Market Trends of Latin America Jewelry Industry
This section covers the major market trends shaping the Latin America Jewelry Market according to our research experts:
Growing Demand for Diamond in the Market
The rising income level of customers in the country increased purchasing power, and rising fashion trends are boosting the demand for fine jewelry across the region. Similar to the gold industry, the diamond industry to has high expectations, primarily due to the huge emerging lifestyles in Latin American countries. Sales have increased in these regions over the past few years, showing an upsurge in the growth of the jewelry market in Latin America. Luxury brands have refocused their business strategies to capitalize on these changes with technological innovation and international investment. Looking at customers' changing demand for different jewelry styles, the players in the market are creating new designs to satisfy customer needs. For instance, in 2020, Muzo Emerald Colombia launched a new set of emerald jewelry in collaboration with ten designers. Using these stones brought together the heritage of Colombia and Mexico in the jewelry designs.
Online Retail Stores are the Fastest Growing Channel
The rising preference of online retail stores for purchasing different accessories has increased the demand for jewelry in Latin America. People are more inclined toward purchasing different jewelry, whether real or custom jewelry, through e-commerce platforms. Gen Z and millennials are more interested in online purchases because of their convenience. According to the Asociacion Mexicana de Venta Online, Mexico, the number of online shopping users between the ages of 25-34 was 31%, and the age group of 35-44 was 24% in 2020. Alongside, the easy accessibility to the websites and a secure payment system have given an edge to the online retail channels. Moreover, the key players in the market are focused on making online jewelry purchases more convenient and efficient for the customers. They have made buying jewelry online more flexible with the help of providing try-on for the customers digitally before the actual purchase.
