Jewelry Market – Global Industry Analysis and Forecast (2023-2029)

Jewelry Market was valued at US$ 247.40 Bn. in 2022. Global Jewelry Market size is expected to grow at a CAGR of 5.28 % through the forecast period.
Jewelry Market Overview:
Jewelry is a kind of decorative item worn for personal ornaments. Brooches, rings, necklaces, earrings, pendants, bracelets, and cufflinks are some examples of Jewelry. Jewelry is made from various materials like gemstones, amber, coral, precious metals, beads, and shells. The design and style of the jewelry may represent the culture of various countries. There are different types of jewelry for men and women. Men mostly use jewelry products such as cufflinks, plain gold chains, tie bars, cartography necklaces, and signet rings. Women use jewelry products such as necklaces, rings, earrings, bracelets, and gold chains.To know about the Research Methodology:-Request Free Sample Report

Nowadays, people are moving toward jewelry consumption because of the rising trend for purchasing luxurious products. The jewelry is used to showcase fashion trend, enhances look, and increases glamour. Most people use jewelry as a symbol of status, which is changing the perception of jewelry and is expected to boost the jewelry market.
Jewelry Market Dynamics:
Market Drivers:

Increasing Disposable Income and Spending Power of consumers: Increase in the economy of developing and developed countries has significantly resulted in consumers' high disposable income and spending power. As a result, people are propelling toward luxurious items such as gold ornaments, diamond jewelry, and ornaments made from precious gems and stones. So, the increasing demand for these items will boost the Jewelry Market during the forecast period.

Also, the use of jewelry in various festivals like Diwali, Lohri, Chinese New Year, Shogastu, and others are expected to boost the Jewelry market because people buy for their jewelry family members, relatives, friends, and close ones. Hence, increasing demand for jewelry during the time of festivals is also expected to boost the Jewelry Market. Nowadays, people are looking for gold and diamond jewelry as an investment and spending more money on purchasing gold and diamond ornaments. So, these are some factors that will boost the demand for the jewelry and are expected to increase the growth of the Jewelry Market during the forecast period.

Increasing Customization and Advancement in Fashion: Increasing Customization and Advancement in the Fashion industry can boost the Jewelry Market during the forecast period. The promotion of high fashion through movies, shows, music videos, and others has influenced the use of fashion goods which includes ornaments and luxurious products. The various influencers on social media channels also influence people to purchase jewelry. Hence, increasing advancement in the fashion industry can boost the Jewelry Market during the forecast period.

Day by day customers are moving towards customized jewelry for their wedding ceremony. Bridal jewelry contributes significantly to the market's growth. The significant expenditure on wedding rituals and celebrations in countries like India is expected to boost the Jewelry Market growth. When it comes to jewelry and accessories, women are focusing on the latest trends. The capacity to customize such products is a significant factor among consumers, and it is likely to benefit the market. Furthermore, the market is being driven by increased knowledge of the authenticity of the metals and stones used in jewelry pieces. Manufacturers are educating consumers as well as adhering to authenticity and quality requirements through advertising initiatives.

Market Restraints:

Strict Regulation on Import & Export of Jewelry: Nowadays, many countries have made strict regulations and guidelines on the import and export of ornaments which has resulted in the increasing tariff made on products. Due to an increase in tariff, the final cost of the product goes high and resulted in a loss of customers. Also, the increase in political tension between the two countries can cause an impact on the import and export of ornaments. So, all these factors can hinder the growth of the Jewelry Market during the forecast period.
Jewelry Market Segment Analysis:
Based on Product Type, in 2022, Ring dominated the market with 26% share in 2022. During the forecast period, the ring segment is expected to maintain its dominance. Because increasing demand for wedding rings, as well as a growing preference for corporate clothing, are driving ring sales. In recent years the desire and willingness to wear rings among men has increased and it is expected to boost the ring segment during the forecast period. The advancements in men's jewelry designs, as well as an increase in fashion awareness among them, are also expected to drive the Jewelry Market growth.

During the forecast period, the bracelet segment is expected to grow at a CAGR of 8.9%. One of the primary aspects that driving product demand is the growing popularity of cross-cultural bracelet designs. Bracelets inspired by Egyptian, European, and Italian traditions are expected to gain popularity shortly in the Jewelry Market.

Based on the Material, Gold dominated the jewelry market in 2022 with 40% share. Gold is the most popular metal used in the creation of all types of jewelry in various cultures. During the forecast period, the segment is expected to maintain its leadership position. There are three types of gold depending on the alloy used i.e., yellow gold, white gold, rose gold, and green gold comes in a variety of patterns and shapes. Yellow gold is alloyed with silver, copper, and zinc. White gold is a mixture of gold and one or more white metals, most commonly nickel, silver, or palladium. Green gold is a blend of gold and silver with traces of copper and other metals, while rose gold is a mixture of gold, copper, and silver.

Most people prefer to buy gold over diamonds because of its liquidity. Gold can be sold at any point of time at the prevailing market rate depending on the purity, whereas diamonds need a proper valuation and there is a huge scope of margin while selling diamonds at every stage. Because of liquidity and availability, the gold segment is expected to drive the growth of the jewelry Market.
Regional Insights:
The Asia Pacific region dominated the market with a 58 % share in 2022. The Asia Pacific region is expected to witness significant growth at a CAGR of 12.5% through the forecast period. This massive share is because of the enormous demand for jewelry in the region's densely populated countries, such as India and China, where gold is used in large quantities. Due to the growing purchasing power of its population and its rapidly developing economy, the Jewelry Market is expected to grow more in this region. Also, the presence of key players in the region makes the Asia Pacific region dominated the Jewelry Market.

The objective of the report is to present a comprehensive analysis of the global Jewelry Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Jewelry Market dynamic, and structure by analyzing the market segments and projecting the Jewelry Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Jewelry Market make the report investor’s guide.
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Global Jewelry Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 247.40 Bn.


Forecast Period 2023 to 2029 CAGR:
5.28%
Market Size in 2029:
US $ 354.68 Bn.


 Segments Covered:
by Product Type
Ring
Bracelet
Necklace
Earring
Others


by Material
Gold
Diamond
Platinum
Others


by End-user
Men
Women



Jewelry Market by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1.Tiffany & Co.
2.Pandora
3. Chow Tai Fook
4. Louis Vuitton SE
5. Richemont
6. GRAFF
7. Signet Jewelers Limited
8. H. Stern
9. Malabar Gold & Diamonds
10.Buccellati
11.Cartier
12.LVMH Group
13.SHR Jewelry Group
14.Swarovski
15.Tata Sons Private Ltd
16.The Swatch Group AG
17.Rajesh Exports Ltd.
18.Chopard
19.Hary Winston, Inc.

Frequently Asked Questions:

1. Which region has the largest share in Global Jewelry Market?
Ans: Asia Pacific region holds the highest share in 2022.

2. What is the growth rate of Global Jewelry Market?
Ans: The Global Jewelry Market is growing at a CAGR of 5.28% during forecasting period 2023-2029.

3. What is scope of the Global Jewelry market report?
Ans: Global Jewelry Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Jewelry market?
Ans: The important key players in the Global Jewelry Market are – Tiffany & Co., Pandora, Chow Tai Fook, Louis Vuitton SE, Richemont, GRAFF, Signet Jewelers Limited, H. Stern, Malabar Gold & Diamonds, Buccellati, Cartier, LVMH Group, SHR Jewelry Group, Swarovski, Tata Sons Private Ltd, The Swatch Group AG, Rajesh Exports Ltd., Chopard, Hary Winston, Inc. and Ted Baker

5. What is the study period of this market?
Ans: The Global Jewelry Market is studied from 2022 to 2029.