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The global jewelry market size is expected to reach USD 266.53 billion by 2027 backed by the increasing spending capacity and high disposable income amongst the working population that drives the sales of jewelry across the globe. Fortune Business Insights, in its latest report, titled, “Jewelry Market Size, Share & COVID-19 Impact Analysis, By Product (Necklace, Earrings, Ring, Bracelet, and Others), Material Type (Gold, Platinum, Diamond, and Others), End-user (Men and Women), and Regional Forecast, 2020-2027.”, observes that the market stood at USD 330.0 billion in 2019 and is likely to exhibit a CAGR of 3.7% between 2020 and 2027.
Chow Tai Fook Announces Acquisition of Gems Maker Enzo to Boost its Sales Revenue
In January 2020, Chow Tai Fook, the second-largest jewelry retailer globally, announced the acquisition of luxury gems maker, Enzo. The company has kicked off its expansion plan over mainland China with this undisclosed amount of acquisition. Enzo already operates over 60 stores in China and this is expected to consolidate Chow’s market presence in the region.
Adrian Cheng, Executive Director, CTF, said, “Enzo is expected to leverage Chow Tai Fook’s retail and industry expertise to generate greater efficiency and bring high value to its customers.” Although the retail sales of the ornaments have plummeted drastically according to the government data, the companies are focusing on such initiatives to maintain their presence in the market.
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Increasing Spending Capacity of Working Population to Augment Growth
A high disposable income that aids in the increasing spending capacity of the working population is driving the sales of luxury jewelry across the globe. In addition to this, the presence of several millionaires and the rising per capita income is anticipated to bode well for the growth of the global jewelry market in the forthcoming years. For instance, according to the Global Wealth Report 2019, it is estimated that there are around 40% of the total global millionaires in the United States alone.
Major Companies Focus on Merger and Acquisition to Expand Their Product Portfolio
The global jewelry market is fragmented by the presence of major companies such as Chopard and Chow Tai Fook, among others. They are focusing on acquiring other enterprises to expand their jewelry product portfolio and further gain a competitive edge over their rivals. The adoption of strategies such as partnership, the introduction of new products, and collaboration by key players to maintain stronghold is expected to contribute to the growth of the market during the forecast period.
List of the Companies Profiled in the Jewelry Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
By Product, Material Type, End-user, and Geography
By Material Type