The Jewelry Industry – Report Explores Trends and Sales Expectations

As the owner and operator of Construction, LLC, Henryk Gudas is dedicated to producing residential and commercial buildings with high-quality craftsmanship and energy-efficient materials. Henryk Gudas balances his construction responsibilities with his role as the operator of Gudas Inc., a jewelry design studio that crafts custom jewelry for clients around the world.

According to a report from the management consulting firm McKinsey & Company, annual global jewelry sales are expected to increase five to six percent each year, reaching a total of more than $250 billion in sales by 2020. The report also states that the jewelry industry will be increasingly impacted by trends in fashion and the global economy, including the evolving channel landscape.

With the expansion of online consumerism, the report notes that jewelry manufactures can use digital media platforms as a tool to build customer relationships, develop brand identity, and quickly disseminate information. Based on a survey conducted by McKinsey & Company, the majority of luxury shoppers state that they conduct online research and reference social media for information before making an in-store purchase. While industry experts report that the bulk of fine jewelry sales will most likely remain in-store, McKinsey found that fashion jewelry is anticipated to generate higher online sales, with a 10 to 15 percent increase by 2020.