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The luxury market in UK can grow to £687 million in five years where more than 30 percent buyers invested in a watch or jewelry in the first nine months of 2017. Amidst Brexit uncertainties’, the jewelry market continues to grow.A Morgan Stanley report finds - socially conscious buyers will account for 7.5 per cent of the market by 2020 – who will seek environment-friendly diamonds over natural diamonds at affordable prices.
The study by MVI Marketing on 1,001 female buyers in age group -25 to 40 found half of the respondents purchased jewelries for themselves, and the top brands they owned were Tiffany, Swarovski, Pandora, Alex and Ani, Cartier, Gucci etc. Half of the respondents were not very confident about lab grown diamonds, and in metals; white gold was preferred over other metals. The respondents preferred colored stone jewelries, platinum - diamonds, silver - diamond and white gold- colored diamond combinations.
Diamond selling strategies have been targeting the mindsets, where brands are sentimentalizing buyers. The biggest prediction of coming decade is the growth of lab grown stones because the buyer are willing to invest in jewelries, gemstones and wedding rings but are seeking reliable, low cost, sustainable and ethical options to invest money to keep afloat.
Currently, price is the key driver for growth in the sector where the stones costing 70 or 90 per cent less than natural stones are high in demand. Buyers are choosing conflict free stones where they seek authorization through the Kimberley Process Certification Scheme to ensure the stones are not sourced through conflict areas. Another prospective step adopted by the new generation buyers is getting the Responsible Jewelry Council certification to get ethical diamonds and colored gems.
Jewelry companies such as Stephen Webster and Noor Fares provide mark of butterfly on their products, showing it is marked by - Positive Luxury, the company committed to sustainability. Buyers are even getting recycled diamonds where the antique stone is cut and modified. This is second hand but remains in demand.
Surge in luxury buying – Generation X, Z and millenials
The surge in popularity of diamonds attributes to millennials where 78 per cent prefer to spend on possessions as per the survey conducted by the Harris Group in 2017. Bain & Company forecast by 2025 – the new buyers will account for 45 per cent of the global luxury buying. The buyers are trying different types of jewelries and they enjoy personalized luxuries such as engagement rings and wedding jewelries. The digital age buyers are seeking E-commerce websites to get luxury products and 14 per cent of the Generation Z buyers order their first luxury item on internet.
The digital age buyers are not just seeking such just stores, they are looking for stores with incentives and associated deals. Some of the brands are benefitted due to the absence of competition in their fields such as Raymibd Weil, which has been using various strategies to attract buyers to their prime sites. Presently, only 10 biggest brands control 12 per cent of the global jewelry markets, and other brands and markets remains fragmented.
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