Imitation jewelry refers to jewelry made from inexpensive metals and gemstones. Imitation jewelry is mainly made from low cost metals such as brass, nickel, sterling silver, steel, silver or gold plated. It also includes gemstones such as lucite or rhinestone. As the cost of buying gemstones, diamonds, and solid gold is steep when trying to match up jewelry pieces for different occasions and outfits, consumers are purchasing imitation jewelry to strike a balance between looking fashionable and maintaining budgets. Imitation jewelry is a replica of fine jewelry but can cost significantly less. The imitation jewelry market is projected to grow at a high rate during the forecast period due to growing demand.
The main drivers of growth for the imitation jewelry market is globalization of brands, rising prices of gold and other valuable stones and pearls, and growing demand for male costume jewelry. Some of the key challenges faced by the imitation jewelry industry include rising raw material cost and overall subtle market of fashion jewelry. The disorganized supply chain of the raw materials used in costume jewelry also acts as a major restraint for the industry as it sometimes increases the prices of raw materials. Online channels are still a new trend in many regions but are offering numerous new opportunities for the market.
The main threat hampering the growth of the imitation jewelry market is the shortage of skilled craftsmen. Additionally, considerable time is spent on quality checks of raw materials from local suppliers, thus delaying delivery to the market. Although there are strict regulations (especially in the western countries) regarding the type of metals used in the jewelry, some cases have been reported which shows a high percentage of unsafe chemicals used, including lead, chromium, and nickel. This has created fear in the minds of people and can act as a major restraint which can negatively impact the growth of the market in the near future. Also, fast changing fashion trends is affecting the growth of the market. However, growing fashion consciousness among teens and cost effective fashionable jewelry is likely to boost the overall market in the coming years.
The global imitation jewelry market can be categorized on the basis of product type, gender, and region. The product type segment can further be classified into necklaces & chains, earrings, rings, bracelets, cufflinks & studs, and others. On the basis of gender, the global imitation jewelry market is segmented into male and female. On the basis of mode of sales, the market is segmented into retail and online sales. Retail mode of sales can further be segmented into brand outlets, boutiques, multi-brand stores, and specialty stores. On the basis of geography, the global imitation jewelry market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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Among the regions, China and India are the largest manufacturers of imitation jewelry and the U.S., Europe, Australia, and many Asian countries are some of the largest importers of imitation jewelry globally.
The major players in the imitation jewelry market are DCK Concessions, Yurman Design, Inc., LOUIS VUITTON, Avon Product Inc., Swank, Inc. Cartier, Buckley Jewellery Limited, Billig Jewelers, Inc., BaubleBar Inc., Stuller, Inc., and Gianni Versace S.p.A. among others. These vendors are involved in partnerships with retailers and distributers globally in order to increase their market share in the global imitation jewelry market.