Views:11 Author:Site Editor Publish Time: 2020-10-16 Origin:Site
The world market for jewelry has been dominating the apparel industry for the last few decades. Diamonds are forever, and the fashion jewelry industry will have a bright and shiny future!
This is the reason why the largest jewelry companies never cease to invest in opening brand new stores across the world. In the end, it seems that diamonds and jewels are indeed a girl’s best friend.
That’s why we decided to take a closer look at the latest jewelry trends for 2020 and see where the industry is heading.
Let’s dive right in.
In order to talk about the current and future jewelry trends, let’s briefly walk through the recent history of the world’s most valuable jewels, such as diamonds, gold, silver, and so on.
The most iconic gemstone, the diamond, seems to exponentially grow its price and worth. So, the 25 leading diamond mines have been making huge profits. For instance, in 2017, the Jwaneng mine in Botswana produced diamonds worth $2.31 billion.
Other key statistics for 2017 revolve around gold, silver, and platinum, which came after diamonds on the list of the most expensive gemstones. To meet customer demand in 2017, the fashion jewelry market used around 2.1 thousand metric tons of gold.
Famous fashion houses and stores got a significant part of their profit thanks to jewelry. In 2017, the LVMH group credited 9% of its total revenue to jewels. In other words, the brands of LVMH group – Bulgari, Chaumet, and Hublot brought $3.8 billion to the group.
Jewelry store industry statistics show that 2018 was a fruitful year in the jewelry world. The global market size was valued at a whopping $279 billion and projected to grow even more.
What’s more, 2018 was all about innovation and novelty for some companies. There was a great struggle to stay on top of the game, grab customers’ attention, and stand out from the competition while keeping up with current trends.
For example, Tiffany & Co. introduced a unique design in engagement rings, which differed markedly from its previous collections and styles. Once Pantone released its color palette, it was clear the color purple would dominate throughout the year.
It was quite the purple rain, with Ultra Violet, Spring Crocus, and Pink Lavender also part of the mix. Jewelers had a really fun time mixing and matching all the different hues, gemstones, and shapes.
The decision by LVMH to buy Tiffany & Co. left a clear mark on 2019. In fact, the 2019 jewelry market analysis showed that by acquiring Tiffany & Co., the LVMH group increased its presence in this sector considerably.
Here are some other significant statistics for 2019:
So far, we’ve learned about the trends for the last three years. But what about the state of the jewelry industry 2020?
Here’s the thing:
(McKinsey & Company)
Experts claim 2020 will be all about the rise of the branded jewelry.
The main players are also likely to change:
Up until recently, Pandora, David Yurman, Cartier, and Tiffany & Co dominated the sector. In 2020, high-end fashion houses will enter the fray, as the likes of Dior, Louis Vuitton, Hermes, and others are slowly introducing jewelry as part of their brand.
So, we expect the jewelry industry growth rate to double thanks to the presence of such major fashion players.
(Digital Commerce 360)
To be specific, this percentage amounts to $5 billion in online sales. Some of the most successful online jewelry retailers are James Allen, Super Jeweler, Blue Nile, and Ross Simons. They generate about 45% of their profit through web sales.
In economic terms, the global jewelry market is equal to the GDP of South Africa, the 32nd largest economy in the world.
Let that sink in for a minute…
According to the latest global jewelry industry statistics, the top countries that go for fashion jewelry are the US, India, China, Hong Kong, and Japan. When it comes to purchasing luxury jewelry, the US also dominates, followed by France, Japan, China, and Italy.
Out of the $348.5 billion annual spend on jewelry, around $41 billion is spent on luxury jewelry, including gemstones and precious metals.
As mentioned above, the US is the biggest jewelry consumer in the world. With that in mind, let’s look at some of the most remarkable US jewelry market statistics.
The US jewelry market size is expected to keep expanding in the next few years (2020 to 2023) at an annual growth rate of 0.8%. When it comes to the luxury revenue share, in 2020 it will account for 29% of all jewelry sales.
This jewelry industry analysis also tells us the annual growth from 2010 to 2014 was slightly higher at 2.6%, which means that lately there’s been a minor decrease in the demand for high-end pieces. Bear in mind that this fact refers to the fashion jewelry industry statistics USA, so it differs from the global rates, where we can see a rise.
(Allied Market Research)
Experts expect the global costume jewelry market to reach $40.6 billion by 2022. There has been a significant rise of 6.9% within the industry from 2016 that will continue until at least 2022.
Here’s the scoop:
Costume jewelry is all about creations that consist of inexpensive materials and imitation gems. At the same time, this type of jewelry looks good and preserves the limited resources of the high-end materials.
So, people are slowly embracing the alternative of buying an affordable replica of a luxury jewel. And that’s great news for the costume jewelry industry!
(Grand View Research)
Compared to men’s costume jewelry, we can see that the women’s segment dominated in 2018 and still does. Many women like to wear a different piece of jewelry every time there is a different occasion. So, they’ll choose costume jewelry as an affordable and convenient option.
Today, handcrafted jewelry can be very expensive because it takes a lot of time and effort to be craft.
There several awards for successful handcrafted jewels:
Now that you’re familiar with most of the jewelry industry statistics, we hope that we have answered all of your questions.
However, if you still have some doubts, check out the answers to the top four questions concerning the fashion jewelry industry statistics.