Summary
As of 2020 and beyond, the global jewellery market, which is highly regarded for renowned French brands like Van Cleef and Cartier, has experienced significant challenges primarily due to the COVID-19 pandemic. This crisis led to substantial declines in sales, particularly for major players such as LVMH, with a 30% plunge in its watch and jewellery division, and the Richemont group witnessing an 18% sales drop, intensified by a 24% decrease in its watch category.
Consumer habits have shifted towards responsible jewelry and digital sales, as seen with Courbet's focus on synthetic diamonds and enriched digital platforms featuring 3D video and augmented reality. The market is characterized by a strong concentration of brands, signified by the acquisition of Christian Bernard by the Marcel Robbez Masson group.
While e-commerce showed an 8% increase in sales, the French jewellery production marked a CAGR of 4.3%. The market space also witnessed a growing interest in responsible and synthetic jewelry, aligning with contemporary ethical values. Specific market segments like French high jewellery rely considerably on tourism, which was hit by the pandemic, and segments like synthetic diamonds are emerging, displaying modern consumer consciousness.
Shifts and Preferences in the Jewelry Consumption Landscape
In the bustling jewelry market, discerning trends shed light on consumption dynamics and the preferences that shape purchasing behaviors. Dominated by female consumers, particularly those aged between 30 and 45 from higher socio-professional classes, the market witnesses most jewelry purchases being instigated by women themselves, embodying a spirit of independence. E-commerce has carved out its niche, especially popular among urbanites and younger demographics. Women in their mid-twenties to mid-thirties frequently turn to online platforms, valuing time efficiency, competitive pricing, and the vast arrays of options available. Key figures indicate a pronounced disparity in spending patterns between genders. Women, who are more frequent buyers, typically spend around 160 to 170 euros on jewelry, while men, constituting a lesser percentage of purchasers, allocate roughly between 230 and 240 euros per jewelry transaction. The allure of exclusivity can't be overstated; approximately half of the women favor bespoke, unique pieces.
When dissecting the types of jewelry adorned, rings emerge as the favored choice for both men and women, with men showing a 45 to 50% preference for rings. The youth (18-24 years old and 25-34 years old) also exhibit substantial engagement with jewelry purchases, with over half of them acquiring jewelry in recent years. The average budget directed towards jewelry in France reveals that a significant segment of consumers—roughly between 25 and 30%—spends over 300 euros, reflecting an inclination towards higher-valued pieces. Other substantial portions, between 25 and 30%, are content with spending between 51 and 100 euros, while about 20% opt for the 101 to 300 euros range.
The attractiveness of gold jewelry is undiminished, claiming around one-third of sales, with watches closely following. Gold-plated and silver jewelry cater to more cost-conscious consumers, representing around 15% of sales. The diamond remains a consummate favorite; perpetuating its reign, diamond-set gold jewelry has seen an increase from 38% to around 43% over seven years.
These consumption trends provide a nuanced understanding of the dynamics at play in the French jewelry market, painting a picture of a market where tradition nestles alongside innovation, and where age-old preferences for classic materials like gold and diamonds are complemented by a growing enthusiasm for personalized and accessible luxury.
Key Players Shaping the Landscape of the French Jewellery Market
As we delve into the glittering domain of the French jewellery industry, several prominent names take center stage, each with their own unique contributions and brand ethos that define their standing in this luxurious market. From the venerated houses steeped in tradition to the innovative e-commerce trailblazers, here’s a spotlight on the dynamic entities that are the jewels in the crown of France’s jewellery marketplace.
- Heritage Luxury Houses
- LVMH: This titan of luxury conglomerates encompasses an impressive portfolio of renowned labels, making it a beacon of opulence and craftsmanship. Its presence in the jewellery space includes illustrious brands offering the epitome of refinement and desirability.
- Chanel: With a storied past and synonymous with French chic, Chanel continues to captivate with its elegant jewellery pieces that blend classic allure with contemporary style.
- Cartier: An institution in the realm of haute joaillerie, Cartier’s creations are a testament to its heritage, innovation, and the timeless appeal of their panthère motifs and Love bracelets, among other iconic pieces.
- Pierre Guérin: With a respectful nod to its rich history, this brand is known for its exquisite custom pieces that epitomize French luxury and are often sought after by those with a discerning eye.
- Tiffany: A recent addition to LVMH’s fold, this American powerhouse has a global reputation for its exceptional diamonds and signature blue boxes that evoke dreams of romance and grandeur.
- Hermes: Renowned for its craftsmanship in leather, Hermes also shines brightly in the jewellery arena with its elegant and often whimsically creative designs.
- LVMH: This titan of luxury conglomerates encompasses an impressive portfolio of renowned labels, making it a beacon of opulence and craftsmanship. Its presence in the jewellery space includes illustrious brands offering the epitome of refinement and desirability.
- French High Jewellery Pioneers
- Chaumet: With a legacy of crafting regal tiaras and sumptuous jewellery, Chaumet represents the pinnacle of Parisian high jewellery excellence.
- Boucheron: Another major player, Boucheron echoes the enchantment of fine jewellery with its intricate designs and dedication to beauty.
- Chopard: Balancing between watchmaking and jewellery, Chopard offers pieces that dazzle with ethical and sustainable luxury.
- Messika: A relatively newer name that has swiftly ascended to the higher echelons of the jewellery world, Messika is adored for its modern take on diamonds that resonate with younger affluents.
- Courbet: This brand is forging a futuristic path in the industry with its espousal of synthetic diamonds.
- Chaumet: With a legacy of crafting regal tiaras and sumptuous jewellery, Chaumet represents the pinnacle of Parisian high jewellery excellence.
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Summary and extracts
1 Market overview
1.1 Definition and presentation
The jewellery jewellery is the art of making jewels and ornaments (jewellery) using precious stones, gemstones, pearls, ornamental stones and metals such as gold, silver or platinum. The market can be segmented on the basis of range of the manufactured jewels but also according to the type : rings, bracelets, necklaces, earrings, watches, etc.
Worldwide sales of jewellery are estimated at over 100 billion 90% of which come from manufacturers with no recognized brand. French jewellery is recognised worldwide for its creativity, quality of manufacture and elegance, with the presence of many famous French jewellers on the world market (Van Cleef, Cartier, Alexandre Reza, etc.).
The jewellery market is a sector affected by a crisis. Apart from the cyclical phenomenon of the crisis, the other threat to this traditional sector is the relocation of production tools to Asia. Even if this trend is less relevant for high quality jewellery, manufacturers are worried about this trend. This is why they created the "Joaillerie de France" label in 2006, a real promotional tool for manufacturers, especially for exports. It is an indisputable way of promoting and authenticating French manufacturing know-how in jewellery, and of clarifying the origin of manufacture. This label has been a great success since its creation; there were already more than 10 jewellers with the label at the BaselWorld trade fair in 2012.
China's economic boom represents a significant potential for new customers for French jewellery. While the attacks have for a time caused sales to fall since 2015, the circumstances have also allowed for the growth of distance selling in jewellery. Major French companies in the market include Gay Frères, Mathon Paris, SFM and Dorsey, for example. Christian Bernard, also a leader in the sector, was acquired by the Marcel Robbez Masson group in 2017, reflecting a phenomenon of concentration of the sector that is underway.
List of charts
- Size of the global jewelry - watchmaking market
- The world's leading exporters of jewelry items (UN Comtrade code: 7113)
- Structure du chiffre d'affaires de fabricants de bijoux et d'orfèvrerie
- Evolution du nombre d'entreprises opérant sous le code NAF 32.12Z
- Evolution of the price of an ounce of gold
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the jewellery market | France
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