The recent Double Eleven shopping festival on major e-commerce platforms such as Tmall and JD.com has seen impressive performances in certain industries, such as the retail of gold and silver jewelry. According to data provided by Tmall, the transaction volume of pearl products on the first day of the Double Eleven pre-sale increased by over 450% compared to the previous year. The brand “Edison Pearls” achieved sales of over ten million yuan for a single pearl necklace during the pre-sale period, while “Pearl Queen” and “Ruan Shi Pearls” saw their transaction volumes nearly double compared to the previous year.
These brands primarily sell high-quality freshwater and seawater pearl accessories, with prices ranging from 300 to 500 yuan for most products. Pearl accessories made with Japanese Akoya and Tahitian pearls can be priced around 2,500 yuan, and some pearl accessories with materials such as K gold and gemstone inlays can even exceed 5,000 yuan to tens of thousands of yuan.
It is worth noting that both “Edison Pearls” and “Ruan Shi Pearls” are based in Shaoxing, Zhejiang Province, which is the largest freshwater pearl production and distribution base in the world. Official statistics show that the sales of pearl products in Zhuji, a county-level city under the jurisdiction of Shaoxing, exceeded 40 billion yuan in 2022.
Furthermore, the majority of online pearl sales in China come from this region. Data provided by the China Consumer Market Big Data Lab during the 2023 Pearl Development Forum held in Zhuji showed that online sales of gold and pearl products have formed a regional cluster trend, with Shenzhen accounting for nearly half of the online gold sales and Shaoxing accounting for 43.2% of the online pearl sales.
A portion of the leading pearl enterprises are also located in Shenzhen. The brand “Pearl Queen,” mentioned earlier, is one such example. They specialize in K gold pearl jewelry and place more emphasis on design compared to pearl jewelry produced in Shaoxing. According to the data revealed at the 2023 Pearl Development Forum, leading pearl enterprises in Shaoxing and Shenzhen account for 61.3% of the online sales.
The strong performance of the pearl category during this year’s Double Eleven pre-sale period is a result of the overall digital transformation of the pearl industry. According to a report by the Hong Kong Trade Development Council, the village of Xinchangle in Shangxiahu Town, Zhuji, has cultivated a professional e-commerce team, and its online sales exceeded 4 billion yuan in 2022. As of the end of 2022, over 25,000 entrepreneurs have been to Shangxiahu Town, with over 3,000 livestreamers based there.
“Demi Pearls,” which used to be part of the industrial belt, has actively transformed itself and opened a flagship store on Tmall. They stated that their sales have doubled compared to the previous year, thanks to livestreaming and influencer promotion among young consumers.
In fact, the pearl market has been very hot since the beginning of 2023. The largest pearl trading mall, Huadong International Jewelry City, in Zhuji, had a pearl transaction volume of approximately 23.2 billion yuan by the end of May 2023. According to official statistics from Zhuji, the total sales of pearl products online and offline reached 25 billion yuan by the end of May 2023, exceeding 60% of the total sales in the whole year of 2022.
The popularity of the pearl market has led to an increase in the number of pearl jewelry from some jewelry brands. They have also promoted pearl jewelry as one of the key products for this year’s Double Eleven. YIN, a luxury jewelry brand, has emphasized pearl-themed new products as the focus of their promotion during this year’s Double Eleven. The CEO stated that there is demand and supply for pearls, along with Japanese influence. Despite the current market turmoil, they see opportunities in the market.
The gold category remained popular among consumers during the Double Eleven pre-sale period. Tmall data shows that the transaction volume of gold products on