Global Costume Jewelry Market Snapshot by 2020
Costume jewelry (also known as fashion jewellery, trinkets, junk jewelry, fake jewelry and fallalery) is a jewelry made of less valuable materials as compared with valuable materials such as gold, diamond, platinum and other precious metals and gem. The raw material used for these jewelleries include base metals, glass, plastic, synthetic stones, semi-precious stones, beads, ivory, lac, leather, terracotta, pearl and metals such as silver, aluminum and brass. On the basis of products, the costume jewelry industry is broadly categorized as bracelets, brooch, earrings, necklaces, chokers, bangles, finger rings, toe rings, anklets and pendants.
The costume Jewelry industry operates as a true global industry as the raw materials are mostly sourced from Australia, Africa, Russia and Canada, manufacturing takes place in China, India, Italy and Turkey whereas the largest markets is North America, followed by Europe.
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The developing economies such as BRIC (Brazil, Russia, India and China) are the fasted growing market with double digit growth rates. Asia Pacific is the largest producer of costume jewelry and expected to take over North America in terms of consumption in the coming years. High growth rate in Asia Pacific region is attributed to the rising income of the consumers in these countries. Further, with the massive urbanization and westernization taking place, the consumers are now becoming more fashionable and trendy. Moreover large population of young consumers (average age is 29 year and 37 year respectively for India and China) are also a key contributor in overall growth of costume jewelry in these countries.
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The key drivers for the costume jewelry include increasing prices for gold and other precious gems and pearls, internationalization of brands and increasing demand of men costume jewelry. Some of the key challenges for the costume jewelry industry include rising raw material cost and fad sensitive market of fashion jewelry. The unorganized supply chain of the raw materials in costume jewelry industry also act as a major restraint for the industry as it sometimes lead to steep hike in the prices of raw materials. Online channels, which are still new trend, offer new opportunity for the market.
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