Study on Characteristics of Jewelry Consumption in United Kingdom and China

The United Kingdom,which is one of the largest consumer of jewelry in the world,has increased its need or desire for jewelry in the recent years and now arises an overall deficit in jewelry trade.China which is a major jewelry-producing country could be able to provide the products that the UK needs.The researches on the jewelry consumption characteristics of China and United Kingdom show that the ratio of jewelry expenditure /person income in UK has increased from 0.68% to 0.77% from 2001 to 2005.The demand-income elasticities(EI) of jewelry in UK are greater than 1(average of 2.262),whose jewelry consumption will increase quickly as the incomes increase.The products that Chinese jewelry companies could export to UK include necklaces,ear ornaments and pearl rings.The subject of some jade sculptures should be changed for the western culture.The jewelry expenditure of UK exceeds 13 billion US dollars in 2007 and will be 16 billion US dollars in 2010,which is a good guide for the jewelry export of China.