Fine Jewelry Demand Grows

The demand for fine jewelry grew in the past year and grew at a rate greater than that of other durable goods in the marketplace.A recently released study of durable goods by ResearchandMarkets has revealed that Americans purchased over $57 billion worth of fine jewelry and watches in 2004.This represented a growth of fine jewelry and watches sales of 6.9% over 2003.When compared to the growth rate of 4.7% of other durable goods over 2003s sales, this marks a noticeably greater demand in, and good news for, the fine jewelry and watches industry.

An Unexplored Market for Fine Jewelry

The study showed that the largest target market for fine jewelry is women between the ages of 25 and 55.However, this could be a long-term mistake, or perhaps simply a missed opportunity, for the fine jewelry industry.According to a study done by the Jewelry Consumer Opinion Council (JCOC), a market that is seeking out fine jewelry is the growing number of Hispanic consumers in the US.This is a market group which, according to the study, is not only willing to spend over $500 on fine jewelry in the next year, but wants to make these fine jewelry purchases.The Hispanic market is the fastest growing market in the US, and while much of the jewelry that is purchased is religious in nature, there is a marked increase in the demand for fine jewelry of all types and styles.

The Fine Jewelry Industry Should Open Its Marketing Strategies

While the fine jewelry industry has grown at a faster rate than other durable goods industries in 2004, it still has left vast market potential untapped.The demographic that has been the accepted mode of marketing for fine jewelry, women between 25 and 55, has demonstrated continued room for growth.What must not be overlooked, however, is the vast potential of the quickly growing Hispanic market in the field of fine jewelry.This is a group who has shown a demand for fine jewelry, and the smart money is on developing campaigns toward marketing to that consumer group.

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• Enhance The Sparkle Of A Diamond Pendant With A White Gold Chain
• A Bouquet of Diamonds In A Beautiful Pendant
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