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

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

Latin American jewelry market is projected to grow at a CAGR of 2.79% over the forecast period, 2020-2025.

Key Highlights

• Jewelry is an enormously fragmented market in Latin America. The leading players include a combination of Mexican, Brazilian, and global players. Jewelry sales in Latin America are mostly driven by fine jewelry, wherein, Mexico and Brazil forms the key markets for costume jewelry.
• Jewelry sales via specialty stores are gaining prominence among the consumers, owing to the exclusive collections at these stores. However, leading local brands and multinationals are also gaining traction due to changing jewelry fashions in the global market.

Key Market TrendsGrowing Demand for Luxury Jewelry

The rising middle-income level consumers in the country, coupled with increased purchasing power and the rising fashion trends, is boosting the demand for fine, costume jewelry across the region. Similar to the gold industry, the diamond industry too has high expectations for the demand for a diamond, primarily due to the huge emerging middle class in Latin American countries. Sales have indeed increased dramatically in these regions. Luxury brands have refocused their business strategies to capitalize on these (technological innovation and international investment) changes.

• Giorgio Armani is engaged in an in-store installation collaboration agreement with Colombian artist Marta Luz Gutiérrez, while Louis Vuitton is conducting an advertising campaign using a building designed by the late Mexican architect, Luis Barragan.

Costume Jewelry Remains the Fastest Growing Market

The fragile economic conditions in the region with multiple nation-states and varying levels of economies is leading to consumers shifting from fine to costume jewelry. Thus, the regional outlook is positive as the jewelry and retailers of costume jewelry's are meeting the growing demand coupled with innovative designs at an affordable price. The countries like Mexican, Argentina, and Brazil are dominating the costume jewelry market in the region. Additionally, the attractive discounts and offers appeal customers into purchasing the signature jewelry at a reasonable price. The trading in designer jewelry has gained wide customer acceptance for their unique and innovative designs among Latin American consumers.

Competitive Landscape

Latin America jwelery market is highly fragmented. Colombia is estimated to account for 70–90% of the world’s emerald resource, with the country sitting alongside Zambia and Brazil as the world’s greatest regions for emerald production, which is attracting key jewelry manufacturers in the country. Cano Jewelry is the major local players in Colombia, whereas, Tous and Swarovski are major established regional players in the country. The Mexican jewelry market is fragmented, however, due to strong distribution network, few key players like Tous, Joyerías Bizzarro, and Swarovski Crystal are gaining the market share in the country.

Additional Benefits:

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

Companies Mentioned

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

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