The demand for jewelry is mainly dependent on the disposable income of consumers and the price of gold and silver. Individual companies generate revenues through cost control and efficient operations. Small companies, however, can compete by offering unique product lines. Large companies have an advantage of offering a broader product line which caters to the needs of the consumers changing demands. In addition, efficient distribution operations and efficient production are the keys to their profitability.
The jewelry manufacturing market is segmented on the basis of product types such as gold, platinum, necklaces, earrings, bracelets and brooches among others. Other products include pearls, stones and silver jewelry. Gold and platinum jewelry accounts for the largest market share.
Jewelry Manufacturing Market: Key Growth Enablers
The major factor driving the jewelry manufacturing market is the increasing demand for jewelry products from consumers across different age groups. Female consumers, especially the younger consumers, are driving the demand for jewelry manufacturing. Steady increase in the disposable income of consumers globally is another factor fuelling the growth for the jewelry manufacturing market.
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Growth of branded jewelry is also another factor which is fuelling the jewelry manufacturing market globally. Consumers regard branded jewelry as a sign of affluence, lending it an aspirational value. The young consumers wear branded jewelry for self realization and self expression. In addition, brand loyalty of the consumers is another factor which is driving the jewelry manufacturing market globally. Moreover, the broad portfolio of jewelry products is another major factor which is driving the jewelry manufacturing market.
Dollar strength is the major factor behind the rise in the prices of gold and silver. When dollar weakens, investors from around the world begin to sell the currency and buy gold in exchange for security purposes. Owing to this factor, the demand for gold increases which results in increase in the price of gold. This factor poses to be a huge restraint in the jewelry manufacturing market. In addition, poor economic condition is another factor acting as a hindrance to the global jewelry manufacturing market. Weak economic conditions force the investors to put their money on gold, due to which the price for gold goes up.
Jewelry Manufacturing Market: Region-wise Insight
Geographically, the jewelry manufacturing market is segmented into four broad regions such as North America, Europe, Asia Pacific and Rest of the World (RoW). North America holds the largest market share in the jewelry manufacturing industry. The jewelry manufacturing market in the U.S. in fragmented. U.S. alone accounts for almost 70% of the industry revenue.
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Asia Pacific is the second-largest market for jewelry manufacturing owing to the high population and the increasing disposable income of the consumers. Europe is the third largest market for jewelry because of the low population.
Jewelry Manufacturing Market: Key Players
Richline Group, Tiffany, James Avery Craftsman, Cartier, Bulgari, Gitanjali Gems, D Swarovski & Co., Pandora and Kingold Jewelry are some of the major players competing in the jewelry manufacturing market. These companies manufacture jewelry, and other items which include, cigarette cases made from precious metals, precious gemstones, compacts, gemstones and other materials.