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Fine Jewellery and Watch Retailing in Australia - Market Research Report (2014-2029)

Suzy Oo Suzy Oo Melbourne, Australia Last Updated: May 2024 ANZSIC OD5532

Revenue

$3.8bn

2024-25

$4.0bn

Past 5-Year Growth

Profit

$XXX.Xm

Employees

18,504

Businesses

1,920

Wages

$XXX.Xm

Fine Jewellery and Watch Retailing in Australia industry analysis

The Fine Jewellery and Watch Retailing industry consists of firms that sell fine jewellery and watches made of precious or semiprecious gemstones and metals. Difficult retail conditions over the past five years have constrained the industry's performance. Industry revenue is expected to decline at an annualised 0.3% over the five years through 2022-23, to $3.8 billion. Reduced foot traffic and cost pressures brought on by the COVID-19 pandemic have placed significant downward pressure on industry performance. General economic recovery following the easing of COVID-19 travel restrictions has lifted consumer sentiment, a key driver of demand for industry goods. Accordingly, the industry's performance includes an increase of 0.9% in 2022-23.Over the past five years, increased material costs have reduced industry profit margins. Rises in the world prices of gold and silver, combined with a depreciating Australian dollar, have placed significant cost pressures on industry firms. A decrease in the number of marriages over the period has reduced demand for industry products. Furthermore, the COVID-19 pandemic has greatly reduced the number of international tourists visiting Australia, removing a key revenue stream for industry firms. In response to difficult trading conditions, larger firms have exhibited high levels of competition. Price-based competition and extensive marketing campaigns have been deployed by these firms to preserve their market shares amid declining sales. Further declines in the industry's performance have been limited by increases in real household discretionary income over the period, as local customers have demonstrated greater buying power.Industry performance is anticipated to recover over the next five years. Projected positive consumer sentiment over the period, combined with increased real household discretionary income, is likely to increase demand for industry products. Industry revenue is forecast to rise at an annualised 1.8% over the five years through 2027-28, to $4.1 billion. However, international brands are anticipated to increase their market consolidation as smaller firms exit the industry due to high price-based competition.

Trends and Insights

  • Unfavourable purchasing trends reduce industry revenue. Declining marriage rates and volatile consumer sentiment constrain revenue generated from fine metal and precious stones jewellery.
  • Reluctance to get married disrupts demand for precious stones jewellery. There is a long-term decline in willingness to get married, and non-married de facto couples’ prevalence is rising, reducing demand for engagement and wedding rings.
  • The need to be close to customers drive location choices. Industry establishments’ proximity to customers determines their distribution, with most retailers choosing Sydney and Melbourne.
  • Brand loyalty, location and value-added aftercare services help operators differentiate against competitors, and maintain market share.

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  • Market estimates from 2014-2029
  • Critical performance data and rankings
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Industry Statistics and Trends

Market size and recent performance (2014-2029)

Industry revenue has declined at a CAGR of 0.3 % over the past five years, to reach an estimated $3.8bn in 2024.

Trends and Insights

Volatile consumer sentiment reduced fine jewellery's appeal

  • Fluctuating consumer sentiment and increasing purchase costs due to the COVID-19 pandemic have further increased operating difficulties for industry firms.
  • Additional trends and insights available with purchase
Fine Jewellery and Watch Retailing in Australia
Revenue (2014-2029)
IBISWorld Logo Source: IBISWorld

Industry outlook (2024-2029)

Market size is projected to grow over the next five years.

Trends and Insights

International brands will seek to occupy a greater share of the market

  • Multinational operators are forecast to increase their individual market shares over the next five years, raising industry competition and reducing enterprise numbers.

Biggest companies in the Fine Jewellery and Watch Retailing in Australia

Company
Market Share (%)
2023
Revenue ($m)
2023
Prouds Jewellers
546.9
Pandora
318.6
Richemont Australia
297.6

To view the market share and analysis for all 5 top companies in this industry, view purchase options.

Products & Services Segmentation

Fine Jewellery and Watch Retailing in Australia
Products & Services
IBISWorld Logo Source: IBISWorld

Industry revenue is measured across several distinct product and services lines, including Precious stones jewellery, Fine silver jewellery and Fine watches. Precious stones jewellery is the largest segment of the Fine Jewellery and Watch Retailing in Australia.

Trends and Insights

A decline in marriages hurts precious stones jewellery sales

  • Precious stones jewellery products are made with gemstones such as diamonds, rubies, emeralds and sapphires.
  • More insights available in the full report

Table of Contents

About this industry

Industry definition

Industry operators primarily retail fine jewellery and watches, which are made with precious metals or precious and semiprecious gemstones. Businesses that primarily retail fashion watches and jewellery not made with precious metals or gemstones are excluded from the industry. Online-only players are also excluded from the industry.

What's included in this industry?

Luxury watch retailingFine jewellery retailingGold jewellery retailingSilver jewellery retailing

Companies

Prouds JewellersPandoraRichemont Australia

Purchase this report to view all 5 major companies in this industry.

Related Terms

FINE JEWELLERYFASHION JEWELLERYCOMPUTER-AIDED DESIGN (CAD)

Industry Code

ANZSIC 2006

ANZSIC 4253 - Fine Jewellery and Watch Retailing in Australia

Performance

Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.

Analyst insights

Unfavourable purchasing trends reduce industry revenue. Declining marriage rates and volatile consumer sentiment constrain revenue generated from fine metal and precious ston...

In this chapter (4)

  • Current Performance
  • Outlook
  • Volatility
  • Life Cycle

Key metrics

  • Annual Revenue, Recent Growth, Forecast, Revenue Volatility
  • Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
  • Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
  • Total Profit, Profit Margin, Profit per Business

Charts

  • Revenue, including historical (2014-2023) and forecast (2024-2029)
  • Employees, including historical (2014-2023) and forecast (2024-2029)
  • Businesses, including historical (2014-2023) and forecast (2024-2029)
  • Profit, including historical (2014-2024)
  • Industry Volatility vs. Revenue Growth
  • Industry Life Cycle

Detailed analysis

  • Trends in supply, demand and current events that are driving current industry performance
  • Expected trends, economic factors and ongoing events that drive the industry's outlook
  • Key success factors for businesses to overcome volatility
  • How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.

Products and Markets

Learn about an industry's products and services, markets and trends in international trade.

Analyst insight

Reluctance to get married disrupts demand for precious stones jewellery. There is a long-term decline in willingness to get married, and non-married de facto couples’ prevale...

In this chapter

  • Products & Services
  • Major Markets

Key metrics

  • Largest market segment and value in 2024
  • Product innovation level

Charts

  • Products & services segmentation in 2024
  • Major market segmentation in 2024

Detailed analysis

  • Trends impacting the recent performance of the industry's various segments
  • Innovations in the industry's product or service offering, specialization or delivery method
  • Key factors that successful businesses consider in their offerings
  • Buying segments and key trends influencing demand for industry products and services

Geographic Breakdown

Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.

Analyst insights

The need to be close to customers drive location choices. Industry establishments’ proximity to customers determines their distribution, with most retailers choosing Sydney a...

In this chapter (1)

  • Business Locations

Charts

  • Share of revenue, establishment, wages and employment in each region
  • Share of population compared to establishments in each region in 2024

Tables

  • Number and share of establishments in each region in 2024
  • Number and share of revenue each region accounts for in 2024
  • Number and share of wages each region accounts for in 2024
  • Number and share of employees in each region in 2024

Detailed analysis

  • Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
  • Key success factors for businesses to use location to their advantage

Competitive Forces

Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.

Analyst insights

Brand loyalty, location and value-added aftercare services help operators differentiate against competitors, and maintain market share.

In this chapter (4)

  • Concentration
  • Barriers to Entry
  • Substitutes
  • Buyer & Supplier Analysis

Key metrics

  • Industry concentration level
  • Industry competition level and trend
  • Barriers to entry level and trend
  • Substitutes level and trend
  • Buyer power level and trend
  • Supplier power level and trend

Charts

  • Market share concentration among the top 4 suppliers from 2019-2024
  • Supply chain including upstream supplying industries and downstream buying industries, flow chart

Detailed analysis

  • Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
  • Key success factors for businesses to manage the competitive environment of the industry.
  • Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
  • Key success factors for potential entrants to overcome barriers to entry.
  • Competitive threats from potential substitutes for the industry’s own products and services.
  • Key success factors for how successful businesses can compete with substitutes.
  • Advantages that buyers have to keep favorable purchasing conditions.
  • Advantages that suppliers have to maintain favorable selling conditions.
  • Key success factors for how businesses can navigate buyer and supplier power.

Companies

Learn about the performance of the top companies in the industry.

Analyst insights

Growth in luxury retailing is expanding Richemont Australia’s presence in the market. Despite weaker demand from foreign luxury shoppers due to COVID-19 travel restrictions, ...

In this chapter

  • Market Share Concentration
  • Companies
  • Company Spotlights

Charts

  • Industry market share by company in 2020 through 2024
  • Major companies in the industry, including market share, revenue, profit and profit margin in 2024
  • Overview of Prouds Jewellers's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of Pandora's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of Richemont Australia's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of revenue, market share and profit margin trend for 2 additional companies

Detailed analysis

  • Description and key data for Prouds Jewellers, and factors influencing its performance in the industry
  • Description and key data for Pandora, and factors influencing its performance in the industry
  • Description and key data for Richemont Australia, and factors influencing its performance in the industry
  • Description, key data and performance trends for 2 additional companies

External Environment

Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.   

Analyst insights

Passing on increases in input costs to consumers. Absorbing higher input costs, such as gold and silver, can squeeze industry profit margins. Luxury jewellery and watch retai...

In this chapter

  • External Drivers
  • Regulation & Policy
  • Assistance

Key metrics

  • Regulation & policy level and trend
  • Assistance level and trend

Charts

  • Regulation & Policy historical data and forecast (2014-2029) 
  • Assistance historical data and forecast (2014-2029) 

Detailed analysis

  • Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
  • Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
  • Key governmental and non-governmental groups or policies that may provide some relief for industry operators.

Financial Benchmarks

View average costs for industry operators and compare financial data against an industry's financial benchmarks over time. 

Analyst insights

Fine jewellery and watch retailers typically sell fewer units, but generate a higher profit margin per item. Consumers are willing to pay a premium for luxury jewellery items...

In this chapter

  • Cost Structure
  • Financial Ratios
  • Key Ratios

Key metrics

  • Profit margin, and how it compares to the sector-wide margin
  • Average wages, and how it compares to the sector-wide average wage
  • Largest cost component as a percentage of revenue
  • Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio

Charts

  • Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Investment vs. share of economy

Data tables

  • Cash Flow & Debt Service Ratios (2014-2029)
  • Revenue per Employee (2014-2029)
  • Revenue per Enterprise (2014-2029)
  • Employees per Establishment (2014-2029)
  • Employees per Enterprise (2014-2029)
  • Average Wage (2014-2029)
  • Wages/Revenue (2014-2029)
  • Establishments per Enterprise (2014-2029)
  • IVA/Revenue (2014-2029)
  • Imports/Demand (2014-2029)
  • Exports/Revenue (2014-2029)

Detailed analysis

  • Trends in the cost component for industry operators and their impact on industry costs and profitability 

Key Statistics

Industry Data

Data Tables

Including values and annual change:

  • Revenue (2014-2029)
  • IVA (2014-2029)
  • Establishments (2014-2029)
  • Enterprises (2014-2029)
  • Employment (2014-2029)
  • Exports (2014-2029)
  • Imports (2014-2029)
  • Wages (2014-2029)

Top Questions Answered

Unlock comprehensive answers and precise data upon purchase. View purchase options.

What is the market size of the Fine Jewellery and Watch Retailing industry in Australia in 2024?

The market size of the Fine Jewellery and Watch Retailing industry in Australia is $3.8bn in 2024.

How many businesses are there in the Fine Jewellery and Watch Retailing in Australia industry in 2024?

There are 1,920 businesses in the Fine Jewellery and Watch Retailing industry in Australia, which has declined at a CAGR of 0.1 % between 2019 and 2024.

Has the Fine Jewellery and Watch Retailing industry in Australia grown or declined over the past 5 years?

The market size of the Fine Jewellery and Watch Retailing industry in Australia has been declining at a CAGR of 0.3 % between 2019 and 2024.

What is the forecast growth of the Fine Jewellery and Watch Retailing industry in Australia over the next 5 years?

Over the next five years, the Fine Jewellery and Watch Retailing industry in Australia is expected to grow.

What are the biggest companies in the Fine Jewellery and Watch Retailing market in Australia?

The biggest companies operating in the Fine Jewellery and Watch Retailing market in Australia are Prouds Jewellers, Pandora and Richemont Australia

What does the Fine Jewellery and Watch Retailing in Australia include?

Luxury watch retailing and Fine jewellery retailing are part of the Fine Jewellery and Watch Retailing industry.

Which companies have the highest market share in the Fine Jewellery and Watch Retailing in Australia?

The company holding the most market share in Australia is Prouds Jewellers.

How competitive is the Fine Jewellery and Watch Retailing industry in Australia?

The level of competition is moderate and increasing in the Fine Jewellery and Watch Retailing industry in Australia.

Related Industries

Widen your competitive advantage with related industries

Competitors

  • Antique and Used Goods Retailing in Australia
  • Watch and Jewellery Retailing in Australia
  • Personal Accessory Retailing in Australia

Complementors

  • Jewellery and Watch Wholesaling in Australia

International industries

  • Jewelry Stores in the US
  • Watch and Jewellery Retailing in New Zealand
  • Jewellery & Watch Stores in the UK

View all industries in Australia

Methodology

How are IBISWorld reports created?

IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.

Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.

IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.

What data sources do IBISWorld analysts use?

Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

Key data sources in Australia include:

  • Australian Bureau of Statistics
  • Australian Taxation Office
  • Australian Securities & Investments Commission

Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.

These sources include:

  • Industry and trade associations
  • Industry federations or regulators
  • Major industry players annual or quarterly filings

Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.

How does IBISWorld forecast its data?

IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.

IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.

Learn more about our methodology and data sourcing on the Help Center.