The global jewelry market was valued at USD 224.39 billion in 2023 and is forecasted to grow to USD 343.90 billion by 2032, with an annual growth rate of 4.99% from 2024 to 2032.
The surge in jewelry consumption is largely driven by a growing preference for luxury products. The integration of technology in jewelry and higher disposable incomes are significant factors boosting market demand. These insights are detailed in a report by Fortune Business Insights™, titled "Jewelry Market, 2023-2030."
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Prominent companies in the jewelry market include Tiffany & Co (U.S.), Rajesh Exports Ltd (India), Cartier International SNC (France), Signet Jewelers Limited (Bermuda), Chanel (France), LVMH Moët Hennessy (France), Harry Winston, Inc. (U.S.), Chopard (Switzerland), Pandora Jewelry, LLC. (U.S.), Chow Tai Fook Jewellery Company Limited (Hong Kong), among others.
The report offers an in-depth analysis of key market segments and current trends. It also discusses the market's driving and restraining factors, the impact of COVID-19, regional developments, and strategies employed by leading players.
Drivers:
Rising Disposable Income: Increasing disposable incomes are leading to higher spending on luxury items like jewelry.
Cultural Practices: Various customs and traditions involving jewelry significantly boost its demand.
Women in the Workforce: The increasing number of working women and their growing awareness of modern and premium jewelry drive market growth.
Restraints:
Regulatory Challenges: Stringent regulations regarding the import and export of jewelry could impede market growth.
Fashion Trends: Jewelry trends evolve with fashion, influencing consumer purchases.
Consumer Preferences: Preferences for specific materials and designs shape the market.
Special Occasions: Jewelry is often bought for weddings, anniversaries, and other celebrations.
Cultural Significance: Jewelry with cultural, religious, or symbolic importance drives specific purchases.
Status Symbol: High-end jewelry is seen as a marker of wealth and status.
Technological Innovations: Advances in jewelry-making, such as 3D printing, cater to the demand for unique designs.
Sustainability: Growing awareness of ethical sourcing boosts demand for sustainable jewelry.
By Product:
Rings: Dominates due to its association with engagement and marriage.
Necklaces, Earrings, Bracelets: Also significant due to their role in personal adornment.
By Material:
Diamond: Leads due to its appeal and prominence among celebrities.
Gold, Platinum: Also key materials in the market.
By End-User:
Women: Largest segment as jewelry symbolizes femininity.
Men: Growing segment as jewelry becomes a fashion statement for men.
Asia Pacific:
Market Leader: Major players like Tanishq and Malabar Gold and Diamonds drive the market.
Europe:
High Growth: Due to high per capita income and significant spending on luxury items.
North America:
Moderate Growth: Influenced by the region's high number of millionaires.
Key Developments:
RJ Scanlan & Co.: Expanded its jewelry collection in June 2021 with the Lux Collection in Australia, focusing on environmental sustainability.
Tanishq: Entered the U.S. market in January 2023 with a new store in New Jersey offering a wide range of gold and diamond jewelry.
The global jewelry market is on a steady growth trajectory, expected to expand from USD 224.39 billion in 2023 to USD 343.90 billion by 2032. This growth is driven by rising disposable incomes, evolving fashion trends, and increased consumer demand for luxury and personalized products. Key market players like Tiffany & Co, Cartier, and Tanishq are capitalizing on these trends, integrating advanced technologies and sustainable practices to meet consumer preferences.
For a comprehensive overview, please visit the detailed summary of the research report: