Focus/Luxury goods and jewellery trends -- what can we expect in 2004

摘要

After reaching a peak in 1997 of 3,311t when the gold price was 331 dollars/oz, gold jewellery offtake has failed to grow for the last five years. Offtake has declined on average by 7.2 percent a year thus far in the 2000s. Platinum jewellery offtake has also come under pressure falling on average by 4.7 percent a year since the start of the new millennium. Silver jewellery offtake has also declined, but has shored up well in comparison with the other precious metals, falling by only 1.8 percent a year in 2000-2003. Over the 1990s, luxury was about conspicuous consumption, logos and status. However over the 21st century, trends are polarising. On the one hand there is the bling, bling, brand-conscious consumer wanting to buy an accessory with status. And on the other and possibly in reaction to this, a new concept of luxury is emerging, with the emphasis on tradition, skills, rarity and practicality, as well as beauty.