Pune, India, Jan. 18, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the jewelry industry is expected to show considerable growth reaching USD 266.53 billion while growing at a CAGR of 3.7% between 2020 and 2027. This is attributed to the increasing adoption of technology and the remarkable emergence of digital media platforms that drive the demand for luxury jewelry globally. The report further mentions that the market stood at USD 330.0 billion in 2019 and is expected to gain momentum in the coming years.
Reducing the number of labor in the context of COVID-19 to hinder growth
The global pandemic has led to a lockdown announced by government agencies around the world. This led to a partial lockdown of industrial logging and left several laborers unemployed. Due to the reduction in the number of jobs, the workforce has opted to return to their home countries, which has 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 is expected to boost the market in the near future.
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List of major companies featured in the Global Jewelry The markets are:
- Harry Winston, Inc., (New York, USA)
- Chopard (Meyrin – Geneva, Switzerland)
- Pandora Jewelry, LLC. (Oakland, California, USA)
- Chow Tai Fook Jewelery Company Limited (Central and West, Hong Kong)
- Tiffany & Co (New York, USA)
- Rajesh Exports Ltd (Bengaluru, Karnataka, India)
- Cartier International SNC (Paris, France)
- Signet Jewelers Limited (Hamilton, Bermuda)
- Chanel (Paris, France)
- LVMH Moet Hennessy (Paris, France)
Jewelry products consist mainly of gold, silver, diamonds and other exotic gemstones. They have been a symbol of luxury for centuries and adorned by people to beautify and enhance their overall appearance. Moreover, the high demand for bridal ornaments and the different festivities and traditions followed by people around the world are driving the consumption of exotic gemstones and other products.
What does the report include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research on regional developments in the market, affecting the growth of the market over the forecast period. Additionally, the report includes information sourced from expert industry professional advice by our research analyst using multiple research methodologies for the market. The competitive landscape offers more detailed information about the strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain their position in the market between 2020 and 2027.
The emergence of digital media platforms to promote growth
The growing influence of reality shows, music videos and movies is allowing digital media platforms to play a pivotal role in propelling luxury jewelry sales globally. In addition to this, the adoption of technology in the manufacture of ornaments is expected to bode well for the growth of the global jewelry market over 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.
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The Collier segment held a market share of 22.70%
The collars segment, based on the product, held a market share of around 22.70% in 2019 and is expected to witness considerable growth over the forecast period. This is attributed to factors such as the growing adoption of jewelry products by female consumers around the world.
Presence of established manufacturers in Asia-Pacific to facilitate growth
Among all regions, Asia-Pacific is expected to remain dominant and occupy the highest position in the global jewelry market during the forecast period. This dominance is attributed 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 witness significant growth owing to the presence of several millionaires in countries like the United States which is driving the sales of exotic and high-end jewelry in the region. For example, according to the Global Wealth Report 2019, 40% of the total millionaires in the world are present in the United States.
Large companies focus on expansion strategies to take advantage of market opportunities
The global jewelry market is witnessing fierce competition owing to the presence of several large companies that are focusing on expanding their facilities to meet the growing demand for luxury jewelry products globally. In addition to this, major players are adopting strategies such as merger and acquisition, partnership and collaboration to maintain their strong position in the market in the coming years.
October 2020 – Blue Nile, the largest online diamond retailer, has announced its massive expansion plan in 2020. The company is expected to open three physical showrooms in the fourth quarter of 2020 and additionally plans to open more than 50 showrooms. exposure in the top 50 of the market over the three years.
Browse Detailed Abstract of Research Report with TOC:
Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Emerging trends
- key ideas
- Overview of parent/related markets
- Industry SWOT Analysis
- Supply chain and regulatory analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & 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 Market Analysis, Outlook and Forecast, 2016-2027
- Main results/summary
- Market size estimates and forecasts
- By product (value)
- By material use (value)
- Per end user (value)
- By region (value)
- North America
- Asia Pacific
- South America
- Middle East and Africa
- By product (value)
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