The boom in the jewelry industry in Israel
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Israel's jewelry industry is booming after the Covid-19 pandemic. In 2022, global sales were $873 million, up from $791 million in 2021 and just $552 million in 2020.
Notable Israeli manufacturers and exporters include Tenengroup, which trades under the brand Myka and has manufacturing facilities in Kiryat Gat; Yvel, located in Motz, near Jerusalem; and Zuman Jewelry from Ness Ziona.
Oren Harambam, Executive Director of the Israel Manufacturers Association and Head of the Consumer Goods and Building Materials Association, said: “The upswing is mainly driven by the rise in online jewelry sales that have emerged in the last few years, as well as the reopening of malls and stores in Europe. and the United States after the peak of the pandemic.”
The main countries to which Israel exports its products are the United States (65%), India, United Kingdom, Sweden, Turkey, the Netherlands, Germany and Italy.
“We see that the trend in demand is maintained, at least at the current level. Although there is uncertainty in Israel and around the world that affects purchases of luxury goods such as jewelry, in general, manufacturers give positive feedback, and there is a feeling that export earnings will remain at least at current levels,” says Oren Harambam.
According to the Association of Manufacturers, the global demand for personalized Israeli jewelry (for example, with personal engraving or dedication) is growing, with silver jewelry being the top seller. Sales of gold jewelry, on the contrary, are declining; According to Bloomberg, this is a global trend, with demand slowing in major markets.
The Manufacturers Association notes some trends among Israeli shoppers in 2022 that continue into 2023: cocktail rings with large stones; shoulder-length earrings with pearls and precious stones; wide and massive cuff bracelets; as well as massive chokers. In addition, the “grandmother's pin” trend is back and is expected to gain momentum in 2023.
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