The beauty industry has always had a fondness for jewels and rubies as it is believed to enhance the natural beauty of humans and add a tint of elegance to the personality as well. The use of gold and silver in ornament making is a prime factor promoting the growth of the global precious metal market. This is likely to continue so in the coming years as with time, the popularity and demand for jewelry and the want of having precious metals installed in those ornaments will continue to grow. The rising supply of precious metals is augmented by the rise in mine expansion activity and the growing popularity of recycling. There is high demand for silver as it is used in more applications.
The demand for precious metals in jewelry application stands as a prime factor boosting the growth of the global precious metal market. Gold holds a prime place in the type of precious metals on account of their high significance in some countries such as China, and India. To cite an example, Indian weddings are a big market attracter for precious metals as it follows traditions to marry in jewelry and ornaments. According to some survey, Indian weddings alone attracted revenue of more than USD 40 billion from an estimated 10 to 12 million marriages and China witnessed an estimated 10.1 million marriages in the year 2018 itself. The age old customs and traditions of India and China are projected to continue serving the global precious metals market in the forecast period.
The report on the global precious metals provides a 360-degree overview of the market and its key growth parameters such as drivers, restraints, challenges, and new growth opportunities. It also highlights the impact of the novel COVID19 pandemic on this market and how can players attract notable revenues during this time period by adopting strategies such as product innovations, product quality improvement, and others. The table of segmentation, names of leading segment, and factors promoting its growth are all discussed in details in this report. To purchase this report or gather more information, log on to the company website.
The nature of the global precious metals market is highly fragmented on account of the presence of multiple players. Some of them are engaging in collaborative efforts and joint ventures to gain notable revenues while others are investing on mining projects to ensure notable revenues in the coming years.
Some of the key players of the global Precious Metals market include:
The high value of precious metals helps attract or consumers and this is considered one of the key growth drivers promoting the growth of the global precious metals market. Besides this, the banking sector introducing schemes for providing monetary assistance in the form of gold loan also helps increase the value of gold as a precious stone, ultimately attracting more revenues for the overall precious metals market. Investors are more interested in precious metals than property as the value of such metals increases with time. Thus, the market will witness new growth opportunities in the coming years on account of the aforementioned factors.
Demographically, the market was dominated by Asia Pacific on account of the humungous wedding industry and their high value for precious metals such as gold and silver in China and India. The latter country emerges as the powerhouse of the precious metals market owing to the high priority and importance given to the wedding industry, and especially the jewelry sector.