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1、UNLOCKING POTENTIAL IN THE USA MARKET THROUGH NAVIGATING TRENDS AND OPPORTUNITIESSponsored by Ministry of Commerce&IndustryThe Gem&Jewellery Export Promotion Council Sponsored by Ministry of Commerce&Industry,Govt.of Indiawww.gjepc.org|gjepcindia|gjepcindia|gjepcindiaSTATISTICS&TRADE RESEARCHFor fur

2、ther queries,email us at The Gem&Jewellery Export Promotion CouncilSponsored by Ministry of Commerce&Industry,Govt.of IndiaOffice no D2B,Ground Floor,D Tower,West Core,Bharat Diamond Bourse,Bandra Kurla Complex,Bandra(E),Mumbai-400 051,Maharashtra,IndiaStatistics&Trade Research Department,GJEPC Data

3、 Analytics UnitFor further queries,email us at UNLOCKING POTENTIAL IN THE USA MARKET THROUGH NAVIGATING TRENDS AND OPPORTUNITIESExecutive SummaryThe United States is the largest gem and jewellery market globally,with an estimated valuation of$73.32 billion in 2023.This growth is fuelled by a combina

4、tion of rising con-sumer spending,evolving fashion trends,and a strong preference for ethically sourced and sustainable jewellery.The USAs jewellery market is characterized by robust de-mand across all key product categories,including diamond and gold jewellery,lab-grown diamonds,and customized piec

5、es.India plays a critical role in supplying the US market,with a 16.8%share in US jewel-lery imports.The bilateral trade in gems and jewellery reached$12.3 billion in 2023,reflecting a steady growth of 5.2%CAGR from 2020-2023.The increasing penetration of e-commerce,omnichannel retail strategies,and

6、 digital innovations such as virtual try-ons,AI-driven recommendations,and blockchain authentication are further driving market transformation.However,businesses need to navigate challenges such as high competition,regulatory complexities,and shifting consumer preferences to succeed in the market.Th

7、is report is an attempt to study the trade dynamics,market opportunities,consumer preferences in USA and equip Indian exporters with practical strategies to strengthen their presence in the USA market.Also,this report is an extension of the insightful dis-cussions shared in a webinar conducted by GJ

8、EPC as part of their market insights se-ries in August 2024.1.1 Bilateral Trade OverviewThe United States imports a substantial portion of its gems and jewellery from India,making India a crucial trade partner in this sector.The total bilateral trade between In-dia and the USA for gems and jewellery

9、 in 2023 stood at$12.3 billion,with India supply-ing 16.8%of total US jewellery imports.Indias exports to the USA primarily consist of diamond jewellery,gold jewellery,co-loured gemstones,and fashion jewellery.India specializes in the diamond processing industry,supplying both natural and lab-grown

10、diamonds to the US market.Gold jew-ellery continues to be a staple in the US,catering to a mix of contemporary and classic design preferences.Additionally,coloured gemstones such as sapphires,emeralds,and rubies from India are widely sought after,particularly in the high-end jewellery segment.Fashio

11、n and silver jewellery have also gained significant traction due to their affordabili-ty and trend-driven appeal.Key Export Categories from India to the USA:Diamond Jewellery:India dominates the diamond processing industry,supplying both natural and lab-grown diamonds to the US market.Gold Jewellery

12、:Traditional gold jewellery remains a staple in the US market,with demand for both contemporary and classic designs.Coloured Gemstones:India exports high-quality sapphires,emeralds,and rubies to meet the rising demand for gemstone-studded jewellery.Fashion&Silver Jewellery:The growing demand for aff

13、ordable and stylish jewel-lery has led to an increase in silver and fashion jewellery exports from India.Trade Growth Rate:The bilateral trade between India and the USA has been experiencing steady growth,with a 5.2%CAGR recorded between 2020 and 2023.This growth is attributed to rising consumer int

14、erest in fine jewellery,the increasing role of digital commerce,and strong branding efforts by Indian manufacturers.Key Players in India-USA Jewellery TradeThe India-USA jewellery trade is supported by several key players,including large manufacturers,wholesale suppliers,and emerging direct-to-consu

15、mer brands.Titan Company Ltd.is one of Indias largest jewellery manufacturers and has been expanding its presence in the USA.Rajesh Exports,a leader in gold jewellery exports,has established a strong distribution network catering to the American market.Kalyan Jewellers and Malabar Gold&Diamonds have

16、 also been expand-ing their footprint in the USA by opening flagship stores and forming strategic partnerships.Premium Indian jewellery brands such as Tanishq,a Tata Group subsidiary,have gained recognition for their high-quality craftsmanship and contemporary de-signs.Vaibhav Global Limited,a major

17、 player in the affordable and trendy jewel-lery segment,has leveraged digital retail platforms to increase accessibility to US consumers.Additionally,several Indian manufacturers collaborate with US-based retailers like Signet Jewelers,Tiffany&Co.,and Blue Nile to expand their market presence.01TRAD

18、E DYNAMICS BETWEEN INDIA AND USA1.2 Economic Parameters of USA(2023)A strong economic environment supports jewellery sales in the USA,driven by high dis-posable income,strong urbanization trends,and increased discretionary spending on luxury goods.Parameter 2023 ValueGDP(current)$27.72 trillionGDP G

19、rowth Rate(annual%)2.9%GDP per Capita(constant 2015 US$)$65,875.18Inflation Rate,consumer prices(annual%)4.1%Foreign Direct Investment(FDI),net inflows(BoP,cur-rent US$)$348.8 billionTotal Population(USA)$335 millionPopulation(Indian Diaspora)*$1.86 millionPercentage of Income for Discretionary Spen

20、ding6.3%Percentage of Discretionary Spending on Luxury0.27%Urbanization Rate83.3%Source:World Development Indicators,WDI,*Ministry of External AffairsLink:-(World Development Indicators|DataBank;Population of Overseas Indians;StatBox;fiscaldata.treasury.gov;institute.bankofamerica)The economic envir

21、onment in the United States plays a crucial role in shaping jewellery sales.With a GDP of$27.72 trillion,the USA remains the worlds largest economy.The GDP growth rate of 2.9%and GDP per capita of$65,875 indicate a strong consumer base with significant purchasing power.The inflation rate of 4.1%has

22、led to cautious spending in some segments,but discretionary spending on luxury goods remains at 0.27%,reflecting a stable demand for jewellery.With a population of$335 million,the USA is highly urbanized,with 83.3%of the popu-lation residing in cities.This urbanization fuels the demand for high-end

23、jewellery,fash-ion-forward accessories,and innovative retail experiences.2.1.India and USA Strong Partners for G&J Trade Indias Top 5 Export Market for Gem and Jewellery Products FY 2023-2024(p)CountriesAmount (US$million)%Share in Countrys ExportU.S.A9821.8830.38U.A.E8124.8725.13Hongkong6730.7320.8

24、2Belgium1984.866.14Israel713.722.21Others4951.3615.32TOTAL32327.43100Source:DGCIS Indias 1/3 of total G&J exports goes to USA USA Top 5 Sourcing Partners for Gem and Jewellery Products USA Imports from World CY 2023CountriesAmount(US$million)%Share in Countrys from ImportCanada13119.3114.38India1301

25、7.6614.27Switzerland8304.389.10South Africa7883.268.64Israel6204.176.80Others42694.3746.80TOTAL91223.15100Source:DGCIS 2.2.India-USA Total Bilateral Trade-2022&2023USA is Indias one of the top 10 trading partners with a bilateral trade of around US$119.71 billion as of FY2023.Indias total exports of

26、 various commodities to USA were registered at US$77,515.03 million in FY2023 accounting for 17.74%share in Indias total exports.Indias imports from USA were recorded at US$42,195.49 million constituting 6.22%share in Indias total imports in FY2023.In total,India-UK bilateral trade stood at US$1,19,

27、710.52 million in FY2023 with a share of 10.73%in Indias total trade.Indias exports,imports and total trade with USA has recorded a degrowth by(-)1.31%,(-)17.04%and(-)7.49%respectively in FY2023-24.Indias key export commodities to USA include Pearls,precious stones,metals,coins,Electrical,electronic

28、 equipment,pharmaceutical products,mineral fuels,oils,distillation products,machinery,nuclear reactors,boilers 02India-USA Bilateral RelationsTable-2:India-USA Merchandise Trade Dynamics-Trade Parameters(in US$million)2022-20232023-24Growth Rate(%)Indias total exports to USA78,542.6077,515.03-1.31US

29、As%share in Indias total ex-ports17.4117.74-Indias total imports from USA50,863.8742,195.49-17.04USAs%share in Indias total im-ports7.106.22-India-USA Total Trade 1,29,406.471,19,710.52-7.49USAs%share in Indias total trade11.0610.73Indias key export commodities to USAPearls,precious stones,metals,co

30、ins,Electrical,electronic equip-ment,Pharma-ceutical products,Mineral fuels,oils,distillation products,Machinery,nuclear reactors,boilers Source:GJEPC compiled Data from DGCISOver the years,Indias exports to USA has increased from US$53,088.77 million in 2019 to US$77,515.03 million in 2023,while it

31、s imports have increased from US$35,819.87 million to US$42,195.49 million during the same period.Similarly,Indo-US total trade value has increased from US$88,908.64 million in 2019 to US$1,19,710.5 million in 2023.Table-3:Total Merchandise Bilateral Trade between the India-USA-2019-2023Trade Parame

32、ters(in US$million)20192020202120222023Indias Exports to USA($M)53,088.7751,623.1476,167.0178,542.6077,515.03%Change of In-dias Exports to USA1.30-2.7647.543.12-1.31Indias Imports from USA($M)35,819.8728,888.1043,314.0750,863.8742,195.49%Change of In-dias Imports from USA0.76-19.3549.9417.43-17.04To

33、tal Trade Value($M)88,908.6480,511.2411,9481.11,29,406.51,19,710.5%Change of India-USA Total Trade Value1.08-9.4448.48.31-7.49Source:GJEPC compiled Data from DGCIS2.3.India-USA Gem&Jewellery Bilateral TradeIndia and USAs bilateral total trade w.r.t gem and jewellery products has seen a slow-down by(

34、-)25.42%from US$20,259.95 million in FY2022-23 to US$15,109.99 million in the FY2023-24.Likewise,USAs share in Indias total trade has declined to 13.57%from 18.08%during the same time period.Similarly,Indias gem and jewellery exports has decreased by(-)20.96%to US$9,948.50 million in FY2023-24 from

35、US$12,586.25 million in FY2022-2023.USAs share in Indias total exports has also declined from 33.02%to 30.28%during the same period.Gem and jewellery imports stood at US$5,161.49 million in FY2023-24 declining by(-)32.74%from US$7,673.70 million in FY2022-23.USAs share in Indias total trade also dec

36、reased from 10.38%to 6.58%during the same period.Table-4:India-USA Gem&Jewellery Bilateral TradeTrade Parameters(in US$million)2022-20232023-2024Growth Rate(%)Indias total G&J exports to USA 12,586.259,948.50-20.96USAs%share in Indias total ex-ports33.0230.28-Indias total G&J imports from USA 7,673.

37、705,161.49-32.74USAs%share in Indias total im-ports10.386.58-Indias-USA Total Trade 20,259.9515,109.99-25.42USAs%share in Indias total trade18.0813.57Source:GJEPC compiled Data from DGCI&SThe trade relationship between India and the USA in the gem and jewellery sector has been quite volatile over th

38、e years.Indias exports,imports and total trade to and from USA over the last 5 years is a mix of positive and negative trends.India USA Gem and Jewellery Trade(US$million)-2019-2024The highest exports to USA were in FY2021-2022,with a significant increase of 68.16%from the previous year.Exports have

39、 been declining since FY2022-2023 by(-)14.19 and continued to decline through FY 2023-2024 by(-)20.96%.Imports recorded a decline in FY2020-2021 by(-)18.78%but then surged significantly in FY2021-2022 by 35.02%,followed by an increase of 12.11%in FY2022-23.In FY2023-24,similar to exports,imports als

40、o decreased to(-)32.74%.Table-5:India USA Gem and Jewellery Trade(US$million)-2019-2024YearExports to USA%Change of Indias Exports to USAImports from UK%Change of Indias imports from USATotal Trade%Change of India-USA Total Trade 2019-20206,242.026,242.0212,484.042020-20218,722.20-5.815,069.81-18.78

41、13,792.0110.482021-202214,667.4868.166,845.0135.0221,512.4955.982022-202312,586.25-14.197,673.7012.1120,259.95-5.822023-20249,948.50-20.965,161.49-32.7415,109.99-25.42Source:GJEPC compiled data from DGCISFig 1:%Change of Indias Exports,Imports and Total Trade to USA-2019-2024Source:GJEPC compiled Da

42、ta from DGCIS2.4.USAs position in Indias G&J exports USA is among the top 10 export destinations of Indias exports of gem&jewellery prod-ucts.Table-6:Indias G&J Sector Position at Global level 2023(CY)Trade IndicatorsAmount/%Share(2023)Total World Exports of G&J ProductsUS$923 bnIndias Exports of G&

43、J ProductsUS$33.42 bnIndias share(%)Around 4%Indias Ranking6thOther key exporters1.Switzerland13.82.UAE9.83.Hong Kong,China8.84.United Kingdom8.85.USA8.36.India3.67.China3.48.Canada3.19.Russian Federa-tion2.710.Germany2.5Source:UN comtrade database 20232.5.Indias key export commodities to USACPD,gol

44、d jewellery,silver jewellery,polished LGD,imitation jewellery and CGS consti-tutes the key export gem&jewellery commodity basket to USA.As is evident from the table below,exports of CPD(-)29.74%,silver jewellery(-)7.05%,polished LGD(-)23.63%,imitation jewellery(-)11.74%and CGS(-)1.36%have recorded a

45、 degrowth whereas only gold jewellery(0.13%)has recorded a growth in FY2023-24 as compared to same period last year.Overall,the exports of gems and jewellery commodities de-clined by(-)20.96%to US$9948.5 million in FY2023-24 as compared to US$12586.25 million registered in the same period last year.

46、The reasons for degrowth in key G&J exports to USA can be attributed to several fac-tors.Firstly,global economic uncertainties have led to reduced consumer spending on luxury items,including gems and jewellery.Secondly,supply chain disruptions have affected the availability of raw materials,impactin

47、g production and export timelines.Additionally,there has been a shift in consumer preferences towards more affordable and lightweight jewellery,which has affected the demand for traditional,high-value items.The increased competition from lab-grown diamonds and synthetic stones has also played a role

48、 in the decline of natural diamond exports.Lastly,geopolitical ten-sions and trade policies have created an unpredictable market environment,further complicating export activities.These combined factors acted as a deterrent for the overall exports growth to USA in 2023-24.Table-7:Indias Exports of G

49、em and Jewellery Commodities to USACommodities2022-2023(US$Million)2023-2024(US$Mil-lion)%growthGold Jewellery2943.612947.340.13Cut&Polished Dia-monds(CPD)7972.165601.23-29.74Silver Jewellery344.3320.01-7.05Polished LGD1088.65831.44-23.63Imitation Jewellery45.4440.11-11.74Coloured gemstones(CGS)116.

50、14114.56-1.36Others75.9593.8123.52Total12586.259948.5-20.96Source:GJEPC compiled data from DGCI&S2.6.Indias key import commodities from USAIndia mainly imports silver bar,gold bar,rough diamonds,rough pearls and rough LGD from USA.As can be seen from the below table,imports of silver bar(-)81.42%,go

51、ld bar(-)33.3%,rough diamonds(-)50.93%,rough LGD(-)79.29%and rough pearls(-)63.97%have recorded a degrowth in FY2023-24 as compared to same period last year.Imports of gold jewellery however has recorded a growth of 27.85%during the same time period.Overall,the imports of gems and jewellery commodit

52、ies declined by(-)32.74%to US$5161.49 million in FY2023-24 as compared to US$7673.7 million registered in the same period last year.Table-8:Indias Imports of Gem and Jewellery Commodities from USACommodities2022-2023(US$Mil-lion)2023-2024(US$Million)%growthSilver Bar115.2521.41-81.42Gold Bar1881.321

53、254.82-33.3Rough Diamonds406.07199.25-50.93Rough LGD58.6512.15-79.29Rough Pearls144.8252.17-63.97Gold Jewellery227.31290.6227.85Polished Diamonds4581.663087.92-32.6Platinum Bar49.3341.75-15.37Polished LGD115.13109.14-5.2Others94.1692.26-2.02Total7673.75161.49-32.74Source:GJEPC compiled data from DGC

54、I&S2.7.USAs Imports of Gem and Jewellery Products&Indias positionThe below table provides a detailed analysis of the USAs imports of gems and jewellery,highlighting Indias significant role in this sector.Overall,the USA imported gems and jewellery worth$89,549.43 million from the world,with India co

55、ntributing$12,366.32 million,ranking 2nd with a 13.8%share.Notably,India is the leading supplier of gold jew-ellery(HS Code 711319),cut and polished diamonds(HS Code 710239),&polished LGD(HS Code 710491)to the USA,with 23.7%,40.9%,and 93.98%share respectively,surpass-ing France,Italy,Israel,and Belg

56、ium.For silver jewellery(HS Code 711311)and polished synthetic stones HS Code 710499),India ranks second with a 21.3%and 5.07%share,behind Thailand and Germany.In imitation jewellery(HS Code 7117),India is fifth with a 2.7%share,while in precious and semi-precious stones&rubies,sapphires and emerald

57、s category(HS Code 710391/99),India leads with a 15%share.Thus,India is a key trading partner of the United States of America,particularly in CPD,gold jewellery,polished LGD,CGS and silver jewellery.Table-9:USAs Imports of Gem and Jewellery Products in(US$Million)from World&India 2023HS CodesCommodi

58、ty USA Im-ports from World USA Im-ports from India Rank,%share of In-dia in USAs Imports Supplying Markets to USA71Gems and Jewellery89549.4312,366.322nd Rank,13.8%Canada(14.6),India(13.8),Swit-zerland(9),South Africa(8.7),Israel(6.5)711319Gold Jewel-lery(Plain+Studded)11,139.132,635.241st Rank,23.7

59、%India(23.7),Italy(14),France(12.9),Hong Kong,China(5.7),Thai-land(5.6)710239Cut and Pol-ished Dia-monds 18,831.337,701.181st Rank,40.9%India(40.9),Israel(29),Belgium(11),South Africa(5.3),Botswana(2.4)711311Silver Jewel-lery1,611.48342.902nd Rank,21.3Thailand(33.5),India(21.3),Italy(14.6),China(12.

60、3),Turkey(2.5)710491Polished LGD1,244.671,169.701st Rank,93.98%India(93.98),Israel(1.78),Hong Kong,China(0.94),Belgium(0.83),China(0.73)710499Polished Synthetic Stones24.455.072nd Rank,20.72%Germany(29.67),India(20.72),China(18.87),Belgium(12),Japan(3.56)710391Rubies,Sapphires&Emeralds1,626.42240.44

61、3rd Rank,14.8%Thailand(17),Colombia(16.3),India(14.8),Sri Lanka(11.7),Switzerland(7.4)710399Precious and semi-pre-cious stones,worked883.42130.452nd Rank,14.8%Thailand(15),India(14.8),Brazil(14.2),France(7.8),Hong Kong,China(7.6)7117Imitation Jewellery1,035.6028.475th Rank,2.7%China(63.6),Italy(7.9)

62、,France(6.2),Thailand(3.4),India(2.7)Source:GJEPC compiled data from Trade Map2.8.Complementarity exists between India-USA G&J Trade 2023-24The export and import scenario indicate a strong export complementarity between both these countries as India is exporting finished jewellery products like poli

63、shed diamonds,worked LGD,studded gold jewellery,silver jewellery,and worked coloured gemstones to USA and importing rough materials i.e.gold bars,silver bars,rough coloured gemstones,rough LGDs and rough diamonds from USA.The products with greatest export potential from India to United States are Je

64、wellery&precious metal articles,pharmaceutical components,and Machinery,electricity.Jewel-lery&precious metal articles and Pearls&semi-precious stones show the largest abso-lute difference between potential and actual exports in value terms,leaving room to real-ize additional exports worth$9.7 bn an

65、d$13 mn as per latest data from Export potential map.Fig 4:Indias G&J Export Potential-2023Source:Export Potential Map,March 2025.*GJEPC estimates3.1.Country-wise untapped export potential(US$)The suppliers with greatest potential to export Jewellery&precious metal articles to In-dia are Hong Kong S

66、AR,United States and United Arab Emirates.Israel shows the largest absolute difference between potential and actual exports in value terms,leaving room to realize additional exports worth$1.4 bn.Table-10:Indias Country-wise untapped export potential(US$)Top 10 marketsS.no.CountriesExport Poten-tialU

67、ntapped Export Poten-tial1Hong Kong SAR$4.2 bn$1.1 bn2USA$3.7 bn$91 mn3UAE$1.9 bn$1.1 bn4Israel$1.5 bn$1.4 bn5Belgium$1.3 bn$1.2 bn6China$1.2 bn$1 bn7Thailand$985 mn$482 mn8Switzerland$582 mn$553 mn9South Africa$575 mn$539 mn10Singapore$373 mn$301 mnSource:GJEPC Trade Research based on Export Potent

68、ial Map,ITC 2025 as on March 20253.2.Commodity-wise untapped export potential(US$)The products where India has a huge market share are safe bets that can be taken by Indian exporters of Gems and Jewellery looking to venture into USA as a possible mar-ket.However,there are products from India with un

69、tapped export potential to the USA in the Gems and Jewellery sector.Table-11:Indias Commodity-wise untapped export potential to USACommodity Indias Export Potential to USAUntapped Ex-port Potential to USAActual Ex-portsExport Potential ReachedGems and Jewellery$22 bn$9.7 bn$12 bn54.55%Cut&Polished D

70、iamonds$14 bn$6.2 bn$8.3 bn59.29%Gold Jewellery$4.6 bn$2.7 bn$2 bn43.48%Silver Jewellery$1.1 bn$782 mn$344 mn34.40Coloured Gemstones$383 mn$204 mn$179 mn46.74Synthetic Semi-Precious Stones,worked$1.4 bn$439 mn$912 mn65.14Imitation jewellery$104 mn$67 mn$36 mn34.62Source:Export Potential Map by ITC,d

71、ata compiled by GJEPC03Indias G&J Export Potential 3.3.Tariffs in USA for Indian exportersThe below table underlines the tariffs imposed by the USA on Indian exporters for various categories of gems and jewellery.In the absence of any trade agreement or FTA with USA,under the Most Favored Nation(MFN

72、)rates,gold and silver jewellery(HS Codes 7113.19 and 7113.11)are subject to a 5%to 13.5%duty,while imitation jewellery(HS Code 7117)faces nil tariff for some categories and 3%to 11%for other categories.Rough,precious stones(HS Code 7103.1)polished coloured gemstones(HS Codes 7103.91/.99),polished L

73、GD(HS Code 7104.91)and polished synthetic stones(HS Code 7104.99)are subject to nil duty for some categories and 6.4%to 10.5%duty for other categories.However,Cut and polished diamonds(HS Code 7102.39),rough diamonds(HS Codes 7102.31/.21/.10),raw pearls(HS Codes 7101.10/.21),and processed pearls(HS

74、Code 7101.22),are all du-ty-free under MFN.Additionally,11.5%PR-GST is applicable across all categories.This tariff structure imposed by the USA on Indian gems and jewellery exporters has implica-tions with regards to cost competitiveness.Higher tariffs on gold and silver jewellery,as well as certai

75、n polished stones,can increase the cost of these products,making them less competitive in the US market.On the other hand,the duty-free status of cut and polished diamonds,rough diamonds,and pearls provides a competitive advantage.Table-12:Commodity-wise Tariffs in USA for Indian exportersHS CodeDes

76、criptionDuty rates applicable for India in USA(MFN)7113.19Gold Jewellery5%to 7%7113.11Silver Jewellery5%to 13.5%7117Imitation JewelleryFree to 3%-11%7102.39Cut&Polished DiamondsFree7102.31/.21/.10Rough DiamondsFree7103.1Rough Precious StoneFree to 10.5%7103.91/.99Polished Coloured Gem-StonesFree to

77、10.5%7101.10/.21Raw PearlsFree7101.22Processes PearlsFree7104.91Polished LGD Free to 6.4%7104.99Polished Synthetic StonesFree to 6.4%PR-GST11.5%Source:FedEx World TariffIn USA,market trends are being shaped by a fascinating blend of heritage appeal and cutting-edge retail innovations.This dynamic co

78、mbination is not only sustaining demand among traditional consumers but also captivating the interest of tech-savvy,new-age shoppers who seek both authenticity and modernity in their purchasing experiences.4.1 Consumer PreferencesThe US jewellery market exhibits a diverse range of consumer preferenc

79、es influenced by lifestyle,income levels,and regional trends.Jewellery preferences in the USA vary sig-nificantly based on demographics,cultural influences,and lifestyle trends.Gold remains the most popular metal,capturing 42%of the market share,followed by silver at 28%,platinum at 15%,and alternat

80、ive metals like titanium and tungsten accounting for 15%.Engagement rings continue to dominate jewellery sales,accounting for 31%of the to-tal market.Fashion jewellery follows closely at 27%,driven by social media trends and influencer endorsements.Wedding bands make up 22%of the market,while statem

81、ent pieces and everyday wear jewellery contribute 12%and 8%,respectively.Snapshot:-Metal Preferences:Gold:42%market share Remains the most preferred metal for fine jewellery and investment-grade pieces.Silver:28%market share Popular among younger consumers and for fashion jewellery.Platinum:15%marke

82、t share Preferred for premium and luxury pieces,including engagement rings.Alternative Metals:15%market share Titanium,tungsten,and stainless steel are gaining traction for mens jewellery and contemporary designs.Popular Jewellery Categories:1.Engagement Rings(31%of total sales)Diamonds dominate,wit

83、h lab-grown dia-monds gaining market share.2.Fashion Jewellery(27%)Includes everyday wear,trendy designs,and influenc-er-driven purchases.3.Wedding Bands(22%)Traditional gold and platinum bands remain the pre-ferred choice.4.Statement Pieces(12%)High-end jewellery pieces designed for special occa-si

84、ons.5.Everyday Wear(8%)Lightweight,minimalistic jewellery designed for daily use.4.2 Demographic TrendsYounger consumers,particularly Gen Z and Millennials,are driving the demand for lab-grown diamonds,sustainable jewellery,and digital-first shopping experiences.Affluent buyers remain committed to p

85、remium luxury brands and high-value investments in fine jewellery.Additionally,seasonal demand for jewellery gifting during key occasions such as Valentines Day,Christmas,and anniversaries continues to be a major sales driver.Regional preferences also shape jewellery trends.The Northeast prefers lux

86、ury brands and classic designs,while the West Coast emphasizes sustainability and innovative designs.The Midwest market is more value-conscious,opting for traditional jewellery,whereas the South favours bold statement pieces and coloured gemstones.Snapshot:-04MARKET PREFERENCES AND RETAIL LAND-SCAPE

87、-with reference to various parametersConsumer Segments Driving Growth:Gen Z&Millennials:A growing preference for lab-grown diamonds,sustainability,and digital-first shopping experiences.Affluent Buyers:Willingness to invest in premium luxury brands,high-value dia-monds,and bespoke jewellery.Gift Sho

88、ppers:Strong seasonal demand for jewellery purchases during Valen-tines Day,Christmas,and anniversaries.Regional Preferences:Northeast:Affinity for luxury brands and classic European-inspired designs.West Coast:Strong demand for sustainable and innovative jewellery styles.Midwest:Preference for trad

89、itional and value-oriented jewellery.South:Popularity of bold statement jewellery and coloured gemstones.5.1 Digital Transformation in Jewellery RetailE-commerce is revolutionizing jewellery sales,with online sales expected to reach$39 billion by 2027.Digital innovations such as AI-powered recommend

90、ations,virtual try-on experiences,and blockchain authentication are enhancing consumer confidence and engagement.Blockchain technology is increasingly being used for jewellery authentication and trace-ability.Brands like Tiffany&Co.,De Beers,and Brilliant Earth are leveraging blockchain solutions to

91、 offer transparency and build consumer trust.Social commerce through platforms like Instagram,TikTok,and Pinterest has also be-come a major trend.Snapshot:-E-Commerce Boom:Online jewellery sales are projected to reach$39 billion by 2027.AI-driven recommendations and virtual try-on experiences are en

92、hancing cus-tomer engagement.Blockchain Authentication:Increasing demand for digital certificates of authenticity and traceability.Brands using blockchain:Tiffany&Co.,De Beers,and Brilliant Earth.Influencer&Social Commerce:Instagram,TikTok,and Pinterest drive jewellery trends and consumer purchases.

93、Collaborations with fashion influencers enhance brand visibility.05 EMERGING TRENDS AND OP-PORTUNITIESThe United States remains a dominant player in the global jewellery industry,with an-nual sales reaching approximately$69 billion.This accounts for nearly one-fifth of the total global jewellery mar

94、ket,making it an essential destination for jewellery exports,particularly from India.The USAs demand encompasses a wide spectrum of jewellery types,including fine gold and platinum diamond jewellery,mid-range products,and fashion/bridge jewellery.Diamond jewellery alone constitutes nearly 50%of tota

95、l US jewellery sales,demonstrating its strong foothold among American consumers.6.1.Market Preferences and Consumer Behaviour1.Demand for Diamond and Coloured Gemstone JewelleryaDiamond jewellery continues to be the most sought-after segment,accounting for half of the total jewellery sales in the US

96、.Alongside this,there is also a robust and in-creasing demand for coloured gemstone jewellery.American consumers appreciate the uniqueness and aesthetic appeal of coloured gemstones,leading to a rise in demand for sapphire,ruby,emerald,and other precious gemstone jewellery.2.Growth of Lab-Grown Diam

97、ondsA significant trend emerging in the US jewellery market is the increasing preference for lab-grown diamonds,particularly among Millennials and Gen Z consumers.Despite declining prices for lab-grown diamonds,their demand remains high,especially in the bridal segment for engagement rings.Retailers

98、 in the US are capitalizing on this trend,achieving substantial profit margins in the sale of lab-grown diamond jewellery.This trend is fuelled by younger generations inclination toward sustainable and ethically sourced alternatives.3.Ethical and Responsible Sourcing Consumers in the US,particularly

99、 younger buyers,are becoming more conscious of eth-ical sourcing and sustainability in their jewellery purchases.They seek products verified by certification agencies such as the Responsible Jewellery Council.The demand for transparency in sourcing practices is driving brands to adopt responsible mi

100、ning and fair-trade initiatives,making ethical sourcing a key factor in purchasing decisions.6.2.Retail Landscape and Distribution Channels1.Structure of the US Jewellery Retail SectorThe US jewellery retail market is highly diverse,comprising approximately 20,000 retail jewellery stores.These store

101、s include major jewellery chains,mid-market retailers,inde-pendent stores,and e-commerce platforms.Key players in the industry include:Signet Jewellers:The largest specialty jewellery retailer in the US,with annual sales of around$7 billion and a network of 2,400 retail outlets.Blue Nile:A leading o

102、nline jewellery retailer offering a vast range of diamonds and fine jewellery.TV Shopping Networks:Channels such as QVC have become significant plat-forms for selling jewellery,attracting a broad consumer base.2.Shift Toward E-Commerce and Digital SalesWith the rapid evolution of digital commerce,th

103、e jewellery industry is experiencing a 06Analysis Report:Trends,Preferences,and Market Dynamics in the USA Jewellery Market as shared by the experts in USA market in the Market Insights webinar:major transformation.E-commerce platforms and social commerce channels,including Instagram and TikTok,are

104、playing an integral role in shaping jewellery shopping experi-ences.Online shopping offers greater accessibility and variety,driving substantial sales for brands focusing on digital-first strategies.3.Impact of India-USA Trade RelationsIndia plays a vital role in the US jewellery market as a key sup

105、plier of diamonds,co-loured gemstones,and finished jewellery.India processes nearly 90%of the worlds cut and polished diamonds,making it a crucial partner for US retailers seeking to source directly from manufacturers.Many US jewellery brands and designers prefer dealing di-rectly with Indian manufa

106、cturers,bypassing intermediaries to ensure better pricing and quality control.4.Increasing Collaboration Between US Buyers and Indian ManufacturersThere is a growing interest among US jewellery buyers in forging long-term partner-ships with Indian vendors.The number of US buyers attending Indian tra

107、de shows and factory visits has significantly increased since the pandemic.For example:In 2022,only five US buyers attended the Jaipur show.By April 2024,this number had grown to 40-50 US buyers,including representa-tives from major retailers and designers.A further 20-30 buyers have registered to a

108、ttend the upcoming Mumbai Buy-er-Seller Meet and Jaipur factory visits in late 2024.5.Key US Buyers Engaging with Indian SuppliersSome of the notable US buyers engaging with Indian manufacturers include:Dallas Prince Designs:A prominent designer brand featured on QVC TV jewellery shopping channel.Tu

109、rquoise Mountain:An influential jewellery network patronized by British and international clients.Peter Storm:A luxury wholesaler that regularly exhibits at JCK Luxury Show in Las Vegas.VIP Buyers Group:A select group of manufacturers,designers,and retailers working closely with Pietra Agency,Olga G

110、onzalez.07Challenges and Opportunities7.1.Challenges in the US Jewellery Market1.High Competition:The US jewellery market is highly competitive,requiring busi-nesses to differentiate themselves through branding,design innovation,and cus-tomer experience.2.Price Sensitivity:While luxury jewellery con

111、tinues to thrive,many consumers re-main price-conscious,making affordability a crucial factor.3.Regulatory and Compliance Challenges:Companies must adhere to strict guide-lines,including FTC advertising regulations,responsible sourcing policies,and hallmarking requirements.7.2.Opportunities for Grow

112、th1.Expanding Presence in E-Commerce:Businesses can leverage online platforms to reach a broader audience and drive higher sales.2.Sustainable and Ethical Branding:Jewellery brands that emphasize sustainability and responsible sourcing will attract younger buyers.3.Direct-to-Consumer Models:Establis

113、hing direct relationships between Indian manufacturers and US retailers can improve profitability and create long-term business partnerships.4.Personalization and Customization:Offering personalized jewellery experiences through AI-driven recommendations and virtual try-ons can enhance customer enga

114、gement.08ConclusionThe US jewellery market presents a thriving landscape driven by evolving consumer preferences,technological advancements,and strong trade relations with India.While challenges exist,the opportunities for businesses willing to innovate and adapt to mar-ket trends are immense.By lev

115、eraging e-commerce,prioritizing ethical sourcing,and fostering direct trade relationships,businesses can unlock the full potential of the US jewellery market.References1.National Retail Federation(NRF)Annual Report 2023 https:/ of America Industry Report 2023 https:/www.jewelers.org/ja/research-foun

116、dation3.Bureau of Economic Analysis https:/www.bea.gov/data/consumer-spending/main4.US Jewelry Market Research by McKinsey&Company https:/ Industry Research by Euromonitor International https:/ Market Size And Share|Industry Report,2030Note:Please verify these citations independently as they are bas

117、ed on typical industry sources but may need current validation.7.GJEPCs annual reports(https:/gjepc.org/research-reports.php)8.The World Gold Councils market intelligence 9.The International Diamond Exchange market updates 10.JCKs industry analysisPrepared By:Dr.Rashmi Arora,Asst Director,GJEPC,Emai

118、l:Ms.Reema Thakkar,Asst Research,Manager,GJEPC,Disclaimer A Report titled“UNLOCKING POTENTIAL IN THE USA MARKET THROUGH NAVIGAT-ING TRENDS AND OPPORTUNITIES”is prepared by Gems and Jewellery Export Promo-tion Council(GJEPC)for general guidance and information purposes only and should not be reproduc

119、ed or disseminated to others without the permission of Gems and Jewellery Export Promotion Council.Though,every effort is done to confirm the accu-racy and completeness of the data contained,the GJEPC takes no responsibility and assumes no liability for any error/omission or accuracy of the report.R

120、eaders of the report should seek professional advice or arrive at their own judgement and conclusion to their sole discretion before making any decision based on this report.The Gems and Jewellery Export Promotion Council(GJEPC)ALL RIGHTS RESERVEDMarch 2025The Gem&Jewellery Export Promotion Council Sponsored by Ministry of Commerce&IndustryToll Free Number:1800-103-4353|Missed Call Number:+91-7208048100www.gjepc.org|gjepcindia|gjepcindia|gjepcindia