Jewelry and precious gems are considered to be a crucial part of several cultures across the globe. Gems and jewelry hold high ceremonial significance in a plethora of cultures besides being bought as luxury items. As result of this, the global gems and jewelry market has witnessed substantial growth over the past couple of years.
Many leading jewelry brands and companies are focusing on investing sizeable amount of money in the advertising and marketing campaigns for increasing publicity. This has not only triggered awareness among consumers regarding the structured retail jewelry industry but has also enhanced the perception of jewelries as a lavish gift item. All these efforts are also aided by the feasible finance schemes which are being offered by several companies to consumers.
The market intelligence report is a comprehensive review of the growth trail in terms of current, historical, and future scenarios of the global gems and jewelry market. It offers an evaluation of the aspects that are expected to influence the development of the market and the primary trends have also been specified in the research study.
The research study also offers a broad lookout on the vendor landscape of the market through Porter’s five forces analysis. The research publication provides references of mergers and acquisitions, the research and development activities, specifics on licensing and collaborations. The report probes into the strategies related to marketing, shares, and product portfolio of the key participants in the global gems and jewelry market.
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Global Gems and Jewelry Market: Drivers and Restraints
The global gems and jewelry market is primarily driven by the rising prices precious gems and gold and silver in the international market. The rising demand for men costume jewelry along with brand internationalization is also expected to propel the market for gems and jewelry. The industry is also witnessing consequential changes, both in terms of consumer behavior and industrial trends.
Although, the present gems and jewelry industry is primarily local, it is expected to globalize significantly over the next couple of years. The global gems and jewelry industry is also expected to witness high demand in the near future owing to the growth in the consumption of branded jewelry. It is expected that branded jewelries will gain a significant share in the market over the forthcoming years.
Despite exhibiting a growing graph, the global gems and jewelry market is likely to face several challenges that might restrain the growth of the market in the coming years. These factors include rising labor cost that also adds to a rise in the cost of jewelry making and inflation. Regular purchases from unorganized retailers is also expected to hinder the progress of the market.
Global Gems and Jewelry Market: Regional Overview
Asia Pacific is considered to be one of the leading regions in the global gems and jewelry market with India and China leading the charts in the regions with the maximum number of consumer of gems and jewelry. China and India are also leading the market in terms of processing jewelry and gems.