Australia Gems and Jewelry Market Overview, 2028

Australia Gems and Jewelry Market Overview, 2028
Australia is known for its abundant natural resources, including diamonds, opals, sapphires, pearls, and various coloured gemstones. The country is one of the top producers of opals, particularly black opals, which are highly sought-after by collectors and enthusiasts. Australia is also a significant producer of diamonds, with mines in Western Australia, the Northern Territory, and other regions. Argyle Pink Diamonds, famous for their rare pink and red hues, were once a notable part of the Australian diamond market. Australia's multicultural society has influenced its jewellery market, with consumers appreciating a wide variety of styles and materials. Jewellery inspired by indigenous Australian art and culture, as well as designs influenced by various immigrant communities, can be found in the market. Long before European settlement, Indigenous Australians had a history of using gemstones and minerals for cultural and ceremonial purposes. Opals, in particular, held significant spiritual and cultural value. Australian jewellery design has been influenced by a mix of cultural backgrounds due to immigration from various parts of the world. This diversity is reflected in the styles and materials used in jewellery. Australian gemstones, particularly opals and Argyle pink diamonds, have found their way into international markets, contributing to the country's reputation as a source of unique and high-quality gemstones.

According to the research report ""Australia Gems and Jewellery Tourism Market Overview, 2028,"" published by Bonafide Research, the Australia Gems and Jewellery Market is expected to add more than USD 1 billion from 2023 to 2028. Australia's multicultural society has a significant influence on jewellery preferences. Jewellery reflecting diverse cultural backgrounds and traditions is in demand, contributing to market growth. Consumers increasingly seek unique and personalised jewellery pieces. Jewellery designers and retailers that offer customization services cater to this demand, allowing customers to create one-of-a-kind items. Australia's vibrant tourism industry attracts visitors from around the world, and many tourists purchase jewellery as souvenirs. Jewellery stores in tourist hotspots benefit from this influx of international buyers. Jewellery is often purchased for special occasions such as weddings, engagements, anniversaries, and birthdays. Marketing campaigns and promotions around these events drive sales. Based on the material types, these include gold, silver, platinum, diamonds, and others. In Australia, silver is growing as a material type in the gems and jewellery market. Silver is more affordable than precious metals like gold and platinum. This affordability makes silver jewellery accessible to a broader range of consumers, including those looking for quality jewellery without the high price tag. Many jewellery designers are creating contemporary and trendy pieces using silver. These designs appeal to younger generations and those seeking modern and fashionable jewellery. Layering multiple pieces of jewellery has become a popular trend, and silver's affordability makes it easier for consumers to stack and layer various silver jewellery items. Furthermore, silver jewellery often incorporates colourful gemstones, adding vibrancy and elegance to pieces. Gemstone accents, especially in rings, pendants, and earrings, are highly sought-after. Silver jewellery inspired by nature, such as leaf motifs, floral designs, and animal-inspired pieces, resonates with consumers who appreciate the natural world.

Based on the application types, there are weddings, collections, festive blessings, fashions, and others. Collection of the gems and jewellery by the Australian people in the country; they also purchase the gems and jewellery for the collection. Some individuals view gems and jewellery as tangible assets that can appreciate in value over time. Precious gemstones and high-quality jewellery often hold or increase in value, making them attractive investments. Certain gems and jewellery pieces hold historical or cultural significance. Collectors are drawn to items with a rich heritage or connection to a particular era or culture. Collecting gems and jewellery can be a passionate hobby. Enthusiasts enjoy the thrill of hunting for unique and rare pieces, learning about gemology and jewellery design, and networking with fellow collectors. As well, some individuals inherit gemstone and jewellery collections from their families. These heirlooms often carry sentimental value, preserving the family's history and traditions. Based on the product types, there are rings, necklaces, earrings, bracelets, chains, pendants, and others. In Australia, chains and pendants are also a growing segment of the gems and jewellery market. Chains and pendants offer versatile fashion options. They can be worn with a wide range of outfits, from casual to formal, making them suitable for everyday wear and special occasions. Many consumers appreciate the opportunity to personalise their jewellery. Pendants can be customised with initials, names, or meaningful symbols, allowing wearers to create unique and sentimental pieces. Pendants frequently incorporate gemstone accents, adding colour and vibrancy to the design. Gemstone pendants attract consumers looking for both aesthetics and the symbolism of specific stones.

Distribution channels include jewellery stores, multi-branded stores, stand-alone stores, and online. In Australia, online shopping will grow at the highest CAGR rate. Online shopping offers unparalleled convenience. Consumers can browse and purchase jewellery from the comfort of their homes or on the go, without the need to visit physical stores. This convenience is particularly appealing in a country as vast as Australia, where physical store accessibility can vary. Online platforms allow customers to compare prices and product features easily. Shoppers can research, read reviews, and make informed decisions, leading to more confident purchases. Furthermore, secure payment gateways and encryption technology ensure the safety of online transactions. Consumers are more confident about making expensive jewellery purchases online due to these security measures. Jewellery brands and retailers invest in digital marketing efforts, including social media campaigns and influencer partnerships, to reach a wider audience online and generate brand awareness.

Considered in this report

• Geography: Australia
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Australia Gems & Jewelry with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Material

• Gold
• Silver
• Platinum
• Diamond
• Others (Gemstones, palladium, titanium, bronze, copper, brass)

By Product

• Rings
• Necklaces
• Earrings
• Bracelets
• Chains and Pendants
• Others (brooches, cufflinks, and hair accessories)

By Application

• Weddings
• Collections
• Festive Blessing
• Fashions
• Others (birthdays, graduations, or religious holidays)

By Distribution Channel

• Jewelry Stores
• Multi Branded Stores
• Standalone
• Online

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations and organizations related to the Gems & Jewelry industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.