Festive Seasons to Give a Major Push to the Gold and Silver Jewelry Buyings, says Market.us

Nikhil Randhe
Nikhil Randhe

Updated · Nov 26, 2022

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Customers are shifting toward custom-made jewelry for their wedding ceremonies every day. The market’s growth is largely due to bridal jewelry. The jewelry market is expected to grow due to the significant spending on wedding ceremonies and celebrations in countries such as India.

Women are increasingly looking for the latest trends in jewelry and accessories. This market will benefit from the ability to customize these products. A greater understanding of the authenticity and quality of jewelry, stones, and metals drives the market. Through advertising, manufacturers try to educate consumers and adhere to quality standards.

According to the latest report by Market.us, ” The Global Gold and Silver Jewelry Market is expected to grow at a CAGR of roughly 5.5% over the next ten years and will reach USD 411.15 Bn in 2032, from USD 240.70 Mn in 2022″

Gold and Silver Jewelry Market

The increase in the economies of developed and developing countries has significantly impacted consumers’ disposable income and spending power. People gravitate toward luxurious items like gold ornaments, precious gemstones, and jewelry. The Jewelry Market will see an increase in demand during the forecast period.

The Market will be boosted by the increasing use of jewelry during festivals such as Diwali, Lohri, and Chinese New Year. People buy jewelry for their family, friends, and closest ones. The Jewelry Market is expected to grow due to increased jewelry demand during festivals. People are increasingly looking for diamond and gold jewelry to invest in and are spending more on gold and diamond ornaments

Anurag Sharma, the senior research analyst at Market.us, said, ” People are increasingly looking for diamond and gold jewelry to invest in and are spending more on gold ornaments. These factors will increase jewelry demand and likely drive the market’s growth over the forecast period.”

The forecast period can see a rise in jewelry market sales by increasing customization and advancement in fashion. Fashion goods, including ornaments and luxury products, have been influenced by high-fashion promotion via movies, music videos, and other media. Social media influencers also influence people to buy jewelry.

Many factors strongly affect jewelry markets, including inflation, currency fluctuations, and government reserves. These instabilities in the pricing can severely impact industrial production and the demand for this Jewelry.

Retail jewelry demand is strong during the festive and wedding seasons in India. Retailers expect demand sentiments will rebound in the second half of the current fiscal year after a difficult first half. A revival in demand is possible due to the expectations of an additional rise in gold prices, shifting preferences toward gold as an asset class, and better rural demand.

Retailers expect gold prices will remain high, at $1,900 to $2.100 an ounce for the next six months, though they may experience some volatility. Although sales volumes will likely fall sharply due to the lockdown, the lockdown’s impact on earnings and revenues was expected to be limited by positive realizations.

Key Industry Developments: January 2020: Kinross Gold Corporation acquired Chulbatkan from N-Mining Limited worth USD 283 million. It is a high-quality heap leap development project in Russia

May 2021: Harry Winston launched a new and premium jewelry collection called L.O.V.E, an acronym for the sub-categories of Light, Obsession, Vow, and Eternal. The items are embedded with yellow, orange, and red gemstones in flame and heart motifs.

Many countries have established strict guidelines and regulations regarding the import and export of jewelry. This has led to an increase in tariffs. A rise in tariff can lead to a higher final cost and customer loss. The increase in tensions between the two countries could also affect the export and import of ornaments. These factors could all hinder the growth of the Jewelry Market over the forecast period.

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Nikhil Randhe

Nikhil Randhe

I am Nikhil, working as a Digital Marketing Associate at Prudour Pvt Ltd. I did a Master's in Digital Marketing and worked in a Core SEO team. I an passionate about Digital Marketing with skills such as Search Engine Optimisation, Search Engine Marketing, Google Analytics, etc.