Last month, our President & CEO, Kristie Nicolosi, traveled to China to spend time with our sales team and meet customers in their stores and corporate offices. The Kingswood Company continues to expand globally, and our presence in China is our largest outside of the United States and has helped fuel our significant growth over the last several years. The jewelry market in China is changing rapidly, growing exponentially, but is so very different from that in the Western world. Rising discretionary income, in part due to more women in the workforce, combined with a large population of marrying age have stimulated this growth.
Not long ago, most women in China did not own any fine jewelry; now China ranks behind just the United States in world diamond consumption. As these women become jewelry owners, they are embracing the experience with excitement and enthusiasm. Kristie recognized that these customers are similar to bridal customers in the United States in that they are new to the experience, fairly uneducated about jewelry and jewelry care, but very excited about being jewelry owners.
During their meetings, our team spoke with jewelers and their sales staff about the importance of educating new jewelry buyers on care and cleaning. Just as jewelers should do with young bridal customers in the United States, jewelers in China have an opportunity to harness their customers’ enthusiasm and passion to build a relationship. Care and cleaning education is an important piece of cementing that relationship.
Our team also noted that the jewelers in China were impressed by The Kingswood Company’s products, indicating that our credentials from the American Gem Society and American Chemical Society demonstrate them to be the best in the category. Just as consumers look to Japan for electronics, Germany for cars, and France for skincare products, they are looking to the United States, and Kingswood in particular, for sophisticated chemical formulations, including products to care for their precious jewelry.
“It is exciting to witness the growth of the jewelry market in China. I visited right after Chinese New Year, and the stores were just coming back to life after their biggest holiday season. Their customers are excited about their jewelry, and as the market matures, care and cleaning education becomes even more important,” Kristie noted.
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