Albany, NY -- (SBWIRE) -- 04/07/2014 -- The Gems and Jewellery industry is growing because of the rising income levels of consumers as well as the increasing usage of ornaments in the ceremonies in Asian countries. In Asian countries, people are moving away from the traditional unorganized jewellery shops towards the organized branded products to protect themselves from counterfeit products. The increasing advertisement spends of the gems and jewellery companies are generating awareness about the benefits of shopping from organized retail and it has also led to increasing ornament gifting habit in Asian countries. The easy finance schemes are also enabling the financially weak customers to purchase jewelleries for ceremonies. Among the Asian countries, China and India are the key consumer markets and also the leading processors for gems and jewellery.
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The major product segments include Gold, Diamond, Silver, Platinum, Pearl and other precious metals. The major restraints of the industry are inflation and increasing labour charges which are impacting the prices of the jewelleries. Though, the organized sector is growing swiftly, the consumers in Asian countries, especially India, still prefer to purchase from the unorganized retailers. This practice is owing to their perception of getting cheaper products from the retailers as they have a long history of trade with these unorganized retailers. Some of the major global companies in the Gems and Jewellery market are Tiffany, Gitanjali, Titan, Zale and Blue Nile.
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