International Jewellery London: Top 5 international jewellery markets
Fine Jewellery news from IJL:
India set to overtake US as second biggest market for fine jewellery by the end of 2018
- China, India, US, Japan and Hong Kong are Top 5 international markets for fine jewellery sales in 2018*
- Top 5 countries account for 70% of worldwide jewellery spending (predicted to reach USD $331bn by 2018)*
*Research provided by Euromonitor International
(Left image: Diamond ring by Hockley Mint, award-winning British jeweller and IJL exhibitor)
PRESS RELEASE. LONDON: 3 SEPTEMBER: India set to overtake US as the second biggest fine jewellery market in the world by the end of 2018, Euromonitor International, a market research provider, revealed at International Jewellery London, the UK’s leading jewellery trade show.
China remains the biggest market for fine jewellery with sales reaching USD $86.3billion by the end of 2017, and expected to reach USD$92billion by the end of this year. Overall Chinese market has grown by over 21% in the last five years.
According to Euromonitor International, the Indian fine jewellery market will be worth USD $62.8bn, $4billion more than US retail spend which will reach $58.6bn, by the end of 2018.
The US market for fine jewellery has grown by 12% over the last five years (USD $52.2bn in 2014) but the Indian market has increased by a phenomenal 74% over the same period (USD $36.1bn in 2014).
According to Euromonitor International, all of the top 5 markets (China, India, USA, Japan and Hong Kong) will have grown to the end of 2018, although the smallest of the five, Hong Kong, has seen a small decline over the last five years (going from $7.8bn in 2014 to $7.2bn in 2018).
The UK market for fine jewellery is 8th biggest international market with a retail value of USD $4.46bn at the end of 2017 and predicted to rise to £4.6bn by the end of the year.
Fotoulla Michael, Head Of Sales, International Jewellery London (IJL) said:
“IJL is delighted to welcome Indian designers, manufacturers and gem dealers to IJL this week including Kohinoor, Karats & Carats, Videotron Gems & Jewellers, Spectrum Jewels and Lotus Gems. This research shows that the Indian market for fine jewellery has grown enormously over the last five years. There has been news in recent months about increased appetite for platinum, diamonds and also coloured stones, alongside the more traditional demand for gold jewellery. India’s growing domestic market will have a huge impact on worldwide jewellery trade.”
IJL blogger and jewellery industry expert David Brough David Brough, said:
“India is a vast and growing market for luxury, notably for diamond jewellery. Advertising campaigns in India led by groups such as the Diamond Producers Association (DPA), are bound to increase demand by the country’s increasingly affluent consumers for diamond jewellery in the coming years.”
Karolina Zlotkovska, beauty and fashion analyst at Euromonitor International comments, “The decline in the pound sterling, following the Brexit vote in 2016, was beneficial for fine jewellery retailers in the immediate aftermath. With a cheaper currency and plenty of stock, jewellery could be sold with a preserved margin to foreign customers happy to seize the opportunity.”
The statistics were revealed as Euromonitor International discussed the impact of foreign spend on luxury jewellery sales in the UK and abroad, “Jewellery overview and impact of travel” at International Jewellery London on Sunday.
IJL, the UK’s leading jewellery trade event, is taking place at Olympia, Kensington, 2-4 September 2018. IJL is an unrivalled opportunity for the international jewellery trade to network and find out about the latest industry trends and market developments, which will help retailers and suppliers make intelligent commercial decisions.
More than 550 exhibitors and 10,000 visitors from over 50 countries are expected to attend and will bring a wide range of expertise.
*All figures are supplied by Euromonitor International, a market research provider.