The jewellery that is made from inexpensive metals and gemstones is known as imitation jewellery.
The low-cost metals that includes, brass, nickel, sterling silver, steel, silver or gold plated are the properties that are used in imitation jewellery. Imitation also includes gemstones such as lucite or rhinestone.
Consumers have been purchasing imitation jewellery to strike a balance between looking fashionable and maintaining budgets as the cost of buying gemstones, diamonds, and solid gold is steep when trying to match up jewellery pieces for different occasions.
Also, the imitation jewellery is a replica of fine jewellery but can cost significantly less and thus is projected to grow at a high rate during the forecast period due to growing demand.
MONETARY DYNAMICS
Due to alterations in lifestyle, an increase in disposable money, and an increase in the price of precious metal jewellery, imitation jewellery has been gaining traction in a developing market. In many areas, online channels are still a relatively new phenomenon that present the industry with a wealth of fresh prospects. The lack of trained artisans and an unorganised supply chain for the raw materials used in costume jewellery pose the biggest threats to the growth of the imitation jewellery business.
Key Market Trends
Every market has its growth determinant and challenges. One of the major factor that has fueled the market growth over the forecast period is the rising price of gold as well as other valuable stones.
The rising prices of gold and other valuable stones and pearls and the growing demand for male costume jewellery are considered to be pivotal factors in the growth of the market during the forecast period.
Online channels are still a new trend in many regions but are offering numerous new opportunities for the market and even this segment is estimated to contribute in major for the growth of the imitation jewellery market during the forecast period.
The rising raw material cost and overall subtle market of fashion jewellery are one of the key factors for the slowing down of the market during the forecast period. The shortage of skilled craftsmen in the market is another factor that is acting as a major hurdle in the growth of the market for imitation jewellery.
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Segmental analysis of the market
Based on Product Type
- Necklaces and Chains
- Earrings
- Rings
- Bracelets
- Cufflinks and Studs
- Others
Owing to the variety of options present in the market for the category of necklaces and chains it is estimated for the category to witness growth at a higher rate on the product segment during the forecast period.
Based on Distribution Channel
- Store-based
- Non-Store based
The store based category in the distribution channel segment is estimated to stand tall in the market during the forecast period of 2022 to 2030.
Based on End Use
- Men
- Women
- Unisex
In the end use segment, it is estimated for the women to drive more growth for the imitation jewelry market. Increasing use of imitation jewelry for the women is driving the growth for the market.
Asia Pacific is anticipated to amplify at a considerable CAGR
The Global Imitation Jewelry Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, Asia Pacific is anticipated to amplify at a considerable CAGR over the forecast period. This is because China and India are the largest manufacturers of imitation jewelry owing to the increasing population and the rising use of the imitation jewelry as a substitute to the jewelries made of real gold and diamond. The U.S., Europe, Australia, and many Asian countries are some of the largest importers of imitation jewelry globally.
Competitive Landscape
Some of the prominent companies operating in the market are include DCK Concessions, Yurman Design, Inc., LOUIS VUITTON, Avon Product Inc., Swank, Inc. Cartier, Buckley Jewellery Limited, Billig Jewelers, Inc., BaubleBar Inc., Stuller, Inc., and Gianni Versace S.p.A. and so on.
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