Companies in this industry sell jewelry, silverware, watches, and clocks from physical retail establishments. Major US companies include Sterling Jewelers and Zale (both units of Bermuda-based Signet Jewelers), as well as Tiffany; other industry leaders include the retail operations of Chow Tai Fook Jewellery Group (China), Richemont (Switzerland), and Swatch (Switzerland).
Estimated at $310 billion in 2015, the global jewelry market is expected to grow at a rate of 5% per year through 2020, according to Euromonitor data cited by Bloomberg Intelligence. Major markets include North America, China, and Japan. Emerging markets, such as India and the Middle East, are key growth opportunities for the industry.
The US jewelry retail industry includes about 22,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $35 billion.
Demand is driven largely by consumers' disposable income. Profitability depends on merchandising and marketing. Large companies enjoy economies of scale in purchasing. Small jewelers can compete with large chains by establishing favorable reputations. The US industry is fragmented: the 50 largest companies generate about 40% of revenue.
Jewelry stores face competition from department stores, mass merchants and warehouse clubs, home shopping TV channels, online retailers, and auction sites. Mass merchants have been able to cut prices and take market share.
Also, as marriage rates decline around the world, competition for engagement jewelry sales has become increasingly intense. While the number of brides receiving a traditional diamond solitaire engagement ring once was about 75%, now far fewer US brides-to-be receive such rings. The custom is picking up in China however, where 30% of brides now receive diamond engagement rings, up from virtually none in the 1990s.
Products, Operations & Technology
Diamond jewelry accounts for the largest share of total jewelry store sales, at about 42%. Watches, watchbands, and parts account for about 15%, gold jewelry
Sales & Marketing
Finance & Regulation
Regional & International Issues
Also includes the following chapters:
Quarterly Industry Update
Trends and Opportunities
Call Preparation Questions
Glossary of Acronyms