The Australian government implemented a six-week lockdown from mid-March 2020 to curb the spread of COVID-19 resulting in non-essential store closures and stringent social distancing measures. Subsequently, social occasions and celebrations including weddings and parties were postponed but despite the easing of restrictions large celebratory occasions did not recommence later in the year.
The competitive landscape of luxury jewellery in Australia is highly fragmented. While multinationals such as Richemont Australia Pty Ltd (Cartier, Van Cleef & Arpels), Swarovski International (Australia) Pty Ltd, and Tiffany & Co lead, Richemont is the only company with double-digit value share and sales are dominated by smaller players under “others”.
Furthermore, luxury jewellery players are enticing consumers by offering personalised solutions. Michael Hill, for example, added a ring builder function to its engagement ring segment in 2020 where customers can customise their ring with various settings, metals, and diamonds.
As various Australian territories gradually decrease restrictions in 2021 and the COVID-19 vaccine is rolled out, it is likely that consumers will kickstart discretionary spending on luxury jewellery. Whether to purchase luxury jewellery for gifting purposes, as investment pieces or for occasion-based wear, luxury jewellery consumers will likely regain confidence to start spending on these big-ticket items again in 2021.
As major Australian jewellery trade fairs were cancelled or moved online in 2020, it is expected that luxury jewellery manufacturers will obtain gems and materials from other sources. For example, the Global Diamond Vault, a diamond-sourcing programme was launched in August 2020 by the Nationwide Jewellers following a three-year development process.
Despite Danish luxury jewellery manufacturer and retailer Pandora’s relaunch of its eponymous brand in 2019 the company is not performing well in Australia; indeed, Australia is the second worst market for the brand. Conversely, Van Cleef & Arpels introduced a heritage collection in Australia in July 2020 giving Australians the opportunity to buy historic collections that were worn by royalty and leaders, which proved popular.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Jewellery research and analysis database.
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