DUBLIN--(BUSINESS WIRE)--The "Gems And Jewelry Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029" report has been added to ResearchAndMarkets.com's offering.
Industry Outlook
The global market value for gems & jewelry is expanding at a CAGR of 5.1% during the forecast period from 2021 to 2029. Asia Pacific led the gems & jewelry market in 2020 and expected to remain dominant during the forecast period. North America expected to be the fastest growing market during the forecast period.
Advancements in jewelry manufacturing process along with availability of different certification bodies such as Bureau of Indian Standards (BIS), Kimberly Process Certification Scheme, Confederation, and hallmarking among others are expected to trigger the growth of gems & jewelry market in the coming years. In addition to this, the introduction of new and different designs is one of the latest trends that will gain more attention of the consumers in the coming years. Jewelry inspired by the Egyptian, Italian and European cultures is gaining immense popularity among the consumers across the globe.
India is one of the growing markets for gems & jewelry, contributing 7% of the country's GDP and 15% of the total exports. Greater advertisement spending and rising availability of gems & jewelry in organized retail chains are some of the key factors responsible for the steady market growth of gems & jewelry in India. India is deemed to be the hub of gems & jewelry market because of its low cost of production and availability of a skilled labor force.
Based on the potential of the market growth the Government of India has declared the gems & jewelry sector a thrust area for the export promotion. According to Export Promotion Council India exports 75% of the world's polished diamonds. Singapore, China, Russia and Latin America are the major importers of Indian jewelry. Besides India, U.S, UAE and Hong Kong are also the major exporters of gems & Jewelry.
Counterfeit products are an increasingly significant concern in a brand jewelry industry. A major problem is associated with imitation of gemstones, which are hard to distinguish from the real ones. Huge influx of counterfeit products from developing economies particularly hampering the growth of the actual sales and damages the original brand value.
New Product Launch and Introducing Unique Design are the Key Strategies of the Companies Operating in the Market
The global gems & jewelry market is marked by intense competition from small and major players operating in this market. Strategic acquisitions and merging, product innovations, partnerships and joint ventures, and geographical expansions are some of the key strategies adopted by the leading players to ensure long-term sustenance in the market.
Key Topics Covered:
1. Preface
2. Executive Summary
3. Gems and Jewelry: Market Dynamics and Outlook
4. Global Gems and Jewelry (GJ) Market, by Type, 2019-2029 (US$ Bn)
5. Global Gems and Jewelry (GJ) Market, by Distribution Channel, 2019-2029 (US$ Bn)
6. Global Gems and Jewelry (GJ) Market, by Geography, 2019 - 2029 (US$ Bn)
7. Company Profiles
Companies Mentioned
- Chopard
- K Mikimoto & Co Ltd.
- Bulgari S.p.A
- Piaget
- Graff Diamonds
- Tiffany & Co.
- Buccellati Holding Italia
- Van Cleef & Arpels
- Societe Cartier
- Harry Winston
- Chow Tai Fook Enterprises Ltd.
- LVMH
- Compagnie Financiere Richemont SA
- Signet Jewelers Ltd.
- Tanishq,
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