Among the largest importers of jewelry items in the world in 2022, Hong Kong, the United States and the United Arab Emirates stand out.
According to data from the World Trade Organization (WTO), Hong Kong exported such products for a customs value of $18.829 billion, followed by the United States ($13.230 billion) and the United Arab Emirates ($10.606 billion).
At year-on-year rates, Hong Kong’s corresponding exports increased 9 percent and those of the United States fell 6 percent.
Bergio International noted that the jewelry design and manufacturing industry is extremely competitive and has few barriers to entry.
In this industry, competition is between jewelry designers and luxury jewelry manufacturers, as well as with retail jewelry stores and e-commerce stores.
Bergio International estimates that there are more than 1,500 jewelry design and manufacturing companies worldwide.
This company believes that the jewelry industry competes in the global marketplace and, therefore, must be adaptable to remain competitive.
Consumer spending on discretionary goods, such as jewelry, is sensitive to changes in consumer confidence and, ultimately, consumer confidence is affected by general business considerations in the economy.
Generally, consumer discretionary spending declines in times of falling consumer confidence, which can affect retail sales of jewelers’ products.’
Thus, U.S. consumer confidence reflected these slowing conditions over the past several years.
Moving forward, Bergio International believes that a stronger economy, with more spending by young professionals with a general trend toward luxury goods, will lead to growth in this industry.
Therefore, the company intends to make great efforts to maintain its brand in the industry through its focus on innovation and design of its products, in addition to being able to consolidate and increase profitability where possible through acquisitions.
Other relevant importers of jewelry items in 2022 are: Switzerland ($8,961 million), Singapore ($4,565 million), China ($4,236 million), France ($4,053 million), United Kingdom ($2,728 million), Japan ($2,435 million) and Italy ($1,906 million).