PRZOOM - /newswire/ -
Noida, Uttar Pradesh, India, 2013/02/28 - Increasing population, rising household income and changing lifestyle in Asia Pacific and Middle Eastern region to drive global jewellery market revenues in the next decade - TechSciResearch.com.
According to recently published report “Global Gems and Jewellery Market Forecast & Opportunities, 2018”, In 2012, United States generated maximum revenues in the global jewellery market. The country is also the largest consumer for diamonds globally.
However, regionally Asia Pacific holds the largest jewellery market in the world with more than half of the share being contributed by India and China alone. India and China are also the two largest gold consumers in the world followed by the Middle Eastern region. Other countries in Asia pacific such as Thailand and Vietnam are also large consumers of gold and the driving the regional growth of the market.
China is the world’s largest platinum consumer followed by Japan. India accounts for more than half of the world’s diamond processing industry and is the world’s largest importer of rough diamonds and largest re-exporter of diamonds.
The jewellery market in the developing regions is made up of several small family run businesses which make up for a large unorganized market. Even though, multinational companies are operating jewellery chains across most of the regions which contribute to the global jewellery market’s organized sector, but the market still governed for a large unorganized sector. The market is somewhat more organized in the developed regions such as North America and Europe. The markets in Middle East and Asia pacific are the fastest growing markets in the world and are now contributing to the maximum jewellery demand.
The market is also experiencing trends such as implementation of CAD (Computer Aided Designing) and RP (Rapid Prototyping) for enhancing the production procedures. The market for imitation jewellery is an emerging segment and is growing fast all across the world. Factors such as increasing population, rising household incomes, changing lifestyles are constantly contributing to the increasing demand of jewellery products across the globe.
According to a recently published report by TechSci Research “Global Gems and Jewellery Market Forecast and Opportunities, 2018”, the gold jewellery market currently accounts for 43% of the global jewellery market. Given the increasing disposable incomes and growing markets in the Asia Pacific and Middle East regions, the market is set to expand immensely. TechSci Research estimates the global jewellery market to grow beyond USD 272 Billion by 2018, growing at a CAGR of over 5%.
The jewellery market is further classified into segments such as gold, diamond, platinum and other categories such as silver, imitation jewellery, colored gems and precious stones etc. In 2012, gold jewellery market dominated the industry in terms of value. But, diamond jewellery and other types of jewellery are set to grow rapidly over the coming years.
The report “Global Gems and Jewellery Market Forecast and Opportunities, 2018” has analyzed the growth potential of jewellery segments across various regions in the world and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.