Russian mining giant Alrosa has presented the results of its global luxury and jewelry market research, noting that in the second quarter of 2018, “sales of decorative jewelry increased in all of the world’s key regions, except for India”. The average global growth rate was about 5% higher year-on-year.
In the Asia Pacific region, sales of jewelry increased 17% – a result of several factors, among them the continuing expansion of various local players and the improvement of tourist traffic in Hong Kong and Macao. In North America, Europe, and Japan, sales boost fluctuated between 3% and 5%. In India, jewelry sales decreased. According to Alrosa, “major Indian players are focusing most of their effort on restoring their reputation and regaining the customers’ trust and confidence that the jewelry they buy is genuine”.
Overall, Alrosa says, the luxury commodities market is experiencing positive dynamics. Worldwide sales of luxury items have increased by 11% year-on-year.
According to Dmitry Klimenko, head of the analytics department at ALROSA’s Strategic Projects and Analytics Center, “[…] We discovered that the sales of diamond-based decorative jewelry are continuing their upward trend. In some countries, we are seeing the rise of the omnichannel sales model, as people are showing increasing preference towards buying jewelry and other luxuries over the Internet”.
