Costume jewelry is the type of jewelry manufactured as ornamentation to complement a particular fashionable costume or garment. It is made of non-precious materials to complement more valuable, expensive materials such as gold, platinum, diamond, and other precious materials. It is also known as trinkets, fashion jewelry, junk jewelry, or fake jewelry. Some of the raw materials used for manufacturing costume jewelry are metals, plastic, glass, synthetic stones, beads, semi-precious stones, and others. In addition, few precious metals, fabricated metals, pins, and backings are some other raw materials used for manufacturing costume jewelry.
On the basis of products, costume jewelry market is broadly segmented as earrings, necklaces, bracelets, brooches, cuffs, and rings. Based on the raw materials used, the global market is segmented as metals, synthetic stones, glass, plastic, ivory, semi-precious stones, beads, lac, and others. Further, the others segment is sub-segmented as leather, terracotta, pearl, and metals including silver, brass, and aluminum.
The global costume jewelry market is witnessing considerable growth with increasing overall sales and changing lifestyles. Rising prices of gold, diamond, and other precious gems and pearls are one of the key growth factors of the global market. Different varieties and designs provided by the manufacturers of costume jewelry at affordable prices is another major factor driving the growth of costume jewelry market. Rising demand for men costume jewelry also impacts the global costume jewelry market growth in a positive way.
Wider issues surrounding imports, exports, trade laws, and globalization are some of the factors hindering the global market growth and affecting the trade of costume jewelry. In addition, rising prices of raw materials and vogue-sensitive market of fashion jewelry are some other factors negatively impacting the global costume jewelry market. Moreover, chaotic raw materials supply chain which leads to an unwanted increase in the raw material prices in costume jewelry industry also act as a key restraint of the market growth.
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Developing economies such as Brazil, Russia, India, and China are anticipated to witness high growth owing to the urbanization and westernization trend followed by the young consumers (between 23 years to 37 years of age) in the region. Necessary raw materials for the manufacture of costume jewelry come from Canada, Africa, Australia, and Russia. Moreover, India, China, Turkey, and Italy are the major homes for the manufacture of costume jewelry. North America is the largest market for costume jewelry followed by Europe.
Key players in the global costume jewelry market include Buckley Jewellery Limited, The Colibri Group, Avon Products Inc, Swank Inc, H. Stern Com. & Ind. S.A., and Cartier SA. Other major players dominating the market are Yurman Design, Inc., Channel S.A., Billig Jewelers, Inc., Louis Vuitton North America, Inc., Stuller, Inc., and Gianni Versace S.p.A.