The global jewelry market size is expected to reach USD 518.90 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.5% from 2022 to 2030. The luxury goods industry continues to drive the market for jewelry, amid challenges concerning varying economic trends.
Jewelry Market Report Highlights
- The ring product segment held the largest revenue share in 2021. The segment stood as the most popular product amongst end users as consumers’ interest is growing in the intricate designs and details of the rings. Moreover, they are perceived as elegant and stylish statement-making jewelry among both men and women, which is supporting the growth of the segment
- The gold material segment is projected to register the fastest growth rate over the forecast period. In 2020, the jewelry industry used over 1,400 metric tons of gold accounting for more than one-third of all gold demand worldwide
- Asia Pacific held the largest revenue share in 2021. Highly populated and developing economies of the region including China and India generate humongous demand for jewelry boosting its consumption and revenue. Additionally, the high significance of jewelry in Indian culture, improving living standards, rising per capita income and spending power, and the rising influence of social media on consumers are fueling the growth of the market in Asia Pacific
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The demand for jewelry is increasing as the world is recovering from a recession and the global financial crisis of 2008. Over the past few years, consumer preference has turned to branded jewelry. This trend is more prominent among the emerging upper middle class or wealthy consumers, particularly in Asia Pacific, for whom branded jewelry is a status symbol. According to the World Gold Council, India and China accounted for more than 50% of the global gold jewelry demand in 2018.
Most consumers buy jewelry from international or established brands as they offer authentic and trustworthy products and unique designs. E-commerce is another important trend in the industry. Most consumers in this market prefer to research online before purchasing any product, and many make purchases from online portals for convenience.
Technological advancements have been transforming the jewel industry, from mining and discovering precious metals to cloud solutions and e-commerce platforms. Computer-aided design (CAD), 3D printing, and augmented reality (AR) are among the most notable technologies that have been prompting the growth of the industry in recent years. From a distribution standpoint, the emergence and popularity of these technologies have been aiding jewelry manufacturers around the world to realize higher profit margins in retail outlets.
A key trend that has been gripping the jewelry industry over the years is the transformation of the shopping experience using technology. For instance, in June 2017, YOOX NET-A-PORTER GROUP, an Italian online fashion retailer, partnered with Lumyer Inc., a U.S.-based app developing company, to launch an AR camera app designed to enable users to try on jewelry, sunglasses, and handbags in virtual reality.
The rising number of double-income households in emerging economies such as India, China, and Brazil have resulted in increased spending on luxury goods, including jewelry. Spending on luxury products is expanding at a more substantial rate in tier-II cities in India than in tier I cities. According to American Express, high-end spending in tier II cities between 2013 and 2018 grew 30 times faster than that in tier I cities. The rise in luxury spending in tier I and tier II cities is due to strict measures by the Indian government, such as an increase in excise duty on gold and diamond, demonetization, and a rise in taxes on luxury items to curb black money.
Jewelry Market Insights By Geographical Region
Asia Pacific captured the largest revenue share of more than 60.0% and is expected to showcase high growth in the luxury jewelry. 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 a large scale. China was the leading country in the market owing to the increasing spending power of the population and swiftly developing economy.
Industry Share Analysis By Major Companies
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. Some prominent players in the global jewelry market include:
- Tiffany & Co.
- Pandora
- Chow Tai Fook
- Louis Vuitton SE
- Richemont
- GRAFF
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Jewelry Market Segmentation
Grand View Research has segmented the global jewelry market on the basis of product, material, and region:
- Jewelry Product Outlook (Revenue, USD Million, 2017 – 2030)
- Jewelry Material Outlook (Revenue, USD Million, 2017 – 2030)
- Jewelry Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Jewelry Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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