China becomes largest jewellery consumer

China has become one of the world's largest consumers of jewellery, changing the precious stones from a high-level status symbol to an affordable commodity, CRI reported Monday.

With increased economic development, annual sales of gold jewellery has increased from less than one ton 20 years ago to the current level of more than 200 tons, ranking fourth in the world.

Based on this trend, jewellery is set to become the third most popular consumer item in China, following cars and houses.

Some insiders predict that the annual sales value of jewellery is expected to hit 180 billion yuan, or about two billion US dollars by 2010, amounting to over one percent of the total world sales volume.