Panyu jewelry export to B&R countries hits $61.5m in Q1

In the first quarter of this year, the value of jewelry exported from Panyu district in Guangzhou to countries involved in the Belt and Road Initiative stood at 414 million yuan ($61.5 million), a year-on-year increase of 150 percent.

The value of exported jewelry to the United Arab Emirates reached 264 million yuan, nearly 10 times larger than that in 2018.

In only two minutes, a container loaded with 32 kilograms of gold jewelry completed all the customs clearance procedures at Panyu customs.

Customs officers inspect export jewelry. [Photo by Deng Maihong/Chinanews.com]

"The customs clearance of our jewelry is much faster than last year. With such high efficiency, we are more confident in exploring markets in the countries and regions along the Belt and Road Initiative like the United Arab Emirates," said a custom declaration department manager of a jewelry company from Guangzhou.

Affected by the slump of the global economy, the gold jewelry market in Europe and the United States remains sluggish. Panyu customs supports jewelry manufacturers to seize the business opportunities brought by the Belt and Road Initiative to expand the Middle East market and make full use of the mature industrial chain of Panyu jewelry industry, which has a history of nearly 30 years.

Panyu jewelry enjoys a worldwide reputation and the local customs will provide the greatest convenience possible for jewelry enterprises to declare their products, while encouraging local jewelry manufacturers to actively tap the markets in Belt and Road countries and increase the global exposure of Panyu's jewelry industry.