Gems and Jewelry Market - Growth, Trends, Impact, And Forecasts (2018 - 2026)

Gems and Jewelry Market

Gems and jewellery refers to a variety of jewels made of gold, platinum, gemstones, and other materials. Gems and jewellery 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.

 The COVID-19 epidemic has disrupted the supply chain across countries, having a substantial impact on Gems and Jewelry Market commerce. Furthermore, during the early stages of the crisis, spending on watches and jewellery, garments, accessories, and cosmetics decreased as consumers began storing up on basics and staple food products around the world.

For example, during the pandemic, a major operator like Pandora had to close about a third of its outlets in China as its business in the country came to a halt. Hong Kong, China, and its tourists account for around 10% of the company's annual sales. However, if the limitations are relaxed, the market is expected to return to normal.

With the rise of urbanisation, consumer behaviour in the area of accessories has shifted, from wearing more pieces of jewellery to keeping it simple and elegant while preserving the style statement. As a result of these changing variables, single-stoned stud earrings, pendants, and rings are in high demand.

 

Market Trends to Watch

Due to the growing middle class, there is a high demand for diamonds.

The growing number of middle-income consumers in developing countries, as well as their greater spending power and changing fashion trends, are driving up demand for excellent costume Gems and Jewelry Market throughout the region. The diamond industry, like the gold industry, has high prospects for demand, owing to the massive emerging middle class in Latin American countries.

Market Players

Chow Tai Fook (Holdings) Limited, Compagnie Financière Richemont, Jewelry Group, Signet Jewelers, Emperor Watch & Jewelery Ltd., Blue Nile, Zale Titan, Gitanjali Group, Tiffany & Company, and others are major players in the global gems and jewellery business.

 

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