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"Creating value rather than pursuing a larger scale has become the No 1 target of most Chinese companies," he said.

"Consumers these days are fastidious and want better quality and stylish products," said Xu Hui, a former clothing merchant from Yantai in eastern China's Shandong province, noting that the tendency appears in other sectors such as food, furniture and electronics.

"China's economic might gives its government the leverage it needs to strike back decisively, including scaling back purchases of American products and subjecting well-known US companies with large Chinese operations to tax or antitrust probes," Bloomberg said.

"Chinese people are used to paying for things with their phones, so it will be like home for them," Wei said.

"Coupled with ongoing urbanization and rising domestic demand, powered by the Chinese government's measures to shift the economy to an internal consumption-driven model, the market potential in the Chinese mainland, particularly in lower-tier cities, continues to be attractive to jewelry retailers of all sizes," said Yang Lixin, director of the gemological training center for China's National Gem and Jewelry Technology Administrative Center.