Dublin, Dec. 10, 2018 (GLOBE NEWSWIRE) -- The "Gems and Jewelry Market - Segmented by Product (Rings, Necklaces, Earrings, Bracelets, Chains and Pendants, and Other), Distribution Channel (Offline Retail Stores and Online Retail Stores), and Geography - Growth, Trends and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global gems and jewelry market is projected to grow at the rate of 5.5% during the forecast period 2018 to 2023.
The market is highly fragmented market and comprises of many regional and international competitors. There is an intense competition between the key vendors, leading to the introduction of many innovative gems and jewelry in the market.
The market is expected to witness a strong growth during the forecast period owing to the increasing demand for branded jewelry due to distinctive designs, rise in demand for artistic jewelry, credibility, and quality, rising focus on e-commerce sales in both developed and developing market and increase in wedding budget, especially in bridal weddings.
In addition, there's an increase in cross-cultural designs, which will increase the growth of gems and jewelry market in the coming years. Jewelry inspired by European, Egyptian, and Italian cultures are gaining popularity. For instance, Titan's brand Zoya offers jewelry studded with precious stones like diamond.
However, market is highly dependent on macroeconomic factors, coupled with high presence of unorganized players that provides counterfeit gems and jewelry, restraining the growth of the gems and jewelry market globally.
Surge in Customized Gems & Jewelry
Manufacturers of gems & jewelry are more focused on developing new and innovative design to fulfil the changing needs and demands of consumers by using advanced technologies such as computer-aided design (CAD) and rapid prototyping (RP) that play a vital role in incorporating 3D printing in jewelry. For instance, vendors are introducing 3D printed necklaces, bracelets, and other objects.
With 3D printing, multiple patterns can be made at once and within a very short time frame. This, in return, has significantly reduced lead times and cost when compared to traditional pattern making techniques. Moreover, vendors are promoting these products through social media and digital platforms.
Rise in demand for 3D printed jewelry coupled with the growing number of digital platforms will increase the growth of the gems and jewelry market globally.
High Penetration of Organized Retail
The evolving retail industry, especially in developing countries, is marked by the emergence of many specialty format stores. Comfort and convenience are increasingly becoming important to customers because of their hectic lifestyles and work schedules. Specialty format stocks a variety of gems and jewelry under one roof, providing more options to consumers. All the key vendors in markets such as the United States, the United Kingdom, China, India, Japan, and Italy operate through their specialty jewelry stores.
For instance, Titan became the largest organized retailer for gems and jewelry with a significant market share in India. It started its flagship brand store called 'Tanishq' in 1994 and within few years retailer has created a significant footprint in the Indian market. With the increase in preference for branded products among consumers, the importance of retailers carrying branded gems and jewelry has also increased. The penetration of exclusive modern retail jewelry stores or specialty jewelry stores have also enabled consumers to seek information about various brands, compare prices, designs and quality, which results in better purchase decision.
Increase in Sales of Gems and Jewelry through Online Stores
In the past years, online spending by consumers have rose significantly. The growth opportunity for the sales of various gems and jewelry through online channel has forced online vendors to improve shopping experience in terms of security and reliability, which, in turn, has propelled the demand for these products. Some of the policies that encourage consumers to purchase online includes secured transactions, cash on delivery options, convenient return policies, integrated and centralized customer service.
Most vendors are adopting online retail strategies to reduce cost and increase their profit margins, which will benefit the market during the forecast period. Moreover, jewelry manufacturers are using digital media as a platform for conveying information, shaping brand identity, and building customer relationships. Vendors such as Buccellati, LVMH Group, Kering, and Richemont have strong presence in offline retail stores as well as online retail stores.
Asia-Pacific to Witness Strong Growth in Gems and Jewelry Market
Asia-Pacific is the fastest growing region in the global gems and jewelry market. Countries such as China and India are the market leaders in the region contributing almost half of the region's revenue for all category of gems and jewelry products. Other countries in Asia-Pacific such as Thailand and Vietnam are also significant consumers of gold, driving the growth of gems and jewelry market.
Many key are entering into partnerships with the e-commerce retail stores in order to strengthen their distribution network which is likely to drive the market growth in the region. Expanding middle-class population segment, rise in household expenditure, change in lifestyle, and increased consumer propensity toward branded products are some the major factor that will increase the demand for gems and jewelry market in the region.
In addition, demand for gems and jewelry such as necklaces, rings, bangles, earrings is high in these countries because the possession of gold in these countries is a tradition and consumers opt for jewelry during various occasions such as weddings, births in the family, and anniversaries. However, the jewelry market in the developing regions is made up of several small family run businesses which make up for a large unorganized market.
Developments in the Market
- June 2018 - LVMH Group launched a dedicated online section specifically for jewelry.
Key Topics Covered
1. Introduction
1.1 Scope of Study
1.2 Study Deliverables
1.3 Study Assumptions
1.4 Research Phases
2. Gems and Jewelry Market Insights
2.1 Market Overview
2.2 Market Trends
2.3 Industry Attractiveness-Porter's Five Forces Analysis
3. Gems and Jewelry Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
4. Gems and Jewelry Market Segmentation
4.1 Product Segment
4.1.1 Rings
4.1.2 Necklaces
4.1.3 Earrings
4.1.4 Bracelets
4.1.5 Chains and Pendants
4.1.6 Other
4.2 Distribution Channel
4.2.1 Offline Retail Stores
4.2.2 Online Retail Stores
5. Gems and Jewelry Market By Geography
5.1 North America Gems and Jewelry Market Size (2018-2023)
5.2 Europe Gems and Jewelry Market Size (2018-2023)
5.3 Asia-Pacific Gems and Jewelry Market Size (2018-2023)
5.4 South America Gems and Jewelry Market Size (2018-2023)
5.5 Middle East & South Africa Gems and Jewelry Market Size (2018-2023)
6. Gems and Jewelry Market Competitive Landscape
6.1 Most Active Companies
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
7. Company Profiles
7.1 Buccellati
7.2 Chow Tai Fook Jewelry Company Limited
7.3 LVMH Group
7.4 Richemont
7.5 The Swatch Group Ltd.
7.6 CHANEL
7.7 Kering
7.8 TITAN
7.9 Pandora Jewelry LLC
7.10 Tiffany & Co.
7.11 Swarovski Crystal Online AG
7.12 Stuller
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