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Hong Kong’s jewelry industry experienced mixed results in 2024. Known worldwide for its craftsmanship and adaptability, the sector faced varying outcomes across different segments.
Fine jewelry, which dominates the industry with 91.6% of exports, declined 8% to HK$80.5 billion after growing 23% in 2023. This downturn included a 7% drop in re-exports and an 11% fall in domestic exports, mainly due to economic slowdowns in mainland China that caused sales to mainland and Macao to decrease by 27% and 28% respectively.
On the positive side, imitation jewelry exports grew by 7% to HK$7.4 billion in 2024. However, exports of pearls, gemstones, and rough diamonds fell by 23% to HK$121.2 billion, though Hong Kong remained the world’s largest exporter of pearls and precious stones.
Despite manufacturing increasingly shifting to mainland China (mainly Shenzhen and Panyu), Hong Kong still maintains high-value processes and excels in producing gem-set jewelry with small stones, especially diamonds set in 14K or 18K gold. Local sales reached about HK$51.3 billion in 2024, with tourism being vital to retail performance.
Major Hong Kong jewelry brands like TSL, Chow Sang Sang, and Chow Tai Fook have successfully expanded into mainland China, where Hong Kong brands command premium prices and enjoy strong consumer acceptance according to a 2022 HKTDC study.
