Hong Kong’s jewelry industry delivered mixed results in 2024. Renowned for its craftsmanship and ability to adapt, the sector saw divergent performance across product categories and markets.
Fine jewelry continues to dominate the trade, accounting for 91.6% of exports, but experienced an 8% decline to HK$80.5 billion after a strong 23% growth in 2023. Both re-exports and domestic exports decreased, by 7% and 11% respectively. A key factor was slower demand from mainland China: sales to the mainland and Macao fell sharply, down 27% and 28% respectively, reflecting broader economic headwinds in those markets.
Imitation jewelry provided a brighter note, with exports rising 7% to HK$7.4 billion in 2024. Conversely, shipments of pearls, gemstones and rough diamonds registered a substantial fall of 23% to HK$121.2 billion. Despite the decline in value, Hong Kong retained its position as one of the world’s leading exporters of pearls and precious stones, supported by long-established trading networks and expertise.
Manufacturing has increasingly moved across the border to mainland China, particularly to production hubs such as Shenzhen and Panyu. Even so, Hong Kong remains central to the high-value segments of the value chain. The city specializes in complex finishing and setting work, especially in producing gem-set jewelry with many small stones—most notably diamonds mounted in 14K or 18K gold—where precision and skilled labor are critical.
Local retail sales were approximately HK$51.3 billion in 2024, with tourism continuing to play an important role in retail performance. Visitors historically drive demand for luxury and mid‑range jewelry purchases, and fluctuations in tourist arrivals had a direct effect on domestic turnover.
Leading Hong Kong brands such as TSL, Chow Sang Sang and Chow Tai Fook have continued to expand their presence on the mainland. These brands benefit from strong consumer recognition and often command premium pricing outside Hong Kong. A 2022 HKTDC study noted that Hong Kong names enjoy high acceptance among mainland shoppers, which has supported brand-led growth despite broader market volatility.
Looking ahead, the industry’s resilience will depend on several factors: recovery in mainland demand, the performance of global luxury markets, continued investment in skilled craftsmanship and value‑added processes in Hong Kong, and the ability of local brands to innovate and maintain their premium positioning. While export values fluctuated in 2024, Hong Kong’s strengths in gemstone trading, refined finishing and strong brand equity provide a foundation for recovery and future growth.