October 29, 2018

Watch and jewelry exhibition and trade center unveiled in Waigaoqiao

Waigaoqiao International Watch & Jewelry Exhibition and Trading Center was officially unveiled recently.

Benefitted by the Waigaoqiao Free Trade Zone’s bonded exhibition and trading policies, the 1,588-suqare-meter center consists of a national level-one statutory laboratory and a big data center, and it will exhibit and sell its watches and jewelries at a bonded price.

The center has attracted seven companies and 30 more companies have expressed their intention to move in. The center will exhibit almost 300 pieces of watches and jewelries from famous brands such as Van Cleef & Arpels, Bvlgari, Cartier, Vacheron Constantin, Piaget, Gucci, and Prada.

Among the exhibiting jewelries, the diamond jewelry “Eve’s Dream” attracts wide attention. Custom-made by Leysen, the piece worth of 14 million yuan (US$2.01 million), weighs 153.13 grams, and is made of 38.43 carats of diamonds.

Mo Lutong, general manager of the new retailing department of Pro-Pll Technology Corporation, which has settled in the center, said the center will have chance to be the first to exhibit latest products of globally renowned jewelry brands in the future, and most of their jewelries can be sold at the same price as in international markets.

Since July 1, 2018, China has lowered the most-favored nation tariffs of imported consumables, which involves 1,449 categories of taxes, and the tariff on gold and silver jewelries has dropped to 8 percent from 20 percent, and tariff of platinum and other valuable metal jewelries has been lowered to 10 percent form 35 percent. Altogether the average tariff on 18 tax categories has dropped from 30.67 percent to 9.89 percent.

The exhibiting jewelries at the center were bought at negotiated prices from overseas markets, and benefitted by the decreasing of importing tariff, the pieces can be sold at the same price with the European markets, Mo added.

From January to May 2018, the Waigaoqiao FTZ’s importing volume of watches and jewelries accounted for 41.9 percent of the country’s total volume in this category, and the center is expected to incrementally boost the volume by another 7 percent.

Chen Yifeng, marketing general manager of Shanghai Waigaoqiao Free Trade Zone Group Co, said one of the most essential elements of high-end consumable markets is to provide the consumers authentic products with inspection and maintenance.

Also, the Watch & Spectacles Quality Supervision and Testing Center of China General Chamber of Commerce announced that it will also set up a branch in the center to provide services such as inspection, evaluation, and value appraisal.

After the China International Import Expo is concluded, the center will become an important carrier at the downstream of the trading chain. The center will display and sell the CIIE’s perennial exhibits within the bonded mode.

The center is also planning to undertake the invitation work of the second CIIE’s high-end custom-made exhibition areas.