Gems and Jewelry Market

Gems and Jewelry Market - Global Industry Insights,
Trends, Outlook, and Opportunity Analysis,
2018-2026
Gems and jewelry consists of various jewelries that are made out of gold, platinum,
gemstones, and others. Gems and jewelry is one of the fastest growing markets, as
it holds customary values in several cultures across the globe. Several leading
companies are aiming on investing in the marketing, advertising, and launching of
new showrooms for increasing publicity and expanding their presence in the market.
For instance, in 2017, Kalyan Jewelers planned to invest US$ 75 million to add 15
new showrooms to their on-going expansion in Eastern and Northern regions of
India.
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The major drivers of this market include growing demand for crafted premium jewelry
and precious gems. According to World Gold Council, the demand for gold jewelry
has increased by around 3% in the final quarter of 2017 from its third quarter.
Furthermore, changing consumer preferences towards light weight handcrafted
jewelry is boosting growth of the market. For instance, The World Gold Council, in
2018, accounted that Chow Tai Fook Enterprises Ltd., a major retailer in China sold
300,000 pieces of 22 carat gold internationally. However, increasing competition
from local players and rising labor cost are factors restraining growth of the market.
For instance, according to Coherent Market Insights, branded jewelry covers only
around 20% of the global market, which will grow and cover over 30% of market
share over the forecast period.
Global Gems and Jewelry Market Outlook
Asia Pacific dominated the global gems and jewelry market in 2016 with India and
China leading the market growth. According to the Gem and Jewelry Export
Promotion Council, India’s exports of 75% of the world’s polished diamonds rose
from US$ 11.16 billion in 2004-05 to US$ 22.78 billion in 2016-17. According to IBEF
(India Brand Equity Foundation) 2018, gems and jewelry sector plays a significant
role in the Indian economy contributing up to 7 percent of the country’s GDP and
15.7 percent to India’s total exports.
North America witnessed significant growth in the gems and jewelry market with U.S.
dominating the market in the region. The growth is attributed by the higher income
levels in the U.S., which translates into higher demand for personal consumption of
items such as diamond jewelry. The U.S also has one of the highest gold allocations
as a percentage of its foreign reserves.
Middle East witnessed significant growth in the gems and jewelry market with GCC
countries fueling the market growth in this region. According to National Bank of
Fujairah, UAE’s diamond financing industry has grown by around 200% from US$
500 million in 2010 to US$ 1.5 billion in 2017.
Large retailers are merging with top clothing designers to create statement jewelry,
as fashion is changing rapidly. For instance, in 2015, Narciso Rodriguez collaborated
with the Brazilian jeweler Ana Khouri, and Christophe Lemaire and Sarah-Linh Tran
collaborated with the Los Angeles jeweler Sophie Buhai. In 2017, Swarovski
collaborated with 11 Indian designers including Rohit Bal, JJ Valaya Suneet, Verma,
and others who got their products launched in Swarovski stores.
Major players in the global gems and jewelery market include Chow Tai Fook
(Holdings) Limited, Compagnie Financière Richemont, Jewelry Group, Signet
Jewelers, Emperor Watch & Jewelery Ltd., Blue Nile, Zale Titan, Gitanjali Group,
Tiffany & Company, and others.
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Gems and Jewelry Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

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