LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global diamond jewelry market, provides an analysis of the key trends expected to impact the global diamond jewelry market through 2015-2019. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global diamond jewelry market is expected to exceed USD 93 billion by 2019 growing at a CAGR of over 3%. The demand for diamond jewelry is rising with improving economies, in developing countries such as India and China.
According to Arushi Thakur a lead research analyst for general retail goods and services at Technavio, “The rise in per capita disposable incomes, increasing number of diamond jewelry retailers, and rising number of consumers accepting the culture of giving diamond jewelry are some of the factors contributing to the rise in demand in countries like India, China, and Japan.”
The top five emerging trends influencing the global diamond jewelry market according to Technavio’s consumer and retail research analysts are:
Rising preference for branded jewelry
The rising preference for branded diamond jewelry presents a growth opportunity for diamond jewelry retailers both in developed and developing countries across the world. Consumers worldwide prefer branded products and services as a brand reduces the consumer’s risk of making a wrong purchase. One of the reasons why consumers prefer branded diamond jewelry is the diamonds are IGI certified and emerging market consumers trust brands more than privately owned jewelry shops.
Brands such as Louis Vuitton, Hermes, and Dior are expanding their diamond jewelry collection.
Emerging market for men’s diamond jewelry
Men have started becoming more fashion conscious and are adopting the jewelry culture. The market for men’s diamond jewelry is also emerging and men have started wearing bracelets, rings, studs, and chains. These have become a fashion statement for men and also a status symbol as not every consumer can afford to purchase a diamond.
De Beers announced a holiday ad campaign targeted at men in August 2015, entitled ‘Seize the Day’. The De Beers campaign focusing on men was marketed through the major male targeted prints such as, Golf Magazine, Esquire, Men’s Journal and Wired.
Rise in online sales of diamond jewelry
E-retailing has become an emerging trend for almost all types of retail services. Individuals now prefer to shop online because of their busy schedules and the prices offered online are lower because of reduction in overhead costs.
Many international and national vendors are selling their jewelry through e-retailing, which helps in promoting as well as enhancing these brands. In 2013, more than one in six purchases of diamonds was made online in the US, a growth of 30% since 2011.
E-retailing has become an important medium for selling jewelry because of changes in consumer preference, introduction of EMI options, and increase in the use of debit cards, credit cards and internet banking.
Rising demand for vintage diamond jewelry
Many vendors are also manufacturing vintage diamond jewelry. Vintage diamond jewelry attracts the attention of consumers willing to pay higher prices for these collections. Most of the vintage collections were crafted in the late 80s and 90s and the fashion for vintage collections rarely dies.
Vintage diamond jewelry is available in various styles and designs such as earrings, rings, necklaces, pendants, bracelets, and watches. For example, Estate Diamond Jewelry and Single Stone, manufactures a collection of antique and vintage diamond jewelry collections.
Innovative options in daily wear
Vendors are coming up with innovative diamond jewelry consisting of lightweight and delicate jewelry for daily wear. For instance, the Fine jewelry group announced the launch of an innovative and wearable diamond jewelry collection in VicenzaOro in June, 2015. The company offers more than 450 unique designs, which include a selection of delicate and elegant earrings, rings, pendants, and bangles.
Some of the top vendors in the global diamond jewelry market, as researched by Technavio analysts are:
- Chow Tai Fook
- De Beers
- Harry Winston
Browse Related Reports:
- Diamond Mining Industry 2015-2019
- Jewelry Market in India 2015-2019
- Global Gems and Jewelry Market 2015-2019
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