According to data from Euromonitor International, Eastern Europe 's volume sales of jewelry are expected to record double-digit growth of 10 percent, hitting total sales of USD 8.2 billion in 2017. It accounts for only 3 per cent of global jewelry sales and ranks Eastern Europe fifth out of seven regions worldwide in overall value. Custom jewelry, by far the largest volume product area, accounts for 21% of Eastern Europe 's total jewelry sales, while fine jewelry accounts for 72% of total value sales.
Such differences in jewellery spending between these regions are determined by a couple of factors, not least economic and cultural preferences. The importance of media and advertising, as well as personal adornment in keeping with the religious practices, cultural beliefs , and social habits of different nations, directly influences jewelry demand. Economic factors include the amount of disposable income per capita in a country, the cost of basic necessities and the quality and availability of the goods. Historically, jewelry has been a sign of wealth, social status, and influence, but it is now more affordable than ever before to a broader variety of people.

Go green-diamonds grown in the laboratory

Fine jewellery, particularly diamonds, is increasingly enjoying popularity among Eastern European countries. Female consumers particularly value them, especially for important occasions such as marriages, birthdays or wedding anniversaries. Such goods are most commonly bought by rich individuals, but often by medium-purchasing power users. Diamonds will always be a common setting in rings, necklaces , bracelets and charms, always admiring the luster, sparkle and elegance of a diamond.
Lab-grown diamonds have gained significant publicity as they are virtually similar to mined diamonds but are natural and environmentally friendly. There's a increasing wave of people seeking to live a greener, more sustainable lifestyle. Consumers are watching what they purchase and where they receive the items. Having exquisite jewellery and not starving the world of natural resources is an enticing alternative. While laboratory-grown diamonds are a new phenomenon, due to the reduced costs and their identical properties, more people seem to be interested in wearing them.
This is not, however, an indicator that traditional diamonds are going away anytime soon; the jewelry industry does not yet seem to fully embrace diamonds grown in the laboratory. The industry 's response to the synthetics challenge has been through branding, certification, and mined and synthetic diamond documentation. The Eastern European industry has not embarked on public education campaigns, as this carries the risk of making the options available to the public more aware of them. Laboratory-grown diamonds that therefore pose a threat in the future but possibly a gradually growing threat. They may appeal to other customers but they will continue to have their place in natural diamonds. That looks like a problem in ten or fifteen years ' time for the industry, not an immediate threat.


In the jewelry industry, the movement towards fast fashion is becoming increasingly evident.

Costume jewellery is distinguished by more regular transactions, in contrast to fine jewelry. It's usually inexpensive and heavily influenced by the latest trends in style, inspired by customer desires and designer fashions. Costume jewellery is not directly competing with fine jewellery. Because of major price gaps, materials used and target consumers it is a moderately complementary category of goods. This type of jewellery is typically purchased by younger consumers during the year. Because of low pricing these items are worn only once or twice in many cases and many more items are purchased which explains the higher volume sales per year.