(PharmaNewsWire.Com, September 12, 2017 ) Publisher€™s market research analyst predicts the global gems and jewelry market to reach a market value of around USD 292 billion by the end of 2019. The changing lifestyles and evolving consumer preferences have driven the growth of this market. Consumers are buying gold and diamond jewelry as gifts for marriages, birthdays, and anniversaries.
The growing organized retail format is also expected to contribute to the market growth during the forecast period. All the key vendors in markets such as the US, the UK, Japan, and Italy operate through their exclusive modern retail jewelry stores or specialty jewelry stores. This trend is also being witnessed in emerging markets such as India. For instance, Titan became the largest organized retailer for gems and jewelry during 2014 with a market share of 4% in India. It started its flagship brand store called 'Tanishq' in 1994 and within ten years of operation the retailer has created a significant footprint in the Indian market.
Product segmentation and analysis of the gems and jewelry market
Gold jewelry Diamond jewelry Platinum jewelry Others (silver, palladium, imitation jewelry, colored gems, precious stones) The gold jewelry segment accounted for 43% of the market share during 2014. However, the report predicts this segment to witness a decline in shares during the forecast period. The increasing gold price index globally across different currencies is the primary reason for the decline of this segment.
Geographical segmentation and analysis of the global gems and jewelry market
APAC Europe North America ROW APAC was the largest revenue contributor during 2014 with a market share of around 53%. The rise in disposable income in this region is the primary driver for the market growth. Countries such as China and India are the market leaders in this region contributing more than half of the region's revenue for all category of gems and jewelry products.
The global gems and jewelry market is highly competitive with the presence of five major vendors and numerous small and mid-sized vendors. The five key vendors contributed 12% of the global revenue during 2014.
The key vendors in the market are €"
Chow Tai Fook Jewelry Group Compagnie Financière Richemont Signet Jewelers Rajesh Exports LVMH Moët Hennessy Other vendors in the market include Aurum Holdings, Emperor Watch & Jewellery, Gitanjali Gems, Kering, and Titan.
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