Italy is one of the significant manufacturers and exporters of costume jewellery contributing nearly 25% to the world sales. The growth of the industry in Italy can be attributed to the fact that costume jewellery is used on a large scale for gifting purpose. The gifting industry in turn has been estimated to be over US $ 20.6 billion.
The rise in the prices of fine jewellery has also attributed to the increase of demand in the less expensive costume jewellery. Price remains an important factor contributing to the growth of the industry.
Nearly 60% of the total production is exported to other countries. The Italian industry also faces competition from Asian countries like China, India and Philippines , which use less expensive raw materials for competitive prices. Costume jewelry is considered a fashion accessory and is directly affected by the change in fashion.
Critical Success Factors
Certain important factors ensure success of manufacturers in the Italian costume jewellery industry, these include:
- Competitive and affordable price
- Quality of the jewellery piece
- Novelty
- Originality of designing
- Earrings
- Necklaces
- Bracelets
- Rings
