Gems and jewelry refer to a variety of jewels made of gold, platinum, gemstones, and other materials. Gems and jewelry are one of the fastest-growing markets, as they have cultural significance in many civilizations throughout the world. Several major corporations are planning to invest in marketing, advertising, and the opening of new showrooms in order to increase their visibility and market share. Kalyan Jewelers, for example, intended to invest $75 million in 2017 to add 15 new showrooms to their ongoing growth in India's Eastern and Northern areas.
Growing demand for crafted quality Gems and Jewelry Market and precious gems are the main drivers of this market. According to the World Gold Council, gold jewelry demand climbed by roughly 3% in the fourth quarter of 2017 compared to the third quarter. In addition, shifting customer tastes toward lighter-weight handcrafted jewelry is aiding the market growth. For example, according to the World Gold Council, Chow Tai Fook Enterprises Ltd., a big Chinese retailer, sold 300,000 pieces of 22-carat gold abroad in 2018. However, rising labor costs and more rivalry from local firms are limiting the market's expansion.
Global Gems and Jewelry Market Taxonomy
By Product Type
Gold Jewelry
Diamond Jewelry
Platinum Jewelry
Others
By Distribution Channel
Specialty Stores
Online Stores
Others
Market Forecasts for Gems and Jewelry Around the World
In 2016, the Asia Pacific region dominated the worldwide gems and jewelry market, with India and China leading the way. India's polished diamond exports increased from US$ 11.16 billion in 2004-05 to US$ 22.78 billion in 2016-17, according to the Gem and Jewelry Export Promotion Council. According to IBEF (India Brand Equity Foundation), 2018, the gems and jewelry business contributes up to 7% of India's GDP and 15.7 percent of total exports.
The diamonds and jewelry market in North America grew significantly, with the United States dominating the sector. Higher-income levels in the United States are credited with the increase, which translates into increased demand for personal consumption items such as diamond jewelry. The United States also has one of the largest gold allocations in terms of percentage of GDP.
Important Developments:
September 2019: Acquisitions/Mergers/Takeovers; Compagnie Financière Richemont purchased a 100 percent stake in Buccellati Holding Italia SpA, a firm established in Italy. Buccellati was also acquired from China Gangtai Group in October of this year.
Contracts/Agreements: In March of 2017, Chow Tai Fook Jewellery Group Ltd. teamed with Laox to build a branded store in Tokyo, Japan.
Richemont acquired Antica Ditta Marchisio, an Italian company that specializes in the production and hand-crafting of jewelry and gold goods, in the year 2013.
The Competitive Landscape of the Social Media Analytics Market
International Business Machines (IBM) Corporation, Oracle Corporation, Salesforce.com, Adobe Systems Incorporated, SAS Inc., Clarabridge, Inc., Netbase Solutions, Inc. (the US), Brandwatch (UK), GoodData Corporation, Crimson Hexagon, Inc., Simply Measured, Inc., and Sysomos are some of the major players in the social media analytics market.
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