The jewellery business is one that has been flourishing globally right from the beginning. And will continue to do so. The ever-increasing demand for jewellery, precious metals and gemstones keeps the business going. There is demand and supply both in and out of countries that produce jewellery. These sales make up a lot of the revenue income in the GDP of the country. Below are 5 of the top countries that have jewellery business as their major revenue source.
China is a large exporter of imitation jewellery primarily and also authentic gold jewellery. A big source of the national revenue income comes from the business that imitation and gold jewellery companies make in China. With new stocks every year, the demand is quite high and so is the supply. Since China is a pretty big country in itself, there are many jewellery businesses being run successfully that help in the overall revenue income of the country.
- United States of America
In 2019, 32.6 billion dollars of the total revenue of United States of America was only from jewellery sales. This number included both inbound as well as outbound sales in terms of exports. Since 1992, the country has only seen a rise in the graph of the revenue contribution of the jewellery business. There have been a lot of exports, especially of gemstone, platinum and gold jewellery.
India and jewellery go a long way. The culture and colourful festivities have always been enhanced by beautiful, authentic and traditional jewellery pieces in India. The buying rate is naturally high then. Many western countries find it cheaper to buy jewellery in India as compared to their own countries. This does make it a pretty big revenue source. Moreover, India also has festivals that ritualise buying jewellery for common people too. Thus on these days, you see people in bulk purchasing some piece of jewellery or the other which affects the revenue of the country a great deal. The Hidden halo engagement rings are trending right now in diamond jewellery and are being bought the most.
If you’re talking about jewellery, you can’t leave out Dubai. Dubai has one of the biggest souk (market) for gold jewellery. Since the country’s main revenue comes out of tourism and jewellery buying is a pretty big deal for tourists when they are in Dubai, it naturally forms a big part of their revenue income too. The best part of Dubai jewellery is that it is cheap as compared to other countries. The reason can be the low making charges. You can get the chunkiest of gold pieces for low prices and so people travel all the way to Dubai during shopping festivals to buy the same.
Countries in the UAE such as Saudi Arabia and Abu Dhabi are leading exporters in gold, silver and other jewellery to the rest of the world. Their exports amount for most of their revenue. The export market for gold is worth $305 in the entire world. In 2019, their jewellery sales contributed up to 6.36% of total exportin the country.
Jewellery export and import has improved and maintained the good relations between countries over the years. It has proven beneficial for the global economy as well. London, for example has a very popular jewellery hub of Hatton garden engagement rings. They make a lot of business throughout the year.