[MUSIC PLAYING] [SPEAKING CHINESE]
I have to admit that the China diamond market of the future
has great potential.
We all know that the USA is the largest diamond consuming
country.
Before the economic crisis, the US consumed almost 50%
of the world's diamonds.
This figure has changed to about 35%.
The number for China is now about 15% percent.
China still has lots of potential
because we have an enormously huge population base.
Our population is three times that of the US.
China's Internet using population
is equal to the population of the US.
In terms of the market's future, I
think that the wedding jewelry market will still
be very important.
The VIP market is a new possibility for exploration.
But we will keep focusing on the wedding jewelry market.
In China, about 15 million couples get married every year.
30 to 50 point diamonds are the mainstream products
for young Chinese couples.
We know that this range in the US
is about 80 points to one carat.
If young couples in China start buying larger diamonds,
the market will double, and it will soon catch up to the US.
Moreover, current Chinese consumers
are mostly made up of so-called, white collar
group, who work in big cities.
Although, the tradition of diamonds,
as the main wedding jewelry stone,
comes from the Western world, the concept
has deeply influenced Chinese couples
and they accept it completely.
So, along with white collar workers,
more and more young couples from rural areas
will start buying diamonds, as well.
Zbird is ready to take on this market.
For the near future, Zbird will still
focus on it's diamond business.
This is very important to us, because we
want to focus on one variety and make it stronger.
Though this is just one variety, If we are professional enough,
we will take the largest share of the market.
[MUSIC PLAYING] [SPEAKING CHINESE]
Since Zbird focuses on the wedding jewelry market,
we do see some changes.
Before, young couples would pick an extremely simple diamond
ring style, usually a simple 18 karat gold,
or platinum solitaire.
Now, young people are paying more and more attention
to the design of their jewelry.
Good design becomes an attractive factor.
Zbird won the current share of the market
by lowering their prices.
Now the price war is over.
Lower prices can't win the market for you any longer.
Along with competitive prices, you
need to provide the best customer service and the best
quality product to your clients.
Consumers are becoming smarter and smarter.
They can easily access the most updated information
online anytime they want to.
They are very picky now.
We have to catch up and be better.
[MUSIC PLAYING]
I studied gemology before I started my business
in the jewelry industry.
About 40 of my fellow students started
working in the jewelry industry after we graduated.
This was more than 10 years ago.
Now there are only five left in the industry.
Those five all have good potential.
My first suggestion to young people,
is that if you want to pursue this as your career,
you need to be able to keep it up.
When you see other people leaving the industry,
you need to have the courage to stay and keep moving forward.
You will see more opportunities one day.
Another piece of advice, given by my advisor,
is that you need to have the same properties as diamond
if you're dealing in it.
Both my sister and I insist on sticking with this advice.
We have to be ethical to our clients, our staff,
and our suppliers.
If young people, who just started
working in this industry, always keep this in mind,
they will have bright futures.
[MUSIC PLAYING] [SPEAKING CHINESE]
As we all know, China does not have
an abundant source of diamonds.
We rely mostly on foreign supplies.
Israel and India are the two countries
that control diamond manufacturing.
My suppliers are predominantly from Israel and India,
and our large high quality cutters.
They also supply to brands like Tiffany and Cartier.
We want to form a long lasting and stable relationship
with these suppliers, so we are also
able to select the best quality diamonds from their supplies.
[MUSIC PLAYING] [SPEAKING CHINESE]
Many foreign diamond suppliers sensed the huge potential
of the Chinese market, and wanted to do business with us.
First of all, if you have a long term plan to carry out
business in China, you need to do it legally.
There are two sources of diamonds in China right now.
One is through the China diamond exchange centric,
another is through smuggling.
Being legal, is probably the most important thing
for any company.
Our company's own principles are to purchase only legal diamonds
from legal companies.
[MUSIC PLAYING]