LONDON, Dec. 30, 2015 /PRNewswire/ — Technavio€™s market research analyst predicts the global gems and jewelry market to reach a market value of around USD 292 billion by the end of 2019. The changing lifestyles and evolving consumer preferences have driven the growth of this market. Consumers are buying gold and diamond jewelry as gifts for marriages, birthdays, and anniversaries.
The growing organized retail format is also expected to contribute to the market growth during the forecast period. All the key vendors in markets such as the US, the UK, Japan, and Italy operate through their exclusive modern retail jewelry stores or specialty jewelry stores. This trend is also being witnessed in emerging markets such as India. For instance, Titan became the largest organized retailer for gems and jewelry during 2014 with a market share of 4% in India. It started its flagship brand store called ‘Tanishq’ in 1994 and within ten years of operation the retailer has created a significant footprint in the Indian market.
Product segmentation and analysis of the gems and jewelry market
Others (silver, palladium, imitation jewelry, colored gems, precious stones)
The gold jewelry segment accounted for 43% of the market share during 2014. However, the report predicts this segment to witness a decline in shares during the forecast period. The increasing gold price index globally across different currencies is the primary reason for the decline of this segment.
Geographical segmentation and analysis of the global gems and jewelry market
APAC was the largest revenue contributor during 2014 with a market share of around 53%. The rise in disposable income in this region is the primary driver for the market growth. Countries such as China and India are the market leaders in this region contributing more than half of the region’s revenue for all category of gems and jewelry products.
Competitive landscape and key vendors
The global gems and jewelry market is highly competitive with the presence of five major vendors and numerous small and mid-sized vendors. The five key vendors contributed 12% of the global revenue during 2014.
The key vendors in the market are €”
Chow Tai Fook Jewelry Group
Compagnie FinanciÃ¨re Richemont
LVMH MoÃ«t Hennessy
Other vendors in the market include Aurum Holdings, Emperor Watch & Jewellery, Gitanjali Gems, Kering, and Titan.
Key questions answered in the report include
What will the market size and the growth rate be in 2019?
What are the key factors driving the global gems and jewelry market?
What are the key market trends impacting the growth of the global gems and jewelry market?
What are the challenges to market growth?
Who are the key vendors in the gems and jewelry market?
What are the market opportunities and threats faced by the vendors in the gems and jewelry market?
Trending factors influencing the market shares of the APAC, Europe, North America and ROW?
What are the key outcomes of the five forces analysis of the global gems and jewelry market?
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