Emergence of Digital Media Platforms to Promote Jewelry Industry Growth
The industry research includes a detailed assessment of the industry drivers, restraints, and opportunities. It challenges that the industry will face during the projected horizon. Furthermore, the research provides comprehensive research into the regional developments of the industry. This is affecting the industry’s growth during the forecast period. Moreover, the study includes information sourced from the advice of expert professionals from the industry. The research is done by our research analysts using several research methodologies for the industry. The competitive landscape offers further detailed insights into the strategies. This includes product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain the industry’s stronghold between 2020 and 2027.
The growing influence of reality shows, music videos, and movies enables digital media platforms to play a pivotal role in propelling the sales of luxurious jewelry products globally. The adoption of technology in the manufacturing of ornaments is anticipated to bode well for the global jewelry industry’s growth during the forecast period. For instance, products such as the Luxe Smart Ring by The Rangely are equipped with several technological features. This includes health and fitness monitoring and GPS, along with being equipped with large gemstones.
Reduce Number of Labor Workforce amid COVID-19 to Hinder Growth
The global pandemic has led to a lockdown announced by government agencies across the globe. Pandemic has led to a partial lockdown of industrial operation and has left several laborers unemployed. The workforce has opted to return to their native places, severely affecting industry growth. However, collective efforts by the manufacturers and government to ensure a safe working environment by taking measures to contain the widespread effect of COVID-19 are expected to drive the industry shortly.
Jewelry products mainly consist of gold, silver, diamonds, and other exotic gemstones. They have been a symbol of luxury for centuries and adorned by people for beautification and enhancing their overall appearance. Additionally, the high demand for bridal ornaments and the different festivities and traditions that people follow boost the consumption of exotic gemstones and other products.
The global jewelry industry is expected to showcase considerable growth by reaching USD 266.53 billion while exhibiting a CAGR of 3.7% between 2020 and 2027. This is attributable to the increasing adoption of technology and the remarkable emergence of digital media platforms that propel the demand for luxury jewelry globally.
Business Insights published this information in its latest research; the research further mentions that the industry stood at USD 330.0 billion in 2019 and is projected to gain momentum in the forthcoming years.
Necklace Segment Held a 22.70% Industry Share
The necklace segment held an Industry share of about 22.70% in 2019 and is likely to showcase considerable growth. This is ascribable to factors such as the increasing adoption of jewelry products by women consumers across the globe.
Presence of Established Manufacturers in Asia-Pacific to Favor Growth
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global Jewelry Industry. This dominance is attributable to established manufacturers such as Tanishq, Queelin, and others in countries such as India and China. Asia-Pacific generated USD 130.49 in terms of revenue in 2019.
The Industry in North America is expected to experience significant growth. This is due to several millionaires in countries such as the U.S. that propel the sales of exotic and premium jewelry. For instance, as per the Global Wealth Research 2019, 40% of the total millionaires globally are present in the US.
Major Companies Focus on Expansion Strategies to Leverage Industry Opportunities
The global Jewelry Industry is experiencing stiff competition. Several major companies focusing on expanding their facilities to cater to the increasing demand for luxury jewelry products globally. In addition, key players are adopting strategies such as merger and acquisition, partnership, and collaboration. This is to maintain the Industry stronghold in the forthcoming years.
List of the Leading Companies Profiled in the Global Jewelry Industry are:
Harry Winston, Inc., (New York, USA), Chopard (Meyrin – Geneva, Switzerland), Pandora Jewelry, LLC. (Oakland, California, USA), Chow Tai Fook Jewellery Company Limited (Central & Western, 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 Moët Hennessy (Paris, France) & Other.