Demand for Jewellery: The Main Drivers

Abstract

Jewellery made of precious stones and metals is a luxury item, referring to goods with excessive consumer properties. At the same time, the sphere of turnover of precious metals, precious stones (PMPS) and products made from them is of strategic importance for the formation and development of the state economy. Businesses operating in this sphere are subject to compulsory registration in a special state register. The government is interested in supporting the jewellery industry and increasing its turnover, which is directly dependent on the population’s demand for PMPS products.Popular demand, in turn, depends on many factors that have their own specificities in relation to the area under study. An assessment of the factors based on expert opinion, conducted by the author with interviews of a group of consumers, the study of scientific research materials and journalistic articles from various Internet resources, indicates the acceptable superiority of offers of jewellery made of precious stones and metals, focused on the potential increase in the possibilities of sunlight.The conclusions presented in the paper on the factors influencing demand are recommended for use in the development of business development strategies and may be useful in making decisions on state regulation of the sale of jewellery made from PMPS.