Pune, India, October 26, 2021 (GLOBE NEWSWIRE) – According to Fortune Business Insights ™, the Jewelry industry is expected to show considerable growth reaching $ 266.53 billion while posting a CAGR of 3.7% between 2020 and 2027. This is due to the increasing adoption of technology and the remarkable emergence of digital media platforms that are driving the demand for luxury jewelry globally. Fortune Business Insights, published this information in its latest report, the report further mentions that the market was worth $ 330.0 billion in 2019 and is expected to accelerate in the coming years.
The emergence of digital media platforms to foster growth
The growing influence of reality TV shows, music videos and movies allows digital media platforms to play a pivotal role in propelling the sales of luxury jewelry products globally. In addition to this, the adoption of technology in the manufacture of ornaments is expected to bode well for the global growth of the jewelry industry during the forecast period. For example, products like Luxe Smart Ring by The Ringly are equipped with several technological features such as health and fitness monitoring and GPS, in addition to being equipped with large gemstones.
Shrinking workforce amid COVID-19 to hamper growth
The global pandemic has resulted in a lockdown announced by government agencies around the world. This led to a partial lockdown of industrial operations and left several workers unemployed. Due to the reduced number of jobs, the workforce chose to return to their home country, which severely affected the growth of the market. However, the collective efforts of manufacturers and government to ensure a safe working environment by taking measures to contain the widespread effect of COVID-19 are expected to stimulate the market in the near future.
Jewelry products mainly consist of gold, silver, diamonds and other exotic gemstones. They have been a symbol of luxury for centuries and adorn people to beautify and enhance their overall appearance. In addition, the high demand for bridal ornaments and the different festivities and traditions followed by people all over the world are stimulating the consumption of exotic gemstones and other products.
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What does the report include?
The market report comprises a detailed assessment of the various market drivers and restraints, opportunities and challenges that the market will face over the projected horizon. Further, the report provides comprehensive research on regional market developments affecting the growth of the market during the forecast period. Additionally, the report includes information sourced from expert industry professional advice in the industry by our research analyst using several research methodologies for the market. The competitive landscape offers more detailed information on strategies such as product launches, partnerships, mergers and acquisitions and collaborations adopted by companies to maintain their market position between 2020 and 2027.
List of the main profiled companies in the world Jewelry industry are:
- Harry Winston, Inc., (New York, United States)
- Chopard (Meyrin – Geneva, Switzerland)
- Pandora Jewelry, LLC. (Oakland, California, United States)
- Chow Tai Fook Jewelery Company Limited (Central and West, Hong Kong)
- Tiffany & Co (New York, United States)
- Rajesh Exports Ltd (Bengaluru, Karnataka, India)
- Cartier International SNC (Paris, France)
- Signet Jewelers Limited (Hamilton, Bermuda)
- Chanel (Paris, France)
- LVMH Moët Hennessy (Paris, France)
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The necklaces segment has a market share of 22.70%
The necklaces segment, based on the product, held a market share of around 22.70% in 2019 and is expected to experience considerable growth during the forecast period. This is attributable to factors such as the increasing adoption of jewelry products by female consumers around the world.
Presence of established manufacturers in Asia-Pacific to drive growth
Among all regions, Asia-Pacific is expected to remain dominant and occupy the highest position in the global jewelry industry during the forecast period. This dominance is due to the presence of established manufacturers such as Tanishq, Queelin and others in countries like India and China in the region. Asia-Pacific generated $ 130.49 in revenue in 2019.
The market in North America is expected to experience significant growth due to the presence of several millionaires in countries such as the United States which are propelling the sales of exotic and high-end jewelry to the region. For example, according to the Global Wealth Report 2019, 40% of the total millionaires in the world are in the United States.
Large companies focus on expansion strategies to take advantage of market opportunities
The global jewelry industry is experiencing stiff competition due to the presence of several large companies that are focused on expanding their facilities to meet the growing demand for luxury jewelry products globally. In addition to this, the major players are adopting strategies such as merger and acquisition, partnership and collaboration to maintain the market position in the years to come.
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Detailed table of contents:
- Scope of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Emerging trends
- Key ideas
- Overview of parent / related markets
- SWOT Analysis of the Industry
- Supply chain and regulatory analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers and Acquisitions
- Qualitative analysis (in relation to COVID-19)
- 4.5.1 Impact of COVID-19
- 4.5.2 Supply chain challenges
- 4.5.3 Potential Opportunities Due to COVID-19
- Global Jewelry Industry Analysis, Outlook and Forecast, 2016-2027
- Main conclusions / Summary
- Market size estimates and forecasts
- By product (value)
- By material use (value)
- By end user (value)
- By region (value)
- North America
- Asia Pacific
- South America
- Middle East and Africa
- By product (value)
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Key industry development:
October 2020 – Blue Nile, the largest online diamond retailer, has announced its plan for massive expansion in 2020. The company is expected to open three physical showrooms in the fourth quarter of 2020 and plans to open more than 50 showrooms. in the top 50 of the market. every three years.
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Luxury goods market size, Share and COVID-19 impact analysis, by product type (watches and jewelry, perfumes and cosmetics, clothing, bags / purses and others), end user (women and men), distribution channel (offline and online) and Regional Forecast, 2020-2027
Consumer Electronics Market Size, Share and COVID-19 impact analysis, by type of product (electronic devices (television, computer, digital camera and camcorder, and others) and household appliances (refrigerator, washing machine, air conditioner and others)), channel of distribution (offline and online) and regional forecast, 2020-2027
Baby Clothing Market Size, Share and COVID-19 impact analysis, by type (upper, lower and other garments), material (cotton, wool and others), end user (girls and boys) and regional forecast, 2020-2027
Home fragrance market size, Share and COVID-19 impact analysis, by product type [Candles (Unscented and Scented), Room Sprays, Reed Diffusers, Essential Oils, and Incense Sticks], and distribution channel (online and offline) and regional forecast, 2020-2027
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