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"China will consistently and persistently improve its legislation, strengthen law enforcement, increase public awareness of protection with a purpose of rooting out this bad phenomenon," Zhang said.

"Currently, the world is facing a profound change. The global security situation is complicated," said Nuctech Chairman Chen Zhiqiang.

"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.

"Companies have no choice but to scale down businesses and hold back certain expansion plans to survive," Cao said.

"Chinese companies have become very active investors in US startups in recent years," Xiang said. "Meanwhile, China's tech products and services, such as Huawei's smartphones, are of good quality. It is different from trade behavior such as dumping uncompetitive products. Such restrictions lessen consumers' choices when purchasing goods."