Asia Pacific Dominated The Gems And Jewelry Market In 2017 And Expected To Display Similar Trend In The Coming Years
According to the latest report published by Brisk Insights “Global Gems & Jewelry Market - Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global market expected to grow at a CAGR of 5.1% from 2018 to 2026.
Increasing discretionary spending on luxurious products has encouraged consumers to purchase gems & jewelries across the globe. Gems comprises diamond, ruby, sapphire, emerald, taaffeite, black opal, topaz, quartz, pearls among others while jewelry comprises studded and non-studded jewelry. Introduction of new designs has resulted in the increase in purchase of gems & and has helped in the retention of the customer base and grabbed new customer attention as well. Growing middle class population, has increased the demand for studded premium jewelry in the countries such as U.S, Japan India among others are the major factors responsible for the market growth of gems & jewelry. In addition to this, several companies are aiming on marketing, promotional activities and launching new showrooms in order to expand their presence in the market. For instance, in 2017, Kalyan Jewelers planned to make an investment of US$ 75 million to add 15 new showrooms across Northern and Eastern regions in India.
Based on product type jewelry segment dominated the market in 2017 and expected to retain its dominance in the coming years. Studded jewelry are preferred over other jewelry types among the consumers especially in Asia Pacific and North America. Such jewelry types has become a favorite among the U.S consumers leading several manufacturers to launch new products in order to grab more customer attention. For instance in 2018, U.S based company Tiffany & Co. launched new studded engagement ring that has innovative design and style to its product portfolio. Further, based on distribution channel the market segmented into online channel and offline channel. Offline channel further bifurcated into organized retail and unorganized retail. Offline channels dominated the gems & jewelry market due to the wide availability of products, followed by inclination of the consumers towards this mode of channel for the purchase of gems & jewelry. However, online channel expected to witness fastest growth during the forecast period owing to high penetration of internet, smart phones, and rising popularity of personal digital assistants. Tech-savvy consumers are inclining towards online jewelry shopping because of the benefits such as wide range of brands easy payment options, return policies and customer services provided by the e-retailers.
Asia Pacific captured the majority of the share of gems & jewelry market in 2017 and expected to retain its leading position throughout the forecast period. Countries such as China, India, Japan, and Singapore have the highest purchase of gems & jewelry. The demand for the gold jewelry items is high among the countries in Asia Pacific region because possession of gems & jewelry in these countries is a tradition and the consumers purchase them during several occasions such as weddings, anniversaries among others. North America expected to generate the fastest growth during the forecast period from 2018 to 2026, with U.S leading the market. The market growth in North America is attributed to high-income levels and rising demands for diamond studded jewelry among the consumers.
Browse the full report at https://www.briskinsights.com/report/gems-and-jewelry-market
The players operating in the gems & jewelry market fragmented in nature. Key players operating in the global gems & jewelry market include Chopard, K Mikimoto & Co Ltd., Bulgari S.p.A, Piaget, Graff Diamonds, Tiffany & Co., Buccellati Holding Italia, Van Cleef & Arpels, Société Cartier, Harry Winston, Chow Tai Fook Enterprises Ltd., LVMH, Compagnie Financière Richemont SA, Signet Jewelers Ltd., Tanishq, among others.