Background Information Of Gems And Jewellery

Background Information Of Gems And Jewellery Disclaimer: This work has been submitted by a student. This is not an example of the work produced by our Law Essay Writing Service . You can view samples of our professional work here . Background Information Of Gems And Jewellery The global gem and jewellery industry over the past decade has observed significant changes and showed signs of growth, on account of increasing income as well as demand from the emerging economies across the world. Among the various types of jewellery, plain diamond jewellery accounted for the largest share of the global jewellery market, followed by plain gold jewellery. Diamonds being the world’s major natural resource is used in both jewellery and industrial applications. The growth in demand for diamond-studded jewellery has been due to the strong economic growth in key diamond jewellery consuming nations and marketing efforts of diamond companies. Traditionally, gold has held the leading position in most of the jewellery markets across the world because of its value as well as tradability factor. In 2008, although the total gold consumed as plain gold jewellery decreased in volume terms, the sales recorded gain in value terms . Demand for platinum jewellery has gained ground in the last few years, in not only the developed markets of the US and Europe but also in emerging markets like China and India, due to the ‘elite’ tag and ‘high-end’ value attached to the metal. Geographically, the US continues to be the largest consumer for gems and jewellery, followed by China/ India, the Middle East and Japan. In Europe, the UK and Italy are the largest consumers, and Italy is also one of the world’s largest jewellery fabrication centers. The emerging markets, like China, India which are traditional jewellery centers of consumption, are expected to develop as the largest consumption markets for both traditional as well as branded jewellery. The report analyzes the trends and challenges of the gem and jewellery and also outlines the opportunities driving the present as well as future industry growth. The report focuses on the retail jewellery sales, different jewellery segments and future potential of the four large consumers of jewellery – the US, China, India and the UK. The report analyzes the sales trends, demand patterns and future outlook of the three major segments of the jewellery industry, i.e. platinum, gold and diamond. The report also talks about the future outlook of the industry and its growth. By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests. Problems and Challenges faced by the local and global industry Currently, the local gems and jewellery industry is encountering trade obstacles and high competition. These include, The lack of local raw materials The rapid growth of the gem and jewellery industry in competing countries with lower labor costs the high rate of import taxes in those countries, including new tariff barriers which play an important role for international trade; the rules of origin for gemstones; the rules of product origin;