Jewelry - Armenia | Statista Market Forecast

Jewelry - Armenia

Armenia

Highlights

in Armenia, a country known for its rich history and cultural heritage, is not exempt from the influence of the global jewelry market.
In 2024, the revenue in the Jewelry market of Armenia amounts to US$28.24m.
This significant figure demonstrates the importance of this market segment within the country.
Looking ahead, the Jewelry market in Armenia is projected to experience steady growth.
It is expected to grow annually by 4.07%, according to the Compound Annual Growth Rate (CAGR) from 2024 to 2029.
This positive trend indicates the potential for further expansion and development in the years to come.
In a global comparison, it is interesting to note that China leads the pack in terms of revenue generation in the Jewelry market.
In 2024, China is expected to generate a staggering amount of US$114bn.
This figure highlights the immense size and significance of the Chinan jewelry market on a global scale.
To put things into perspective, let's consider the per person revenues in Armenia's Jewelry market.
In 2024, each individual in Armenia contributes an average of US$10.17 in revenue.
This metric provides insight into the economic impact and consumption patterns of the Armenian population in relation to the jewelry market.
Lastly, it is worth mentioning that by 2024, a significant portion of sales in the Jewelry market, specifically 88%, will be attributable to Non-Luxury.
This indicates the prevailing preference for affordable and accessible jewelry products among consumers in Armenia.
In conclusion, the revenue in Armenia's Jewelry market reflects the importance of this market within the country.
With steady growth projected in the coming years, in Armenia has the potential to further establish itself as a significant player in the global jewelry industry.
Armenia's jewelry market is thriving, with a resurgence of traditional Armenian craftsmanship and a growing demand for unique, handcrafted pieces.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on accessories, including watches and jewelry, as well as luggage and bags. that are produced for private end consumers. Retail sales through both offline and online sales channels are included.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from third-party sources (e.g., independent databases), historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for making forecasts about the Accessories market, which is projected to grow steadily. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

Humans have worn jewelry for many thousands of years. It is one of the most ancient and enduring forms of personal expression. Whether it’s a luxurious diamond necklace, or a simple charm bracelet, jewelry can make the wearer instantly feel more confident and stylish. In 2022, the global luxury jewelry market amounted to about 28 billion euros. Globally, the lion’s share of the jewelry and watch market revenue generated in 2022 is attributed to three countries: China was the largest, followed closely by India and the United States. The value of the jewelry market is expected to increase from about 270 billion U.S. dollars in 2022 to over 330 billion dollars by 2026. One of the most exciting new innovations in the jewelry industry is lab-created diamonds, which are often indistinguishable from natural diamonds, and are expected to become much more common and readily available in the near future.