ABSTRACT

For the new rich and aspiring middle classes in the People’s Republic of

China (PRC), fine jewelry has become the third most important item of

acquisition after a house or flat and a personal automobile. The People’s

Daily (for example: 23 December 2004; 13 January 2005) periodically

repeats this ranking as if it is a national fact and so propels into media cir-

culation the notion that precious metals and diamonds are among the most

highly desired things in contemporary life. In this list, fine jewelry has dis-

placed the personal computer, which commonly held third position in a list of the ‘three major items’ (san da jian) of consumer interest in the late

1990s. Jewelry industry data supports the claim while the realities of jewelry

consumption are highly uneven and associated with the consumption prac-

tices of the new rich in major cities. It also suggests just how quickly con-

sumers have acquired a full complement of personal goods and household

furnishings, appliances and electronics. Now the things that drive consumer

passions are more often items with luxury characteristics and investment

potential. Young professionals are especially showing increasing interest in luxury goods, whether they are following new rich consumption practices

for fine jewelry or participating in the ‘democratization of diamonds.’