23 Aug 2019
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Canada
By: Diamond World News Service
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Dec 27 2016 1:11PM
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Reference: 13741  

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FUTURE
This industry has a low level of capital intensity. For every dollar spent on labour, the industry spends $0.09 on capital. Over the past five years, the level of capital intensity in this industry has increased from $0.06 spent on capital for every dollar spent on labour. Costcutting measures, especially an attempt to reduce labour costs has driven the increase in the industry’s capital intensity. Since most jewellery stores in Canada operate on a small- to medium scale, most operators do not make large-scale investments in capital due to diminishing returns.

The recent influx of luxury brands and department stores is expected to significantly elevate the retail landscape in Canada, adding further incentive for growth in luxury shopping tourism for the country throughout 2016-2021. Euromonitor International estimates inbound trips by Chinese tourists, a key market segment for sales of fine jewellery, to grow by 3per cent by 2019, and overall inbound trips to grow by a CAGR of 2per cent from 2016-2020.

The number of foreigners taking up residence in Canada is expected to grow by 24per cent from 2015-2030, making up nearly 7per cent of the population by 2030. Vancouver and Toronto are expected to continue to capture the majority of this growth, creating strong opportunity for jewellery retailers to prosper in these cities.

In Canada, the retail sales of jewellery, watches, and accessories are forecast to deliver a CAGR of 4.42per cent during 2015-2020, to reach a market value of CAD7.7 billion by 2020. The outlook for the jewellery, watches, and accessories market seems positive over the forecast period.

DIAMOND MINING:
Canada first became a diamond producer in 1998, when the Ekati diamond mine opened in the Northwest Territories. By 2006, three major mines were producing over 13 million carats of gem-quality diamonds per year. This placed Canada as the third largest producer of diamonds in the world. Ekati’s average production over its projected 20-year life is expected to be 3 to 5 million carats per year—about 3per cent of world diamond production by volume.

The Canadian diamond mining industry employs about 2,650 people in mine operations and another 1,500 in support industries, such as maintenance, catering, and transport Indigenous persons generally make up 30-40per cent of the mining work force.

The activity associated with the production of diamonds brought billions of dollars in commerce to the economy of the Canadian North.

In recent years, Canada has been one of the top three diamond-producing countries in the world on the basis of carats produced. The Diavik and EKATI mines are expected to close during the next few years. Hopefully, new mines at Gahcho Kué, Renard, and Chidliak will help Canada remain one of the world’s leading producers of gem-quality diamonds.

FACTS ABOUT GEMS & JEWELLERY INDUSTRY OF CANADA
Jewellery, watches and accessories accounts for 1.82per cent of the total retail sales in Canada. - Sales through online channel stood at 8.9per cent of the total sales in the sector in 2015 and are expected to reach 14.8per cent by 2020. - Per capita spending on jewellery, watches, and accessories will show growth of 3.47per cent over the next five years.

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