Luxury Jewellery in South Africa

PROSPECTS

Consumer relations vital for players in this luxury category

The success of players in this niche lies in their ability to have a close relationship with their clientele and offer differentiated products. Players such as Browns offer custom jewellery services, although there is a minimum value requirement for such services.

Demand for customised luxury jewellery creates niche opportunity

High net worth individuals look for unique and customised pieces in terms of designs and the quality of precious stones used. It is popular for African consumers to buy loose stones and seek unique and high-quality craftsmanship to design and make custom-made jewellery.

Changing consumer preferences thanks to growing appetite for African-inspired jewellery pieces

The bulk of products in luxury jewellery in South Africa have a European influence in terms of their design. High net worth individuals with African heritage are increasingly looking for African-inspired luxury items, and this trend has been observed across multiple categories.

COMPETITIVE LANDSCAPE

Browns the Diamond Store maintains lead

Browns is reputed for the quality of its diamonds and its guarantee that it only deals with ethically-sourced diamonds. Wealthy shoppers are becoming increasingly aware of the importance of ethically sourced diamonds and are becoming more demanding when it comes to the relevant certifications before buying luxury jewellery.

Monobrand stores launch collections globally

More monobrand stores are opening locally and stocking a wider collection of items. Players such as Burberry and Hugo Boss are striving to give the same shopping experience to their African consumers.

Luxury costume jewellery popular among wealthy shoppers

More luxury players entering the category and offering more diversified product portfolios, including costume jewellery, is driving growth in luxury jewellery. However, the price of luxury costume jewellery can be as high as entry-level silver or smaller products of lower-carat gold.

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