Jewelry Market size reached USD 349.8 billion in 2021 and is estimated to reach USD 482.4 billion in 2029 and the market is estimated to grow at a CAGR of 4.1% from 2022-2029 attributed to rowing disposable incomes and changing perception of consumers about jewelery products.

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Key Jewelry Industry Trends and Drivers

Jewelry Market is majorly driven by rising disposable income, growing acceptance for jewelleries amongst men and increasing popularity of metals. Branded jewelry are gaining traction amongst high-income groups, as they consider jewelleries as a symbol status, which in turn has increased spending by these groups on luxury jewelry, made of diamond and platinum. Furthermore, the rising focus of consumers especially among women to enhance the appearance or highlight certain features of the body by wearing stylish jewelry such as necklace, nose pins continue to stimulate market growth. Manufacturers also offers different cross-cultural jewelry designs to entice customers with their differentiated offerings. For instance, designs inspired by Brazil tribal women and Greek or Roman culture are gaining traction among the consumers worldwide.

Smart jeweleries are also being introduced in the market that works as an activity tracker, a sleep monitor, a stress remover or a complete fitness device. For instance, Ringly launched Ringly Luxe Smart Ring which is adorned by a large gemstone on its top with a 14k gold-plated base. It supports basic activity tracking like recording steps, distance and burned calories. Such trends are new opportunities for the jewelry industry. Furthermore, availability of customization in bridal jewelery products, growing awareness amongst about authenticity of metals and gems used in jewelery pieces and increasing sales of jewellery through online channels, are supplementing the growth of jewellery market. However, growing demand for imitation/artificial jewelry stands to acts as a major market barrier. Imitation jewelry are accessories that are made using a variety of artificial materials. The high prices of the traditional jewelry such as gold, diamond or silver, have encouraged people to opt for affordable imitation jewelry.

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Based on the Material Type, Gold segment is projected to hold the largest jewelry market share.

Gold and diamond continues to remain the popular choice among the fashion conscious and high-income consumers. Growing demand for couple rings, bracelets with personalised designs among both women and men is expected to proliferate growth in the forthcoming years. Furthermore, gold which is also considered as a symbol of status and is a fundamental part of different rituals and occasions will continue to drive demand.

As per jewelry market research, Rings segment is projected to dominate the market.

Rings are gaining popularity in weddings and corporate dressings. Additionally, consumers are preferring to wear bracelets with cross-cultural designs. Younger generations are more open to love marriages and have developed stronger connection between love and rings. Such trends will push the demand for engagement rings and commitment rings, which will create opportunities for companies to target young consumers to increase their revenues.

Consumers worldwide are increasingly spending on wedding functions. As per Confederation of All India Traders estimates, over 3 million weddings were solemnised in India between November 14 and December 14 2022. And the wedding market in the country, generated business worth INR 3.75 lakh crore during the same period. As consumers spending on wedding functions grow, demand for various jewelry products like rings, necklace and earrings, will increase in the coming years.

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According to jewelry market research report, Asia-Pacific region is forecast to hold the largest market share.

Asia-Pacific jewelry Market is propelled by increasing spending on precious jewelry such as gold and diamond in countries such as China and India. In 2020, according to the China Gold Association, the actual consumption of gold nationwide was reported at 820.98 tons. Additionally, presence of various customs and traditional cultures of gifting ornaments in this region stands to witness the growth of the market. India jewelry market is driven by increase in the volumes of exports of jewelleries and gems in the United States and Free Trade Agreement (FTA) signed with United Arab Emirates (UAE) to boost jewelery exports. Diamonds and gold are becoming popular in the South Korea jewelry market as newly married couples are preferring to spending more on wedding gift value over honeymoon.

Jewelry market in the US is driven by growing consumers preference to purchase jewelleries through online platforms, increasing per capita incomes and rising urbanization.

Top Market Players

Various notable players operating in jewelry market are Chow Tai Fook., Compagnie Financière Richemont SA, Signet Jewelers, LVMH, Pandora Inc., Titan Company Limited, Kalyan Group, Zales, Harry Winston, Inc., and Chopard International SA, among others.

Key Developments:

• • In May 2022, Harry Winston, luxury jewelry and watch retailer, announced its plans to increase its store count from 19 to 50, by launching new stores across United Arab Emirates, China and Russia.
  • In February 2022, Titan Company, announced its plans to expand its jewellery business internationally by launching 20 stores across Gulf Cooperation Council countries, United States and Canada.
  • In September 2021, Bulgari, a major luxury jewelry company based out Italy, announced that its Mangalsutra product. Through this product, the company plans to expand its foothold in the Indian bridal market.
  • In January 2021, LVMH completed the acquisition of Tiffany and Co., which is likely to boost the product portfolio of the company. In addition, this acquisition helped 14,000 employees round the globe to achieve the company long term plans for expanding the products in the watches and jewelry segment over the period.
  • In January 2020, Chow Tai Fook, a Hong Kong Main Board listed company, acquired the gems maker Enzo, which has surged the growth of the market in mainland China and other regions as well. Enzo Jewelry operates more than 60 stores in China.

Market Segmentation Jewelry Industry

The global Jewelry market has been segmented on the basis of material type and product type and region. Based on material, the market is segmented into gold, silver, diamond, platinum and others. Based on product, the market is segmented into rings, earrings, necklace, bracelet and others. 

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Market Segmentation

Global Jewelry Market by Material Type

• • Gold
  • Silver
  • Diamond
  • Platinum
  • Others

Global Jewelry Market by Product Type

• • Rings
  • Earrings
  • Necklace
  • Bracelet
  • Others

Global Jewelry Market by Region

• • Americas Jewelry Market (Option 1: As a part of the free 25% customization)
    • By Material Type
    • By Product Type
    • US Market All-Up
    • Canada Market All-Up
    • Others Market All-Up
  • Europe Jewelry Market (Option 2: As a part of the free 25% customization)
    • By Material Type
    • By Product Type
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Jewelry Market (Option 3: As a part of the free 25% customization)
    • By Material Type
    • By Product Type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • MEA Jewelry Market (Option 4: As a part of the free 25% customization)
    • By Material Type
    • By Product Type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Egypt Market All-Up
    • Nigeria Market All-Up
    • Rest of MEA Market All-Up

Major Players Operating in the Jewelry (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Chow Tai Fook
  • Compagnie Financière Richemont SA
  • Signet Jewelers
  • LVMH
  • Pandora Inc.
  • Titan Company Limited
  • Kalyan Group
  • Zales
  • Harry Winston, Inc.
  • Chopard International SA