Asia-Pacific will continue to dominate Global Gems & Jewelry Market through 2019, says TechSci Research
BURNABY, British Columbia, March 7, 2014 /PRNewswire/ --
Gold and diamond jewelry continues to account for the highest revenue share in global gems & jewelry market
The global jewelry market predominantly procures its primary raw materials i.e. gold, platinum and diamonds, from countries like Russia, South Africa, China, Botswana and Austria. Further processing and fabrication is majorly concentrated in India, China, Turkey, Italy and Thailand. Gold and diamond jewelry has been considered a luxury for ages, and it continues to attract consumers across the globe, primarily due to growing global per capita income levels.
According to the recently published report by TechSci Research "Global Gems & Jewelry Market Forecast & Opportunities, 2019", gold and diamond jewelry continues to dominate the gems & jewelry market, globally, with former holding the highest share, in revenue terms, in 2013. However, during the next five years, diamond jewelry is expected to gain more market share, on account of growing demand from countries like the UAE, Saudi Arabia, Brazil, Japan, China and India. The report reveals that global gems & jewelry market revenues are forecast to grow at a CAGR of around 6% during 2014-19.
The report further unveils that the global gems & jewelry market is primarily controlled by Asia-Pacific, with China and India being the two largest jewelry markets in the region. However, in terms of individual country share, the United States accounted for the highest share in gems & jewelry market across the globe, in revenue terms, in 2013.
"Asia-Pacific is the largest gems & jewelry 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 jewelry players for augmenting growth in Asia-Pacific." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Mr Chechi added that global recession and euro-zone crisis, coupled with high fluctuations in gold and platinum prices, have impacted the broader consumer sentiment, however, during the forecast period, the market is expected to exhibit a steady growth rate.
Few of the leading companies in global gems & jewelry market include Chow Tai Fook Jewellery Group Limited, Compagnie Financière Richemont SA, Rajesh Exports Ltd., Signet Jewelers Ltd., and LVMH Moët Hennessy.
"Global Gems & Jewelry Market Forecast & Opportunities, 2019" has evaluated the future growth potential of gems & jewelry market across the globe, and provides statistics and information on market structure, market trends, market size, etc. The report includes gems & jewelry projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global gems & jewelry market.
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SOURCE TechSci Research