Pune, India, June 14, 2021 (GLOBE NEWSWIRE) — The global jewelry industry is projected to reach USD 266.53 billion by 2027, exhibiting a CAGR of 3.7% during the forecast period. The increasing consumption of gold worldwide will be an important growth driver for this market, states Fortune Business Insights™ in its report, titled “Jewelry Industry, 2020-2027”.
Gold is one of the most versatile and precious metals in the world, providing utilitarian and possessive value to regular consumers, tech companies, central banks, governments, and investors. Common people are known to buy gold for financial, cultural, and emotional reasons and as a result, this metal is widely demanded and consumed around the globe. For example, according to the World Gold Council, in 2019, India and China alone accounted for 57% of the gold consumption in the world. Further, data collected and released by Thomas Reuters showed that ornaments held a 46% share in the total global gold consumption in 2019. As incomes rise in emerging economies, the purchase of gold-based jewelry items is set to soar, propelling this market in the process.
The Jewelry Industry growth has been severely stifled by the COVID-19 pandemic outbreak for a number of reasons. First, the coronavirus-induced lockdowns and movement restrictions created widespread disruptions in the supply chain of precious metals such as gold and silver, causing prices to spike. Second, the pandemic triggered a reverse migration of workers to their native places in India, which is the largest consumer of gold in the world, leading to a massive shortage of laborers in the ornament industry. Last, the unprecedented downturn in the global economy caused huge job losses and shrunk incomes and revenues, forcing consumers to recalibrate their spending habits, especially on luxury items.
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Based on product, this market has been segregated into necklaces, earrings, rings, bracelets, and others. On the basis of material type, the market has been categorized into gold, platinum, diamond, and others. As per end-user, the market is bifurcated into men and women. By region, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Salient Features of the Report
The report supplies a microscopic analysis of the impact of the COVID-19 outbreak on the market, along with a granular diagnosis of the factors and trends shaping the market. Besides this, the report incorporates a detailed evaluation of the regional dynamics influencing the market and offers comprehensive profiling of and in-depth research into the key market players and their strategies.
Advent of Digital Jewelry to Usher Exciting Times for the Market
Digital technologies are pervading every aspect of human life and ornaments are being steadily utilized as communicating devices by companies. For example, IBM is developing a mouse-ring, resembling a black pearl ring, which will be fitted with the company’s proprietary Track Point technology to wirelessly operate the cursor on a computer or laptop. Similarly, Charmed Technology is also creating a digitally enhanced eyepiece display that will form an important component of the company’s wearable & wireless device called the Charmed Communicator. Further, Matt and Colin came out with a bracelet called LinkMe that was designed to receive email and text notifications and project them to the user on an LED light display. Thus, ornaments equipped with sophisticated technologies are ushering in an exciting period of growth for this market.
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Soaring Popularity of Gold Jewelry to Ensure Enduring Growth of the Asia Pacific Market
Asia Pacific is poised to dominate the Jewelry Industry share during the forecast period on account of the widespread popularity and consumption of ornaments made from precious metals in the region. Apart from this factor, the expanding businesses of domestic gold, silver, and platinum companies such as Tanishq and Malabar Gold will also provide the necessary fodder for the growth of this regional market. In 2019, the size of the Asia Pacific market stood at USD 130.49 billion.
In Europe, healthy female employment rates are being seen as one of the leading demand drivers for this market, while in North America the rising number of millionaires and billionaires is propelling the demand for ornaments made from rare metals.
Launch of High-End Jewelry Lines by Key Players to Intensify Competition
Many leading ornament companies are focusing on introducing high-end product lines to cater to the growing demand for ornaments and gems from high-income-earning individuals. In addition to this strategy, companies in emerging economies such as India are tying up with foreign brands to lend authenticity to their offerings and boost sales.
Key Industry Development
- May 2021: Harry Winston announced the launch of a new and premium jewelry collection called L.O.V.E, an acronym for the sub-categories of Light, Obsession, Vow, and Eternal. The items are embedded with yellow, orange, and red gemstones in flame and heart motifs.
List of Key Players Profiled in the Jewelry Industry Report
- LVMH Hennessy (France)
- Signet Jewelers Limited (Bermuda)
- Rajesh Exports Ltd. (India)
- Chow Tai Fook (Hong Kong)
- Chopard (Switzerland)
- Chanel (France)
- Cartier International (France)
- Tiffany & Co. (USA)
- Pandora Jewelry, LLC (USA)
- Harry Winston, Inc. (USA)
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Jewelry Industry Analysis, Insights, and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product (Value)
- By Material Use (Value)
- By End-User (Value)
- By Region (Value)
- North America
- Asia Pacific
- South America
- Middle East & Africa
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