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CBI MARKET SURVEY: THE JEWELLERY MARKET IN THE EU

CBI MARKET SURVEY

THE JEWELLERY MARKET IN THE EU
Publication date: September 2009
CONTENTS REPORT SUMMARY INTRODUCTION 1 2 3 4 5 6 7 CONSUMPTION PRODUCTION TRADE CHANNELS FOR MARKET ENTRY TRADE: IMPORTS AND EXPORTS PRICE DEVELOPMENTS MARKET ACCESS REQUIREMENTS OPPORTUNITY OR THREAT? 2 5 6 21 27 37 49 54 58

APPENDICES A B C PRODUCTCHARACTERISTICS INTRODUCTION TO THE EU MARKET LIST OF DEVELOPING COUNTRIES 60 64 65

This survey was compiled for CBI by Searce Disclaimer CBI market information tools: http://www.cbi.eu/disclaimer

Source: CBI Market Information Database • URL: www.cbi.eu • Contact: marketinfo@cbi.eu • www.cbi.eu/disclaimer Page 1 of 66

CBI MARKET SURVEY: THE JEWELLERY MARKET IN THE EU

Report summary
Thissurvey profiles the EU market for all kinds of precious jewellery and costume jewellery and is an update of the 2008 survey. It excludes second-hand jewellery, gold and silver smith’s ware such as tableware, toilet ware, smokers’ requisites etc. and watches. Consumption The EU is the second largest market for jewellery, after the USA, representing one fifth of the global market value. In 2008, EUconsumption was € 23.3 billion with an average per capita expenditure of € 47.2, of which € 6.4 was costume jewellery. There are big differences between EU countries. Italian (€ 85.1) or Greek people (€ 96.9) spent more on precious jewellery, while in Eastern countries people spent an average of € 10.4 on jewellery per year. In 2008, Eastern EU countries represented 4% of EU jewellery marketvalue. The large EU markets made up a share of nearly 70% of the market value, with an estimated 200 million pieces sold in 2008. These markets were Italy (21.7%), France (17.3%), UK (16.3%) and Germany (13.3%). The largest markets by volume were France, UK, as well as Spain, Germany, the Netherlands and the Eastern EU countries. Most pieces sold were costume and silver jewellery, particularly earringsand neckwear. Since 2004, sales in most EU countries rose steadily, as jewellery has become a fashion statement that women themselves buy as a part of a new outfit. Along with the economic growth, particularly in the Eastern EU countries, the number of working women and marriages rose steadily. There is more diversity in jewellery designs and more retail outlets sell jewellery, which hasstimulated impulse buying. In the period between 2004 and 2006, EU jewellery sales increased from € 23.5 to 23.8 million. Costume jewellery enjoyed substantial growth period with much cheap jewellery being imported from China and India. Other best-performing segments were jewellery for teens and pre-teens (metal, titanium or silver jewellery with beads or crystals, body jewellery) and accessible jewellerywith coloured gemstones, diamonds and pearls for women and men. Since 2007, jewellery sales have weakened due to the global recession and to the enormous price rises of precious metals. Consumers turned away from precious jewellery (gold, platinum and diamond jewellery) towards silver and costume jewellery. Other consumers cut down their expenditure on jewellery, or were looking for personalpieces that they can use longer. Many consumers now regard good design and affordable price more important than the intrinsic value of a jewellery piece. In 2008, EU precious jewellery sales fell to € 20.2 billion, while EU costume jewellery sales rose further to € 3.1 billion in the same year. Economic uncertainty makes it difficult to predict the future growth trends. But after a period of relativedecline or stagnation, this market is expected to grow again from 2010. The future EU jewellery market is expected to grow, especially in the Eastern EU countries with an emerging middle class and a growing number of tourists. The total EU market will grade up in terms of original designs, statement jewellery, added value (ethical issues, craftsmanship), new production technology and new...