Global market research and consulting company TechSci Research has recently published a report called Global Gems & Jewelry Market Forecast & Opportunities, 2019, stating that gold and diamond jewellery continue to dominate the world gems and jewellery market and the former occupied the highest revenue share in 2013. However, diamond jewellery is expected to gain a larger market share in the next five years due to the growing demands from countries like the UAE, Saudi Arabia, Japan, China and India. It is also said that the revenues generated from the global gems and jewellery market would grow at a compound annual growth rate of around 6 percent between 2014 and 2019.
The report further presented that the global gems and jewellery market is now primarily controlled by Asia Pacific, with China and India being the two largest jewellery markets in the region. However, in 2013 the United States still accounted for the highest share in the world gems and jewellery market in terms of individual country share.
The company’s research director Karan Chechi expressed: “Asia Pacific is the largest gems and jewellery market worldwide, in revenue terms. However, the industry players are facing stiff competition from unorganized players due to lack of brand awareness among the consumers. The extensive advertisements and brand awareness campaigns, especially in urban areas, are the key focus areas for branded jewellery players for augmenting growth in Asia Pacific.”
The broader consumer sentiment has been impacted by global recession and euro-zone crisis, coupled with high fluctuations in gold and platinum prices, added Chechi. In the next five years, the market however is expected to exhibit a steady growth rate, according to the report.
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