Although luxury jewellery saw retail volume declines for most of the review period, they were insignificant compared with the fall in sales seen in 2020. Meanwhile, current value sales fell from growth in 2019 to a double-digit decline in 2020.
Another factor which negatively impacted sales of luxury jewellery in 2020 was the plummeting number of tourist arrivals. Before the pandemic, international retail expenditure accounted for almost two thirds of overall sales.
Browns the Diamond Store continued to lead luxury jewellery in value terms in 2019. It has a strong reputation thanks to the quality of its diamonds and its guarantee that it only deals with ethically sourced diamonds.
Due to the continued presence of COVID-19 in the country at the beginning of 2021, and the resultant continuation of restrictions, luxury jewellery is set to continue to decline in this year in both retail volume and current value terms. Similar to other luxury goods, a return to current value growth is expected from 2022, as vaccines are distributed and the start of economic recovery is seen after the negative impact of COVID-19.
In early 2021, US jewellery house Tiffany & Co was acquired by the global powerhouse LVMH Moët Hennessy Louis Vuitton. This partnership is expected to benefit local entities that stock the Tiffany brand, and could affect the competitive landscape in luxury jewellery in the forecast period.
The success of players in luxury jewellery lies in their ability to form a close relationship with their clientele and offer differentiated products. Small to mid-sized and independent jewellers have an important role to play in the category, as they can leverage their custom jewellery services to take sales away from more established players that work on a larger scale.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in South Africa 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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