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Euromonitor International says Indonesian jewelry industry to grow until 2021
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A worker adds details to a silver brooch at a workshop in Gianyar regency in Bali. (JP/Zul Trio Anggono)
I
ndonesia’s fine jewelry sales grew by 13 percent to Rp 21 trillion (US$1.57 million) last year and will likely continue to grow over the coming four years, according to a study from global market intelligence publisher Euromonitor International.
Euromonitor International industry analyst Jasmine Seng told reporters in Jakarta on Monday that the demand for fine jewelry made from gold, silver and metal combinations might grow annually by 7.8 percent until 2021 in line with the growth of upper-middle class households in the country.
The number of upper-middle class households is likely to increase from 1 million in 2016 to more than 2.5 million in 2030, she said.
(Read also: Six elegant jewelry gift ideas for him and her)
Gold jewelry is likely to continue to dominate fine jewelry sales over the coming years, reflected by its 59 percent market domination in 2016, Seng said.
Ferriyady Hartadinata, chief commissioner with PT Hartadinata Abadi, said fine jewelry products from Indonesia were primarily produced by nine companies, including his own firm.
He said his company controlled a 10 percent share in the production of gold jewelry in Indonesia. (yon/bbn)
