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He has recently started writing about the architectural projects that catch his imagination. November 29th, by Sumit Singhal. Like this: Like Loading Leave a Reply Cancel reply. Sorry, your blog cannot share posts by email. November 29th, by Sumit Singhal Share. The focus of the industry shifted from quantity to quality. Companies that could not compete went out of business.
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By , jewelers realized the importance of branding and started promoting products by emphasizing cultural and historical significance rather than simply lowering prices. Consumers started to pay attention to design rather than just focusing on the value of the materials being used. A New Start —Present. The Summer Olympics in Beijing figure 18 helped shed light on Chinese society, opening the country even more to the rest of the world. Meanwhile, Chinese tourism abroad has increased, the GDP per capita has risen, and more income is being spent on luxury goods. While the global economy experienced a severe shock with the recession of —, the Chinese jewelry industry slowed only slightly.
Trade officials note that with the rise in discretionary income in the early s, jewelry became the third-largest investment purchase, after real estate and automobiles. In , more than 11 million couples got married in China, a number that is expected to rise through China Economic Net, A survey by the Shanghai Diamond Exchange indicated that 8 out of every 10 new couples from first-tier cities such as Beijing, Guangzhou, and Shanghai were willing to purchase diamond wedding rings.
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This is partially due to better disclosure from sellers and easy access to product knowledge through different channels, especially online resources. Many diamond consumers already know exactly what they want before they step inside a jewelry store or place an online order. As Chinese jewelry shoppers have become better educated, they have cultivated more of an appreciation for design, including Western and innovative Chinese styles. Rather than thinking only in terms of the value of the materials, Chinese jewelry consumers increasingly think in terms of design, value, and the quality of the piece as a whole.
Whereas haute couture was very rare in China only five years ago, nearly every mainstream jewelry company now offers luxury products and services. Some designers focus exclusively on custom haute couture jewelry for high-end clientele. For any business in China to prosper, it needs the support of government at all levels. Upon opening the country to trade after , the central government enacted major reforms to catch up with other global economies.
Additional reforms, such as anti-corruption measures and environmental protection, are necessary to continue this development.
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Tax Reform. Since , China has transformed its tax system several times to adapt to its own rapid economic development. A large-scale transformation of the socialist economy occurred in , with a shift toward free-market policies. Since , China has implemented a series of reforms primarily related to income, property, and export taxes.
As of , there were 25 tax categories in China.
The central government relies heavily on consumption-based taxes, which are less damaging to individual savings than traditional income taxes Institute for Research on the Economics of Taxation, Legislative power over tax laws in China is highly centralized. Only the state council can create and reform national tax laws or policies. Tax collecting responsibilities belong to the State Administration of Taxation. Local governments can slightly adjust some tax rates under certain circumstances, but in general, the power of local government to add or remove taxes, or change major tax rates, is very limited.
Unlike the U. Value-added tax VAT is a large portion of the taxes that an enterprise or individual pays; this applies to jewelry companies as well. While exporting certain jewelry industry products, such as colored gemstones, to China can be challenging for foreign companies, gold and diamonds have exchanges in China that have clarified and simplified importations. Gold Exchange. It provides facilities and supervision for gold transactions, sets precious metal prices domestically, and connects the Chinese and international markets. The SGE also works with testing institutions to conduct qualification examinations for gold quality standards.
Several events led up to the formation of the Exchange. In , the government developed a five-year economic plan that included an open gold market Skoyles, a. Shortly thereafter, gold price quotes were released on a weekly basis, allowing for adjustments to the gold spot price to reflect free market prices. This effectively paved the way for the SGE Skoyles, a. As a result, the price of gold in China is based on the open international market. Much of this sharp rise was attributed to an increase in personal income and the need for a hedge against inflation; the latter drove investors to buy when prices were rising instead of falling.
SGE has 41 warehouses in 34 Chinese cities to facilitate stocking and delivery of gold. Gold is physically delivered to members three days after a deal is completed. Diamond Exchange. Thanks to the work of the Exchange, diamond taxation policy is now very favorable table 4.
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If the rough is polished in China and then sold in the domestic market, VAT is applied, the same as any polished diamond imported into China. If the rough is polished in China and returned to the country of export, then no VAT is applied. These reforms were instrumental in curbing the smuggling of diamonds into the country to avoid taxation.
The China Diamond Exchange Center is home to a grading and identification lab, diamond dealers, government agencies, and shipping services. The Diamond Exchange handles all import and export of loose diamonds under normal trade, but not diamond jewelry. The Chinese diamond industry has benefited greatly from the Diamond Exchange.
The China Diamond Exchange Center is the only legal processing area for diamond import and export. Set up by the central government, its mission is to make trade more convenient by simplifying diamond import and export procedures.
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According to Chinese law, all imported diamonds must be received at the Exchange to begin the taxation process figure These imports must be declared and sealed by Chinese customs or else they are considered illegally smuggled. The diamonds are unsealed, inspected, and assessed by an expert at the Exchange before taxation is imposed.
Likewise, imported rough diamonds must be inspected before entering China. Kimberley Process certificates must accompany these diamonds, and a special department in the CDEC is set up for inspecting and registering the certificates. Once the certificates pass inspection, the rough can be sold in the domestic market. The China Diamond Exchange Center is a completely open platform that welcomes diamond dealers from all over the world. There are member diamond companies from mainland China, 62 from Hong Kong, 50 from India, 32 from Israel, and 23 from Belgium; the remaining 69 are from other countries.
Diamond Administration Center of China. It is authorized by the Ministry of Commerce to supervise the Diamond Exchange. The DAC and other government organizations jointly control everyday diamond imports and exports across the country, as well as trade within the China Diamond Exchange Center. Colored Stones. Unlike diamonds and gold, which are traded in their own exchange centers with special tax policies, colored stones and colored stone jewelry are taxed at the same rate as other luxury goods. Because China does not have rich colored stone resources, this market depends mainly on imported goods.
Tariff, VAT, and consumption tax are collected by the central government, while the local government collects business taxes. The VAT of mounted colored stone jewelry is an unusually high This difference of about Taxes collected by the central government are related to different industries; thus, it takes longer for changes to occur.