Overview of domestic silver jewelry and other products markets

Wang Ying and Wang Weifei Jin Xiangyun
It silver, as one of the earliest metals that humans understand, occupy an important position in global historical development. In the east, Silver became a currency metal in the Han Dynasty as early as 220 BC, and the Ming Dynasty began to formally implement the two -standard silver system. In the West, the traces of silver coins have appeared in the Bible, and Judas sells Jesus for 30 Roman silver coins. In the era of great navigation, the Western ocean fleet crossed the Pacific Ocean to Asia in exchange for porcelain and spices in South America in South America.
With the end of the "Silver System" era and the rapid development of science and technology, silver transformed from monetary metal to industrial metal. The cheapest silver in precious metals is widely used in modern industries, including the best conductivity, ductility and 91%reflexivity, including the electronics industry, such as silver alloy electrical contact materials, solar silver slurry Et al., Catalysts, tadpoles, batteries, photosensitive photography, environmental protection purification, medical care, etc. At the same time, applications such as jewelry, silverware, and silver coins still occupy an important position in the consumption of silver manufacturing. In the context of the current global financial crisis, investors are actively seeking risk aversion tools. Together with gold, together with gold, became a product enthusiastic about investors. The People's Bank of China issues precious metal commemorative coins each year, of which the types of silver coins include about 20 panda coins. In addition, with the promotion of bank personal precious metal business, products such as paper gold paper and silver quickly entered the market and accepted by consumers, showing a double growth rate.
Figure 1 2000 ~ 2011 China silver manufacturing consumption
Data source: Antaiko
During these 10 years, China's silver consumption has also greatly developed. In January 2000, the People's Bank of China canceled the "unified purchase and distribution" policy of silver. The silver production and operation activities were managed in accordance with the relevant regulations of the general commodity. The silver market liberalized and the industry has developed rapidly. Silver manufacturing consumption increased from 1360 tons in 2000 to 6088 tons in 2011, with an average annual increase of 14.6%(Figure 1).
1. Silver coin and silver chapter
1.1 Silver coin silver chapter history
Marx said: "Gold and silver are naturally not currency, but currency is naturally gold and silver." In history, silver coins were once used as countries. Main currency. As early as 220 BC, the silver became a currency metal in the Han Dynasty, and the two -standard silver system was officially implemented in the Ming Dynasty.
The silver currency in Chinese history has many forms, including silver ingots, silver bars, silver ingots, and silver dollars. The purity is generally more than 95%, and the purity of official silver is high.
The historical stage of exiting currency circulation, in recent years, the continuous rise of silver prices and good expectations for future prices have made silver coins the focus of investors.
Figure 2 Panda Silver Coin
1.2 The silver coins issued by the People's Bank of China
In after the founding of the People's Republic of China, in order to commemorate or celebrate some major political and social events, the People's Bank of China issued commemorative coins. , Silk or alloy, etc. Since 1979, China's first contemporary gold coin-commemorating the 30th anniversary of the founding of the People's Republic of China began. By 2005, contemporary gold and silver coins have been issued for 34 years.
34, a total of 890 varieties were issued, with a total number of 34.4 million issued. From the perspective of the surface, the smallest is 0.5 yuan, the largest is 300 yuan, and the others also include 200 yuan, 150 yuan, and 100 yuan (Figure 3). The silver coin of the Canadian dollar 5 is a special case of Chinese gold and silver coins. In 1998, to commemorate Bethune's 60th anniversary, the People's Bank of China and the Royal Mint in Canada jointly issued a set of two silver coins. Among them, the largest circulation is 10 yuan, accounting for 52%of the total circulation, and other places such as 5 yuan, 50 yuan, and 300 yuan in order.
FIG. 3 The type of commemorative silver coins issued by the People's Bank of China
Data Source: China Financial Statistics Yearbook
2012 China Jewelry and Jade Tripping Yearbook
FIG. 4 Source of Digital Data: China Financial Statistics Yearbook
The demand for commemorative coins due to the market, the number and weight of the commemorative silver coins issued by the central bank in 2010 have increased significantly. In 2010, a total of 26 silver coins were issued, an increase of 4 types; 2.92 million silver coins were issued, a year -on -year increase of 57.8%, of which 1.5 million panda silver coins were issued, an increase of 250%year -on -year; 4).
The production of modern silver coins is mainly used. The production of a large number of silver coins adopts a continuous casting method to take ingots or rods, and then rolled into the plate that is made into the thickness required by the silver coin. After the intermediate heat treatment is used to eliminate the hardening of processing, then the silver coin is used to get the main bits. Pour with a dilute sulfuric acid solution to remove the copper and oxide film on the surface. The silver coin blank is pure silver and white. After the water is washed, it is dry, and the side is rolled in the rolling machine or wrinkle, and the pattern and text are engraved on the presses or the mint.
The general large enterprises must be equipped with 1,000 tons of stamping equipment for batch production.
The central bank is mainly commissioned by the Mint Corporation to produce commemorative coins, including Shenyang Mint, Shanghai Mint, and Shenzhen National Treasure Mint. The Shenyang Mint mainly completes the commemorative coins in the quota. In addition to silver, raw materials also include gold and copper steel. Shenzhen National Treasure Mint Co., Ltd. completed more than 100 tons of commemorative coins in 2011. The annual output of 2011 has been completed in the first 10 months of 2012. It is expected that the production will continue to grow year -on -year in 2012. As the most important commemorative coin launched by the central bank, Pandan Coins will adjust certain output as demand.
1.3 Other silver coins and silver sakes
Except for commemorative coins issued by the central bank, other silver coins and silver chapters are poor. High -end brands and large enterprises, such as panda coins or Great Wall brand, have a large proportion of added value. The sales of silver coins and silver chapters issued by other companies are not optimistic, so they are mainly concentrated in attractions, conferences or company gifts and souvenirs.
Manic silver coins and commemorative silver chapters are generally low, and the organizers are customized directly to the processing plant.
2. Silver jewelry and products
2.1 The history of silver jewelry and products
The silver jewelry in my country has a long history, including ordinary silver jewelry and ethnic minority jewelry. There are many types of ordinary silver jewelry, including rings, earrings, necklaces, mules, bracelets, etc. Because of the differences in culture, ethnic minorities have developed a particularly national characteristic accessory, which is also a necessity in life, such as the Miao's silver circle, silver pieces and large silver headdress.
The history of silver products can be traced back to the Xiashang era. According to the cultural relics of the unearthed Spring and Autumn Period and the Warring States Period, it can be found that my country already has a high level of technology to make gold inlaid jade on the silverware. The Warring States Cultural Relics Package Gold inlaid Jade Liuli silver with hooks. The copper car found in Qinling underground treasure immediately equipped with a large number of gold and silver accessories, of which the No. 2 copper car immediately had 737 gold accessories and 983 silver accessories. The unearthed silver products can be divided into daily necessities (foodware, containers, tea sets, vases, smoked incenses and other utensils), provider (lamp, furnace, tripod, incense case, candlestick, treasure letter, coffin bottle, bodhisattva, etc.) and bodhisattva, etc.) Instrument (Ben Meng, Ruyi, Tin Stand, etc.).
2.2 The production and processing of silver jewelry and products
In from the perspective of silver jewelry and products, it mainly includes sterling silver, 925 silver -copper alloy (Sterling), silver platinum alloy, silver -zinc (silver and zinc ( Caiyin), silver sulfur (black silver), silver (gold and silver) and so on. From the perspective of preparation technology, there are two main types, one is the casting method, and the other is semi -finished processing and manufacturing.
FIG. Figure 500 million yuan of gold and silver jewelry market booths and growth rates
Data Source: National Bureau of Statistics, Antaiko
Figure 600 million yuan in market turnover and growth rate of gold and silver jewelry R N Data Source: National Bureau of Statistics, Antaiko
The processing plant in silver jewelry and products is small, and processing plants with a processing volume of less than 1 ton account for more than 80%of the market. Processing is concentrated in Shenzhen, Guangdong Panyu, Zhejiang Wenzhou, Yunnan, Hebei, Henan and other places. In particular, Putian and Shenzhen Shuibei in Fujian is a concentrated production and sales of gold and silver jewelry, with more than 3,000 craft manufacturers concentrated here, including small and medium -sized enterprises involving silver account for about 1/4 of the total. There are a few large silver jewelry gift manufacturers nationwide, with a monthly purchase volume of about 10 tons. Among them, the commemorative coin silver coins, silver chapters and products account for about 60%of the company's product directory, and jewelry accounts for 30%.
Figure 7 2010 ~ 2012 China Gold and Silver Jewelry Jewelry Sales
Data Source: National Bureau of Statistics, Antaiko
In the case of the current investment in the gold and silver market, in 2010, production enterprises and Product output has increased. According to statistics from the National Bureau of Statistics, the number of jewelry trading market booths such as gold and silver jewelry above 100 million yuan increased by 21.5%year -on -year to 13205, and the previous value was 15.3%. The annual turnover reached 36 billion yuan, an increase of 14.2%year -on -year; of which 87%of the wholesale markets, and only 13%of the retail market.
2011 retail sales of gold and silver jewelry reached 183.7 billion yuan, an increase of 42.1%year -on -year. From the change of monthly retail sales, it can be found that at the end of the New Year's Day and the Spring Festival at the end of the year, that is, from December 2011 to February 2012, it is the most vigorous period of jewelry consumption throughout the year. From January to October 2012, the retail sales of gold and silver jewelry were 179.1 billion yuan, a year -on -year increase of 18.2%. The expected retail sales will continue to grow, but the growth rate will slow year -on -year.
2.3 The price of silver jewelry and products
If according to data from the National Bureau of Statistics, the retail price of gold and silver jewelry jewelry in my country has basically maintained a growth trend in recent years. The largest increase was in 2006, and the retail price index of jewelry increased by 19.7%year -on -year, and in 2010 increased by 14.5%year -on -year.
Figure 8 2004 ~ 2010 China Gold and Silver Jewelry retail price index
Data Source: National Bureau of Statistics, Antaiko
3. Silver price at home and abroad n1979 Silver prices soared at the end of the end of To $ 50/ounce, after about 4 years of fall, it hovered near $ 5 per ounce for nearly 20 years. Since 2003, a new round of rising quotes set a 30 -year high of $ 49.77/ounce in April 2011. In the same period, the rise in gold prices has greatly driven the trend of silver prices; the background of more widespread participation of investors makes the trend of silver prices more fluctuating than gold prices. Subsequently, due to the crushing of speculative bubbles and the weak industrial demand, the price fluctuated. In 2012, it was generally in the stage of weak adjustment and entered a new round of upside at the end of August.
Figure 9 1978 ~ 2010 LBMA silver fixed market trend
Data Source: LBMA, Antaiko
The domestic silver prices follow the changes in international silver prices. The spot price of spot silver in Shanghai Huatong Platinum Silver Trading Market exceeded the 10,000 yuan mark at the end of April 2011, and then lowered it violently. In 2011, the highest price was 10405 yuan/kg, the lowest price was 5770 yuan/kg, and the earthquake was 80.3%. The average annual price was 7673 yuan/kg, a year -on -year increase of 65%.
The silver T D of Shanghai Gold Exchange was up to 10639 yuan/kg in 2011, with a minimum of 5742 yuan/kg, 85.2%of the amplitude, and an average annual price of 7579 yuan/kg, an increase of 69%year -on -year.
The silver varieties will be listed on the silver variety from May 10, 2012. The opening price is 6190 yuan/kg. By November, the maximum is 7438 yuan/kg, the minimum is 5632 yuan/kg, and the average price is 6431 yuan/kg.
FIG. 10 Domestic silver spot, futures and postponed market prices
Data Source: Shanghai Huatong, Shangjin Institute, previous period, Antaiko n4. my country's banking production continues to maintain a growth trend, but increased increased, but increased Speed ​​down
The silver output in China includes four parts: independent silver mineral silver, lead -zinc, copper gold ore and other by -yield silver, imported mines (including silver concentration and basic metal concentrates) smelting silver and recycled silver.
The domestic independent silver mine production is very small, accounting for less than 5%of the total output of the year. Silver output mainly comes from by -production with basic metal copper -lead and gold. Judging from the main production enterprises of domestic silver in 2011, copper lead zinc smelting enterprises are the main.
In statistics from the China Nonferrous Metal Industry Association, between 2000 and 2011, the average annual increase in silver production in China reached 21%. Since 2000, the rapid development of China's copper lead and zinc industry has actively drove silver production growth. In addition, since 2003, the rapid rise of silver prices has also encouraged the rapid rise of the domestic silver recycling industry.
If, according to statistics from the Nonferrous Metal Industry Association, China ’s silver production increased by 6%to 12348 tons year -on -year in 2011. From the perspective of annual output growth, the growth rate of output is slowing, marking that the production of basic metals and silver in China has entered a stable order after the rapid growth in the early stage. Duan
FIG. 11 China Silver Production
Data Source: China Nonferrous Metal Industry Association, Antaiko
5.2011 Our silver product entry and export continued to decline
. Before the silver market was open, the state pairs of the country pair Silver's import and export management is very strict. The amount of silver in and out of the country does not exceed 100 tons each year. There is basically no silver export before 1999. After the banking market was opened, the Ministry of Foreign Trade and Economic Cooperation released the "Interim Measures for the Management of Silver Exports" No. 702 of Foreign Trade Management No. 702 in November 1999, which implemented an export quota management system for silver exports. The varieties of quota management involve silver powder, semi -made finished products without forging silver and silver. Since then, the "Silver State -State Trade Export Enterprise Qualification Standards" has been introduced, and the "List of Silver State -owned Trade Export Enterprises" is announced each year.
Figure 12 2006 ~ 2011 export changes such as silver jewelry and utensils of China
Data Source: China Customs, Antaiko
The main export silver primary products such as silver ingots, imported raw materials and silver processing products Such as silver ore, silver powder, etc.
The Table 1 2011 China Silver Product Import and Export Situation (Unit: ton)
Data Source: State Customs General Administration
In 2011, the import and export of domestic silver products continued to continue since 2007/2008 The decline.
In the improvement of domestic deep processing capabilities and the opening of factories in some international companies in China, the supply capacity of silver deep processing products has increased, and imports have declined. For example, the import of silver nitrate began to decrease since 2007, and the import of silver powder began to decline after reaching its peak in 2008.
Analysis of the types of import and export products, imported products are high -end products with insufficient domestic production capacity, and exports are mainly primary raw materials. Domestic deep processing technology is at the low -end level. It is urgently needed to upgrade the company, develop high -end products, and seek room for development.
2011, its silver jewelry and its parts were 334.1 tons, a year -on -year decrease of 18.9%. The export of silver utensils and its parts was 11.34 tons, an increase of 60.93%year -on -year. After the state adjusted the preferential tax refund policy from 2007 to 2008, the cancellation of the preferential policies of the silver utensils and its parts caused a significant reduction in exports. From 334 tons in 2007 to 18.2 tons in 2008, a decrease of 94.7%. At the same time, the export volume of other silver jewelry and its parts also decreased from 525 tons to 433.8 tons, a decrease of 17.42%.
FIG. 13 2011 Silver Jewelry and other parts exporting countries and regional distribution
Data Source: China Customs, Antaiko
Figure 14 2011 silver utensils and parts exporters and regions Distribution
The source of data: China Customs, Antaiko
Depending on the exporter and regional distribution, the exports of silver jewelry and other parts in 2011 are mainly for the United States, Hong Kong, Germany, the United Kingdom, the Netherlands, South Korea, etc. The United States and Hong Kong are the main export countries and regions, accounting for 41%and 31%of the total exports, respectively.
Before the state canceled the export preferential tax refund policy in 2007, the export area of ​​silver utensils and parts was mainly Hong Kong, accounting for 99.6%of the total export volume. However, in 2011, the main export areas were Hong Kong and Congo, accounting for 57%and 35%, respectively.
6. The demand and composition of the downstream industry
In 2000, after the silver market was opened, it greatly promoted the development of the deep processing industry. With the acceleration of China's urbanization and industrialization process, the demand for silver has shown a rapid growth trend.
Clash silver is mainly used for electronics, tadpoles and welded alloys and solder, photographing industry, coin, silver jewelry and others. In 2011, domestic silver consumption reached 6088 tons, an increase of 6.8%year -on -year.
With the development and maturity of the silver industry, the enthusiasm of domestic development of deep processing products has gradually increased. With the advancement of science and technology and the improvement of people's living standards, especially the rapid development of the electronics industry, the deep processing and development of silver products has gradually shown four major hotspots: electronic and electrical industry, solder alloy (silver -based alloy), nano -silver and silver antibacterial materials, etc. Essence As a kind of means of investment, silver coins and silver chapters are increasingly concerned by domestic consumers and grow rapidly.