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By: Diamond World News Service
Dec 27 2016 1:11PM
Reference: 13741  

Apart from being one of the top successful diamond mining hubs, Canada is also a growing market for gems and jewellery owing to good number of foreign residents. Kunjal Karaniya highlights few aspects of this beautiful nation.

According to Euromonitor, Canada's growing population of foreign residents and international visitors from China drove significant investment and the expansion of globally-renowned brands in fine jewellery in Canada in 2015 and 2016. Vancouver and Toronto were the primary target areas for expansion, as Asian-Canadians now represent 15 per cent of Vancouver’s population and roughly 10percent of Toronto. The renowned Chinese luxury jeweller Lao Feng Xiang opened its first Canadian location in Vancouver in 2015, citing the strong Asian population as a driver for the company’s expansion strategy. Luk Fook Group opened its largest overseas location in the Markville Shopping Centre in Toronto in early 2016, drawn to the almost one million Chinese residents in the area. Visitors from key target markets for the jewellery segment, suchas China, are reported to have reached 9per cent growth in the first nine months of 2015 over 2014, whilst visitors from South Korea reached 16per cent and Japan reached 6per cent .

According to IBIS World, the Jewellery Stores industry in Canada has experienced a period of moderate growth over the past five years. Improved consumer sentiment, increasing per capita disposable income, easy availability of credit and an increase in the net worth of households across Canada have driven and sustained growth in industry revenue over this period. In the coming years, increasing concentration and stable commodity prices, along with stable demand for industry products, is anticipated to improve profitability.

Zale Canada maintained its leading position in jewellery in Canada in 2015, despite seeing its sales decline from C$228 million to C$227 million. Zale Canada offers a wide variety of jewellery, including engagement rings, necklaces, earrings and bracelets, which feature diamonds, precious and semiprecious stones. The company also sells a variety of collections with jewellery inspired by designers such as Vera Wang and celebrities such as Shaquille O’Neal, the famous NBA basketball star. Zale Canada is expected to maintain its lead in jewellery in Canada, but its most direct competitor, Pandora Canada, is expected to see a positive performance in 2016, states Euromonitor.

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