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Jewelry purchases are discretionary and largely affected by changing consumer tastes. Quality and design remain an important criterion for impulse and intended purchases. Growing number of working women and improving disposable incomes in developing nations provide a favorable outlook for the Precious jewelry market. Besides this, other factors buoying market growth are novel promotional initiatives undertaken by international entities such as De Beers, Platinum Guild International, and World Gold Council to improve worldwide jewelry sales.
United States represents the largest market for precious jewelry with over 30% share, as stated by Global Industry Analysts, Inc. Asia-Pacific and the Middle East represent the fastest growing markets, with a CAGRs above 5% for the period 2001-2010. Analyzing by product segment, gold jewelry represents the largest segment with a market size of $77 billion in 2007. India stands as the largest gold market internationally in terms of tonnage, while the United States ranks as the largest gold jewelry market globally in terms of retail value.
Diamond jewelry offers the highest margins for jewelry retailers compared to other precious metal jewelry. Rising economies and newly developing markets of India and China are expected to add more sheen to diamond jewelry market across the globe. Growth is also expected to stem from oil-producing countries.
Record prices in the global platinum market displayed a negative impact over Platinum jewelry. The market also faces strong competition from white gold and palladium. Jewelry is the largest end-use segment for platinum. In US, Europe, and Japan, the metal is associated with bridal jewelry.
Leading players in the global precious jewelry market include Aurafin Oro America, Bulgari, Christian Bernard Diffusion, Egana Jewellery& Pearls Ltd., HMS Jewelry Co., LJ International Inc, Suraj Diamonds and Jewelry Ltd, Titan Industries Limited, Michael Anthony Jewelers Inc, Richemont Group, Tiffany & Co., Topaz Group Inc, and UNOAERRE.
Source:http://www.strategyr.com
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