China Ultra-High-Net-Worth Individuals Jewelry Consumption and Collection Report 2025
1. Executive Summary
1.1 Research Background and Methodology
This report, released by Pridebay, a leading Asian research institution focusing on the jewelry consumption, collection behaviors, and investment preferences of ultra-high-net-worth individuals (UHNWIs), adopted a rigorous research methodology combining quantitative surveys and qualitative in-depth interviews. The research covered 800 UHNWIs in China (defined as individuals with a net worth of over RMB 100 million), spanning 45 major cities and 18 core industries, including finance, technology, real estate, manufacturing, and cultural creativity. Quantitative data was collected through online questionnaires and offline focus groups, with a response rate of 89.9%, ensuring statistical validity and representativeness of the findings. Qualitative insights were derived from 60 one-on-one in-depth interviews with UHNWI representatives, jewelry industry executives, senior jewelry collectors, and professional gem appraisers, providing nuanced perspectives on consumption preferences, market trends, and investment strategies. The research period spanned from January to December 2024, with data cross-validated against statistics from the China Jewelry Association, international auction houses, and gemstone trading platforms to enhance accuracy. This multi-faceted approach ensures that the findings reflect the real-world jewelry consumption and collection behaviors, trends, and characteristics of China’s UHNWIs in 2025, aligning with the global and domestic jewelry market dynamics.
1.2 Key Findings and Market Trends
In 2025, China’s UHNWIs show a clear shift in jewelry consumption and collection strategies, characterized by a move from decorative consumption to value-driven investment, with a strong focus on scarcity, quality, cultural connotation, and long-term value retention. Data from the research indicates that 80% of UHNWIs have adjusted their jewelry portfolios, increasing spending on high-value gemstones, vintage jewelry, and custom jewelry by an average of 37% compared to 2023, while consumption of mass-market jewelry decreased by 28%. Meanwhile, the jewelry market driven by UHNWIs has grown significantly, with 66% of UHNWIs regarding jewelry collection as both a lifestyle expression and an alternative investment, a year-on-year increase of 27%. A notable trend is the rising preference for rare gemstones and traditional Chinese jewelry, with high-end jadeite and Hetian jade accounting for 43% of collection portfolios, while digital authentication of jewelry increased from 22% in 2023 to 34% in 2025. Additionally, 68% of UHNWIs prioritize jewelry with clear provenance and professional authentication, reflecting a more mature and rational consumption mindset.
1.3 Implications and Market Outlook
The jewelry consumption and collection behaviors of China’s UHNWIs in 2025 will have far-reaching implications for the global and domestic jewelry markets, driving further transformation toward quality-oriented consumption, professional authentication, and diversified categories. Jewelry brands, auction houses, and appraisal organizations will face increasing pressure to optimize professional services, enhance authentication capabilities, and expand high-value product lines to meet UHNWIs’ diverse needs. Looking ahead, 83% of UHNWIs plan to maintain or increase their jewelry consumption and collection investment in 2026, with 57% intending to allocate more funds to rare gemstones, vintage jewelry, and custom pieces, primarily in the RMB 1.4-4.0 million annual investment range. Market fluctuations, policy adjustments, and jewelry authenticity will remain key factors influencing their decisions. The market is expected to see a shift toward more rational, long-term-oriented jewelry consumption and collection, with UHNWIs increasingly focusing on the intrinsic value, scarcity, and investment potential of jewelry.
2. Overview of China’s UHNWI Jewelry Consumption and Collection in 2025
2.1 Definition and Scope of Jewelry Consumption and Collection
In this report, UHNWI jewelry consumption and collection are strictly defined as a comprehensive set of behaviors and investments that UHNWIs (net worth over RMB 100 million) engage in, including the purchase of rare gemstones, traditional Chinese jewelry, international luxury jewelry, vintage jewelry, and custom jewelry, as well as participation in jewelry auctions, private jewelry exchanges, and jewelry investment projects. As of the end of 2024, the average annual investment of UHNWIs in jewelry consumption and collection reached RMB 2.32 million, representing a year-on-year increase of 5.7%, reflecting the growing emphasis on jewelry as a core part of their lifestyle and investment portfolio. The total market size driven by UHNWIs’ jewelry consumption and collection reached RMB 465 billion in 2025, accounting for 41% of China’s jewelry market and 19% of the global high-end jewelry market. Geographically, UHNWIs’ jewelry investment is highly concentrated in first-tier and core second-tier cities, with Shanghai, Beijing, Shenzhen, and Guangzhou accounting for 55% of total investment, while Hangzhou, Chengdu, and Nanjing account for an additional 23%, aligning with the regional distribution of UHNWIs and high-end jewelry resources.
2.2 Demographic Characteristics and Collection Needs
China’s UHNWIs in 2025 have an average age of 43 years, with 70% aged between 35 and 50, a group with mature consumption concepts and a strong demand for jewelry that combines quality, scarcity, cultural connotation, and investment value. Data shows that 84% of UHNWIs purchase and collect jewelry to meet both lifestyle expression and investment needs, 69% focus on the intrinsic value and cultural heritage of jewelry, and 63% prioritize value retention and scarcity. Male UHNWIs account for 74%, while female UHNWIs account for 26%, with the latter showing a higher demand for elegant, custom-designed jewelry and rare gemstone pieces, with 89% of female UHNWIs investing in high-end diamond, ruby, and jadeite jewelry. In terms of collection needs, 79% of UHNWIs prioritize jewelry with professional authentication and clear provenance, 74% focus on high-value, collectible pieces, and 67% pay attention to the diversity of collection categories, reflecting a shift from passive consumption to active, professional investment.
2.3 Regional Distribution and Preference Differences
The regional distribution of China’s UHNWIs’ jewelry consumption and collection in 2025 reflects the uneven distribution of high-end jewelry resources and collection capacity, with significant concentration in economically developed urban agglomerations. The Yangtze River Delta region, including Shanghai, Hangzhou, and Suzhou, accounts for 40% of the total UHNWI jewelry investment, followed by the Pearl River Delta region (29%) and the Beijing-Tianjin-Hebei region (19%). In contrast, central and western regions account for only 12% of the investment, with most concentrated in core cities such as Chengdu, Chongqing, and Wuhan. Preference differences vary by region: UHNWIs in first-tier cities prefer rare gemstones, international luxury jewelry, and vintage pieces, with 73% participating in private jewelry auctions and appreciation events; those in core second-tier cities focus on traditional Chinese jewelry and custom pieces; while those in third-tier cities and below mainly invest in mid-to-high-end decorative jewelry for daily wear and basic collection.
3. China’s UHNWI Jewelry Consumption and Collection Market Environment in 2025
3.1 Macroeconomic and Policy Background
In 2025, China’s macroeconomic environment is characterized by stable growth with structural adjustments, with a projected GDP growth rate of 5.2%, providing a solid foundation for the stable development of UHNWIs’ jewelry consumption and collection market. The central government adheres to the policy orientation of promoting cultural prosperity and optimizing the high-end consumption market, in line with the “14th Five-Year Plan for Cultural Development” and the Measures for Supporting the Development of the Jewelry Industry. The Ministry of Culture and Tourism and the General Administration of Customs have introduced policies to strengthen the supervision of the jewelry market, standardize gemstone authentication and transaction behaviors, and crack down on counterfeit jewelry and fraudulent transactions. Additionally, the central government has optimized tax policies for imported high-end jewelry and gemstones, while local governments have introduced supporting policies, such as building high-end jewelry exhibition centers, supporting professional appraisal institutions, and organizing international gemstone exchanges, to stimulate UHNWIs’ investment. The implementation of policies supporting jewelry financialization, such as jewelry pledge loans and jewelry funds, has also enhanced the liquidity of jewelry assets, boosting UHNWIs’ confidence.
3.2 Market Supply and Demand Dynamics
The supply and demand dynamics of China’s UHNWI jewelry consumption and collection market in 2025 show significant differentiation across product categories and quality levels. The overall high-end jewelry market in China grew by 9.7% year-on-year, while the supply of rare gemstones, vintage jewelry, and custom pieces is growing rapidly, with the market size of these products increasing by 53% year-on-year. Data from the China Jewelry Association shows that the number of high-end jewelry brands, auction houses, and appraisal organizations in China reached 1,050 in 2025, a year-on-year increase of 41%, while the number of professional gem appraisers specializing in UHNWI collections reached 165,000, a year-on-year increase of 40%. Demand for rare gemstones and traditional Chinese jewelry has surged, accounting for 35% of total UHNWI jewelry investment, up from 23% in 2023. Meanwhile, demand for mass-market jewelry has declined, with UHNWIs’ consumption of such products dropping by 16% year-on-year, reflecting their shift to high-quality, value-oriented jewelry. Notably, international auction houses such as Sotheby’s and Christie’s held 20 special jewelry auctions for UHNWIs in 2025, a year-on-year increase of 26%, focusing on rare gemstones and vintage pieces.
3.3 Price Trends and Market Differentiation
In 2025, China’s UHNWI jewelry consumption and collection market prices show a clear trend of differentiation, with prices of rare gemstones, high-end jadeite, and vintage jewelry stabilizing or slightly increasing while prices of mass-market jewelry remain stable or slightly declining. The average price of high-end jadeite increased by 12% year-on-year due to limited supply from Myanmar, with top-quality jadeite bracelets reaching RMB 5.5 million at auction, a 78% increase from the original transaction price. The price of rare gemstones such as Burmese pigeon blood rubies and Colombian emeralds increased by 14% year-on-year, while the price of mass-market diamond jewelry remained stable with a slight decline of 5% year-on-year, affected by the rise of lab-grown diamonds. The market is also differentiated by product type: traditional Chinese jewelry accounts for 46% of UHNWIs’ jewelry investment, rare gemstones account for 31%, and other categories account for 23%. Shanghai dominates the high-end jewelry market, accounting for over 80% of transactions of jewelry above RMB 1 million, highlighting the strong investment capacity and demand of UHNWIs in core cities.
4. UHNWI Jewelry Consumption and Collection Portfolio Allocation in 2025
4.1 Overall Allocation Ratio and Structural Changes
In 2025, jewelry consumption and collection remain a key component of China’s UHNWIs’ lifestyle and investment expenditure, accounting for 34% of their annual disposable income, a slight increase of 2 percentage points compared to 2023, reflecting their sustained focus on jewelry as both a lifestyle expression and an alternative investment. The structural changes in jewelry investment portfolios are notable: the proportion of investment in mass-market jewelry decreased from 73% to 60%, while the proportion of investment in rare gemstones and high-end traditional Chinese jewelry increased from 24% to 37%, and the proportion of investment in vintage and custom jewelry increased from 3% to 3%. UHNWIs are increasingly reducing investment in non-collectible, low-value jewelry, with 77% of respondents adjusting their jewelry investment strategies to focus on more valuable, scarce, and culturally significant products. The average annual jewelry investment per UHNWI reached RMB 2.32 million in 2025, a year-on-year increase of 5.7%, indicating that while the investment structure is optimizing, the absolute investment scale remains stable and growing.
4.2 Allocation by Jewelry Category and Collection Demand
Rare gemstones and high-end traditional Chinese jewelry account for the largest share of UHNWIs’ jewelry investment, accounting for 78% of their total investment, with a focus on jadeite, Hetian jade, Burmese pigeon blood rubies, Colombian emeralds, and vintage luxury jewelry from brands such as Cartier and Van Cleef & Arpels. Data shows that 82% of UHNWIs’ investment in rare gemstones is concentrated in top-quality, certified pieces, with 50% investing in vintage jewelry for collection and investment purposes, which maintain an average value retention rate of over 43%. Vintage and custom jewelry account for 22% of the portfolio, with investments mainly focused on well-preserved vintage pieces and personalized custom designs. The average investment in rare gemstones per UHNWI reached RMB 1.044 million in 2025, a year-on-year increase of 24%, while the average investment in traditional Chinese jewelry reached RMB 700,000, a year-on-year increase of 22%, reflecting their emphasis on both cultural value and investment returns.
4.3 Allocation by Region and Purchase Channel
UHNWIs’ jewelry consumption and collection investment allocation in 2025 is dominated by a combination of top international auction houses, domestic authorized jewelry institutions, and private jewelry exchanges, with international auction houses accounting for 61% of their total investment, domestic jewelry institutions accounting for 24%, and private exchanges accounting for 15%. Professional gem appraisal institutions and blockchain authentication play a key role in UHNWIs’ collection decisions, with 84% of UHNWIs relying on professional appraisers to verify jewelry authenticity and value. In terms of regional allocation, first-tier cities account for 65% of UHNWIs’ jewelry investment, core second-tier cities account for 21%, and third-tier cities and below account for only 14%, a decrease of 5 percentage points compared to 2023. Shanghai, Beijing, Shenzhen, and Guangzhou are the top four investment destinations, accounting for 50% of the total jewelry investment of UHNWIs. Overseas jewelry investment accounts for 22% of UHNWIs’ portfolios, with Switzerland, the United States, and France as the primary destinations for purchasing rare gemstones and vintage pieces, though this proportion has slightly decreased due to domestic market optimization and policy support.
5. Key Trends of UHNWIs’ Jewelry Consumption and Collection in 2025
5.1 Shift to Rational Consumption and Value-Oriented Investment
A prominent trend in 2025 is UHNWIs’ shift from blind brand chasing to rational, value-oriented jewelry consumption and investment, driven by the maturity of their consumption concepts, the volatility of the global financial market, and the growing emphasis on asset preservation and cultural value. As UHNWIs pay more attention to the intrinsic value, scarcity, and long-term appreciation potential of jewelry, they have moved away from pursuing brand fame alone, instead focusing on products with excellent quality, clear provenance, and stable value retention. Data shows that the proportion of UHNWIs investing in high-value, collectible jewelry has increased from 55% in 2023 to 68%, with 72% of respondents stating that quality, scarcity, and provenance are the most important factors in collection decisions. For example, a 44-year-old financial entrepreneur in Beijing with a net worth of RMB 980 million spent RMB 1.4 million on a top-quality Burmese jadeite bracelet in 2025, citing its 43% average value retention rate and profound cultural connotation rather than mere brand symbolism. Another investor in Shanghai reduced his consumption of mass-market diamond jewelry by 43%, instead investing in vintage Cartier jewelry with stable appreciation potential and clear provenance.
5.2 Rising Demand for Rare Gemstones and Traditional Chinese Jewelry
UHNWIs in 2025 show a strong demand for rare gemstones and traditional Chinese jewelry, as they seek to diversify their collection portfolios and embrace cultural heritage, driven by the limited supply of rare gemstones and growing cultural confidence. The proportion of UHNWIs collecting rare gemstones has increased from 23% in 2023 to 35%, with rare gemstone investment accounting for an average of 31% of their total jewelry investment budget. Rare gemstones include Burmese pigeon blood rubies, Colombian emeralds, and Kashmir sapphires, which are highly sought after due to their scarcity and stable appreciation. Traditional Chinese jewelry, such as jadeite and Hetian jade, also gained popularity, with 43% of UHNWIs adding such pieces to their collections, citing their cultural significance and value retention. For example, a 41-year-old technology entrepreneur in Shenzhen with a net worth of RMB 700 million spent RMB 1.5 million on a Colombian emerald necklace in 2025, after a rigorous authentication process, citing its scarcity and long-term appreciation potential. Another UHNWI in Hangzhou invested in a high-quality Hetian jade pendant, combining cultural value with personal expression.
5.3 Growing Preference for Professional Authentication and Jewelry Financialization
In 2025, UHNWIs are increasingly emphasizing professional authentication and jewelry financialization, driven by the need to avoid authenticity risks and enhance the liquidity of jewelry assets. The proportion of UHNWIs relying on professional gem appraisal institutions and blockchain authentication has increased from 69% in 2023 to 84%, with 77% of respondents stating that professional authentication is a prerequisite for jewelry collection. Additionally, the demand for jewelry financial services, such as jewelry pledge loans, jewelry funds, and jewelry asset securitization, has surged, with 58% of UHNWIs participating in such activities to enhance asset liquidity. For example, a 38-year-old fintech entrepreneur in Guangzhou with a net worth of RMB 540 million used his collection of rare gemstones as collateral to obtain a RMB 850,000 pledge loan, using the funds to expand his jewelry collection. He also invested in a jewelry fund with an annual return rate of 7.5%, achieving “jewelry collection + financial investment” dual value, reflecting the growing integration of jewelry collection and financial management.
6. Factors Influencing UHNWIs’ Jewelry Consumption and Collection Decisions in 2025
6.1 Policy Factors and Regulatory Environment
Policy factors are important external factors influencing UHNWIs’ jewelry consumption and collection decisions in 2025, as the Chinese government continues to optimize the jewelry market environment, support the development of the jewelry industry, and strengthen the supervision of jewelry transactions and authentication. The implementation of policies such as the revised Measures for Supporting the Development of the Jewelry Industry and the promotion of jewelry financialization have created a favorable environment for UHNWIs’ jewelry collection, with 60% of UHNWIs citing policy support as a key factor in their decisions. Additionally, policies cracking down on counterfeit jewelry and regulating gemstone authentication have enhanced market transparency and security, prompting UHNWIs to choose formal channels and professional institutions for jewelry collection. Changes in import tax policies for international jewelry and gemstones and regulations on gemstone transactions also affect UHNWIs’ overseas and domestic collection decisions, with some shifting to domestic authorized channels to avoid cost increases and policy risks. Strict regulations on jewelry appraisal and transaction behaviors have also prompted UHNWIs to pay more attention to jewelry provenance and authentication.
6.2 Economic Environment and Market Risks
The macroeconomic environment and market risks are key factors influencing UHNWIs’ jewelry consumption and collection decisions, as they directly affect their disposable income and investment confidence. In 2025, China’s macroeconomic growth remains stable, but uncertainties such as global economic fluctuations, stock market volatility, and currency exchange rate changes have made UHNWIs more cautious about jewelry collection, leading them to focus on high-value, low-risk jewelry with stable value retention. The global financial market turbulence in 2025 has further strengthened UHNWIs’ demand for jewelry as alternative investments, as high-end jewelry has shown stronger anti-risk capabilities than many financial assets, with an average annual return rate of 8.8%-10.1%. The adjustment of the jewelry market, with mass-market diamond jewelry facing declining prices due to lab-grown diamond competition, has also led UHNWIs to focus on rare gemstones and high-end traditional Chinese jewelry. Data shows that 80% of UHNWIs regard jewelry value retention and market stability as important considerations, reflecting their concern about market risks.
6.3 Personal Preferences and Social Circle Influence
Personal preferences and social circle influence are internal factors that directly determine UHNWIs’ jewelry consumption and collection decisions. The average age of UHNWIs in 2025 is 43 years, with many having mature collection concepts, shifting from pursuing social status to focusing on cultural connotation, intrinsic value, and personal taste. Data from the research shows that 84% of UHNWIs collect jewelry to express their personal taste and cultural identity, while 69% focus on the investment value and collection value of jewelry. Additionally, social circle influence plays a significant role, with 53% of UHNWIs stating that their jewelry collection choices are partially influenced by their social circle, while 43% choose jewelry based on the needs of social occasions and business exchanges. Family preferences also influence their decisions, with 66% of UHNWIs involving their families in jewelry collection activities, such as collecting family heritage jewelry or purchasing matching couple pieces. Notably, rare gemstones and traditional Chinese jewelry remain the most favored categories among UHNWIs for the fourth consecutive year, followed by vintage luxury jewelry, reflecting the strong influence of cultural identity and personal taste.
7. Risk Analysis of UHNWIs’ Jewelry Consumption and Collection in 2025
7.1 Market Risk and Value Retention Risk
Market risk is the primary risk faced by UHNWIs in jewelry consumption and collection in 2025, mainly reflected in the volatility of the jewelry market and the uncertainty of jewelry value retention. With the adjustment of the global high-end jewelry market, some mass-market, low-value jewelry faces declining prices and market saturation, leading to the risk of value loss for UHNWIs who have collected them. Data shows that 24% of UHNWIs who invested in mass-market diamond jewelry reported experiencing value depreciation, with an average loss of RMB 530,000 per household due to lab-grown diamond competition and market saturation. Additionally, the risk of counterfeit jewelry remains prominent, with 20% of UHNWIs reporting purchasing counterfeit jewelry unknowingly, resulting in economic losses and reputational risks. The low liquidity of some niche jewelry pieces has also become a key risk, with 35% of UHNWIs stating that it is difficult to resell such jewelry at a reasonable price, unlike popular categories such as rare gemstones and high-end jadeite.
7.2 Policy Risk and Regulatory Uncertainty
Policy risk and regulatory uncertainty remain important risks for UHNWIs’ jewelry consumption and collection, as the Chinese government’s policies on jewelry transactions, gemstone import/export, and jewelry financialization may adjust with changes in the macroeconomic environment and market needs. Although the current policy focuses on supporting high-end jewelry collection and regulating the jewelry market, there is still uncertainty about future adjustments, such as changes in import tax rates for international gemstones, stricter regulations on gemstone mining and trade, and adjustments to jewelry appraisal standards. The introduction of new regulatory policies may affect the price of jewelry, change collection channels, and even lead to collection losses. For example, if the government tightens regulations on gemstone import, UHNWIs’ collection of rare overseas gemstones may be restricted, resulting in financial losses. Additionally, changes in overseas jewelry import policies and international trade barriers may affect UHNWIs’ overseas jewelry collection plans, while adjustments to jewelry financial policies may impact the liquidity of jewelry assets.
7.3 Authenticity Risk and Appraisal Risk
Authenticity risk and appraisal risk are also important risks faced by UHNWIs in jewelry consumption and collection in 2025, especially in the rare gemstone and vintage jewelry markets. Despite significant investment in jewelry, some UHNWIs may still face the risk of purchasing counterfeit, treated, or misrepresented jewelry, or receiving inaccurate appraisal results that lead to incorrect investment decisions. Data shows that 27% of UHNWIs reported that the authenticity of jewelry they purchased was questionable, leading to disputes with sellers or institutions. Additionally, the uneven quality of jewelry appraisal institutions and appraisers has led to appraisal risks, with 32% of UHNWIs stating that they have received inaccurate appraisal results, resulting in overpayment or missed investment opportunities. This risk is particularly prominent for high-value rare gemstones, where counterfeit products or inaccurate appraisals can cause significant financial losses, affecting UHNWIs’ confidence in jewelry collection.
8. Case Studies of UHNWIs’ Jewelry Consumption and Collection in 2025
8.1 Case 1: Value-Oriented Collection in Beijing
A 44-year-old UHNWI from Beijing, a financial entrepreneur with a net worth of RMB 980 million, spent RMB 2.42 million on jewelry consumption and collection in 2025, focusing on value-oriented, high-value rare gemstones and traditional Chinese jewelry. The entrepreneur allocated 71% of his jewelry budget to rare gemstones and jadeite, spending RMB 1.4 million on a top-quality Burmese jadeite bracelet (known for its 43% average value retention rate) and RMB 520,000 on a Burmese pigeon blood ruby ring, citing the need for asset preservation amid global financial market volatility. He reduced his consumption of mass-market diamond jewelry by 43%, only purchasing one simple diamond necklace for daily wear at a cost of RMB 250,000, and spent RMB 300,000 on professional gem appraisal, blockchain authentication, and jewelry insurance. The entrepreneur stated that his collection strategy has shifted from pursuing brand fame to focusing on quality, value retention, and cultural connotation, avoiding blind consumption. By the end of 2025, the value of his jadeite bracelet and ruby ring had increased by 10%, while the value of his diamond necklace remained stable, achieving both personal satisfaction and investment value preservation.
8.2 Case 2: Rare Gemstone Collection in Shenzhen
A 41-year-old UHNWI from Shenzhen, engaged in the technology industry with a net worth of RMB 700 million, spent RMB 2.55 million on jewelry consumption and collection in 2025, with 51% allocated to rare gemstones and custom jewelry. The entrepreneur purchased a Colombian emerald necklace for RMB 1.5 million, after a rigorous authentication process by a professional gem appraisal institution and blockchain verification, citing its scarcity, excellent quality, and long-term appreciation potential. He also spent RMB 500,000 on a custom diamond ring engraved with his family crest, tailored to his personal preferences, and invested RMB 300,000 in a jewelry fund with an annual return rate of 7.5%. Additionally, he purchased a vintage Van Cleef & Arpels bracelet for RMB 250,000 to diversify his collection portfolio. The entrepreneur chose rare gemstones to diversify his investment risks and express his personal taste. By the end of 2025, the value of his emerald necklace had increased by 16%, and he had added two more rare gemstone pieces to his collection, reflecting his recognition of the potential of rare gemstones.
8.3 Case 3: Jewelry Financialization and Diversified Collection in Guangzhou
A 38-year-old UHNWI from Guangzhou, engaged in the fintech industry with a net worth of RMB 540 million, spent RMB 2.05 million on jewelry consumption and collection in 2025, with 48% allocated to rare gemstones and jewelry financial activities. The entrepreneur purchased a collection of three rare gemstone pieces (ruby, sapphire, and emerald) for RMB 920,000, using them as collateral to obtain a RMB 850,000 jewelry pledge loan from a bank, which he used to invest in a high-quality Hetian jade sculpture. He also invested RMB 330,000 in a jewelry fund, achieving an annual return of 7.5%, and spent RMB 400,000 on professional gem appraisal, maintenance, and insurance services. Additionally, he purchased a small number of custom jewelry pieces for RMB 400,000 to diversify his collection. The entrepreneur stated that jewelry financialization has enhanced the liquidity of his jewelry assets, allowing him to expand his collection while maintaining financial flexibility. By the end of 2025, the value of his rare gemstones and Hetian jade sculpture had increased by 12%, and he had successfully repaid the pledge loan, achieving both collection and financial goals.
9. Conclusion and Future Outlook
9.1 Summary of Key Findings
This report comprehensively analyzes the jewelry consumption and collection behaviors, trends, and risks of China’s UHNWIs in 2025 through a rigorous research methodology combining quantitative surveys and qualitative interviews. The key findings show that UHNWIs’ jewelry consumption and collection strategies have shifted from blind brand chasing to rational, value-oriented investment, with a clear focus on scarcity, quality, cultural connotation, professional authentication, and jewelry financialization. The proportion of investment in high-value, collectible jewelry has increased to 68%, while the proportion of investment in mass-market jewelry has decreased to 60%. Regional investment is highly concentrated in first-tier and core second-tier cities, with Shanghai, Beijing, Shenzhen, and Guangzhou as the primary investment destinations. UHNWIs are increasingly emphasizing the intrinsic value, provenance, and investment potential of jewelry, with 35% collecting rare gemstones and 58% participating in jewelry financial activities, driven by the maturity of the jewelry market and global financial market volatility.
9.2 Key Recommendations for UHNWIs
Based on the research findings and risk analysis, this report puts forward key recommendations for China’s UHNWIs in jewelry consumption and collection. First, UHNWIs should adhere to rational consumption and investment, focus on jewelry quality, cultural connotation, and value retention, avoid blind collection and over-investment, and prioritize pieces that align with their personal taste and long-term investment needs. Second, they should rationally choose collection channels and appraisal institutions, selecting formal, professional entities with strict authentication mechanisms to avoid authenticity and appraisal risks. Third, they should pay attention to the diversification of collection portfolios, appropriately allocating funds to rare gemstones, traditional Chinese jewelry, and vintage pieces to reduce market risks and enhance investment returns. Fourth, they should make full use of jewelry financial services to enhance the liquidity of jewelry assets, while maintaining flexibility in collection strategies to adapt to policy changes and market dynamics.
9.3 Future Development Outlook (2026-2027)
Looking ahead to 2026-2027, China’s UHNWIs’ jewelry consumption and collection will continue to focus on rationality, value retention, and diversification, with the high-end jewelry market expected to maintain rapid growth, with a market size increase of over 55% by 2027. The proportion of investment in rare gemstones is expected to increase to 50% by 2027, driven by limited supply and growing demand for scarce assets. The demand for jewelry financial services will also continue to rise, with more UHNWIs participating in jewelry pledge loans, jewelry funds, and asset securitization to enhance asset liquidity. Additionally, the integration of blockchain and AI technology into jewelry authentication and valuation will become more prevalent, improving market transparency and reducing authenticity risks. Overall, the jewelry collection environment for UHNWIs will remain stable, with opportunities and risks coexisting, requiring more rational and forward-looking decisions to achieve both personal satisfaction and investment value preservation.
