GEMS AND JEWELRY MARKET ANALYSIS

Regional Analysis

Global Gems and Jewelry Market Outlook

• Asia Pacific dominated the global gems and jewelry market in 2016 with India and China leading the market growth. According to the Gem and Jewelry Export Promotion Council, India’s exports of 75% of the world’s polished diamonds rose from US$ 11.16 billion in 2004-05 to US$ 22.78 billion in 2016-17. According to IBEF (India Brand Equity Foundation) 2018, gems and jewelry sector plays a significant role in the Indian economy contributing up to 7 percent of the country’s GDP and 15.7 percent to India’s total exports.
• North America witnessed significant growth in the gems and jewelry market with U.S. dominating the market in the region. The growth is attributed by the higher income levels in the U.S., which translates into higher demand for personal consumption of items such as diamond jewelry. The U.S also has one of the highest gold allocations as a percentage of its foreign reserves.
• Middle East witnessed significant growth in the gems and jewelry market with GCC countries fueling the market growth in this region. According to National Bank of Fujairah, UAE’s diamond financing industry has grown by around 200% from US$ 500 million in 2010 to US$ 1.5 billion in 2017.