Albany – NY, Oct. 20, 2015 (GLOBE NEWSWIRE) — Inspired by the rich and artistic past of precious stones, objects, jewelry pieces and embellished with the practical information regarding the color, carat-age, other aspects of the precious metals and jewelry, growing economy and the rising personal income, the global jewelry market has witnessed an impressive growth thus expanding the boundaries of its existing realm.
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The gems and jewelry industry is personified by stifling competition. The sector sways between inexpensive jewelry pieces for daily wear, to special items like engagement rings and watches meant for celebrating special events, to investment pieces priced and sold similar to antique pieces and fine art.
Considering the several elements utilized in jewelry industry, gold has always dominated the industry on account of its vivid physical and chemical properties like luster and ease of fabrication. Being traded on the commodity exchanges, gold price movements are also reflected in the gold jewelry consumption. Apart from yellow gold, other chief metals employed in the jewelry manufacturing industry include platinum, silver, titanium, palladium and tungsten carbide among others.
The major factors influencing the demand for jewelry are personal income and the global prices of major commodities such as gold and silver. Other factors driving the growth of the industry are growing number of working women and economic growth since 2009. The very facts have starkly made the jewelry industry exposed to the ripples of economic and financial conditions prevalent world over, specifically in key retailing markets and sourcing destinations.
This report provides a comprehensive analysis of the US jewelry market with a special focus on online jewelry sales. A strong correlation between the macroeconomic factors and the US jewelry industry has been observed as the industry declined during the financial crisis of 2009 but recovered at a fast pace after it.
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Furthermore, the market dynamics including the industry trends and development, underlying growth drivers and key issues are also discussed in depth. The jewelry market of the US is fiercely competitive with major players contending on the basis of different parameters.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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