Shuibei: China's 'jewelry capital' with global ambitions

Photo shows a scene at the Shuibei market, a gold and jewelry manufacturing and trading hub in Luohu district, Shenzhen, south China's Guangdong Province. (People's Daily Online/Liu Senjun)

Shuibei, once a small village in Luohu district, Shenzhen city, south China's Guangdong Province, has evolved into a bustling hub of Shenzhen's gold and jewelry industry and has gained a reputation as China's "jewelry capital."

Over the years, the growth of local gold and jewelry processing and wholesale businesses has transformed Shuibei into a symbol of Shenzhen's flourishing gold and jewelry industry.

After more than 40 years of development, Shuibei has established a complete industrial chain in the gold and jewelry industry, covering areas such as design, research and development, production, exhibition, transactions, brand operations, and product testing.

By the end of 2023, Luohu district boasted more than 20 specialized markets and nearly 20,000 business entities in the local jewelry industry, including nearly 8,000 legal entities. These legal entities employed more than 63,000 people and generated over 120 billion yuan ($16.5 billion) in combined annual operating revenue.

Industry experts estimate that Shuibei accounts for about 50 percent of China's gold and jewelry wholesale market, with the physical volume of gold transactions representing approximately 70 percent of the Shanghai Gold Exchange's physical deliveries, and diamond transactions making up around 80 percent of the Shanghai Diamond Exchange's imports.

Today, Luohu is actively promoting the transformation of Shuibei's gold and jewelry industrial cluster from a traditional processing and manufacturing base into a modern, high-end industrial hub.

By accelerating the development of a jewelry fashion and creativity hub, the district strives to position Shuibei as a global "jewelry capital."