Editor’s Note
This article highlights the resilience of Brazil’s jewelry market, which maintained strong growth even during economic downturns. With the current recovery, increased demand is driving investment in processing equipment, signaling a robust outlook for the sector.
ㅇ The Brazilian jewelry market showed high growth rates of 4-9% even during the peak of the economic downturn in 2015-2016.
– With the recent economic recovery, demand for jewelry is increasing, leading to rising investment in gem processing tools and machinery equipment.
ㅇ In 2018, the Brazilian jewelry market was valued at 12.6 billion Brazilian Reais, showing approximately 3% growth compared to the previous year.
– The Brazilian jewelry market is expected to continue its growth trend in the coming years, reaching about 16.5 billion Reais by 2023.
ㅇ According to Euromonitor, during 2015-2016 when Brazil recorded negative economic growth for two consecutive years, the jewelry market grew by 9% and 4.3% respectively.
ㅇ According to the Brazilian Institute of Gems and Precious Metals (IBGM), Brazil is one of the world’s top 15 gem-producing countries, producing approximately 22 tons of gem products annually.
– Despite economic hardship, Brazilian consumers have maintained their habit of purchasing accessories such as earrings, necklaces, rings, and bracelets.
– Most Brazilian consumers enjoy adorning themselves with makeup or accessories and tend to buy products within their means. Recently, not only women but also male consumers are showing significant interest in accessories.
– Among Brazilian consumers, semi-precious stone products and general metal fashion accessories, which are relatively affordable, are popular.
ㅇ According to Euromonitor, Brazilian jewelry retailers are opening stores in urban commercial districts or shopping centers, particularly seeking ways to be more accessible to consumers through kiosk-style stores.
– Major jewelry retailers with high brand recognition are enhancing sales by establishing outlets in airports or shopping centers.
– Millennial consumers are one of the key purchasing groups for Brazilian jewelry products. Although they are young consumers familiar with online shopping, they prefer to see and try on expensive jewelry items in physical stores before purchasing.
ㅇ As Brazil’s economic downturn continued, ‘direct sales’, where sales representatives visit consumers directly to sell products, has significantly increased in the gem market.
– Rommanel is a leading company in direct jewelry sales, possessing a team of experts monitoring global jewelry fashion trends and handling over 3,000 types of jewelry products.
ㅇ According to Euromonitor, jewelry retailer Vivara holds a 5.3% share of the Brazilian gem product market, ranking first in sales, followed by Morana (2.5%) in second place, and Pandora (2%) in third.
ㅇ According to the information portal Terra, while female customers dominate the Brazilian gem product market, the influence of male customers is gradually increasing.
– In the past, men bought gem products primarily as gifts for women, but recently, more are purchasing for their own use.
ㅇ According to the current affairs magazine Exame, since most Brazilian consumers seek unique, high-quality, and affordable accessories, products made from titanium, palladium, and stainless steel that meet these demands are gaining popularity.
ㅇ Brazilian semi-precious stone products have also continued to grow in recent years. Accessories crafted using semi-precious stones and stainless steel are particularly popular among male consumers.
ㅇ The design and quality of Brazilian gemstones are world-renowned, enjoying high popularity in overseas markets such as the United States, Germany, and Canada, leading to increased exports.
– Major export items include rubies, emeralds, sapphires, and precious metal products, which are also receiving positive responses in foreign markets.
