Jewlery - Overview of the Industry

Overview of the Industry

Our product is targeted towards the retail market, specifically towards jewelry stores. Jewelry retail is found all over the world, but in the United States itself, there is about 200,000 jewelry companies that has a revenue of $30 billion. A large amount of the jewelry sold in United States stores is imported. In recent years there has been a rapid increase in the import of jewelry. (Hoovers,2014)

The sale of jewelry greatly depends on the income of a consumer. A consumer buys a piece of jewelry for a reason, it is a luxury. Jewelry is sold mainly in specialized retailers, but is also sold in department stores, and large format stores like Walmart and Target, which is known as mass merchant. Jewelry can be classified into two categories fashion and bridal. Fashion jewelry consists of rings, earring, pins, watches and bracelets, whereas bridal merchandise consists of anniversary and bridal rings. The largest account of jewelry sale is towards diamond jewelry. (Hoovers, 2014) In the United States, in 2003, 20.5 billion dollars of only diamond jewelry was sold. In 2001 18.7 billion dollars of diamond jewelry was sold, according to the Jewelers of Americas who took this survey. Another survey was done in the United States based on bridal merchandise. In this survey 83% of brides stated they prefer to have a diamond engagement rings. (Rozhon, 2005)

Jewelry is challenging