Market Size of Latin America Jewelry Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.79 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin American Jewelry Market Analysis
The Latin American jewelry market is projected to witness a CAGR of 2.79% over the forecast period (2022-2027).
The Latin American jewelry market faced a decline in sales due to the influence of the COVID-19 pandemic. Government regulations, lockdowns, and shutdowns affected the sales, coupled with the decrease in demand for jewelry by customers. This was because people were restricted from going out, and the number of social gatherings and parties also decreased. But during the second quarter of the pandemic, people acknowledged the purchase of jewelry from online retail stores, increasing the demand for jewelry in Latin America further.
Jewelry sales in Latin America are mostly driven by fine jewelry, wherein Mexico and Brazil form the key markets for costume jewelry. The customers in the market prefer different varieties of fashion jewelry. On the other hand, the demand for precious stones like diamonds and gold is rising, creating an upsurge in the market demand. Moreover, the market studied is highly influenced by customers' changing lifestyles, who look for constant evolution in different designs and styles.
- Jewelry sales via offline stores hold a prominent share among the consumers, owing to the exclusive collections at these stores. However, in recent times, online retail stores are gaining traction, owing to the convenience and safety associated with shopping for jewelry online.
