Gems and Jewelry Market Continues Rapid Growth

  • Asia Pacific dominated the global gems and jewelry market.
  • North America witnessed significant growth in the gems and jewelry market.
  • Large retailers are merging with top clothing designers to create statement jewelry, as fashion is changing rapidly.

Gems and jewelry consists of various jewelries that are made out of gold, platinum, gemstones, and others. Gems and jewelry is one of the fastest growing markets, as it holds customary values in several cultures across the globe. Several leading companies are aiming on investing in the marketing, advertising, and launching of new showrooms for increasing publicity and expanding their presence in the market. For instance, in 2017, Kalyan Jewelers planned to invest $75 million to add 15 new showrooms to their on-going expansion in Eastern and Northern regions of India.

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Global Gems and Jewelry Market Outlook

  • Asia Pacific dominated the global gems and jewelry market in 2016 with India and China leading the market growth. According to the Gem and Jewelry Export Promotion Council, India’s exports of 75% of the world’s polished diamonds rose from $11.16 billion in 2004-05 to $22.78 billion in 2016-17. According to IBEF (India Brand Equity Foundation) 2018, gems and jewelry sector plays a significant role in the Indian economy contributing up to 7 percent of the country’s GDP and 15.7 percent to India’s total exports.
  • North America witnessed significant growth in the gems and jewelry market with U.S. dominating the market in the region. The growth is attributed by the higher income levels in the U.S., which translates into higher demand for personal consumption of items such as diamond jewelry. The U.S also has one of the highest gold allocations as a percentage of its foreign reserves.
  • Middle East witnessed significant growth in the gems and jewelry market with GCC countries fueling the market growth in this region. According to National Bank of Fujairah, UAE’s diamond financing industry has grown by around 200% from $500 million in 2010 to $1.5 billion in 2017.

Large retailers are merging with top clothing designers to create statement jewelry, as fashion is changing rapidly. For instance, in 2015, Narciso Rodriguez collaborated with the Brazilian jeweler Ana Khouri, and Christophe Lemaire and Sarah-Linh Tran collaborated with the Los Angeles jeweler Sophie Buhai. In 2017, Swarovski collaborated with 11 Indian designers including Rohit Bal, JJ Valaya Suneet, Verma, and others who got their products launched in Swarovski stores.

Major players in the global gems and jewelery market include Chow Tai Fook (Holdings) Limited, Compagnie Financière Richemont, Jewelry Group, Signet Jewelers, Emperor Watch & Jewelery Ltd., Blue Nile, Zale Titan, Gitanjali Group, Tiffany & Company, and others.

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