Shadow business of jewelery: 1 fold from the cottage, custom diamond ring half price

Produced | The front line of entrepreneurship

| Feng Yu

Edit | Eggs

When you come to Shenzhen Luohu Shuibei District, even if you are an ordinary visit, it is difficult to take one or two gold or diamonds.


Here is the largest diamond jewelry production and wholesale distribution, the jewelry businessmen will tell you without cover: Many jewelry chain brands are getting the goods from him, while the price only needs a quarter of the brand counter price.

The mature foundry is also a mystery of the big-name business. As long as you take out the product drawings, just 15 days, a jewelry that is enough to “fake the true” will be shipped from the water, if you still want to engrave LOGO, It is necessary to take more “risk fees” of hundreds or even thousands of yuan.

Shenzhen Shuibei was named by the name of the diamond jewelry industry in China, and the jeweler who made many independently operated jewelers. This also made the domestic jewelry market became more and more scattered, international big names and domestic small brands. The mixing never stopped.

If it is said that “light and bright, 璀” is a side of the diamond jewelry industry, then in Woshe, you can see the “Shadow” of the Chinese diamond jewelry industry – the jewelry business behind the national market, Even the question of “Water Baby No Brand” came.

How do diamond jewelry doing make more money? In recent days, the DR diamond ring gross profit is higher than the old chain jewelry brand? It is more than the need for jewelery and non-traditional wedding needs. How should Zhou Dafu should attack the fierce attack of creative jewelry?

1, big names love cheap jewels

It is well known that the traditional part of the diamond jewelry industry is mainly in its heavy asset model, and jewelry suppliers need huge amounts of funds when purchasing diamonds, gold, etc., and if sales are not easy, it is easy to cause pressure-goods, which also leads to diamond jewelry industries. The supply chain is extremely complicated.

A jewel supply chain man Hong Tao


Tell “The forefront”, in addition to the chain big name, the commercial model integrating raw materials procurement, design, production and sales is difficult to go through, and the jewelry supply chain is more, and for ordinary jewelers, it is completely Upstream and downstream find a suitable supplier to cooperate, reduce cost implementation optimal combination.

As a result, the highly dispersion of the domestic diamond jewelry market is also obvious.

The report of the “gold jewelry depth of the national” gold jewelry: Millennium industry, the brand channel is the king “reported that the CR3 of the Hong Kong jewelry market in China (refers to Zhou Dafu, Zhou Sheng, Liu Fu), 34.8%. Compared to 18.6% of the mainland jewelry market (Zhou Dafu, Lao Fengxiang, Old Temple Gold), the market concentration is high.

The highly dispersion of the industry has reduced the admission threshold. As long as there is a factory resource, it can become a ring in the jewelry industry chain. This also leads to the wilderness of the self-owned jewelery, most of which becomes the industry chain. Wholesaler role of goods.

“The profits of diamond jewelry wholesalers are basically around 5% to 10%.” “Jewelry wholesaler” from Shenzhen Shuhe said in the “The Friend” of “Entrepreneurship” Order customization, go to the factory (customized inlaid), run between the market and the factory, and finally send the product to the certificate, organize the delivery, the whole process is complex and long.

“Our job is to purchase the peers, purchased from our own shop. Have your own stores and factories, which is mainly the factory difference and the labor costs, and the small profits but quick turnover.” Situ said.

It is not difficult to find that as long as I ask the jeweler in the shell, they say that a big name is from them here, and of course, there is certainly unfair to exaggerate their words and peer competition. But even the listed jewelry company, their company registered or production bases have shadow.


“In addition to the brand of Zhou Dafu has its own design team, supply chain channels and factory, many other small and medium-sized jewelry brands have come from Shu Sheshi.” Situ revealed that this also led to the same degree of triad jewelry products on the market High, brand capabilities and marketing ability are relatively weak.

Many founders are even directly a cottage base for big products.

For example, the classic series of luxury brands such as Bulgari, Van Code Yabao is constantly coming here. A Van Clee Yabao K Jinhong Ye Yue Yeli’s retail price is 33,000 yuan, while in the water shell, you may get the very high simulated cottage with a few thousand prices.

But more, these jewelers don’t think they are big-style counterfeiters. They are more willing to call their business attributes for wholesale jewelry or custom jewels.

“The price of the retail retail retail is basically 2-3 times the wholesale price, but the quality of different jewelry custom merchants will not be generalized.” Situ said.


In terms of golden ornaments, the price of brand retail must not only be able to add processing fees on the basis of the international gold price, and wholesale gold ornaments are large, the gold price and labor costs are very cheap, so the wholesale price is very low. This is even more like this. Diamond itself has no brand, only the number of parameters such as Crans, cutting processes, and the net degree, as long as the equivalent color, in the jeweler of the water shell, no such a high brand premium.

But if you find a non-reliable custom jeweler, you can find that its golden ornament is not high or the diamond ring is very rough.

“Retail jewelry is not only brand premium, the brand has added value and social attributes. And the high-grade design level and processing technology is also difficult to settle.” Situ added.

When the luxury brand’s product premium is much higher than its cost value, consumers will feel fire. “Recently I bought a pair of Chanel pearl earrings for thousands of dollars, but I found that it is ‘false’ pearls, which makes me very difficult.” This is from a men’s consumer .

“In fact, the material of the big-name product does have much cheap kindure, such as the four-leaf necklace, and the materials such as jade, black agate, and baui. Consumers do need a premium for high production technology and brands.” Hong Tao said.

On the other hand, economic benefits are the focus of luxury brands. “The classic series of luxury” is very high, and there are many materials. If the special rare material loss is amazing; and the cheap gem is created into an industrialized product, it can produce tens of thousands of pieces to maximize the profit. “

The core behind the product cost and the retail price game is still a brand. This also explains why consumers choose domestic brands to give priority to whether jewelery is guaranteed, and more willing to pay premiums for international luxury brands with stories and culture.

It can be seen that the diamond jewelry is used as a consumer product, which determines its pricing and non-material, can provide consumers with identity value, is the core pursuit of jewelry brands.

2, don’t love diamond love gold

However, a brutal problem facing the jewelry industry is: In the context of current economic weak, how much does it cost to purchase diamond jewels?

For most ordinary people, the answer may be repeatedly reduced this expenditure. For the middle and superior class consumers in the home, they have also become more sensible in their hands to flow to the luxury industry – with global flexible luxury goods general price increase (famous box bag, fashion, etc.), rich people Willing to invest in hard luxury goods, such as high-end jewels and watches.

The premise of this choice is that hard luxury can be protected by diamond jewels.

In fact, in the jewelry, there is always two forces that have been pulling: one party thinks that diamond minerals are widely existed in nature, “Diamond is long” is made by Diamond Merchants, Dai Billes, this century The biggest marketing scam; the other party defines a lot of tolerance for the value of diamonds, and believes that drilling is consumer goods, although far exceeds the cost of its cost, it is better than rich brand and emotional value.

The choice of consumers also presents diversity, which is not difficult to see from the diamond market.

According to Dai Biels diamond original stone, the data will be sold in 2020, and its sales have experienced short-term stagnation, and even surpass the epidemic.

So is the diamond business thinking so much as the outside world?

Take the custom diamond brand Di A shares (DR diamond ring) recently listed in A, as of January 7, 2022, the stock price is 119.8 yuan, the total market value reached 47.921 billion yuan, and the same as the old chain listed jewelry Brand Zhou Dafu, Zhou Sheng Sheng and Liufu Jewelry, its share price is only 12.5 Hong Kong dollars (HK $ 10.49), HK $ 8.49 yuan) and HK $ 19.4 (15.86 yuan).

Behind the capital market to DR, it is the pricing of their diamond products and the above-mentioned local traditional jewelry brands.

According to the “full-eyed, how to abbreviate the short match”, the depth comparison report of the Jewelry Industry Company “data, the DR brand 0.5 carat, the color is DE, the purity of VVS is 45,000 -65 million And the same level of Zhou Dafu diamond ring is around 30,000 yuan.

Diamond products of the same parameters, the price of DR, although there is a large gap between international luxury big names such as Cartier, Van Clee, but there is still a high premium compared to domestic jewelry brands.

DR earliest to play the market for “a life to customize a diamond ring”, bind the diamond ring and true love, although it has encountered a lot of non-recurrence in recent years, its revenue is still not as good as Zhou Dafu, but from its higher gross profit margin. It is also difficult to see the profiteering of diamond business.


According to the above report, DR gross profit margin is close to 70% not only higher than domestic jewelry companies, even higher than Tiffany and General Peak Group.

It is undeniable that the diamond products are used as an applet, and the bonding of brand emotional marketing is increasingly becoming a young man’s marriage or daily consumption, but Chinese people love gold is an indisputable fact.

“Anxin Securities Research Center” data shows that in the 2019 Chinese Jewelry Market, the size of gold consumption is as high as 60%, with only 14% of diamonds, 36% lower than the global average 47% diamond consumption. The world’s largest diamond consumer market is not China but the United States.

Buy gold and buy drill, essentially in two different underlying consumption logic. Diamond jewelry is higher, consumers are more willing to pay for the story and cultural payment behind the product; and the golden ornaments use the pricing method, the product price floating and international gold prices and brand processing fees are linked, relatively, gold jewelry circulation Higher, in most Chinese consumers, in terms of decoration, it also has investment and preservation.

However, it is unexpectedly, the past makes the gold ornaments that make young people dismissed, there is a “net red fast train” one day.

In small red books, shake and other social platforms, “ancient law” bracelets, net red golden woven bracelets seem to become a social informed. A deeper change is that in addition to traditional marriage jewelry, more jewelry brands have begun to make young people in more stylish gold ornaments.

In other words, outside the diamond jewelry of “blingbling”, young people began to fall in love with gold.

3, redefine jewelry

Throughout the domestic jewelry market, it is not difficult to find three major camps.

The high-end jewelry market is mainly occupied by luxury brands such as Van Clee, Tiffany, Cartier. The mid-range mass market is Zhou Dafu, Zhou Shengsheng, Liufu Jewelry and the hot-hearted jewelry brand. Others are emerging jewelry brands such as DR, creative brand And regional brands, etc.

Although Chinese consumers generally prefer the golden ornaments, the low permeability of the diamond market has made it huge.

In recent years, the natural diamonds have actually have a strong challenge – (laboratory) cultivating diamonds.

Unlike Mozang diamonds, cultivating diamonds is made by simulating the formation of natural diamonds, and is made of high temperature high pressure method and chemical vapor deposition method in the laboratory, and the elements are identical to natural diamonds, but Cost has a huge advantage.

With the surge in cultivation diamond production, the same level of cultivating diamond prices can reach one-third or even one-fifth of natural diamond prices.

Although natural diamonds are not rare mines, it is indeed because of the strong market pricing, but natural diamond production has also become unexpected.

According to Dai Biels data, after the peak of 152 billion grades in 2017, the original drill production decreased by about 5% a year. By 2020, it fell to 111 billion grams, and the output was 20% over 2019. And the supply of natural diamonds in the future does not have the possibility of expansion.

On the other hand, there is a hidden regional risk behind natural diamonds and environmental pollution is becoming its “original crime”, which seems to become a chip that cultivates diamonds dare to initiate attacks to the natural diamond market.

In the global cultivation diamond market, nearly half of the capacity is from China, and the cost-effective and sustainability of diamonds is cultivated, and the “Yuehe Consumption” in the Diamond Jewelry is trend.


In Yue’s consumption, the aestheticity and fashionability of diamond itself will occupy more important positions, and women consumers buy diamonds for themselves.

Imagine this scenario: in an important occasion such as traditional wedding, a natural diamond seems to represent true feelings; while wearing, business, and leisure, a more fashionable and low-cost cultivation diamond seems enough. .

The emergence of cultivating diamonds allows consumers to increase the randomness of diamonds, and also make diamond jewelry consumption from the past marriage and love for the absolute dominant “high low frequency” model to “low high frequency”.

Dai Biel has launched the cultivation diamond brand Lightbox in 2018. Its CEO also said: Synthetic diamond is a very potential market, but they belong to fashion, not luxury.

Under the new trend, there is a brand attempt to launch the cultivation diamond product – May 2021, Danish jewelry brand Pandora announced that all synthetic diamonds replace natural diamonds caused a hot discussion, in October of the same year, Zhou Dafu also launched synthetic diamond brand CAMA.

However, the resell of raw materials of the diamond jewelry industry is clearly a slow and deeper revolution, and in the front end of the industry, the brand awakens have already begun, such as the red-red brand of traditional jewelry brands.

For example, Zhou Dafu is in the main brand, but also launched a brand of diamond brand T Mark, trend jewelry brand Monologue and color gem brand enzo, and its net red “ancient law” bracelets have been sought after by young girls.

Previously, Liu Fu Jewelry and the famous film and television ip “which” which is the magic boy to come to the world “, create a series of jewelery,” Qiankun circle “” mixed Yuanzhu “; there is no longer, in 2021, Zhou Sheng Sheng’s brand Afrei also launched The M crowns of Prince’s with the same paragraph, to attract young guests.

On the other side of the market, a lot of creative jewelry brands such as Swarovski, Pandora, etc. Van Gogh, Yin Hi Square has attracted a lot of light plenary consumers with a unique design creative.


In the short term, the high-end jewelry market seems to remain the world of international luxury brands, but with the local jewelry brand and consumers’ personalization and branding consumers in diamond jewelry, this iron board has loosened.

The jewelry industry is being redefined.

* Text map from the web, based on the VRF protocol.


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