The demand for jewelry is mainly dependent on the disposable income of consumers and the price of gold and silver. Small companies compete by offering unique product lines and large companies have an advantage of offering a broader product line, which caters to the needs of the consumers changing demands. Efficient operations generate revenues for both.
The major factor driving the jewelry manufacturing market is increasing demand for jewelry products from consumers across different age groups. Female consumers, especially younger consumers are driving the demand for jewelry manufacturing. Steady increase in disposable income of consumers globally is another factor for growth.
Branded jewelry is also making its impact on the market globally (read more about jewelers..). Consumers regard branded jewelry as a sign of affluence. The young consumer wears branded jewelry for self-realization and self-expression. Brand loyalty of the consumers is another factor driving the jewelry manufacturing market.
Dollar strength is a major factor behind the rise in the prices of gold and silver. When the dollar weakens, investors from around the world begin to sell the currency and buy gold in exchange for security purposes. The demand for gold increases, which results in increase in the price of gold. Poor economic condition is another factor acting as a hindrance to the global jewelry manufacturing market. Weak economic conditions forcing investors to put their money on gold and therefore the price for gold goes up.
The jewelry manufacturing market in the United States alone accounts for 70% of the global industry revenue. Asia-Pacific is the second largest market for jewelry manufacturing; Europe is the third because of its population.
The major key players in the jewelry manufacturing market are Richline Group, Tiffany, James Avery Craftsman, Cartier, Bulgari, Gitanjali Gems, D. Swarovski and Co., Pandora and Kingold Jewelry compete with each other. These companies manufacture jewelry, and other items, which include, cigarette cases made from precious metals (find out more about precious metals..), precious gemstones (read the article - The Most Popular Gemstones), gemstones and other materials.