Seattle, Nov. 26, 2018 (GLOBE NEWSWIRE) -- The global luxury jewelry market was valued at US$ 53.56 billion in 2017 and is projected to exhibit a CAGR of 7.3% over the forecast period (2018 – 2026), owing to increasing disposable income and consumer spending on luxury goods. Moreover, factors such as affinity towards latest, high quality, and ethical jewelry products, rising trend of focusing on aesthetic appeal, celebrity & social media influence, and rapid adoption of online browsing to get information about new luxury jewelry designs are increasing consumer expenditure on luxury jewelry.
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Key Trends and Analysis in the Luxury Jewelry Market:
- Among material, gold segment is projected to be the fastest growing segment registering a CAGR of 8.5% over the forecast period. Gold is the most preferred precious metal in the luxury jewelry market. According to the World Gold Council, 48% of the gold was used for jewelry, globally in 2018. Countries such as India and China prefer buying gold jewelry over other materials.
- Among product type, earrings segment is expected to be the fastest growing segment in the market during the forecast period. Earrings is a fast and easy way for women to quickly dress up and match the style of their outfit. Rising trend of ear piercing and multiple ear piercing is driving growth of this segment, globally. According to Body Piercing Statistics, 2017, 83% of the people in the U.S. have ear lobe piercings while 14% also have an ear piecing that is not located on the ear lobe.
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Key Market Takeaways:
- In Asia Pacific, factors such as increasing disposable income of mid-age population in emerging economies such as China and India is changing consumer preference towards purchasing luxury products such as jewelry. According to a National Bureau of Statistics, in 2017, per capita disposable income in China surged 9% year on year. According to a survey conducted by China Gold Association, in 2016, over 70% of the respondents owned gold jewelry and 50% owned platinum jewelry. Such factors represent affinity of consumers towards purchasing jewelry in China.
- Key players operating in the global luxury jewelry market include Gucciogucci S.P.A., Harry Winston, Inc., Societe Cartier, Tiffany & Co., Compagnie Financiere Richemont SA, Buccellati Holding Italia SpA, Graff Diamonds Corporation, Bulgari S.p.A, K. Mikimoto & Co., Ltd., and Chopard International SA among others. In April 2017, the Franco-Swiss group FM Industries Sycrilor, which manufactures luxury jewelry for companies such as Louis Vuitton, Cartier, and Mont-Blanc, started one of its technological and production centers in the Portuguese city of Covilha. The center was established to cater to increasing demand for high quality precision specialization of jewelry metals.
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