1, policy analysis
The project is mainly engaged in jewelry retail chain sales. Jewelry retail industry belongs to a high degree of marketization, and government departments and industry associations only implement macro management of this industry. The management and production of enterprises are carried out in a market-oriented way. With the improvement of national economic level and the continuous advancement of urbanization, the consumption power of China residents will be further enhanced. The main laws, regulations and policies of the industry provide strong support for supporting the development of the industry. For example, the Announcement on Reducing the Import Tariff of 20 18 Consumer Goods points out that there are 18 jewelry items involved in reducing the import tariff, and the average reduction of import tariff will reach 67.75%. The cost of customs clearance for jewelry has been greatly reduced. The 2020 government work report pointed out that implementing the strategy of expanding domestic demand, accelerating the transformation of economic development mode: promoting consumption recovery. Increase income and protect people's livelihood by stabilizing employment, and improve residents' willingness and ability to consume. Support the recovery and development of catering, shopping malls, culture, tourism, housekeeping and other life service industries, and promote online and offline integration.
2. Market analysis
(1) development of gold jewelry market
Since the establishment of Shanghai Gold Exchange in 2002, China has gradually established a comprehensive gold market system that combines spot trading with Shanghai Gold Exchange, futures trading with Shanghai Futures Exchange and retail business with commercial banks and jewelry stores as the main body. From the product structure, gold jewelry is the most consumed jewelry product in China, accounting for 58% of the gold jewelry consumption in China in 20 18.
According to the statistics of China Gold Association, the consumption of gold in China exceeded 1000 tons for the first time in 20 13 years. In 20 17, the actual consumption of gold in China was 1 0,089.07 tons, an increase of 9.4 1% compared with the same period in 20 16, of which 696.50 tons were gold ornaments, an increase of 10.35%. In 20 18, the actual consumption of gold in China reached 1, 15 1.43 tons, ranking first in the world for six consecutive years, with an increase of 5.73% over the same period in 20 17, of which 736.29 tons were gold ornaments, with a year-on-year increase of 5.7. In 20 19, due to the downward pressure of economy and the rising price of gold, the actual consumption of gold in China was 1002.78 tons, which was 12.9 1% lower than that in 20 18, of which 676.23 tons were gold ornaments, which was higher than that in 2008.
With the innovation of gold jewelry design and technology, the product style of gold jewelry is no longer limited to the traditional dignified atmosphere, and gold jewelry with both classical and modern temperament has been favored by more and more consumers in China.
(2) Market development of diamond inlaid ornaments.
With the economic development of China, young consumers have gradually mastered the right to consume, and diamond inlaid jewelry has become one of their favorite first jewelry categories. In 20 17, the market scale of diamond inlaid jewelry in China exceeded 66 billion yuan. Since 2009, China has been the second largest diamond consumption market in the world.
According to the statistics of Shanghai Diamond Exchange, in 20 16, the total diamond trading volume of Shanghai Diamond Exchange was 309,224,400 carats, and the total diamond trading volume was 4.45 billion US dollars, up by 7.38% year-on-year. In 20 17, the total diamond trading volume of Shanghai Diamond Exchange was 492.5877 million carats, up by 59.30% over the previous year, and the total diamond trading volume was 5.344 billion dollars, up by 19.96% over the previous year. From 2065438 to 2008, the total transaction volume of Shanghai Diamond Exchange was 5.784 billion US dollars, up by 8.23% over the previous year.
3. Analysis of competitive enterprises
At present, jewelry consumption demand is developing in the direction of personalization and diversification. Jewelry enterprises try to form a competitive advantage in a certain segment by digging deep into the consumption preferences of specific groups. China's jewelry industry has shown a trend of differentiated competition. The competition of the same type of enterprises is fierce, and the complementarity of different types of enterprises is greater than competition.
Due to the different target consumer groups of products, global jewelry retail enterprises can be divided into internationally renowned brands, national brands and regional brands. At present, the domestic high-end market is mainly monopolized by international jewelry giants such as Tiffany, Cartier and Bulgari. The national brands that occupy the main market share in the mid-market are mainly the traditional Hong Kong-funded brands represented by Chow Tai Fook and Zhou Shengsheng, and the mainland national brands represented by Lao Fengxiang, Win Digital Jewelry, Chaohongji and Zhou Dasheng. In addition, regional brands such as Caibai Jewelry in Beijing and Mankalong in Zhejiang have become strong brands in the regional market by virtue of their channel advantages and brand precipitation in specific regions, and on this basis, they have been able to expand rapidly and radiate around.
4. Risk analysis
(1) Risk of falling market demand
Jewelry, as an optional consumption, is particularly sensitive to market demand, economic prospects and consumer preferences. According to the statistics of China Jewelry and Jade Jewelry Industry Association, the scale of China's jewelry and jade jewelry industry has increased from 220 billion yuan in 2009 to nearly 700 billion yuan in 20 18, making it one of the most obvious countries in the world. However, due to the decline of the overall economic growth rate in China in recent years, the growth rate of jewelry consumption has also slowed down. If the economic growth rate continues to decline in the future, the growth of market consumption demand may slow down accordingly, which will adversely affect the project operation.
(2) The risk of intensified market competition
In recent years, China's jewelry market has continued to develop, and the current jewelry consumption demand is developing in the direction of personalization and diversification. At present, China's jewelry industry has shown a differentiated competitive situation, and excellent enterprises in the industry have formed a competitive advantage in a certain segment by deeply excavating the consumption preferences of specific groups.
Market competition has gradually changed from price competition to comprehensive competition in brand, business model, marketing channel, product design and quality, and the competition tends to be fierce. In the future development, if the project can't continue to play its own advantages, there will be a risk that the profitability will decline due to intensified competition in the industry.
This section is selected from the Investment Feasibility Study Report of Jewelry Retail Chain Sales Project in 20021year issued by Shangpu Huatai.