Factors Influencing Jewelry Market Competition
Jewelry is a strenuous and competitive business. The jewelry sector ranges from inexpensive costume pieces for daily wear, to special items like engagement rings and watches intended to celebrate special occasions, to investment range pieces priced and sold similar to fine art.
In the field of Manufacturing, demand for jewelry is provoked by personal income and prices of world gold and silver. The effectiveness of individual companies is based on effective operations and cost controls. Big companies have many benefits in providing a broader product line to meet consumers’ altering desires, and also in effective production and distribution performance. Small companies can compete efficiently by providing estimated and unique product lines. Average annual revenue for single worker for a normal large company is nearly $200,000.
In the field of retail market, jewelry sales are partially based on consumer income. Small jewelers can efficiently compete with large chains as price is not the primary factor in determining sales. Profitability is based on merchandising and effective marketing.