Gold Tester Market 2018-2028: Overview by Types, Application, Key Players, Regional Outlook, Market Drivers & Restraints
A gold tester is a scientific instrument used to determine the purity of gold with X-rays. A gold tester is a highly precise and fast machine used to determine the gold concentration and the various elements present in gold bars, gold jewellery, gold coins, gold alloys, gold plating and scrap gold. In addition, it can determine the presence and concentration of different metals such as platinum, gold, palladium, k-platinum and k-gold.
The demand for gold testers has been witnessing significant growth as gold is considered an extremely valuable metal, even among other precious metals, and thus, it is essential to determine to purity of gold with great accuracy. Gold is mixed and bended with different metals to obtain various varieties of the metal and craft different types of jewellery.
Two types of gold testers are available in the market, i.e. gold testers as per purity and gold testers as per weight. Gold testers for weighing are especially essential as a minute error in the weight of the gold can lead to massive losses.
Demand for Handheld Gold Testers from Jewellery Shops to Drive Market Growth
The key factors driving the growth of the gold tester market is the fact that a gold tester can test any shape or size of sample metal or jewellery. Attributing to this, gold testers are used on a large scale by jewellers, manufacturers of jewellery and jewellery retailers. Also, gold testers are quick in determining the exact content of the jewellery, which further aids their adoption.
Manufacturers in the gold tester market are focused on launching precise, handheld and highly accurate gold testers.
- For example, Qualitest International Inc. (based in Canada), one of the prominent players in the market, launched a fast, handheld, lightweight and durable gold tester.
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Need for Skilled Personnel to Operate Gold Testers
The cost associated with gold testers is quite high and this is one of the most significant parameters hampering the growth of the market. Also, a well-trained professional is necessary to operate a gold tester, which further hinders the growth of the gold tester market, globally.
Gold Tester Market: Segmentation
The gold tester market has been segmented on the basis of equipment type, test, end use, modularity and region.
Segmentation on the basis of equipment type:
- XRF analyzer
- Digital conductivity measuring set
- Magnetic balance
- Digital ultrasonic velocity set
- Precision balances
Segmentation on the basis of test:
Segmentation on the basis of end-use industries:
- Jewellery Showrooms
- Gold Manufacturers
- Mining & Exploration
- Export Units
- Jewellery Loans Departments
Segmentation on the basis of modularity:
Gold Tester Market: Competition Landscape
Some of the prominent players in the gold tester market are Qualitest International Inc., Fischer Measurement Technologies India Pvt. Ltd., Arihant Maxsell Technologies Private Limited., Auracle Gold Tester, Olympus Corporation, Bruker and Ocean King International.
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Gold Tester Market: Regional Overview
On the basis of geography, countries such as China, Canada, the United States, Australia, Russia and Peru hold prominent market shares in the gold tester market. This can be attributed to the significant production of precious metals such as gold, platinum, silver and palladium in these countries, as compared to other regions.
Among the other regions, countries such as South Africa, Saudi Arabia, Kuwait and other gulf countries are expected to witness high CAGRs in the gold tester market, owing to the increasing manufacturing of gold ornaments and jewellery in these regions. In Europe, countries such as Germany, France and Italy are expected to hold moderate shares in the gold tester market, owing to the moderate production of gold and small gold ornament manufacturing industry in these countries.