The global Gems and Jewelry market to grow at a CAGR of 6.25% during the period 2017-2021.
The global gems and jewelry market is highly fragmented with the presence of numerous players. Jewelry like bangles and bracelets, neck chains, necklaces, finger rings, and earrings are made of different metals and gemstones. The driving factors for this market are the growing middle-class population base and increase in their spending power.
These attributes encourage jewelry manufacturers to innovate and create designs to attract more customers. The changing lifestyle of the customers and rise in urbanization have resulted in the evolution of the tastes of the customers and consequently in demand.
The latest trend gaining momentum in the market is growing urbanization leading to evolution in consumer demand. The rise in the rate of urbanization plays an important role in the market growth of countries with large jewelry markets. With more number of people becoming urbane, their tastes and preferences are undergoing changes. This is because people in cities are influenced by global styles and adapt to new lifestyles. These changes in lifestyle and preferences have impacted the global gems and jewelry market. Urbanization has resulted in the economic growth of many countries.
According to the report, one of the major drivers for this market is economic growth in major jewelry markets, expanding middle class population, and inflationary pressures. The demand for gold jewelry increases with the rise in income levels. Countries like China and India are the major consumers of gold jewelry, thereby dominating both markets. The increase in demand for gold jewelry in these major markets is due to certain factors. These are economic growth, rising middle-class population base, and increased aspiration of purchasing gold jewelry among the middle-class population base. The increase in income levels has boosted the demand for gold in these markets.
Further, the report states that one of the major factors hindering the growth of this market is growing preference for designer, luxury fashion, and smartphones in urban areas. Consumers of urban areas have high disposable incomes. However, the purchase of jewelry is a rare occasion. This is because consumers prefer to buy luxury, designer, and fashionable wearables such as designer apparels and luxury watches. This is a major challenge that the global gems and jewelry market faces that can drop the volumes sales of jewelry during the forecast period. Smartphones are the other substitutes of jewelry. The demand for smartphones can alter the growth in demand for jewelry. Young urban customers are tempted to buy luxury fashion items and smartphones instead of gold jewelry or any other jewelry. Therefore, the growing preference of these substitutes in urban areas among people serve as major challenges for the global gems and jewelry market.
Chow Tai Fook Jewellery
Other prominent vendors
Emperor Watch & Jewelry
Malabar Gold & Diamonds
TIFFANY & CO.
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Research Methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market segmentation by metal/stone
Part 07: Market segmentation by product
Part 08: Market segmentation by application
Part 09: Market segmentation by distribution channel