IndexBox has just published a new report “World: Jewellery – Market Report. Analysis and Forecast to 2025“.
According to market research, global jewelry market reached 116 billion USD in 2015. There was a noticable decline in 2012-2013, after a period of growth from 2010-2011. However, over the last two years, the consumption of jewelry bounced back slightly.
China constitutes a major global centre for jewelry production and manufacture; the country also represents a key jewelry market, currently in the throes of robust expansion. The consumption of luxury products and items in China is now more widespread, due to the process of urbanization and a burgeoning middle class; enhanced jewelry consumption is an aspect of this current developing purchasing trend. Jewelry also appears as the third-major investment category in China after property and cars. Western designs and materials are now increasingly available in China. At the same time, technological advances in manufacturing and production processes are resulting in higher quality standards and lower labor costs, thereby allowing China to meet the increasing demands of the global and domestic markets. This shift pattern in consumption has compelled China to expand its exports and imports in the jewelry sector, in a bid to quell consumer needs.
In India, the government adopted the jewelry industry as a focus area for exports. A series of measures have been introduced recently, designed to promote investment and upgrade both technology and skills in the jewelry production sector. India is central to the global jewelry market, due to low production costs and the availability of inexpensive, highly-skilled labor. India is currently the world’s largest diamond cutting and polishing centre. Jewelry in India is mainly purchased for special occasions, such as weddings. Diamonds are now widely used in wedding ceremonies: they successfully complement the various styles and types of bridal wear. The use of pearls is another consumption trend in Indian wedding jewelry. Moreover, gold jewelry remains central to the country’s culture. For Indian women, jewelry is not only regarded as a luxury, it is also a symbol of financial security.
The robust rise in the population and the rapidly developing middle class in both China and India are resulting in increased domestic consumption; previously, the volume of output was almost entirely sent for export. China and India constitute the largest and fastest-growing consumers of jewelry world-wide. Combined with the overall rise in population, the increase in disposable household income will result in the fact that the jewelry sector as a whole is projected to begin an upward consumption trend over the next nine years. Over the next decade, the performance of the market is forecast to grow with an anticipated CAGR of +1.0%, which is expected to lead the market value to 128 billion USD by the end of 2025.
E-commerce, social media and mobile trade are all exerting an enhanced influence on the international jewelry market. There is now an increasing demand for affordable jewelry items; this may constitute an attractive prospect for those companies based in developing countries. Direct sales via Internet can become a reasonable option to reach consumers in developed countries, offering competitive prices. Social media constitutes a valuable tool for the advertising and sale of jewelry; just one click allows the consumer to identify current jewelry trends and to purchase various products.
Do you want to know more about the global jewelry market? Get the latest trends and insight from our report. It includes a wide range of statistics on
– jewelry market share
– jewelry prices
– jewelry industry
– jewelry sales
– jewelry market forecast
– jewelry price forecast
– key jewelry producers
Companies mentioned in the report:
Bulgari Horlogerie SA, PIAGET SA, TIFFANY & CO, TONY GOETZ NV, GRAFF DIAMONDS LIMITED, CARTIER JOAILLERIE INTERNATIONAL, BULGARI GIOIELLI SPA, Pandora Jewelry LLC, Swarovski North America Limited, VAN CLEEF & ARPELS INTERNATIONAL, CHOPARD (GREAT BRITAIN) LIMITED, HARRY WINSTON INC., BUCCELLATI HOLDING ITALIA, Herff Jones, Jostens, O. C. Tanner Company, David Yurman Enterprises, US Synthetic Corporation, Swarovski North America Limited, James Avery Craftsman, American Achievement Corp, Alex and Ani, Tharperobbins Company, Jacmel Jewelry Inc., Mtm Recognition Corporation, Maui Divers of Hawaii, Kabana, Mel Bernie and Company, Commemorative Brands, Associated American Industries, Samuel Aaron, Jotaly, Almond Jewelers, AAC Group Holding Corp., Aaron Group, Monogram World, Swarovski U.S. Holding Limited, O. C. Tanner Manufacturing, Visant Corporation, Tvci Holding, Prestige Designs, HK Designs.
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