The global jewelry market is anticipated to witness immense growth backed by increasing consumer demands for gold commodities. Fortune Business Insights, in its latest report, titled “Jewelry Market Size, Share & Industry Analysis, By Product (Necklace, Rings, Earrings, Bracelet, Others) By Material Type (Gold, Platinum, Diamond, Others), By End-User (Men, Women) Others and Regional Forecast, 2019–2026.”, predicts healthy growth for the market during the forecast period.
Jewelry mostly consists of items such as bracelets, necklaces, brooches, rings, and other things adding to the sheen of the wearer. Jewelry is seen as a status symbol across several economies. Furthermore, jewelry such as gold serves as a lucrative investment option for many across the globe. In addition to this, it is considered as a safe haven during financial crisis owing to the safe returns it provides to the people. Jewelry increases the shine of the wearer during traditional festivals such as weddings, holy occasions, and other festivities. Increasing wedding ceremonies across the globe is expected to drive the growth of the market during the forecast period.
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What does the Report Include?
The market report includes detailed information on market trends such as the drivers, restraints, opportunities, and challenges the market will go through between 2019 and 2026. The regional analysis includes in-depth details for the market information comprising several regions contributing for the growth of the market in the forthcoming years. Furthermore, the competitive landscape identifies several business and growth opportunities for the companies operating in the market. Moreover, our research analyst using several research methodologies that will boost the growth of the market during the forecast period has obtained the data from trusted sources.
Drivers and Restraints:
Increasing Demand for Gold to Favor Growth
The jewelry sector is expected to receive a huge boost considering adoption of western lifestyle by consumers across several economies. Furthermore, rising demands for new varieties in jewelries and promotion of new designs by branded jewelers will boost the demand for the market in the forthcoming years. Moreover, gold playing a pivotal role in several economies across the globe is expected to drive the growth of the market. For instance, India in Asia-Pacific, contributes to over 29% of the global jewelry consumption. Increasing demand for gold will drive the growth of the market during the forecast period. Moreover, online sales of branded jewelry has gained ground for the growth of the market during the projected horizon.
Regional Analysis:
Asia-Pacific to Remain Dominant; Increasing Consumption of Gold to Boost Demand
Among the regions, Asia-Pacific will witness surge for the market in the forthcoming years. This is ascribable to factors such as increasing consumption for gold from countries such as India, and China. In addition to this, factors such as rising income per capita, changes in lifestyle is anticipated to lead to market growth for Asia-Pacific during the projected horizon. On the other hand, the market in North America will witness a slow growth because of less inclination towards jewelry. Europe, too, will witness a slow growth during the forecast period. However, rising preference for diamond owing to high disposable income in Europe, as well as North America, will contribute to the growth of the market during the projected horizon.
Competitive Landscape:
Supportive Government Policies for Investments to Bode Well for Growth
The companies operating in the market are striving to gain an upper hand over the fierce competition during the forecast period. Supportive government policies to increase investments will drive the growth of the market during the near future. For instance, the government of India has allowed 100% Foreign Direct Investment (FDI) for the investors that will lead to growth of the market in this sector. Moreover, the companies operating in the market are adopting strategies such as new product launches, and collaboration with the government agencies to gain maximum jewelry market revenue between 2019 and 2026. Below is an industrial development for the market:
Industrial Development:
- August 2019: Tiffany & Co., a leading jewelry manufacturer, announces its new jewelry collection for men. The collection includes jewelries such as cufflinks, rings, and other traditional jewelry for various occasions.
List of the Companies Operating in the Market:
- Chow Tai Fook
- Tiffany & Co.
- Signet Jewels
- Swarovski
- Malabar Gold & Diamonds
- Kering SA
- Damas International
- Claire’s Stores, Inc.
- Among Others
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