Caohejing woos overseas jewelry firms to its FTZ
Caohejing Integrated Free Trade Zone in Shanghai is doing its bit to lure traders, as premium jewelry sales are likely to enjoy fast growth this year.
Jewelry sellers from China, Pakistan, India, Poland and Thailand displayed their creations at a recent business-to-business event at the Caohejing Free Trade Zone, home to various high-tech projects and firms.
"With the economic advantage of free trade zones, we hope to invite more foreign investors," said Shi Juebing, president of Shanghai Lingang Pujiang International Science and Technology City Development Co Ltd, which runs Caohejing.
Caohejing offers bonded storage, processing, display, and logistics. The zone can reimburse imported products, and bonded storage has no time limit, Shi said.
The International Jewelry Industry Service Alliance was also established during the exhibition to aid and regulate the jewelry industry.
According to the Gems ＆ Jewelry Trade Association of China, Chinese jewelry retail sales rose 12.2 percent in the first quarter of 2023, and gold consumption rose 7.32 percent to 835 tons, making China the world's largest gold consumer for 14 years.
The Prospect Industry Research Institute found that foreign jewelry is popular among China's middle and high-end consumers.
Shanghai Gem and Jade Trade Association Executive Vice President Qian Zhenfeng said Shanghai's haipai (Shanghai-styled) culture was an advantage in the imported jewelry sector.
"There are more opportunities for jewelry trade and investment in Shanghai to be explored," he said, adding that Belt and Road countries have an advantage due to cultural similarities with China.
Since the 2013 Belt and Road initiative, China has inked cooperation deals with over 150 countries and 30 international organizations on over 3,000 cooperation projects valued at almost US$1 trillion.
