Published By : 31 Aug 2016 | Published By : QYRESEARCH
The strengthening economies and growing GDPs are driving the global jewelry manufacturing market as the demand for jewelry directly depends on the rising disposable incomes. The powerful branding and marketing strategies are also aiding the global market to a large degree. Strategies adopted by smaller companies such as offering unique designs and customized products have played a key role in augmenting the growth of the global market.
Strong Distribution Networks Help Big Players to Gain Popularity
On the other hand, the larger companies in the jewelry manufacturing market have been thriving on broader product portfolios, which are trend setting in nature. The strong distribution networks set up by big players has led to their increasing profitability and seamless operations. Some of the key players operating the global jewelry manufacturing Richline Group, Tiffany, James Avery Craftsman, Cartier, Bulgari, Gitanjali Gems, D Swarovski & Co., Pandora and Kingold Jewelry.
The jewelry manufacturing market includes a wide range of items such as necklaces, earrings, bracelets, brooches, rings, anklets, nosepins, and bangles amongst others. These items are crafted using gold, platinum, silver, pearls, and various other precious and semi-precious stones. Currently, gold and platinum jewelry is leading the overall market due to a high demand for these precious metals.
Status Symbol of Owing Jewelry Remains the Prime Growth Driver
The growing demand for jewelry across the globe amongst various age groups is the key factor driving the overall market. Jewelry is especially popular amongst the female consumers, but is gradually gaining traction amongst men due to the return on investments that it can reap. Consumers are opting for branded jewelry instead of local craftsmen due the authenticity of the product and the ease in liquidating the product in case of need without any hassle. The aspirational value associated with buying jewelry is also coaxing several consumers to invest in ornaments made from precious metals. In the coming years, this market is expected to benefit from the rising investment in gold as dollar weakens.