The Twin Jewellery Shows Survey, conducted among 893 buyers and 542 exhibitors in March 2024, displayed a general optimism of jewellery traders towards the industry outlook. This increasing optimism stems from the recovery in customers’ purchasing power and the growing demand from emerging markets.
How the Jewellery Industry Perceives Near Future Performance?
Jewellery Traders Expressed Confidence in Next 2 Years’ Prospects
46% of survey respondents said they were anticipating growth in their overall sales in the next 6 to 12 months, and this optimistic outlook seems likely to continue, with 62% of traders foreseeing sales growth in the next 12‑24 months.
Promising Jewellery Markets as Emerging Targets
In general, jewellery traders are positive about the prospects for their target markets, particularly India and the Middle East, with 71% of traders said they expected an uptick in that market.
Numerous Business Opportunities for Jewellery
When it comes to the key factors driving business growth this year, 36% of respondents expressed confidence in the recovering purchasing power of customers and 32% pointed to increasing demand from emerging markets. This positive outlook is in line with businesses’ high expectations for growth prospects in the ASEAN and Middle East markets.
Physical Jewellery Sourcing Still Highly Regarded
A substantial surge in e‑commerce activities and accelerated digital transformation across numerous industries are observed post-pandemic. However, despite the growth of online trading, physical channels are still the dominant selling and distribution channels for many jewellery businesses, with 53% of respondents said they still rely exclusively on physical channels, highlighting the continued significance of traditional physical stores in the industry.
Upcoming Jewellery Trends to Look Out
Fashion Jewellery Head the Segment Growth
Similar to last year’s results, when asked about the product types with the biggest potential for growth this year, 60% picked out trendy fashion jewellery. The next most popular choices were precious jewellery (selected by 41%) and designer’s jewellery (31%). In fact, an increasing number of consumers are seeking affordable and versatile jewellery pieces that complement their daily outfits.
Diamonds Continue to Appeal
Diamonds remain easily the most sought‑after gemstone, with a huge 53% of respondents ranking them at the top of their list for 2024. That figure puts them well ahead of the next most popular – rubies, followed by pearls, and then emeralds. This ranking reflects the enduring allure and timeless appeal of diamonds, while also acknowledging the appeal of other gemstones.
Summary
Overall, jewellery sector sees a bright outlook ahead in the coming 2 years, with expected growth especially in emerging markets like the Middle East. Fashion jewellery and diamonds are the popular categories.
Full survey findings, including respondents’ profile, can be accessed via below link:
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