Although many jewellery retailers across the globe have struggled over the last couple of years, Asia-Pacific (excluding Japan) has remained relatively unscathed by the global economic crisis. The region accounts for 31.2 per cent of the global market and has achieved the fastest growth rate over the last five years, which can be largely attributed to the rapid growth in China and India. This was revealed in a recent report by Verdict – a wholly-owned subsidiary of leading European market research firm Datamonitor.
Both India and China are notable as major jewellery producers as well as consumer markets. Over 2005-10, the Asia-Pacific region has accounted for a 51.5 per cent growth of jewellery products in value terms, which is more than twice the global average.
According to the report, the region overtook the Americas to become the largest jewellery and watches market in 2008 and consumer spending on watches and jewellery is estimated to reach $74.2 billion by the end of 2010.
The report further says that India offers retail investors much potential with a market of over one billion consumers and an increasingly prosperous middle class with the means and willingness to spend more on jewellery. Besides, it has a culture of gifting jewellery and has a long established jewellery industry.
– IndiaRetailing Bureau