India’s Ministry of Commerce and Industry has restricted gold jewellery and jewellery parts import, according to an 11 June 2024 notification, which took effect immediately and aims to contain the surge in gold imports. Goods affected are gold jewellery studded with pearls, diamonds, and precious and semi-precious stones, which now require an import authorisation or government permit. The new rule exempts imports from the United Arab Emirates (UAE) under the India-UAE Comprehensive Economic Partnership Agreement.

Alongside a keen demand for high-quality imports, another rising trend of consumption has emerged in mainland China in recent years – one characterised by sentiments like “patriotism” and “chinoiserie”. The growing appreciation of traditional Chinese culture has led to a steady rise in the visibility of and market attention towards Chinese products.

The Forum for Exchange of Information on Enforcement (“Forum”) recently conducted a workshop regarding the so-called REF-10 project and subsequently released a workshop summary. The intent of the REACH-EN-FORCE (“REF”) project was to gather data on compliance with the EU’s chemical restrictions and obligations. The Forum is a network of authorities within the European Chemicals Agency (“ECHA”) responsible for enforcement of regulations, and it aims for harmonised enforcement of chemicals-related rules by Member States.

HKTDC conducted surveys with more than 700 buyers and exhibitors at the Hong Kong International Jewellery Show 2024 and the Hong Kong International Diamond, Gem and Pearl Show 2024. The survey results suggest jewellery traders are more optimistic on the industry outlook this year.

DV Riziya, Chief Operating Officer of H K Designs, a New York diamond jewellery manufacturer, assesses advances in the lab-grown jewel field.

Aayush Jain, Director of Gemdiam, a Hong Kong-based diamond supplier, assesses the latest market trends and sourcing challenges.

An EU-wide enforcement initiative led by the ‘ECHA Forum’ has revealed elevated levels of hazardous chemicals, including lead and phthalates, in consumer products. A total of 18% of the scrutinised products were found to be in violation of EU laws. The non-compliance rate for articles was 20%, and for mixtures it was 9%. In addition, it was announced earlier this year that European enforcement authorities, in cooperation with customs, are investigating if companies fulfil their REACH registration and authorisation obligations for chemical products they import from outside the EU and the obligations related to restricted chemicals in articles.

In 2023, Hong Kong exports of fine jewellery were up 23%. On the other hand, exports of pearls, gemstones and rough diamonds, exports of imitation jewellery were down 8% and 1%, respectively.

India’s Directorate General of Foreign Trade (DGFT) has issued restrictions on the import of certain gold jewellery and articles. In Notification 19/2023 issued on 12 July 2023, the authority said the import of certain gold jewellery and articles under HS codes 71131911, 71131919 and 71141910 has been changed from “free” to “restricted” with immediate effect. Importers now require a government permit to bring in such products to India.

HKTDC conducted a survey of more than 700 buyers and exhibitors at the Hong Kong International Jewellery Show 2023 and the Hong Kong International Diamond, Gem and Pearl Show 2023. The survey results suggest jewellery traders are more optimistic about the industry’s outlook this year as several Covid-related challenges finally come to an end.