Global jewellery market driven largely by China and India

http://www.companiesandmarkets.com/News/Consumer-Goods/Global-jewellery-market-driven-largely-by-China-and-India/NI6618[04-06-2013 15:31:48]
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Published 22 February 2013
Author Alex De Angelis
Type of News Market
Global jewellery market driven largely by China and India
The global jewellery market has been forecast to increase at a compound annual
growth rate (CAGR) of approximately 5% over the next five years, to reach a
value of nearly $257 billion by the end of 2017.
Over the last few years the global jewellery market has seen steady growth,
bouncing back from the worst of the recession, and over the coming years is
expected to see a faster growth rate when compared to previous years.
Palladium is expected to establish itself as an alternative metal for jewellery
fabrication, while gold and diamond jewellery will continue to dominate the
market together, accounting for about 82%. Diamond jewellery will be the
slowest growing segment at a CAGR of 3.3%.
So far many jewellery and watches brands are missing an opportunity by not
launching into the online space. Consumers are now increasingly willing to buy
big ticket items online so brands should change their approach to capitalise on this.
Regionally, Asia-Pacific holds the world's largest jewellery market and is being driven
largely by China and India who are the two largest consumers of gold in the world and
also hold majority of the processing and manufacturing industry for jewellery
To date, the industry has survived due to the intrinsic attraction of its product, the
sporadic marketing push by some incumbents, and the entrepreneurial skills of
individuals. However, the threat posed by luxury goods, changing consumer habits,
industry's opaque and transactional mode of operation, and various socioeconomic and
political forces are fast changing the environment the industry operates in.
It is evident that the survival of the industry (and of individual players) is dependent on
their successful reinvention of the category, substantial infusion of capital and talent, and adaptability to change.
For a look at the latest c onsumer goods r epor t s , see the latest research: Gl obal J ew el l er y Mar k et
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Global jewellery market driven largely by China and India
http://www.companiesandmarkets.com/News/Consumer-Goods/Global-jewellery-market-driven-largely-by-China-and-India/NI6618[04-06-2013 15:31:48]
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