Market Challenges And Opportunities
Increasing inclination of population towards aesthetic appearance, growing fashion consciousness, and changing standards of living are the key factor driving costume jewelry market growth. Costume jewelry is in high demand among working women, teenagers, and corporate people. Innovation and adoption of new technology in costume jewelry helps to attract the customers. Different type of raw materials are used to make costume jewelry such as synthetic stones, semi-precious stones, glass, plastic, lac, terracotta, pearl and metals, which makes costume jewelry look different than traditional gold and silver jewelries. Owing to such benefits, costume jewelry are extensively adopted by the population. Therefore, increase in upper medium income group across the world is projected to propel demand for costume jewelry over the forecast period. The demand for costume jewelry is not limited to wedding season or specific occasions
Popularity of costume jewelry among different age group across the globe is creating immense opportunity for growth of the market. According to a report by Gem and Jewelry Export Promotion Council (GJPEC) 2017, total export of costume fashion jewelry in 2016, from India was US$ 67 Million, which grew by 116.1% from the previous year.
However, costume jewelry are not suitable for everyone, as it can cause itching, irritation, and patch formation, which can result in subsequent allergies. Also, most of the costume jewelry are made from nickel, as it is easily moldable, cheap, and durable, where as it is also the common metal, which is prone to cause allergies.
