Westford, USA, Nov. 16, 2022 (GLOBE NEWSWIRE) -- As per SkyQuest study of the global jewelry market, jewelry retail sales in Asia Pacific account for over one-third of the entire market, with North America occupying the second largest share. China and India are forecast to lead the global growth by a large margin over the next few years.
A recent study by SkyQuest on the global jewelry market has revealed that millennials account for a bulk of jewelry buyers in North America, Europe, and Asia Pacific. This is corroborated by data from Euromonitor which states that millennials buy 49% more jewelry than Generation Xers and 43% more than baby boomers. Furthermore, younger women are increasingly using their looks as a tool to build careers, so it comes as no surprise that they prioritize jewelry when shopping for personal accessories. As shoppers continue to covet unique pieces of jewelry, manufacturers are struggling to keep up with demand. This has resulted in an increase in price tags for high-end jewels over the last few years.
Despite these growth prospects of the global jewelry market, there are a number of key challenges facing the jewelry industry. One issue is that demand for luxury items has been declining in developed countries, as consumers shift their spending towards other areas such as food and travel. Moreover, heightened security measures such as increased airport screenings have made it harder for tourists to bring significant quantities of expensive jewelry into many countries. This has led to falling demand in places such as Europe and North America, while Asia Pacific (+15%) and Latin America (+9%) continue to be strong markets for luxury jewelry.
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Luxury Jewelry Market is Witnessing a Flux in Demand
While overall demand for luxury goods declined in 2021 due to political and economic instability across many markets, jewelry still held its own as a key category for consumers in China and Europe. In China, the top three brands by volume were Rolex (Mideast/Africa), Chanel (Europe), and Cartier (Americas). European brands dominated the American market, with Rolex taking first place and Swatch Group coming in second.
Interestingly, while diamonds remain at the top of consumers' minds when considering buying in the jewelry market, other gems are slowly starting to gain traction as well. Today, 14% of respondents say they would consider purchasing diamond necklaces if they didn't already have one, down from 18% a year ago but still considerably higher than the 7% who said the same about baguettes or sapphires. Meanwhile, sapphire rings accounted for only 5% of all purchases last year but are now being considered by 15%.
There are also some emerging trends worth noting: 85% of millennials surveyed say they'd consider buying eco-friendly jewelry made from recycled materials like metals or plastics.
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Global Diamond Jewelry Market Surpassed Valuation of $94 Billion
According to the World Diamond Council (WDC), global diamond demand is expected to reach US$94.42 billion in 2021, up from US$83.89 billion in 2017. The growth is mainly driven by rising luxury brand demands and increased investment in diamonds as a medium of exchange for luxury goods and services.
In addition, jewelry holdings by households in emerging economies are projected to grow steadily from Asia (50%) and South America (25%) to Central and Eastern Europe (15%). These regions will also account for a majority of total market volume growth throughout the forecast period.
The top jewelry markets for diamonds are still the United States, China, India, Japan, France and the UK. In 2021, these countries accounted for 62% of global diamond, gold, and platinum jewelry production. Africa's share of the market has increased significantly over the past decade due to strong consumer demand in key Emerging Asian economies like China and India; however, African production accounts for only 2% of the global diamond trade today.
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Top Trends in Global Jewelry Market
Trends in the jewelry industry continue to change, with new techniques and materials being used more often. This can make it difficult to keep up with all of the new trends, so here are five that you should be aware of.
1. Embellishment is becoming increasingly popular in both traditional and nontraditional pieces. This means adding small details like Swarovski crystals or gemstones to a piece of jewelry in order to give it an extra boost of visual appeal.
2. Innovative Techniques is another trend in the global jewelry market that is seeing traction in the jewelry world. Some of these techniques include using modern metals like titanium and brass as well as using lasers to cut intricate designs into metalsurfaces.
3. Color has become a big factor in jewelry design, with a wider range of colors being used than ever before. This can be seen in both traditional and non-traditional pieces, and can provide a lot of versatility for consumers when picking out a piece of jewelry.
4. Geometric elements are becoming more popular as well, with designers tending to use geometric shapes more frequently in their designs across global jewelry market. This can add an eye-catching element to any piece of jewelry, and can be Particularly Useful for pieces that will be worn multiple times throughout the year – geometric patterns tend not to show wear as quickly as other types of designs do!
5. Statement necklaces: Neck chains, personalized earrings, big hoops... anything goes when it comes to statement necklaces! They're perfect for dressing up or down an outfit, and they can easily turn an ordinary outfit into something special.
Top Players in Global Jewelry Market
- Tiffany & Co. (U.S)
- Louis Vuitton SE (France)
- Signet Jewelers Limited (Bermuda)
- Pandora Jewelry, LLC (U.S)
- H.Stern (Brazil)
- Richemont (Switzerland)
- Chow Tai Fook Jewellery Group Limited (Hongkong)
- Malabar Gold & Diamonds (India)
- Tata Sons Private Ltd (India)
- The Swatch Group AG (Switzerland)
- Tanishq Ltd (India)
- Cartier SA (France)
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