Global Jewelry Sales

National Jeweler Network writes:

Worldwide jewelry sales will grow 4.6 percent per year to reach $185 billion in 2010 and $230 billion in 2015, according to a new report by the Gem and Jewellery Export Promotion Council of India and KPMG.

"The Global Gems and Jewellery Industry: Vision 2015: Transforming for Growth" finds that gold and diamond jewelry will continue to dominate the industry, with about 82 percent of the market, and that palladium will grow in importance. Diamonds will represent the slowest growing segment of the industry, with a compound annual growth rate of about 3.3 percent.

The report also finds that India and China together will emerge as a market equivalent to the U.S. market by 2015. Further, India's share of the diamond-processing industry will drop from 57 percent today to around 49 percent in 2015, while China will control 21.3 percent of the diamond-processing industry by that time.

Jewelry as an industry will lag behind other luxury goods categories such as watches, perfume and apparel, the report states.In addition, to reach its potential, the jewelry industry must concentrate on the growing demand for jewelry and strengthen industry-level and enterprise-level capabilities within the next year and a half.

"Transformation is necessary for growth," Neelesh Hundekari, director of advisory services for KPMG India, said in a statement. "The industry has the potential to successfully compete against the luxury goods industry and preserve its traditional domination of the consumer's discretionary spend. The industry needs to defend jewelry as a category and explore newer markets, while professionalizing family businesses."

More info @ http://www.nationaljewelernetwork.com/njn/content_display/independent/e3i631d13dcd8dc0bc4fe4cc6a082e13b15