On 28 July, the 2024 China International Gold Congress, jointly organized by the China Gold Association and the World Gold Council, was held in Shanghai. The conference officially released a number of key industry data, including specific figures for gold production and consumption in the first half of the year, as well as an in-depth analysis and future forecast of global gold production and consumption in 2024, and officially announced the China Gold Yearbook 2024. With its excellent high-purity gold jewelry processing capacity and eye-catching sales performance, Mengjinyuan, China's high-purity gold jewelry expert, has become the only enterprise in China to be on the list of top 10 jewelry processing volume and sales revenue. Among them, the processing volume of gold jewelry ranks third in the country; The sales revenue of gold jewelry ranks 6th in the country. As of the latest data in 2024, Mengjinyuan has been on the list of China's top 10 gold jewelry processing enterprises for 12 consecutive years and the top 10 enterprises in China's gold jewelry sales revenue for 9 consecutive years.
According to the China Gold Yearbook 2024, the mainland gold market will fully recover in 2023, showing a trend of both supply and demand. On the supply side, the output of finished gold has increased steadily, and the number of recycled gold and imported gold has increased significantly. Physical gold consumption, exports of gold jewellery and products, and official net purchases drove a rapid recovery in aggregate gold demand. In 2023, the external dependence of the mainland gold market will be 46.22%, a decrease of 0.55 percentage points from the previous year.
The conference pointed out that the current great changes unseen in a century are accelerating, a new round of scientific and technological revolution and industrial transformation is in the ascendant, the status and role of gold as a special commodity are more prominent, and the development of the gold industry has once again ushered in new opportunities and challenges. As a safe-haven asset and investment product, the value of gold has become increasingly prominent in the context of increasing global economic uncertainty. At the same time, the gold industry needs to continue to innovate to adapt to the trend of green and low-carbon development.
Scientific and technological innovation of traditional processes to accelerate the transformation and upgrading of production
As a national brand in China's gold jewelry industry, Mengjinyuan has long been committed to the research and development and innovation and upgrading of products and technologies, and pioneered the patented technology of "solderless welding", which has changed the practice of adding solder to gold jewelry processing, and successfully improved the purity of jewelry to 999.99‰, which has also led to the product upgrading of the entire gold jewelry industry. The patented technology of solderless welding was included in the "National Torch Program" project of the Ministry of Science and Technology and won the "China Patent Excellence Award". Mengjinyuan has 38 invention patents such as solderless welding patented technology, of which 2 invention patents have won the "China Patent Excellence Award" and more than 3,000 design patents and copyrights. Become a gold jewelry processing enterprise that has mastered the core technology.
In February 2021, Mengjinyuan launched the construction of a digital workshop system for gold jewelry, and in June 2022, it signed a strategic cooperation agreement with China Mobile Communications Group Shandong Weifang Branch on 5G smart parks, cooperating in the establishment of "5G smart parks" and "5G + industrial Internet", which plays an irreplaceable key role in promoting the digital economy into the fast lane. The "14th Five-Year Plan for the Development of the Digital Economy" clearly states that by 2025, the application penetration rate of industrial Internet platforms will reach 45%. As a leading enterprise in the domestic gold and jewelry industry, Mengjinyuan actively responds to the country's call to empower the traditional manufacturing industry with digital and promote the production transformation and upgrading of China's gold and jewelry industry. In 2023, Mengjinyuan Gold Jewelry Intelligent Manufacturing Center will be fully opened, and it will be selected as the first "5G Smart Factory" in the domestic gold jewelry processing industry certified by the Ministry of Industry and Information Technology, which also provides a strong guarantee for the high-purity gold jewelry manufacturing end of Mengjinyuan brand upgrading.
Mengjinyuan attaches great importance to the construction of the whole industry chain of gold and jewelry, and has steadily built a collaborative innovation and development system with enterprises as the core, market as the leading, universities and research institutions as the support, industrialization as the goal, and deep integration of production, education and research as the distinctive characteristics. This system not only covers the traditional plain gold and inlaid jewelry processing industry chain, but also actively introduces 5G cutting-edge technology applications including three-dimensional (3D) printing, CNC machine tool carving, spring buckle intelligent manufacturing, intelligent logistics systems and other intelligent scenarios. At the 2023 Jewelry Technology Innovation Conference, Mengjinyuan won the first prize of the "Product Innovation Award" of the 2023 China Jewelry and Jade Jewelry Industry Association Science and Technology Award for its preparation technology of "spring buckle" for precious metal jewelry Seiko parts.
As a unit for the inheritance and protection of gold and silver intangible cultural heritage crafts, Mengjinyuan Gold has been committed to inheriting excellent traditional culture and intangible cultural heritage skills. In 2013, "Mengjinyuan Gold Jewelry Making Skills" was selected into the "List of the Third Batch of Provincial Intangible Cultural Heritage Representative Projects in Shandong Province"; In 2018, Wang Zhongshan was successfully shortlisted for the fifth batch of provincial intangible cultural heritage project inheritors in Shandong Province with his "gold and silver craftsmanship skills"; Mengjinyuan is committed to the continuous inheritance and innovation of intangible cultural heritage crafts such as gold and silver craftsmanship, engraving, filigree, etc., and has embarked on a road of Seiko development that empowers the inheritance of intangible cultural heritage crafts through intelligent manufacturing.
Optimize channels, upgrade products, innovate marketing, and deeply reach young people
According to relevant statistics, in 2023, young people between the ages of 25 and 34 are gradually emerging as the main driver of the gold consumption market, and their gold purchase ratio has increased significantly, from 16% to 59%. In response to this trend, the China Gold Association issued an authoritative opinion, predicting that in the future, the "Generation Z" consumer group under the age of 25 is expected to take over as the core force in the gold consumption field.
According to different consumption scenarios, Mengjinyuan has deeply cultivated three series of products: "Xi Shi Lin", "Prayer · Ancient Method" and "Exquisite Trinkets" to meet the diverse aesthetic and emotional needs of consumers. At the same time, it actively introduces IP co-branded and cross-border co-branded products, breaks the barriers of golden craftsmanship by continuously enriching product content, and innovates product design to achieve product differentiation and enhance product competitiveness. With concise and affectionate slogans such as "Master Craftsman Passes on Gold, Only for Important People", Mengjinyuan cooperates with a series of innovative online and offline marketing strategies to accurately connect with the consumption psychology and preferences of young people, showing the brand's keen insight into and active response to changes in market demand. Not only did it implement accurate scene exposure strategies for target customers on multiple platforms such as Channels, Xiaohongshu, and Douyin, but also carefully built an operation model with "star + KOL+KOS" as the core on the Xiaohongshu platform, which effectively empowered marketing activities by delivering warm content, and significantly improved the brand's awareness and reputation among young people.
In addition, Mengjinyuan also attaches great importance to the in-depth cultivation of offline channels. Through interactive experiences such as celebrity events and offline pop-up stores, it has successfully attracted widespread attention and heated discussions in key cities, bringing significant traffic exposure to the brand. According to Euromonitor's 2023 survey data, Mengjinyuan has ranked first in the country in terms of sales of high-purity jewelry of 999.9‰ and above for two consecutive years. Mengjinyuan is gradually becoming a high-purity gold brand that young people are keen to pursue, and the consumption concept of buying more pure gold is gradually gaining popularity. By the end of 2023, Mengjinyuan has more than 2,800 sales and service stores nationwide, reaching the third- and fourth-tier consumer markets with a huge population base, and achieving annual sales revenue of more than 20.2 billion yuan.
"Innovation-driven, green development, and a shared future", as a high-purity precision gold jewellery expert in China, Mengjinyuan has always been committed to technological innovation since its establishment 30 years ago, so as to flexibly respond to changes in the domestic and international markets, and contribute to the prosperity and progress of China's gold jewellery industry. Entering a new stage of development, Mengjinyuan will not forget its original intention, continue to give full play to its own advantages, and actively promote the green and sustainable development of the entire industry.