Jonathan Kendall, the president of the CIBJO marketing and education commission and global operations director at De Beers Forevermark, published a special report, providing an update on jewelry market trends that aims to help the CIBJO membership understand where they should be considering plans for growth as the industry is coming out of the global recession and looking to the future.
Kendall’s report is a first of a series of special reports that will be issued by CIBJO’s diamond, colored stone, pearl and precious metals commissions, toward the 2012 CIBJO Congress that will take place in upcoming May in Vicenza, Italy.
The profile of the jewelry market is changing. The emerging nations of India and China are accounting for an increasing share of the global jewelry market and this is set to increase over the coming decade and beyond. The more established and developed markets (primarily U.S. and Japan) will continue to see their share erode. It is projected that by 2015, India and China will account for the same share (approximately 30 percent) of diamond jewelry sales, equal to the U.S. Japan’s share will drop to around 8 percent (from 12 percent currently).
The emerging middle classes in both India and China are driving this demand, as they establish a taste for international luxury brands of all kinds. We all need to consider this significant opportunity in the years ahead, Kendall said.
”As these markets develop, I expect a new kind of diamond jewelry consumer to emerge. Both markets have established relationships with jewelry (gold, jade etc) but their relationship with diamonds and diamond jewelry is a little different. While a diamond engagement ring is a cultural imperative in markets such as the U.S. that is far from the case in China and India.
”What is clear is that consumers across both these markets (as in more established markets) are looking for trust and reassurance in their diamond jewelry acquisitions. The trust of good quality and brand integrity is key, particularly in the context of fake products that are felt to be prevalent in both markets.”