Costume Jewelry Exporters Eyeing Better Profits Next Year
The difference between false memories and true ones is the same as for jewels : it is always the false ones that look the most real, the most brilliant. ~ Salvador Dalí
Wikipedia defines costume jewelry as - " Jewelry or ornamentation to complement a particular fashionable costume or garment. It was intended to be fashionable for a short period of time, out date itself, and then be repurchased to fit with a new outfit or new fashion style." Over a period of time costume jewelry has been able to carve its own niche as a jewelry segment and now, is on the must have list of even the upmarket high class, who used to detest it earlier.
On the business front, costume jewelry manufacturers are located throughout the world, with a particular concentration in parts of China and India, where production of costume jewelry is a full fledged small scale industry.
Recent Threats
Retailers profited from consumer extravagance in the past, but were seen struggling, when they had to deal with more conservative buyers, in the midst of recession. Recession caused consumers to scale back on their heavy spendings and jewelry was one of the first casualty of this spend cut. Historically, too whenever the demand for jewelry has dwindled, it has signified the slowness in economy.
Present scenario
After the downturn, costume jewelry is experiencing a kind of resurgence that hasn't been seen for a long long time. Post recession, every market research firm has predicted a huge surge in demand and high sales. With personal finances back in order, new trends are being observed like a renewed demand for massive, dramatic and heavy metals along with antiques, vintage collection like - over-the-top rings, enormous hoops, chandelier earrings etc.
Opportunity
Now that the downturn has been reversed, It is entirely up to the jewelry manufacturers to maximise their profits under the current circumstances. Costume jewelry manufacturers earlier used to resort to the traditional wholesaler-retailer nexus to supply and distribute their products. Now with the arrival of web they have been exposed to plethora of opportunities which gives them ample alternate routes to sell & market their products worldwide.
Challenges
Though the sun is shining bright on the costume jewelry, there are still few dark clouds. There has been considerable controversy in the western countries over the lack of regulations in the manufacturing of such jewelry items. These issues range from human rights concerning the treatment of labour, to the use of technology in which potentially harmful chemicals become side products of production. So far the cliché has been that the developing countries are trying their best to address these issues.
Conclusion
Under the current scenario all the exporters and suppliers are going full throttle towards production and distribution and the costume jewelry industry is expected to bounce back quickly. Also, it would be highly interesting to see how Indian costume jewelry makers are able to meet the challenges and consolidate their position in the jewelry market.
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