Brazil Jewelry Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Brazil Jewelry Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Brazil jewelry market is expected to register a CAGR of 1.79%, during the forecast period.

Key Highlights

• The market studied is highly influenced by changing fashion trends and inflation, mainly due to the continuous adaptation in offerings, in order to cater to price-sensitive consumers. Due to weak economic growth, manufacturers are likely to offer an increasing number of options, especially in costume jewelry segments (jewelry made of non-precious metals or silver).
• Key players are investing in developing a strong distribution network across the country. Higher-priced brands are opening traditional stores in airports and new shopping centers, especially in the largest cities in the country. This is likely to drive the market’s growth in the near future.

Key Market TrendsConsumers Inclination Towards Gemstone Jewelries

Gemstones are largely used to make various types of jewelry pieces, including fine jewelry. Brazilian jewelry designers are known for combining colored gemstones to create a rainbow of attractive colors in a single piece. This look is immensely popular among consumers in the domestic market and is considered to be one of the Brazilian style themes recognized internationally. Brazilian jewels are made manually, with very careful design and precious stones, making the jewelry more expensive. Globally, Brazil is recognized as the most prolific source of world-class gemstones. There are numerous types of gemstones found in the country, including aquamarine, amethyst, citrine, diamond, emerald, quartz, ruby, sapphire, and topaz, among others. In 2015, as per the data revealed by the World Jewelry Confederation, Brazil was the world’s 11th-largest gold producer, the 13th-largest consumer of gold, and one of the top gemstone producers in the world.

Increase in Online Sales of Jewelry and Omni-Channel Marketing

The growth in the jewelry market is fueled by its large-scale shift to the e-commerce platform. Consumers across the country are becoming extremely comfortable shopping online. This is likely to lead to a growth in the jewelry sales through online channels, in the near future.

• For example, the key jewelry sellers are capitalizing on the opportunity in this market, by coming up with innovative ways, from personalization to curation to home trial options, in order to address the consumers’ concerns. Similarly, Tiffany & Co. currently operates e-commerce-enabled websites in 13 countries across the world. It is focusing on investments, to enhance its online channels. Moreover, it intends to expand its e-commerce sites to additional countries in the near future.

The “omnichannel experience not only provides consumers with multi-channel experience but also incorporates numerous technologies and touch. This creates a shopping experience that is informative, effortless, and as sharable as possible.

Competitive Landscape

The Brazilian jewelry industry is one of the growing consumer goods industries, with an increasing number of players bringing products on the retail shelves, with innovative designs. With the increase in preference for branded products among consumers, the importance of retailers carrying branded gems and jewelry has also increased. Owing to their tailor-made approach, customized and specific products, the demand for jewelry has prompted enhanced sales in specialty stores across the country. Brazilian consumers are more concerned about the quality of the material (metal & gemstones) used. Owing to this factor, key players are applying various strategies, to gain consumer trust and interest. For instance, Tiffany & Co. company tracks the source of diamonds from where they are mined as raw stones. All the raw stones have to undergo the Kimberly Process Certification system. Beyond this, the company follows its own global standards.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Joias Vivara
H Stern Jewelers Inc
Pandora AS
Manoel Bernardes SA
LVMH Moet Hennessy Louis Vuitton SE
Tiffany & Co.
Compagnie Financire Richemont SA

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