Global jewellery crafting tools market size is expected to exceed USD x.xx billion by 2023, growing at a CAGR of x.xx% over the period of 2017 – 2023. Gold jewellery crafting tools are tools used for manufacturing gold jewellery either manually or automatically. As jewellery making is a precise process, highly skilled craftsmen and crafting tools are essential. It takes long hours to manufacture gold jewellery depending upon the complexities of designs. Raw gold metal is melted, shaped into required forms and using various crafting tools the jewellery is crafted as per the design. In order to reduce the manufacturing time and resources, commercially jewellery crafting machinery is utilized for manufacturing jewellery. However, in traditional gold consuming nations, the preference for traditional crafting of gold jewellery is more, when compared to the contemporary automated crafting methods. Gold jewellery crafting tools are utilized for making gold chains, gold bangles, gold bracelets, gold coins, gold anklets, gold necklaces, gold pendants andgold wires among others. Depending upon the type of gold such as white gold, rose gold, green gold and white gold and their purity in terms of karats such as 24 karat, 18 karat, 14 karat and 10 karat, the crafting tools used for manufacturing varies.
Figure 1: Global Gold Jewellery Crafting Tools Market by Value
Growing demand for gold jewellery in traditionally highly consuming countries such as China and India drive the growth of the gold jewellery crafting tools market. The increasing demand for traditional designs drives the demand for jewellery crafting tools for traditional way of manufacturing. The export oriented manufacturers prefer to improve productivity and reduce manufacturing cost and it is driving the demand for the automatic jewellery crafting machinery. The growth of E-commerce has improved the reach of the gold jewellery to smaller towns and cities and it is aiding the increasing sales of gold jewellery. The orders from far away countries are also now becoming normal. To meet this demand, to increase the production capacity, jewellery manufacturers are buying more jewellery crafting tools. The demand for Jewellery crafting tools and machinery through e-commerce websites are also increasing steadily. The increasing popularity of gold plated jewellery is driving the demand for gold plating tools and machinery. The emergence of homemade jewellery for sale through social media and e-commerce websites are also driving the demand for gold jewellery crafting tools market.
Higher gold price fluctuation affect the demand of gold and gold jewellery and it hinders the growth of the gold jewellery crafting tools market. Since gold jewellery crafting tools and machinery are imported in many regions, the taxes and other duties restrain the growth of market. There are growth opportunities for manufacturers of gold jewellery crafting tools in gold resource rich developing countries and low income countries, where there is relatively less infrastructure for jewellery manufacturing. Likewise, there is opportunity in high gold consuming nations, as the demand for contemporary and traditional jewellery will continue to grow.
The report covers the analysis of global as well as regional markets of gold jewellery crafting tools market. Moreover, the global gold jewellery crafting tools market is segmented by tool type. The global gold jewellery crafting tools market by tool type covers bench tools, casting tools,cutting tools, drawing tools, drilling tools,engraving tools, forming tools, measuring tools, polishing & finishing tools, plating tools and soldering& torching tools among others. On the basis of machinery type, the market is segmented as bangle ring turning machine, casting machine, CNC machine, chain making machine, gold refinery, hand presses, hammering machine, soldering machine, threading machine,and wire& sheet rolling machine among others.
The global gold jewellery crafting tools market covers the analysis of geographies such as North America, Europe, Asia-Pacific and RoW. In this section, the key trends and market size for each region is provided over the period of 2017 – 2023.
Figure 2: Global Gold Jewellery Crafting Tools Market by Region
Among geographies, Asia-Pacific is the largest jewellery crafting tools market, followed by North America and Europe. Presence of major gold consuming countries such as China and India, which accounts for more than 50% of gold demand, drives the Asia-pacific gold jewellery crafting tools. Small manufacturers have large presence in crafting tool and machinery segments. As there is a greater demand for traditional designs for weddings, the demand for tools is increasing as people in the region prefer locally manufactured jewellery. In North America, the demand for gold for gifting during important festivals, for weddings and as contemporary metal for aesthetics drives the demand for jewellery crafting tools. Growing demand for cutting edge tools for making classical and trendy European design jewellery drives the growth of the market in Europe.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of gold jewellery crafting tools globally as well as regionally. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and value chain analysis of gold jewellery crafting tools.
Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the gold jewellery crafting tools market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. This report will help manufacturers, suppliers and distributors of the gold jewellery crafting tools market to understand the present and future trends in this market and formulate their strategies accordingly.