Fashion jewelry is also known by the names like artificial jewelry, costume jewelry, designer jewelry, imitation jewelry etc. Fashion Jewelry Industry The Jewelry industry can truly be termed as a global industry, because raw materials are derived from Australia, Africa, Russia and Canada, manufacturing takes place in China, India, Italy and Turkey whereas the largest retail markets of jewelry are USA, Europe, Far East, Middle East and Asia. The three most important activities related to this industry are mining, polishing and retailing.
This industry has underwent many changes since the beginning of this millenium and this is due to a lot of factors affecting the industry like a steep rise in raw material prices, changing consumer patterns and imposition of a lot regulations by the government. The various products produced by this industry can be categorized as bracelets, brooch, earrings, necklaces, chokers, bangles, finger rings, toe rings, anklets, pendants etc. The material used in manufacturing these jewelry pieces include semi-precious stones, beads, ivory, lac, leather, terracotta, plastic and pearl.
Metals like Silver, aluminum, brass, etc are generally used in its manufacturing. New variations of jewelry have also come up in the form of costume jewelry, designer jewelry, imitation jewelry, etc. which are more stylish and trendy than the original gemstone jewelry. Global Trade Volume and Trends The size of the global fashion jewelry industry was approximately 146 billion US dollars by the end of the year 2006. Since 2000 this industry has been growing at an average compounded annual growth rate (CAGR) of 5. 2%.
These figures show that the fashion jewelry industry is growing at a very rapid pace and is set to become one of the most important industries in the world. This growth trend can be shown with the help of a graph below: Among all types of jewelry the designer jewelry is the largest segment of the industry with an approximate growth rate of US$ 69 billion and a CAGR (Compounded Annual Growth Rate) of 5% over the last 6 years. It is followed by the plain costume jewelry segment, which had the total retail sale of 60. 7 billion US $. The gold jewelry segment has shown the fastest growth rate of 5. % mainly due to a steep rise in the prices of gold. Major Consumers and Market Share The sale of fashion jewelry is mainly concentrated in eight of the world’s largest markets, which together constitute three fourths of the total sales of jewelry. USA is the largest market for fashion jewelry and had a share of 31% of the total global fashion jewelry sales in the 2006. The other important markets are China, India, Japan, Middle East, Italy, United Kingdom and Turkey. India and China have shown a great rise in sales during the past five years. Industry Challenges 1.
Many social and economic forces are leading to a transformation in the fashion jewelry industry. Some of the factors hindering the growth of the fashion jewelry industry in the world are: Due to a shortage in the supply of raw materials, there is a steep hike in the prices which has led to a great competition among the countries where polishing takes place. This has led to a shortage in the supply of polished semi-precious stone and thereby creating a shortage for manufacturers of finished jewelry and thus the whole supply chain is affected. 2.
Changing fashion trends and increased consciousness of the consumers has resulted in competition among the major manufacturing nations, and also shifting of the industry to low labor cost countries. 3. Retailing sector has also been affected due to competition from other luxury goods, declining investment in the sector (largely in the developed economies) and increasing consumer sophistication. Future Prospects The future scenarios for the global fashion jewelry industry, based on the recent trends, are that the mining countries will capture a huge share of the polishing sector as well.
Substitutes of precious stones such as synthetic diamonds and non-precious metals will replace the precious stones. The plain gold jewelry sales will keep on declining and China and India will emerge as large retail markets. Based on the above trends the projections for growth of jewelry industry are as follows: The growth in sales of the industry as a whole will slow down and the world will notice the emergence of new markets. The global fashion jewelry sales will grow at the rate of 4. % annually and is estimated to reach US $ 185 billion by 2010 and US $ 230 billion in 2015. China and India together will emerge as equivalent to the US market in 2015. Jewelry fabrication services will also show sluggish demand and will move to new centers. The CAGR of global fashion jewelry fabrication is estimated to be 5. 1% by 2015. China and India will be the new centers for jewelry fabrication. Lowering margins in profit and debt levels in the industry will help to build up the fashion jewelry industry.
By the year 2015, the fashion jewelry industry will witness the emergence of a number of giant markets, which will be the industry leaders of the future. The future of fashion jewelry industry lies in the developing countries and primarily China and India. The African countries producing raw materials will also benefit from the expansion of these markets. Thus on the whole the future for the industry is bright but still certain steps need to be taken by the key players to increase supply of raw materials and reform the supply chain.
Types of Artificial Jewelry sold in India Aluminum Fashion Jewelry Bone Fashion Jewelry Brass Fashion Jewelry EPNS Fashion Jewelry Glass Fashion Jewelry Leather Fashion Jewelry Plastic Fashion Jewelry Resin Fashion Jewelry Shellac Fashion Jewelry Shell / MOP Fashion Jewelry Stone Fashion Jewelry Terracotta Fashion Jewelry Wood Fashion Jewelry Artificial Jewelry Ranges in India Necklace A modern-day jewelry piece with exquisite designs. Bangles Decorative ornaments with social and religious significance over the centuries. Earrings Earrings are available in varied designs & styles Toe Rings
Fascinating toe rings are the most popular fashion accessories. Pendants Pendants form an important component of fashion jewelry collection Bracelet Bracelets are available in various materials and designs. Tops Tops contribute much to the face value of woman. Brooches Brooches have become a craze to fashion-conscious women. Hair Clips Beautiful, ornamental accessories applied to the hairs Armbands Armbands have been gracing the arms of women since time immemorial Armlets Trendy armlets are re-defining fashion of the young generation. Rings The most popular and also most romantic piece of delicate jewelry
