Malaysia Jewellery Market Synopsis
Malaysia Jewellery Market is projected to secure tremendous growth in the coming years, followed by increasing population growth in the country and this is leading to securing a widening of the market landscape in the coming years. Additionally, Rising urge among the population to spend on luxury goods, jewellery is one of the luxurious items. Moreover, the rising tourism sector in the country is estimated to secure a high revenue owing to increased purchase of malaysia jewellery as gifts. A growing preference by young people for more affordable and casual in the country is the trend which acts as an opportunity for investors in the market.
According to 6Wresearch, the Malaysia Jewellery Market size is anticipated to grow at a higher growth rate during 2023-2029. The market growth is driven by a high economic development that leads to higher income levels of the population, this further results in an increased purchasing power of the population enabling them to spend on luxury goods such as jewellery. On the other hand, Malaysia's jewellery market lags behind with limited jewellery product varieties availability, with customers often ending up purchasing unwanted jewellery items, this acts as the major restraint to the market growth in the country. Due to high production costs, local retailers charge high from the customers, which tends to affect customer's budgets while paying a high cost for the product they like.
Key Players in the Malaysia Jewellery Market
- Poh Kong Holdings Berhad - Poh Kong is leading jewellery retail chains in the country. They provide a spectrum range of products, which include wedding bands, bracelets, necklaces, and earrings.
- Habib Jewels - Habib Jewels is one of the certified jewellery brands in Malaysia, with a comprehensive range of jewellery products in the country, including gold, diamond, and gemstone jewellery.
- Tomei Consolidated Berhad - Tomei is another growing jewellery retail chain in the country, offering a spectrum range of jewellery products, including gold, diamond, and gemstone jewellery.
- Wah Chan Holdings Berhad - Wah Chan is a jewellery retail chain that focuses on affordable jewellery options, including fashion jewellery and silver jewellery. They provide gold and diamond jewellery at more affordable price points.
- DeGem Berhad - DeGem is a luxury jewellery brand that facilitates standardized jewellery products, including diamonds, gemstones, and fine jewellery.
Key attractiveness of the report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022.
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
COVID-19 Impact on the Malaysia Jewellery Market
The COVID-19 pandemic led to disruptions of raw materials, which affected the manufacturing process of the products. This led to a decrease in production coupled with the closure of many physical retail stores including jewellery stores. Additionally, the customer spending was only on the essential items, jewellery comes under the non-essential items. As a result, the COVID-19 impact on the Malaysia Jewellery Market was negative.
Key Highlights of the Report:
- Malaysia Jewellery Porter's Five Forces
- Historical Data and Forecast of Malaysia Jewellery Market Revenues & Volume By Material for the Period 2019 - 2029
- Malaysia Jewellery Import Export Trade Statistics
- Market Opportunity Assessment By Material
- Historical Data and Forecast of Malaysia Jewellery Market Revenues & Volume By Others for the Period 2019 - 2029
- Malaysia Jewellery Top Companies Market Share
- Historical Data and Forecast of Malaysia Jewellery Market Revenues & Volume By Gold for the Period 2019 - 2029
- Malaysia Jewellery Price Trends
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