One of the many features of the luxury industry is that it is highly cyclical and most importantly it is greatly driven by the increasing wealth around the globe. Tourism is also a factor in the growth of this industry. Jewellery and Watches form a part of this industry, and both of these sub segments share similar characteristics and growth drivers.
The watch industry is mainly concentrated in Asia, Europe and the US. Switzerland is the largest manufacturer of watches in terms of value. Watches world over are now being seen as fashion accessory and this has fuelled the growth of this segment. The high-end watches are also getting more and more costly.
US is the leading market in the global jewellery industry, followed by EU. US has been a steady market with limited cyclicality. Lately, demand for precious metals for the manufacturing of jewellery has been on the rise from India, China, Turkey and the Middle East.
Giving a global view of the industry and its many sub segments, this report has concentrated on the main markets of the watches and jewellery industry which are US, EU and Switzerland and has included Indian market as a representative of the growing Asian markets. Through this report the demand and supply position, market size, trends and the major players of the industry have been discussed.