Costume jewelry also called as junk jewelry, fake jewelry, fashion jewelry, and trinkets is a jewelry manufactured for a particular fashionable costume. These kind of jewelry are inexpensive as compared to gold or silver jewelry and it is easy to carry and store. Costume jewelry or junk jewelry is more popular for necklace and chain, earring, and rings. Costume jewelry is gaining significant traction due to easy availability and wide variety of new designs. The basic raw materials used to manufacture costume jewelry include glass, plastic base metal, stones, leather, beads, ivory, etc.
- Increasing inclination of population towards aesthetic appearance, growing fashion consciousness, and changing standards of living are the key factor driving costume jewelry market growth. Costume jewelry is in high demand among working women, teenagers, and corporate people. Innovation and adoption of new technology in costume jewelry helps to attract the customers. Different type of raw materials are used to make costume jewelry such as synthetic stones, semi-precious stones, glass, plastic, lac, terracotta, pearl and metals, which makes costume jewelry look different than traditional gold and silver jewelries. Owing to such benefits, costume jewelry are extensively adopted by the population. Therefore, increase in upper medium income group across the world is projected to propel demand for costume jewelry over the forecast period. The demand for costume jewelry is not limited to wedding season or specific occasions
- Popularity of costume jewelry among different age group across the globe is creating immense opportunity for growth of the market. According to a report by Gem and Jewelry Export Promotion Council (GJPEC) 2017, total export of costume fashion jewelry in 2016, from India was US$ 67 Million, which grew by 116.1% from the previous year.
- However, costume jewelry are not suitable for everyone, as it can cause itching, irritation, and patch formation, which can result in subsequent allergies. Also, most of the costume jewelry are made from nickel, as it is easily moldable, cheap, and durable, where as it is also the common metal, which is prone to cause allergies.
- Among product types, necklaces and chains segment accounted for the highest market share in the market in 2017. Necklaces and chains have gained significant traction in the market due to ease of use in carrying and storage. Furthermore, it is inexpensive and doesn’t require much security and attention.
- Among distributional channel, supermarket segment dominated the market in 2017, owing to availability of many different brands of jewelry in the same place, which gives consumer wide variety of costume jewelry. The segment is projected to have dominant position in the market over the forecast period.
- North America held highest market share in the global market in 2017. The region is projected to maintain its dominance over the forecast period, owing to increasing online retail market, increase in prices of gold, silver and diamond and affordable prices of costume jewelry help to boost the costume jewelry market.
- Asia Pacific is projected to be the fastest growing region in the market over the forecast period, owing to factors such as rising disposable income, abundant availability of raw materials, urbanization & westernization, and growth of e-commerce websites. Emerging economies such as China and India are creating immense opportunities for growth of the market.
Key players in Global Costume Jewelry Market
- Key players operating in the global costume jewelry market include Avon Product Inc., Buckley London, Cartier, Swank, Inc., Louis Vuitton, DCK Concessions, Billig Jewelers Inc., Stuller Inc., Giorgio Armani S.p.A, and BaubleBar Inc.
- Key market players are launching new costume jewelry products, in order to meet the rising demand for junk jewelry from consumers. For instance, manufacturers have designed different types of costume jewelry for different age, working, and household people such as pendants, anklets, and pins. Manufacturers are also using traditional raw materials such as kundan and polka to innovate the product.
- Key players are adopting in-organic growth strategies such as new product launch and product development in order to gain market share in the global costumer jewelry market. For instance, in 2018, De Beers Group to launched new fashion jewelry brand Light box Jewelry with laboratory-grown diamonds. It offering consumers high-quality fashion designs at lower prices than existing lab-grown diamond offering. The new line offering pink, blue and white lab-grown diamonds in a selection with affordable price.
- In August 2019, Baublebar is expanding its business into the fine jewelry in the market. The company has direct-to-consumer label will launch gold and diamond pieces to expand its product portfolio in the market.
On the basis of product type, the global costume jewelry market is segmented into:
- Necklaces & Chains
- Cufflinks & studs
- Others (Brooches, Pendants, Anklets, Pins)
On the basis of gender, the global costume jewelry market is segmented into:
On the basis of distributional channel, the global costume jewelry market is segmented into:
- Multi brand Stores
- Brand Outlets
- Small Retail Shops
On the basis of region, the global costume jewelry market is segmented into:
- North America
- South America
- Rest of South America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa