Gem & Jewelry Articles
Challenges and Outlooks of Global Gem and Jewelry Market 2019
In 2018, global gem and jewelry trading was relatively encouraging after the global economy had recovered. The improvement escalated the number of middle-class populations and consumers' purchasing power. Additionally, since overall prices of raw materials--gold, silver and platinum-- changed in negative area, jewelry products' prices were not extremely high. Furthermore, many manufacturers shifted to develop their products by employing innovations and technologies to produce and design wider ranges of products to attract customers to buy more gem and jewelry products. ResearchAndMarkets.com estimated the global gem and jewelry market growth in 2018 at an average rate of 5.5 percent compared to the previous year. The following details sum up challenges and trends which the world's gem and jewelry trading market will have to deal with in 2019.
Raising Niche Market Sales with Handmade Jewelry
Many business operators may have been facing problems of mass marketing failing to boost sales or generate much profit in the current situation due to intense competition from number of the competitors and prices. However, if entrepreneurs consider penetrating niche markets, particularly that of consumers who love handmade jewelry products with creativity, gimmicky designs and meticulousness in production, they will be able to generate more value added as they can set high prices and make more profit per unit. Also, the products will pave a way toward building their own brands.
Jewelry and Technology: Beauty and Value of Your Choice
Digital smart jewelry is a new product which is being marketed. As a result, its business potential attracts manufacturers and consumers. Despite having been available in the market for a while, it still holds potential for constant growth. The market for this product is still at an initial stage of a product life cycle. Manufacturers have constantly been researching and developing on what consumers or wearers place importance, whether related to safety of a jewelry piece, security of personal information in some jewelry products, or service life and care. Thus, this type of jewelry has been available in the market in different designs and electronic functionalities for consumers to choose according to their preference.
The Importance of Hallmark in Thailand’s Jewelry Industry
Precious metals like gold, platinum and silver have long been used in jewelry making due to their beauty, endurance and intrinsic value which makes them suitable for wealth preservation. However, a problem may arise in the exchange of precious metal jewelry. Inconsistency in quality and pricing makes it difficult for jewelers to accept pieces from other shops, and consumers need to sell their jewelry only at the shop where they bought it. To solve this problem, the ‘hallmark’ certification was developed as an international quality standard for precious metal.
Luxury Market: Opportunity and Alternative for Gem and Jewelry Business
The World Bank has anticipated that the global economy would grow at 2.6%. Although, the growth rate was less than that of the previous year, it was higher than the average growth rate has been forecasted that the global wealth would reach US 399 trillion dollars in 2023.
Colored stone business has been facing major challenges--swift changes in business and consumers' behavior due to technology, society and economy. Moreover, world trends, for instance, growing awareness in ethical colored stone acquisition and social and environmental responsibility. These circumstances change consumers'behavior and preference in colored stones. They will soon affect sustainability of global colored stone business and trade.
Innovation or creativity has become significant in business. And in this digital society, its influence has become increasingly essential as every gadget is about connecting everything with the Internet of Things (IOT). Technological innovation will be an extremely influential factor during today's rapidly changing world
