Industry Observation: A New Era for Jade Under the Digital Wave: How E-commerce Platforms are Reshaping the Traditional Market
[Beijing, May 15, 2024] The Global Jade Network's industry news editorial department today released its latest market analysis report, indicating that driven by the digital wave, jade e-commerce platforms are reshaping the traditional jade market at an unprecedented pace and with significant influence. From live streaming sales to blockchain traceability, technological innovations have not only improved transaction efficiency but also greatly enhanced consumer confidence.
Over the past five years, the scale of China's jade market has continued to expand. According to the '2023 China Jewelry and Jade Industry Development Report' released by the Gemological Association of China (GAC), the retail market size for jade and jade carving crafts in China reached approximately 280 billion RMB in 2023. Online transactions accounted for over 35% of this, a significant increase compared to less than 10% in 2019. This data indicates that e-commerce channels have become an indispensable and important component of jade sales.
“E-commerce platforms have brought unprecedented opportunities to the jade industry, especially for younger generations of consumers who are more inclined to obtain information and complete purchases through online channels,” said Professor Li Ming from the Cultural Industry Research Institute of Peking University in an interview. “Transparent pricing, a wide selection, and convenient logistics are the main factors attracting them.”
Taking the 'Yujian' APP as an example, since its launch in 2021, the platform has rapidly accumulated over 3 million registered users by introducing technologies such as AI-assisted identification and 3D display. Platform data shows that its GMV (Gross Merchandise Volume) grew by 45% year-on-year in 2023, with Hetian jade, raw jadeite, and finished products being the main sales drivers. Notably, the 'direct sourcing live stream' model launched by the platform last year successfully brought jade source markets from places like Ruili, Yunnan, and Jieyang, Guangdong, online, attracting a large number of professional buyers and collectors. During last year's 'Double Eleven' shopping festival alone, a live stream hosted by Zhang Wei, President of the Ruili Jade Association, set a single-session sales record of over 50 million RMB, including high-end jadeite bangles worth several million RMB.
However, the development of e-commerce also faces challenges. Issues such as counterfeiting, identification disputes, and after-sales service continue to plague the industry. To address this, several e-commerce platforms are actively exploring solutions. For instance, a well-known jade e-commerce platform has entered into a strategic cooperation with the National Gemstone Testing Center (NGTC). Every jade product sold on the platform with a value exceeding 5,000 RMB must be accompanied by an official NGTC identification certificate, which supports online verification. Concurrently, blockchain technology has been introduced into the jade traceability system, ensuring the immutability of information recorded at every stage from raw stone mining, processing, carving, to final sale.
“We are building a more trustworthy and transparent trading environment,” revealed Ms. Wang Fang, Operations Director of the 'Yujian' APP, in an interview. “By collaborating with authoritative institutions and utilizing cutting-edge technology, we hope to completely resolve consumer doubts about purchasing jade online, allowing more people to experience the beauty of jade.”
Looking ahead, with the popularization of 5G, VR/AR, and other technologies, jade e-commerce platforms are expected to provide an even more immersive shopping experience. For example, consumers may be able to 'visit' jade mining areas through VR technology or try on virtual jade jewelry in an AR environment. It is foreseeable that jade e-commerce will continue to find a balance between tradition and innovation, leading the jade industry towards a broader digital future.