The first phase market of East China International Jewelry City officially opened on April 18, 2008. The number of merchants in the Pearl Market has increased from 395 to 828, and the trading commodities have increased from the single pearl format in the Pearl Market (mainly the wholesale of pearl raw materials and semi-finished products) to the combination of wholesale and retail of thousands of varieties such as pearl deep-processed products, primary jewelry, precious stones, crystals and K gold. At present, the market has spread to more than 60 countries and regions such as the United States, Japan, Russia and Southeast Asia. The annual trading volume of freshwater pearls in the market accounts for 80% of the whole country, accounting for more than 75% of the total trading volume of freshwater pearls in the world, which has established the position of the world freshwater pearl trading center. In 2009, the annual market turnover reached 5 billion yuan. Jewelry City has successively won the honorary titles of Key Market in Zhejiang Province, National 4A Tourist Attraction, Five-Star Market in Zhejiang Province, National Civilized Market, Designated Market for Foreign Tourism in Zhejiang Province, National Key Contact Wholesale Market and China Zheshang Industry Leading Market.
After the completion of the East China International Jewelry City project, it will become a world-class pearl jewelry production and processing center, distribution and logistics center, brand display and trading center, capital flow and business information release center, jewelry cultural exchange and business tourism shopping center.