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Worldwide Jewelry Market Demand and Opportunities
AM Mind Power Solutions, Feb 2010, Pages: 46
The report covers global gems and jewelry industry structure, market size, trends and opportunities prevailing. In terms of geography we have discussed United States, which accounts for the largest percentage of the market, European Union including Romania, Bulgaria and Germany; with a detailed description of current demand, segments of the gems and jewelry market (diamond, precious metal, gold, etc) and industry competition. Jewelry market depends upon recent trends and moreover driving factors influence the sector performance, which has been presented in this report and forecasting helps to know the future prospects of the industry and helps to analyse the further growth geographically.
The structure of the industry is global in nature, the source of the raw material are Africa, Canada, Russia & Australia. Primarily India, China, Turkey & Italy are the countries which are involved in jewellery manufacturing & diamond processing and the retail market are in US, Europe, Far East, Middle East and Asia. In 2005 the size at retail prices was estimated at US$~billion, in the same year industry experts predicted the industry will grow at 4.6 % every year and would reach US$~ billion by 2010 and by 2015 it would reach US$~ billion but the recent fall in gems & jewellery demand has led the experts to lower their expectations.
The global market for gold reached to ~ tonnes in 2008 by volume. In 2007 global jewellery sales were US$~ billion which rose to US$~ billion in 2008, an increase of 1.7%.
Until 2007 worldwide jewellery sales have risen substantially but have slowed down after that. EU with ~% of the global sales in 2008 was the second largest jewellery market. China, Middle East, India, Russia & Brazil are the emerging markets. Gold and diamond jewellery in 2008 accounted for ~% of the global jewellery sales value.
United States
Diamond jewellery accounts for 55% of total jewellery sales in the US market. Speciality retailers hold a very strong position in the jewellery market. The industry is highly fragmented with less than half of the revenue is generated by the top 50 jewellery chains. The US retail jewellery industry is highly fragmented. Demand for costume jewellery & associated novelties reached US$~ billon a climb of 5.7% per year which was the fastest for any product segment during the period 2003 – 2008.
Canada
The jewellery industry in Canada has reached to US$~ billion in 2008 and domestic export increased from US$~ million in 2007 to US$~ million in 2008 from United States to Canada. This growth in 2008, however, was low in 2009 due to the slowdown of economic activity around the world and especially in North America. The total jewellery import in Canada reached to US$~ billion of which US$~ million came from the United States, US$~ million from China; followed by India with US$~ million.
European Union
EU is the second largest market for jewellery after USA. EU consumption in 2008 was US$~ billion with an average per capita expenditure of US$~ of which US$~ was costume jewellery. Eastern European countries such as Finland, Ireland, Austria, Sweden, Greece, and Spain observed an increase in the costume jewellery sales. In 2008, precious jewellery accounted for 86% of all the jewellery sold in EU. The value of precious jewellery sales from 2004 – 2008 decreased from US$~ to ~ billion.
The demand for symbolic jewellery is strongly coming from Asian countries and few European regions. In India, tourists are also participating in the growing demand of Symbolic jewellery market.
Products Mentioned:
- Gems and Jewelry
- Gold
- Silver
- Platinum
- Diamond
- Precious metal
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