Hong Kong actress/singer Myolie Wu wears creations by Chinese jewelry designer Shirley Zhang. [Photo provided to China Daily]

Backing his claim, he points to how China is changing its consumption patterns by emphasizing the service industry in its 13th Five-Year Plan (2016-20).

Explaining how tastes are changing, he says: "For the younger generation, real estate is no longer the main focus. Instead, they want things that express their personalities and improve their quality of life."

As Li sees it, jewelry, with its relatively short industry chain, is the easiest way to tap this market.

However, he says, as the value of Chinese brands is still low compared with Western ones, Hemei will have to focus on design and craftsmanship.

Meanwhile, Bluebell will handle the branding and marketing of the new brands.

The company, which has represented brands like LV, Fendi and Loewe in China, now has more than 400 stores in Asia.