According to the latest report by IMARC Group, titled "Jewellery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026, the global jewellery market exhibited moderate growth during 2015-2020. Jewellery refers to ornamental pieces worn for personal adornment. It consists of decorative items, such as brooches, rings, earrings, necklaces, bracelets, pendants, and cufflinks. Jewellery is made by shaping, refining, and crafting jewels and gemstones with precious metals like gold and silver. Some commonly used gemstones include amber, beads, diamond, shells, and corals. Depending upon the individual, a piece of jewellery is generally worn as a marker of social status, signifier of ethnic and religious beliefs, symbol of personal meaning, or simply an artistic display.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Jewellery Market Trends:
The evolving fashion trends, along with the steadily increasing purchasing power of consumers, represent one of the key factors driving the demand for jewellery in the global market. The advent of various digital media platforms has further accelerated the market growth as it plays a crucial role in influencing fashion trends. Additionally, key players are focusing on creating brand awareness and building consumer relationships through digital marketing, which is acting as another major growth-inducing factor. Moreover, the rapid establishment of several international retail groups across the globe to reach a wider consumer base is propelling the market growth. The large-scale integration of advanced technologies, such as global positioning systems (GPS) and health and fitness monitoring, with various ornamental pieces, including bracelets, is positively influencing the market growth. Apart from this, the increasing awareness regarding fine jewellery as a form of investment, especially amidst the coronavirus disease (COVID-19) outbreak, is also catalyzing the market growth. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5% during 2021-2026.
- Based on the product, the market has been segmented into necklaces, rings, earrings, bracelets, and others.
- On the basis of the material, the market has been divided into gold, platinum, diamond, and others.
- On the geographical front, the market has been categorized into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Buccellati (Compagnie Financière Richemont SA), Chow Tai Fook Jewellery Company Limited, Graff, Harry Winston Inc (The Swatch Group), HStern, LVMH Moët Hennessy Louis Vuitton, Pandora A/S, Rajesh Exports Ltd., Signet Jewelers and Swarovski.
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