BURNABY, Canada, August 13, 2015 /PRNewswire/ --
Increasing per capita income, growing online retail sales and technological advancements in manufacturing process are propelling global gems & jewelry market
Global gems and jewelry market witnessed healthy growth post-recession, on account of significant increase in disposable income of consumers across the globe. Asia-Pacific, especially countries such as India and China, accounted for a significant share in global gems and jewelry market and the trend is projected to continue through 2020. Major factors driving sales of gems & jewelry include increasing disposable income levels, changing consumer preferences, rising demand for branded and designer jewelry and growing sales through online retail channels. Demand for gold, diamond, platinum and colored gemstone jewelry is gradually increasing due to rising availability, expanding distribution network and rising population of high net worth individuals.
According to TechSci Research report "Global Gems & Jewelry Market Forecast & Opportunities, 2020", the global gems & jewelry market is projected to register revenue growth at a CAGR of around 6% during 2015-20. Global gems & jewelry market was dominated by gold segment in 2014, and the segment is forecast to continue dominating the market through 2020. A major portion of gems & jewelry sales in global market continues to be accounted for by India, China and the US, due to growing income levels among consumers and increasing investments in jewelry. Global gems and jewelry market is highly fragmented, with few of the leading global gems & jewelry players being Tiffany & Co., Gitanjali, Signet, LVMH, Chow Tai Fook, and Richemont. However, a lion's share in sales of gems & jewelry is captured by unorganized, family owned businesses.
"Apart from being perceived as luxury products, gems & jewelry are increasingly being offered as gifts in various markets across the globe. Moreover, increasing penetration towards purchasing jewelry through online sales channels due to increasing number of women joining the workforce and growing Internet penetration are boosting gems & jewelry sales across the globe. Keeping in mind the robustly growing demand for different jewelry types and designs, manufacturers are focusing on incorporating technologically advanced processes in their workflow to offer high quality products within a short duration of time." said Mr. Karan Chechi, Research Director with TechSci Research, a global management consulting firm.
"Global Gems & Jewelry Market Forecast & Opportunities, 2020" has evaluated the future growth potential of global gems & jewelry market and provides statistics and information on market structure, size, trends, etc. The report includes gems & jewelry market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities prevailing in global gems & jewelry market.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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