Overview of Asian Jewellery Market

Market Background - Size in Volume and Spend, Statistics
Although overall the numbers of claims are dropping the cost of replacing still amounts to millions of pounds every year for the insurance industry.

Market Growth / Decline / Seasonality
Jewellery is being bought from abroad whilst on holiday or pilgrimage because it is much cheaper. However this does not affect the decline in the amount spent on gold.

Factors effecting the UK Market: Seasonality, Consumer Buying Habits
Buying habits of consumers is governed by special occasions such as weddings and religious events but only to a certain degree because they will already have some jewellery, which is worn often and kept at home. An Asian working class family will prefer to buy gold as an investment compared to a new car.

In Leicester, an example of the amount turnover on Belgrave Road is approximately £650,000 average per week which is approximates to 50 Kilograms of gold.

Asian Culture and Jewellery
To buy and wear gold is an Asian Cultural and also a status symbol. Gold is also bought as an investment. On Average an Asian household will probably keep between three to six thousand pounds worth of jewellery at home. The younger generation may refuse to own much but they are always influenced by the immediate family to buy and save.