Industry Observation: Policy Barometer: Interpreting New Regulations in the Gemstone and Jewelry Industry for 2024 and Market Impact Outlook


In 2024, the global gemstone and jewelry industry is undergoing unprecedented changes. Against the backdrop of a complex and volatile macroeconomic environment and increasingly sophisticated consumer demands, governments and industry organizations worldwide have successively introduced new policies and regulations. These measures aim to regulate market order, enhance product quality, protect consumer rights, and promote sustainable industry development. As an industry news editor for 'Yujian AI', we have conducted an in-depth analysis of these policy trends to provide forward-looking insights for industry participants.

I. China Market: Stricter Regulation, Upgraded Standards


As one of the world's largest consumer markets for gemstones and jewelry, China's policy and regulatory adjustments have a pivotal impact on the global industry chain. At the beginning of 2024, China's State Administration for Market Regulation (SAMR), in conjunction with the Gem & Jewelry Trade Association of China (GAC), released a draft revision of the 'Standards for Gemstone Identification and Appraisal' (GB/T 16552-2024). This draft proposes stricter requirements for origin identification of jade, disclosure of enhancement treatments, and identification of high-tech imitations. For instance, regarding the origin labeling of Hetian jade, the new regulations explicitly require specifying the exact production area (e.g., Xinjiang Hetian, Russian material) instead of a general 'Hetian jade' label. According to Ms. Wang Fang, Vice President and Secretary-General of GAC, this move aims to combat false advertising and purify the market environment. The new standards are expected to be officially implemented in the second half of 2024, posing greater challenges for the operational costs and compliance of small and medium-sized jewelers, but in the long run, it will help enhance the overall credibility of China's jewelry market.


Furthermore, in response to the proliferation of counterfeit goods on live-streaming e-commerce platforms, China's Ministry of Culture and Tourism and the Ministry of Commerce jointly issued 'Guidelines on Strengthening Supervision of Online Live Marketing Activities'. These guidelines clearly stipulate that live-streamed sales must provide product traceability information and set specific requirements for streamer qualifications and after-sales service. According to statistics, China's live-streamed sales of gemstones and jewelry reached approximately 200 billion RMB in 2023, a year-on-year increase of 35%. The implementation of the new regulations will undoubtedly reshape the live-streaming sales ecosystem, prompting more brands to invest in product quality and reputation building.

II. International Trends: Sustainable Development and Supply Chain Transparency


Globally, sustainable development and supply chain transparency have become the main themes of the gemstone and jewelry industry. The European Commission recently published the final text of the 'Corporate Sustainability Due Diligence Directive' (CSDDD). This directive requires large companies operating in the EU (including some jewelry retailers and manufacturers) to conduct due diligence on human rights and environmental risks in their supply chains. For the gemstone and jewelry industry, which relies on global supply chains, this means higher compliance costs and stricter traceability requirements. For example, labor and environmental conditions at gem mining sites and the origin of diamonds from conflict zones will be subject to more rigorous scrutiny.


In the United States, the Federal Trade Commission (FTC) updated its 'Jewelry Guides' in late 2023, emphasizing clear disclosure requirements for synthetic diamonds and treated gemstones. Samuel Levine, Director of the FTC's Bureau of Consumer Protection, stated: "Consumers have the right to all material information about the products they purchase." This initiative will further promote transparency in product descriptions and marketing across the global jewelry industry.

III. Market Impact and Response Strategies


The intensive introduction of these new policies will undoubtedly have a profound impact on the gemstone and jewelry industry. Firstly, compliance costs will generally increase. Whether it's China's origin traceability or the EU's due diligence, companies will need to invest more resources in establishing a comprehensive supply chain management system. Secondly, market competition will become fairer. By combating counterfeiting and false advertising, brands that genuinely focus on quality and reputation will gain greater development opportunities. Thirdly, consumer confidence will be boosted. Clear and transparent information disclosure will help consumers make more informed purchasing decisions.


For industry participants, actively embracing new regulations and transforming them into opportunities for corporate development is crucial. Recommendations include:



    • Strengthen Internal Management: Establish and improve quality control systems and supply chain traceability mechanisms.

    • Embrace Technological Innovation: Utilize technologies such as blockchain and AI to enhance product traceability and appraisal efficiency.

    • Enhance Brand Value: Focus on building brand reputation and gaining consumer trust through transparent information.

    • Strengthen Industry Cooperation: Actively participate in industry standard setting and collaborate with peers to promote healthy industry development.


Looking ahead, the gemstone and jewelry industry is moving towards a more standardized, transparent, and sustainable era. Only those companies that can adapt to new rules and actively embrace change will be able to stand invincible in the fierce market competition.