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Jewelry Market was estimated to be USD 336190 Million in 2020 and is projected to expand at an CAGR of 4.1% over the forecast period. The factors fuelling the Jewelry Market are the increasing prominence of jewelry among high-income individuals as a status symbol and the increasing emphasis of producers integrating technology with ornaments.
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Jewelry refers to adorning ornaments made of precious metals such as rings, necklaces, and bracelets worn over the body. The jewelry market is poised to experience remarkable growth over the forecast period. A huge client base of the jewelry industry makes it possible for the producers to serve a large market and earn income. The innovation of the latest devices and evolving fashion trends are captivating consumers. For example, smart jewelry introduced in the market functions as an activity tracker, a sleep supervisor, a stress remover, or an overall fitness device. The growing emphasis of consumers, primarily among women, to enrich the appearance or highlight certain features of the body by wearing elegant jewelry such as nose pins and necklaces will strengthen the market size. Several producers are also providing various cross-cultural designs to captivate customers with their unique offerings. The changing lifestyle and perception of jewelry as a status symbol is projected to bolster market growth. In addition, the growing adoption of jewelry among men is another factor proliferating the jewelry market.
Apart from this, the evolving tendency of bridal jewelry has propelled market growth. In nations like India, a wedding is regarded as a huge event with a lot of functions. Other factors, such as the accelerating per capita income and the innovation of digital media promoting high fashion through music videos, are projected to bolster the market growth. The surging prominence of branded jewelry among high-income groups has raised the expenditure on exclusive jewelry made up of platinum.
The evolution of the coronavirus has undeniably influenced market growth. On account of the slump in the nation’s economy with reduced profits and incomes, consumers are not able to make a lot of expensive purchases. Also, with the stringent lockdown enforced across the nation, people are postponing celebrations like weddings.
However, as per the jewelry market report, the surging demand for artificial jewelry has restrained the market growth. Artificial jewelry refers to accessories made using a variety of artificial materials. The high prices of conventional jewelry such as gold, diamond, or silver have encouraged people to choose cheaper imitation jewelry.
Various notable players operating in the market include Compagnie Financière Richemont SA, Chow Tai Fook., LVMH, Pandora Inc., Signet Jewelers, Titan Company Limited, Kalyan Group, Harry Winston, Inc., Chopard International SA, and Zales.
Gold and diamond are projected to seize a remarkable share over the forecast period based on the material type. They continue to remain the prominent choice among fashion-conscious and rich consumers. The increasing demand for bracelets and couple rings with customized designs among women and men is likely to raise the jewelry market share. Furthermore, gold is also regarded as a status symbol and forms a prominent part of different rituals and occasions.
Based on regional analysis, the APAC market is projected to seize a notable share over the forecast period. This is owing to the rapidly developing economy and growing disbursement of exclusive jewelry such as gold and diamond in countries such as China and India. In 2020, According to the China Gold Association, the true consumption of gold nationwide reached 820.98 tons. Additionally, the existence of several customs and conventional cultures of gifting ornaments will propel market growth.
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