Group 1 - Pandora, the Danish jewelry giant, is significantly adjusting its development strategy in China, increasing the number of planned store closures from 50 to 100 [1] - The brand gained popularity in China after its entry in 2015, with store numbers surging to over 240 within four years, but sales peaked in 2019 at 19.7 billion Danish kroner (approximately 2.13 billion RMB) and have since declined for five consecutive years [3][5] - The decline in Pandora's performance is attributed to changing consumer shopping habits, with a growing preference for quality and service over brand image and design, particularly as domestic high-end jewelry brands rise [3][6] Group 2 - The Chinese diamond industry has evolved, with Henan Zhecheng becoming known as the "Diamond Capital," significantly reducing diamond costs by nearly 90% since 2019 [5] - Local brands like Zheguang offer high-quality diamonds at competitive prices, such as a one-carat top diamond priced around 8,000 RMB, along with personalized customization services [5] - The shift towards domestic brands is evident, as consumers increasingly seek personalized services and high-quality products, indicating a transformation in the jewelry market landscape [6]