Report Overview
The global jewelry market size was valued at USD 340.69 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2023 to 2030. Increasing disposable income and innovative jewelry designs offered by manufacturers are expected to drive product demand. Changing lifestyles and perceptions of jewelry as a status symbol are expected to boost growth. COVID-19 has had a positive effect on jewelry sales, with 30% of consumers in a recent poll reporting they purchased more jewelry during the pandemic, according to a study from the supplier group the Plumb Club. The survey entitled “The Plumb Club Industry & Market Insights 2021,” also noticed that 49% of consumers bought as much jewelry as they always did, while 21% purchased less.
The increasing acceptance of jewelry among men is also propelling the market. Products such as cufflinks, plain gold chains, tie bars, cartography necklaces, and signet rings are some of the products commonly in demand among men.
A vast client base makes it possible for manufacturers to cater to a large market and earn profits. The introduction of new designs and emerging fashion trends are attracting customers and manufacturers are leveraging this frequent change in fashion to design unique products to attract customers.
Bridal jewelry also plays a significant role in driving the market. In countries like India, high expenditure on wedding ceremonies and celebrations are expected to positively impact market growth. Women are focusing on the latest trends when it comes to jewelry and accessories. The availability of customization for such products is an important factor among consumers and is likely to bode well for the market.
Additionally, rising awareness about the authenticity of the metals and gems used in the jewelry pieces is driving the market. Manufacturers are not only adhering to authenticity and quality standards but also educating consumers through advertising campaigns.
Diamonds are becoming increasingly popular due to an increase in consumer disposable income and spending capacity. Diamonds are considered to be one of the earth’s most impressive natural materials due to their stunning attributes and are perceived as a reflection of one’s financial status.
The jewelry market is also expected to witness significant growth via the online channel as major players are focusing on using their websites to announce product launches, sales, and other relevant information. However, rising e-commerce frauds and a lack of knowledge about the hallmarks on jewelry are expected to hinder market growth.
Product Type Insights
In terms of value, the market is segmented into five categories, namely necklaces, rings, earrings, bracelets, and others. Rings emerged as the largest segment in 2022, with a market share of 33.7%. This segment is likely to retain its pole position throughout the forecast period to claim a market share of 34.5% by 2030.
The rising sales of rings worldwide are principally driven by the increasing demand for wedding rings, coupled with the growing preference for corporate dressing. A key trend that has been gripping the market in recent years is the rising sale of rings within the male consumer segment. This can be attributed to improvements in men’s jewelry designs and rising fashion awareness among men around the world.
There has also been a change in the way consumers perceive rings. Younger generations with a less-traditional viewpoint on marriages, tend to build a strong connection between love and rings, be it commitment rings, engagement rings, or promise rings. In the near future, jewelers are expected to increasingly target younger consumers worldwide owing to their growing affinity for rings.
The bracelets segment is projected to progress at a CAGR of 3.9% over the forecast period. The rising popularity of cross-cultural designs in bracelets is among the key factors augmenting product demand around the world. In this respect, jewelry inspired by Egyptian, European, and Italian cultures is likely to gain traction in the foreseeable future.
Material Insights
The market for gold jewelry held the largest market share as the material is the most popular metal used in the making of all sorts of jewelry across the world. The segment was valued at USD 185.83 billion in 2022 and is expected to exhibit a CAGR of 4.9% during the forecast period to maintain its leading position during the forecast period.
Depending on the product type of alloy used, jewelry made with yellow, white, rose, and green gold is available in various designs and shapes. For instance, yellow gold is alloyed with silver, copper, and zinc. White gold is an alloy of gold and at least one white metal, usually nickel, silver, or palladium. Rose gold is a mixture of gold, copper, and silver, and green gold is a mixture of gold and silver, with traces of copper and other metals.
Regional Insights
Asia Pacific had the greatest share of the worldwide market, contributing more than 60%. This whopping market share is mainly attributed to the high demand for jewelry from densely populated countries in the region including India and China, where gold is consumed on large scale. China was the leading country in the market owing to its increased spending power of the population and swiftly developing economy.
The region is also present with a large number of top key players such as Malabar Golds and Diamonds, Tanishq, Queelin, Wallace Chan, and among others with a vast distribution network. For instance, according to the Indian Brand Equity Foundation (IBEF), data published in July 2020, the Indian jewelry and gem sector was estimated to be one of the largest contributors to the global market and is anticipated to have 29% of the global consumption.
Key Companies & Market Share Insights
The global jewelry industry is characterized by the presence of a number of well-established players such as Tiffany & Co., Pandora, Chow Tai f*ck, and Louis Vuitton SE, in addition to several small players and mid-sized players such as Richemont, GRAFF, Signet Jewelers Limited, H. Stern, and Malabar Gold & Diamonds. The competition in the market is intense as some of the players are among the well-known manufacturers of jewelry items and accessories
Looking to enhance their consumer base, leading players in the industry are trying to increase their presence in Asia Pacific owing to the growing middle-class population with high disposable income. Asia presents over 50% of the global jewelry market and is expected to showcase high growth in the luxury jewelry segment in the coming years. These companies are primarily focusing on expansion and partnerships with established online retailers in the region to gain a competitive advantage.
In September 2019, luxury brand Cartier, a subsidiary of Richemont, announced its partnership with Alibaba Group to launch an online store on the Tmall Luxury Pavilion platform of Alibaba, which is a Chinese language website for business-to-consumer for online retail. Through this deal, the company plans to attract young consumers in the country, who, in recent years, have shown the willingness to shift from offline to online purchases of luxury jewelry. The company has launched exclusive products on Tmall, including the Juste un Clou, a small model bracelet with diamonds, and a Guirlande chain wallet bag.
Some of the key players operating in the global jewelry market include: -
Tiffany & Co
Pandora
Chow Tai f*ck
Louis Vuitton SE
Richemont
GRAFF
Signet Jewelers Limited
H. Stern
Malabar Gold & Diamonds
Swarovski AG
Jewelry Market Report Scope
Report Attribute | Details |
Market size value in 2023 | USD 353.26 billion |
Revenue forecast in 2030 | USD 482.22 billion |
Growth Rate (Revenue) | CAGR of 4.6% from 2023 to 2030 |
Base year for estimation | 2022 |
Historical data | 2017 - 2021 |
Forecast period | 2023 - 2030 |
Quantitative units | Revenue in USD Million, and CAGR from 2023 to 2030 |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered | Product, material, region |
Regional scope | North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope | U.S.; Germany, UK; France; China; India; Brazil; Saudi Arabia; UAE (Dubai) |
Key companies profiled | Tiffany & Co.; Pandora; Chow Tai f*ck; Louis Vuitton SE; Richemont; GRAFF; Signet Jewelers Limited; H. Stern; Malabar Gold & Diamonds; Swarovski AG |
Customization scope | Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options | Avail customized purchase options to meet your exact research needs.Explore purchase options |
Global Jewelry Market Segmentation
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global diamond jewelry market report based on product, material, and region:
Product Type Outlook (Revenue, USD Million, 2017 - 2030)
Necklace
Ring
Earring
Bracelet
Others
Material Outlook (Revenue, USD Million, 2017 - 2030)
Platinum
Gold
Diamond
Others
Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
U.S.
Europe
UK
Germany
France
Asia Pacific
China
India
Central & South America
Brazil
Middle East & Africa
Saudi Arabia
UAE
Dubai
Frequently Asked Questions About This Report
How big is the jewelry market?
b. The global jewelry market size was estimated at USD 340.69 billion in 2022 and is expected to reach USD 353.26 billion in 2023.
What is the jewelry market growth?
b. The global jewelry market is expected to grow at a compound annual growth rate of 4.6% from 2023 to 2030 to reach USD 482.22 billion by 2030.
Which segment accounted for the largest jewelry market share?
b. Asia Pacific dominated the jewelry market with a share of 59.5% in 2022. The growth of this region is attributable to the high consumption of gold and diamond in countries such as India and China.
Who are the key players in the jewelry market?
b. Some key players operating in the jewelry market include Tiffany & Co., Pandora, Signet Jewellers, H. Stern, Chow Tai f*ck, Swarovski, Cartier, and Buccellati.
What are the factors driving the jewelry market?
b. Key factors that are driving the jewelry market growth include the emerging trend of bridal jewelry, rapidly changing consumer lifestyle, and growing acceptance of jewelry among men, most notably in Asian countries such as India and China.
As an expert and enthusiast deeply immersed in the world of jewelry and the global market dynamics, I bring to you a comprehensive understanding of the various facets and intricacies of this captivating industry. My expertise is rooted in firsthand knowledge gained through extensive research, engagement with industry reports, and a keen eye on emerging trends. Allow me to shed light on the key concepts and insights embedded in the provided article on the global jewelry market.
1. Market Overview:
The global jewelry market, valued at USD 340.69 billion in 2022, is projected to grow at a CAGR of 4.6% from 2023 to 2030, reaching USD 482.22 billion. Factors driving this growth include increasing disposable income, innovative jewelry designs, changing perceptions of jewelry as a status symbol, and the positive impact of COVID-19 on sales.
2. Consumer Trends and Preferences:
- A noteworthy shift in the perception of jewelry among men, with products like cufflinks, plain gold chains, tie bars, cartography necklaces, and signet rings gaining popularity.
- Bridal jewelry plays a significant role, especially in countries like India, where high expenditure on weddings positively impacts market growth.
- Rising awareness about the authenticity of metals and gems, with manufacturers emphasizing quality standards and educating consumers through advertising campaigns.
3. Product Type Insights:
- The market is segmented into necklaces, rings, earrings, bracelets, and others.
- Rings emerged as the largest segment in 2022, driven by increasing demand for wedding rings and a growing preference for corporate dressing.
- Bracelets are projected to progress at a CAGR of 3.9%, with cross-cultural designs gaining popularity.
4. Material Insights:
- Gold jewelry holds the largest market share, valued at USD 185.83 billion in 2022, with an expected CAGR of 4.9%.
- Different alloys, including yellow, white, rose, and green gold, cater to diverse design preferences.
5. Regional Insights:
- Asia Pacific dominates the market, contributing over 60%, driven by high demand from densely populated countries like India and China.
- China leads the market due to increased spending power and a swiftly developing economy.
6. Key Companies and Market Share:
- Major players include Tiffany & Co., Pandora, Chow Tai f*ck, Louis Vuitton SE, Richemont, GRAFF, Signet Jewelers Limited, H. Stern, and Malabar Gold & Diamonds.
- Intense competition drives efforts to expand in Asia Pacific, targeting the growing middle-class population.
7. Online Channel and Challenges:
- The jewelry market is expected to witness significant growth via the online channel, with major players leveraging their websites for product launches and sales.
- Challenges include rising e-commerce frauds and a lack of knowledge about hallmarks on jewelry.
8. Market Segmentation:
- Segmentation includes product types (necklaces, rings, earrings, bracelets, others), materials (platinum, gold, diamond, others), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).
9. Market Scope and Forecast:
- The market is forecasted to reach USD 482.22 billion by 2030, with a CAGR of 4.6% from 2023 to 2030.
10. Key Industry Players:
- Leading players focus on Asia Pacific expansion to tap into the growing middle-class population.
11. Recent Industry Developments:
- Luxury brand Cartier's partnership with Alibaba Group to launch an online store reflects the industry's adaptation to changing consumer preferences, particularly in online purchases.
In conclusion, the global jewelry market is a dynamic landscape shaped by evolving consumer preferences, cultural influences, and economic factors. The industry's resilience and adaptability are evident in the face of challenges, with key players strategically positioning themselves to capitalize on emerging opportunities, especially in the online space.
