1.1 Definition and presentation
The jewelry sector identifies the set of production processes that lead to the creation of accessories and precious ornaments. In fact, in ancient times, the jewel had a symbolic value, often religious or spiritual, and was represented mostly by amulets or good luck charms. A meaning that, over time, has changed radically, but that continues to identify the jewel as a symbol of beauty and status, meanings not too far from its original value.
The jewelry industry is mainly driven by certain product categories:
The years preceding 2020 have demonstrated negative growth in the US jewelry market; between 2014 to 2019, the annual growth was -2.4%.
Demand for jewelry is positively correlated to economic growth and inflation. Factors such as an increasing proportion of HNWIs and a soaring urban population also contributes to positive growth. However, the US market is facing hurdles of growth as well including a declining number of tourists, reduction in the number of independent jewelers and a decline in weddings. [researchandmarkets] Large retailers include Signet and Tiffany’s (acquired by LVMH in 2020).
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