Israel’s jewelry industry has been on an upsurge since the Covid-19 pandemic. Worldwide sales totaled $873 million in 2022, which compares with $791 million in 2021 and just $552 million in 2020.
Among the post prominent Israeli manufacturers and exporters are Tenengroup, which trades under the Myka brand, and has a production facility in Kiryat Gat; Yvel, based in Motza, near Jerusalem; and Zuman Jewelry from Ness Ziona.
Oren Harambam, executive director at the Manufacturers Association of Israel and head of the consumer goods and construction materials association, says, “The upsurge mainly stems from growth in sales of jewelry on Internet platforms developed in the past few years, and from the reopening of malls and stores in Europe and the US after the peak of the pandemic. The main countries to which Israel exports are the US (65%), India, the UK, Sweden, Turkey, the Netherlands, Germany, and Italy.
“We see the demand trend continuing at least at its current level. Although there is uncertainty in Israel and around the world, which affects luxury purchases like jewelry, on the whole the manufacturers are giving positive feedback, and the feeling is that export revenue will remain at least at the current level.”
According to the Manufacturers Association’s breakdown, global demand for personalized Israeli jewelry (such as with a personal engraving or a dedication) is on the rise, and silver jewelry is the top seller. Sales of gold jewelry, by contrast, are declining; a global trend, according to Bloomberg, with slowing demand in the largest markets.
The Manufacturers Association points to some outstanding trends among Israeli buyers in 2022 that have continued into 2023: cocktail rings with large stones; earrings with pearls and precious stones reaching to the shoulder; wide and massive cuff bracelets; and also massive chokers. In addition, the “grandma pins” trend has made a comeback, and is expected to gather momentum in 2023.
Published by Globes, Israel business news – en.globes.co.il – on February 15, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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