The global jewellery market is growing, with an overall increase in sales as the data reveals that annual global sales are round 148 billion euros. Experts believe that sales will grow by up 6 percent each year.
The largest world jewellery market is the Asia Pacific region and the main contributors are China and India. In terms of countries, the United States is the largest market in the world for diamond jewellery.
Studies find that the jewellery industry is mainly local in nature and most of the raw materials are generated by Australia, Africa, Russia and Canada where as the main manufacturers are countries such as China, India, Turkey and Italy.
Figures suggest that there are more than 2.5 million jewellery shops in India, where as in the US, the non-brand jewellery shops account for 79 percent of the total jewellery market.
India has lately been considered an international destination for jewellery and big brands, including JC Penny and Wal-Mart who are currently procuring from there.
Studies also show that online jewellery sales account for up to 5 percent of the market today. The top five online jewellery websites include Blue Nile, Super Jeweller, Szul, Jared and Jewellery.
Experts predict the online jewellery market to grow rapidly. To deal in the jewellery business it is important to understand that regular supply of raw materials is required from a trusted source. At the beginning, it is recommended to design customised jewellery as one should always design a step ahead from the competition.Simple designs have become highly popular recently and the main sales drive is fashion jewellery.
WP Diamonds is the leading online buyer of diamonds, jewellery and watches. The group has created America’s Diamond and Jewellery Ranking Report that analyse ownership across the United States: which states have the biggest diamonds, the most expensive etc.
However, the picture is not always rosy and one of the main challenges of the industry is to sustain long-term demand.
Share your views on the jewellery industry and whether it is to enjoy sufficient growth over the next five or ten years.