Jewelry - Bhutan | Statista Market Forecast

Jewelry - Bhutan

Bhutan

Highlights

in Bhutan, a country known for its rich cultural heritage, is no stranger to the allure of jewelry.
In 2024, the revenue in the Jewelry market of Bhutan amounts to a substantial US$4.95m Bhutanese Ngultrum.
As the industry continues to thrive, it is projected to experience an annual growth rate of 5.10% from 2024 to 2029, showcasing the potential for further expansion.
While Bhutan's jewelry market shows promise, it is important to consider the global landscape.
In this regard, China takes the lead, generating a staggering revenue of US$114bn Bhutanese Ngultrum in 2024.
This highlights the significant role that China plays in the global jewelry market.
To put things into perspective, it is worth noting that the per person revenue in Bhutan's jewelry segment is US$6.25 Bhutanese Ngultrum in 2024.
This figure reflects the amount generated in relation to the country's total population.
It demonstrates the impact and potential economic contribution that the jewelry industry can have on a personal level.
Looking ahead, it is projected that by 2024, 79% of sales in Bhutan's Jewelry market will be attributable to Non-Luxury.
This indicates a focus on more accessible and affordable options within the market, catering to a wider range of consumers.
In conclusion, Bhutan's jewelry market holds promise and potential for growth.
With a deep appreciation for tradition and culture, it is no surprise that this industry continues to thrive in the country.
As the market evolves, it will be interesting to see how Bhutan's unique perspective and offerings shape its jewelry sector in the coming years.
The demand for traditional Bhutanese jewelry made with precious gemstones is steadily rising among both locals and tourists.

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.