213497150.shtml in Chinese. 2012 import and export statistics of the Chinese jewelry industry (2013) Jewelry Life . jewelrylife. orgArchive-1409.html. Adam S. (2010) China may surpass U. S. by 2020 in lsquorsquosuper cycle, rdquo Standard Chartered says. Bloomberg News . Nov. 14, bloombergnews2010-11-15china-may-surpass-u-s-by-2020-in-super-cycle-standard-chartered-says. html. All that glitters: Diamonds outshine gold for Chinese brides (2013) CNBC, Sept. 16 cnbcid101038830. Ashok T. N. (2013) Indian diamond industry losing sparkle. Hindu Business Line . Jan. 29, thehindubusinesslineopinionindian-diamond-industry-losing-sparklearticle4357705.ece. Atsmon Y. Magni M. Jin A. Li L. (2012) From mass to mainstream: Keeping pace with Chinarsquos rapidly changing consumers. McKinsey and Company Consumer amp Shopper Insights . csi. mckinseyHomeKnowledgebyregionAsiaChina 2012AnnualChineseConsumerSurvey. aspx. Atsmon Y. Magni M. Liu, M. Li L. (2011) 2011 Annual Chinese consumer study: The new frontiers of growth. McKinsey amp Company Consumer amp Shopper Insights . csi. mckinseyHomeKnowledgebyregionAsiaChina 2011AnnualChineseConsumerSurvey. aspx. Bain amp Company (2012) 2012 China luxury study: Bain point of view, fccihkfiles dptimage5committeesLuxury20Committee 121212-201220Luxury20studyMedia20release. pdf. Bain amp Company (2013) Global diamond report 2013, bainImages BAINREPORTTheglobaldiamondreport2013.pdf. Barnett S. (2013) China: Fastest growing consumer market in the world. IMF Direct . Dec. 2, blog-imfdirect. imf. org20131202china-fastest-growing-consumer-market-in-the-world. Barton D. Chen Y. Jin A. (2013) Mapping Chinarsquos middle class. McKinsey Quarterly . mckinseyinsightsconsumerandretail mappingchinasmiddleclass. Blue and green gems on the rise, says manufacturer (2012) Jewellery News Asia . Sept. 22, jewellerynewsasiaensearchsearchresult5833 Blue-and-green-gems-on-the-rise-says-manufacturer. html. Central Intelligence Agency (2013) World Factbook 2013ndash14: China . cia. govlibrarypublicationsthe-world-factbookgeosch. html. Chen J. H. (2013) Jadeite market of Myanmar in Chinese. China Gems . No. 4, pp. 170ndash171. China Diamond Exchange Center. (2013) China Diamond Exchange Center Compendium 2013. Diamond Administration of China, Shanghai, pp. 1ndash39. China Economic Net (2012) The 2011 investigation of Chinese jewelry industry and predictions, Jan. 16, intl. ce. cnqqss20120116t2012011623004368.shtml in Chinese. China Industrial Information Network (2013) Analysis of the development of Chinese jadeite industry, May 28, ind. chyxx201305205990.html in Chinese. China National Gold Group Corporation (2013) 10 main gold consumption countries consumed about 62.06of world gold production in 2012, chinagoldgroupn4n64c25210content. html in Chinese. Communist Party of China (2011) The Twelfth Five-Year Plan for National Economic and Social Development of the People39s Republic of China. The Central Peoplersquos Government of the Peoplersquos Republic of China, Nov. 4, gov. cn2011lhcontent1825838.htm in Chinese. Courage J. (2012) Platinum jewellery in China. Speech given at LBMA Precious Metals Conference, Hong Kong, Nov. 12, lbma. org. ukassetsJamesCourage. pdf. DrsquoArpizio C. (2012) 2012 Luxury goods worldwide market study (11th Edition). Bain and Company, ipmarkpdflujo2012.pdf. Diamond giant De Beers: Chinese diamond demand is slowing (2012) Wall Street Horizons . September 22, wallstreetcnnode18480 in Chinese. Diamond Administration of China. (2007). Bonded policy. dac. gov. cn. diamondpicnewinfo. aspxid26. Dobbs R. Chen Y. Orr G. Manyika J. Chui M. Chang E. (2013) Chinarsquos e-tail revolution, McKinsey Global Institute Report . March 2013, mckinseyinsightsasia-pacificchinae-tailing. Fishman T. C. (2004) The Chinese century. New York Times . July 4, nytimes20040704magazine04CHINA. html. Flaven G. (2013) The business of luxury and culture in China. Jing Daily . Nov. 14, jingdailychinas-luxury-market-evolving-not-declining39502. Fung Business Intelligence Centre (2013) Luxury market in China: Huge growth potential ahead, funggroupengknowledgeresearch chinadisissue109.pdf. Gemmological Association of China (2013) 2012 Chinese Jewelry Industry Yearbook . Beijing: Geological Publishing House. Gemological Institute of America (2013) An inside look at the 2013 Tucson shows. gia. edutucson2013-show. HKTDC Research (2013) Chinarsquos jewellery market, Aug. 6, china-trade-research. hktdcbusiness-newsarticleChina-Consumer-MarketChina-s-jewellery-marketccmen11X3AYEP51X002MMK. htm. Hurun Research Institute, Inc. (2013) The GroupM KnowledgendashHurun wealth report 2013. img. hurunhmec2012-08-02201208021120412790.pdf Institute for Research on the Economics of Taxation (2010) Policy Bulletin No. 94: The tax system of China, Dec. 23, iret. orgpubBLTN-94.PDF. International Monetary Fund (2013) World Economic Outlook: Hopes, Realities, Risks. Washington, DC: International Monetary Fund Publication Services. imf. orgexternalpubsftweo201301pdftext. pdf. Johnson Matthey (2013) Platinum 2013. platinum. mattheymedia1614079platinum2013.pdf. KPMG China (2011) Chinarsquos 12th five-year plan: Overview. kpmgcnenIssuesAnd Insights ArticlesPublicationsDocumentsChina-12th-Five-Year-Plan-Overview-201104.pdf. Krawitz A. (2013) Chow Tai Fook, China amp the diamond industry. Rapaport Magazine . Aug. 16, diamondsNewsNewsItem. aspxArticleID44272. Li J. J. (2013) Jade trade capital in Chinese. Jade Street . Vol. 7, pp. 21ndash23. Lin Q. (2012) Shanghai diamond exchange and the Chinese diamond market. Gems amp Jewelry Trade Association of China Annual Meeting Report . biz. ifengzhubaowang zhubaohangyetebiezhuanti2012baoxienianhui hangyejigoufayandetail201212144829460.shtml in Chinese. Lu L. (2013) Sustainable development, current situation, and future trend of China gemstone industry. Presented at the 15th International Colored Gemstone Association Congress, Changsha, China, gemstone. orgimagesfilescongress2013speaker08Congress2013Lu20Lihang. pdf in Chinese. Lui V. Kuo Y. Fung J. Walters J. Hsu H. Liao C. (2012) The Age of the Affluent: The Dynamics of Chinarsquos Next Consumption Engine. Boston Consulting Group . bcg. cnexportsitesdefaultenfilespublicationsreportspdfBCG TheAgeoftheAffluentNov2012ENG. pdf. Max D. (2013) Chow Tai Seng becomes TanzaniteOne sightholder. Idex Online News . September 16, idexonlineportalFullNews. aspid38602. Qiu Zh. L. (2013) The structure system and tax policy of China and the analysis of the development of colored gemstone industry. Presented at the 15th International Colored Gemstone Association Congress, Changsha, China, gemstone. orgimagesfilescongress2013speaker 07Congress2013Qiu20Zhili. pdf in Chinese. Qiu Zh. L. Liang W. Zh. Gong Sh. W. Wang M. Lu H. F. Mai Zh. Q. (2002) Continuous development of jewelry sales in China in Chinese, Journal of Gems and Gemmology . Vol.4, No.2, pp. 39ndash42. Rare Investment (2013) Rare Investment predicted it: Chinese diamond consumer tsunami depleting world supply. rareinvestmentlatest-newsrare-investment-predicted-it-chinese-diamond-consumer-tsunami-depleting-world-supply. Rio Tinto research confirms strong potential for new diamond jewellery category in China (2012) Jewellery News Asia . May 24, jewellerynewsasiaensearchsearchresult4516Rio-Tinto-research-confirms-strong-potential-for-new-diamond-jewellery-category-in-China. html. Ruby necklace tops Christiersquos first China auction (2013) Jewellery News Asia . Sept. 27, jewellerynewsasiaensearchsearchresult8873Ruby-necklace-tops-Christie-s-first-China-auction. html. Schuster K. (2012) The worldrsquos largest jewelry retailer. Rapaport Magazine . diamondsMagazineArticle. aspxArticleID39994ampRDRIssueID90. Shanghai Gold Exchange (2011) China gold report 2011. sge. shpublishsgeendocs20121129150156292870.pdf. Shanghai Gold Exchange (n. d.) SCE overview. sge. shpublishsgeensgebriefsgeoverview7216.htm. Shenzhen steps up role in jewellery manufacturing (2012) Jewelshylery News Asia . jewellerynewsasiaenNews6000Shenzhen-steps-up-role-in-jewellery-manufacturing. html. Silver Institute (2012) The Chinese Silver Market . London: Thomson Reuters. uschina. orgsitesdefaultfilesChineseSilverMarket2012.pdf. Sina Corporation (2013) The past ten years of the Chinese gold market, finance. sina. cnfocuspdhjsn. Sims D. (2013) China widens lead as worldrsquos largest manufacturer. Industry Market Trends . March 14, news. thomasnetIMT20130314china-widens-lead-as-worlds-largest-manufacturer. Skoyles J. (2013a) How China is taking over the world, one gold bar at a time. The Real Asset Co. Sept. 30, therealasset. co. uk china-gold-bar-takeover. Skoyles J. (2013b) Uncovering Chinarsquos rush for gold. The Real Asset Co. Oct. 3, therealasset. co. ukchina-rush-goldOctober 3. Skuse A. (2014) WeChat: The Chinese chat app stealing Weiborsquos thunder. CNN, Feb. 27, edition. cnn20140227businesstencent-wechat-unseats-sina-weibo. Song L. (2009) Guidance, tasks and focus on strengthening the reform of Chinarsquos tax system. Review of Economic Research . No. 26, Nov. 10, d. wanfangdata. cnperiodicaljjyjck200926001.aspx in Chinese. Sun M, Nie N. (2008) The industry association of the nine famous ldquoYinlourdquo in Shanghai. Vision . Vol. 55, ciicvisioncontents8551524.html in Chinese. Survey finds China manufacturing hits 2-year high (2013) Yahoo News, Jan. 24, news. yahoosurvey-finds-china-manufacturing-hits-035747538.html. Tian Y. P. Fan P. J. (2012) The current situation of Chinarsquos human resource development. China Internet Information Center, Dec. 24, guoqing. china. cn2012-1224content 27495444.htm in Chinese. Tourmaline grips Chinese collectors (2013) Jewellery News Asia . Sept. 24, jewellerynewsasiaensearchsearchresult8813 Tourmaline-grips-Chinese-collectors. html. United Nations Statistics Division (2013) Commodity trade statistics database, data. un. orgData. aspxqChinaPearlsampdComTradeampfl1Code3a723brtCode3a156. Wang S. Pfanner E. (2013) Chinarsquos one-day shopping spree sets record in online sales. New York Times . Nov. 11, nytimes20131112businessinternationalonline-shopping-marathon-zooms-off-the-blocks-in-china. htmlr0. Wen W. Y. (2012) Future of platinum and platinum jewelry market in China. Gems amp Jewelry Trade Association of China Annual Meeting Report, biz. ifengzhubaowangzhubaohangyetebiezhuanti 2012baoxienianhuihangyejigoufayandetail201212164840280.shtml in Chinese. Woetzel J. Li X. L. Cheng W. (2012) Whatrsquos next for China McKinsey Insights China, mckinseyinsightsasia-pacificwhatsnextforchina. World Bank (2013) Gross domestic product 2012. Dec. 17, 2012, databank. worldbank. orgdatadownloadGDP. pdf. World Gold Council (2013) China. gold. orgjewellerymarketschina. Xiong M. L. (2013) Jadeite market-ups and downs, CCTV video, from ldquoEconomy 30 minutes, rdquo posted Oct. 3, tv. cntv. cnvideoC1032950d62f5c7b384a9d8cf6f2843a2cf406 in Chinese. Yang M. X. (2013) Gemology higher-education and general education: Current situation and the future. Presented at the International Colored Gemstone Association Congress, Changsha, China, gemstone. orgimagesfilescongress2013speaker 03Congress2013Yang20Mingxing. pdf in Chinese. Zhang B. L. (2006) Systematic Gemmology . Beijing: Geological Publishing House. Zhang D. (2008) Reflection: The past 30 years of the Chinese jewelry industry. Globrand . Dec. 21, globrand200896789.shtml in Chinese. Zheng J. (2013) Friendly competition. Rapaport Magazine . diamondsMagazineArticle. aspxArticleID44070ampRDRIssueID113ampArticleTitleChina. Download the Chinese version of this article. Learn More About Jade Explore jade history, research, quality factors, and more in the GIA Gem Encyclopedia.
No comments:
Post a Comment