Brazil Jewelry Market - Growth, Trends, and Forecast (2023 - 2028)

Brazil Jewelry Market - Growth, Trends, and Forecast (2023 - 2028)

The Brazilian jewelry market is expected to register a CAGR of 2.01% over the forecast period.

Consumers’ demand for new varieties and designs of jewelry, specifically branded ones, is escalating the market’s growth. The demand for luxury jewelry is driving a major portion of the market, owing to the rising preference for jewelry made of precious stones and minerals. The market studied is highly influenced by changing fashion trends, mainly due to continuous innovation. The growth in the jewelry market is fueled by its large-scale shift to the e-commerce platform due to the increase in online retail sales. However, some price-sensitive consumers demand costume jewelry (jewelry made of non-precious metals or silver), thus boosting the market. Additionally, due to the rise in the popularity of jewelry in Brazil, the manufacturers in the country have been importing jewelry articles and precious metals to cater to the growing demand for such accessories. According to UN Comtrade, Brazil imported jewelry articles and parts thereof of precious metal worth USD 44,488,334 in the year 2021.

With factors such as growing job creation, increased disposable income, and evolving fashion trends, the jewelry market has been growing in Brazil over the review period. Additionally, in Brazil, fashion is associated with vibrant colors. The clothes are commonly designed with a wide variety of printed and floral patterns. Hence, this is also driving the market for jewelry as people look for other fashion accessories, including jewelry, to complement their attire. 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. Such factors are likely to drive the market’s growth in the future.

Gemstones are 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 one of the main Brazilian style themes recognized internationally. Brazilian jewels are made manually with very careful design and precious stones, making them more expensive. Globally, Brazil is recognized as the most prolific source of world-class gemstones. Many types of gemstones are found in the country, including aquamarine, amethyst, citrine, diamond, emerald, quartz, ruby, sapphire, and topaz. These gemstones and minerals are used and appreciated by artisans throughout the world.

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. With increased purchasing power and high internet penetration among consumers, the popularity of online retail channels is increasing. This factor is likely to lead to a growth in jewelry sales through online channels. Easy accessibility of websites and secure payment methods has given online retail channels an edge. The key jewelry sellers are capitalizing on the opportunity in this market by innovating, from personalization to curation to home trial options, to address the consumers’ concerns. Tiffany & Co. currently operates e-commerce websites in 13 countries worldwide. It is focusing on investments to enhance its online channels. It also intends to expand its e-commerce sites to additional countries in the future.

The Brazilian jewelry industry is one of the fast-growing consumer goods industries, with an increasing number of players bringing innovative products to retail shelves. With the increasing preference for branded products among consumers, the importance of retailers carrying branded gems and jewelry also increased. Owing to their tailor-made approach and customized and specific products, the demand for jewelry has prompted enhanced sales in specialty stores across the country. The top players in the Brazilian jewelry market include Jóias Vivara, H Stern Jewelers Inc., Pandora AS, LVMH Moet Hennessy Louis Vuitton, and Compagnie Financiere Richemont SA. Brazilian consumers are more concerned about the quality of the material (metal and gemstones) used. Thus, key players are applying various strategies to gain consumer trust and interest. For instance, Tiffany & Co. tracks the source of diamonds from where they are mined as raw stones. All the raw stones have to undergo the Kimberly Process Certification.

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