The pandemic has been a major factor in the bankruptcy of many businesses around the world. However, something else has happened to the precious jewelry market in the country. Although 2020 has been a challenging year and the whole decade has been challenging for the luxury sector in general, jewelry has succeeded in the country.
According to INSTAT data, the import of jewelry in Albania increased by 18.4%, after a decline in 2019. Only watch imports shrank, by 8.6%. Trend that also appeared a year ago, in 2019.
"The increase in sales has come due to the ban on movement abroad. "About 30% of buyers buy jewelry abroad and therefore the turnover for in-country purchases has increased," Monitor writes.
From the INSTAT data there is a decrease in the weight of imported jewelry in 2020, but an increase in value / price. So even though they are bought in smaller quantities, more expensive jewelry is bought.
Will 2021 have last year's success?
Market players predict that 2021 will continue at a slow pace, but hoping that the market will be more informed about reference prices, both by sellers and buyers.
