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.’