Luxury Jewellery in Australia

PROSPECTS

Increasing demand for luxury jewellery

According to ABS data, there is a slight increase in the number of marriages, which shows that the demand for engagement rings within jewellery is on a rising trend and is expected to increase in the years to come, providing opportunities for jewellery retailers. However, jewellery is not limited to marriages.

Rising demand for personalisation

The demand for personalisation is increasing in jewellery. This is already being provided by retailers such as Pandora and Tiffany & Co, which offer the service of engraving different pieces of jewellery.

Silver and other metals are seeing growing demand

Within luxury jewellery, fine jewellery is performing better than costume jewellery overall. Silver is a metal that is seeing growing demand within fine jewellery, and the prices of silver have been decreasing, making it more affordable.

COMPETITIVE LANDSCAPE

The number of boutiques is increasing...

Luxury jewellery is mature, with both international and domestic players trying to increase the number of jewellery boutiques in Australia and increase the focus on providing good after-sales services, such as complementary jewellery cleaning services, to attract repeat purchases. Apart from traditional jewellery leaders Tiffany & Co, Cartier and Pandora, other high-end companies, such as Dior, Hermès and Louis Vuitton, are slowly entering luxury jewellery.

...but it is important not to lose exclusivity or focus

Whilst increasing the number of stores is important to expand their reach, companies should be careful not to lose exclusivity or focus. Michael Hill, for example, decided to close 24 Emma & Roe fashion jewellery stores to focus on the brand’s core luxury assets.

Improving the in-store experience

Retailers of luxury jewellery are looking for more strategic locations for their stores. Tiffany & Co moved its flagship store to a new strategic location on Pitt Street in Sydney to drive growth.

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