Gems and Jewelry Industry- Radiating its Light Across the Globe


jewelryGems and jewelry are considered to be a girl’s best friend but men are also equally attracted towards it. From ancient times, females used gems and jewelry to decorate themselves. Previously jewelry was made up of flowers, shells, elephant tusk, leaves etc. After the discovery of different metals, jewelry were made from it and gems were usually engraved into it. This tradition of wearing jewelry is now followed with a trend of innovations in the jewelry patterns. Now-a-days fashionable jewelry is more preferred. Jewelry helps to enhance the beauty of newly wed brides and also adds a glamorous look to them. A country’s export growth is led by the gems and jewelry industry which in turn boosts the country’s economy.

According to an industry research report, India and China are considered to be emerging nations in the global gems and jewelry market, mainly in terms of production, consumption and trade. By the year 2015, both these countries together can attain around 30% of the worldwide diamond market. The cost of jewelry market all over the world is predicted to grow at a compound annual growth rate of 5 percent which will exceed a figure of 257 billion dollars by the year 2017. India gives a healthy competition to the outer world in terms of gems and jewelry market because the cost of production is very low, highly skilled artisans are available easily with low wages and government support is also offered. United States market is mainly conquered by diamond jewelry and it is said to be the largest jewelry market. Indian and Chinese market are dominated by gold, as they are the largest consumers of gold.

The new trends in the jewelry market have come up because the jewelry manufacturers are encouraging the production procedures, which takes the help of computer aided designing (CAD) and rapid prototyping (RP). Different factors that enhance the shining of gems and jewelry industry all over the world are, the continuous changing lifestyles of the people, growth in population and a rise in the purchasing power of the people. An industry report says that the global jewelry market will surpass a figure of 272 billion dollars by the year 2018 at a CAGR (compound annual growth rate ) of about 5 per cent.