Global Luxury Jewelry Market Analysis & Trends - Industry Forecast to 2030

Global Luxury Jewelry Market Analysis & Trends - Industry Forecast to 2030

Luxury Jewelry: Market Size

From $55.36 billion in 2024, the global Luxury Jewelry market is projected to reach $99.68 billion by 2030. Based on our analysis the market is expected to grow at a CAGR of 10.3% from 2024 - 2030 timeframe. Some of the prominent trends that the market is witnessing include increase in demand for sustainable jewelry, rising disposable income levels, and growing penetration of e-commerce.

Global Luxury Jewelry Market: Market Dynamics
Consumers are willing to spend more money on branded and high-end jewelry to express their personal style. The growing demand for bespoke projects reflects the luxury industry's need for personalization, but it's also directly tied to upcycling. Also, adoption of computer aided system (CAD), unisex luxury jewelry, rising focus on sustainability, increasing focus on incorporating technical features in jewelry, increase in Gen Z income, rapid urbanization, globalization and rising female population are also anticipated to propel the market growth. In any case, with the development of internet business stages and the support of high consumer loyalty, the web-based store section is increasing at an extremely high rate. It is relied upon to rule the market during the estimated time frame.

On the other hand, the declining rough-diamond mine supply and issues in trading of luxury jewelry are likely to obstruct the profit boundaries. In addition, rising customer desire for branded jewelry and increasing influence of social media will further boost for the luxury jewelry market.

Impact of COVID-19 on Luxury Jewelry
The COVID-19 pandemic had a negative impact on global luxury jewelry market. The pandemic negatively affected the market by halting mining and disrupting trade and travel activities. Since luxury jewelry is mostly made of precious metals such as gold, diamonds, platinum, and so on, which comes from mining, the entire market was placed on hold as all mining operations were temporarily banned, following the nationwide lockdown enforced by governments around the world to combat the spread of the virus. Furthermore, the priorities of consumers swiftly shifted from buying luxury items to consumer goods, which subsequently declined the demand for luxury jewelry pieces. Furthermore, the prevalent demand could not be met because all distribution networks were completely shut down, impeding the imports and exports of goods. The high-value diamond pieces and the high-end chunky jewelry widely popular in the Middle-East and far-east witnessed a huge downfall. The uncertain economic future caused an imbalance in the sale and export in context with the gem and jewelry industry. The management of key players duly intervened to deal with the crisis.

By Distribution Channel

Offline Segment Dominate the Market in 2024
The offline segment made huge revenue in 2024 and growing its prominence during the forecast period. Several consumers prefer purchasing luxury jewelry from offline stores as opposed to online platforms. According to a survey in 2021, even though consumers browsed or selected products online, only 15-20% of them bought jewelry online, and the remainder preferred to purchase these items from physical stores. The key players are generating maximum revenue from offline sales on account of the benefits they offer to the customers, such as free demonstrations, physically examining the product before purchase, availability of a large number of options to choose from, and guidance from sales executives in choosing the best product based on one’s specific needs. The luxury brands Graff and MIKIMOTO have launched flagship stores in Hong Kong in 2020 and New York in 2021, respectively. The stores have been built to provide a more personalized experience to customers.

By Geography

Asia Pacific Region is Leading in the Global Market Place
Asia Pacific region is likely to have a huge demand in the forecast period owing to the integration of modern technologies such as the computer-aided design in jewelry manufacture. China and India are the two largest markets for luxury jewelry in the region. The latest styles and the need for high-quality jewelry among top customers are two significant drivers driving the market for luxury jewelry in this region. The majority of luxury jewelry is purchased for special occasions or events such as weddings and engagements. The region is expected to see an increase in the popularity of online distribution. Moreover, owing to continuous restrictions on international travel and the expansion of domestic duty-free zones in China, demand from younger customers as well as those who shop domestically is expected to climb.

List of the Key Players Profiled in the Market Include:
• Buccellati Holding Italia SPA.
• Bulgari S.P.A
• Cartier International SNC
• Chopard International SA
• Compagnie Financiere Richemont S.A
• GRAFF
• Guccio Gucci S.p.A
• Harry Winston, Inc
• Louis Vuitton SE
• MIKIMOTO
• Pandora Jewelry, LLC
• Richemont
• Signet Jewelers Limited
• The Swatch Group Ltd
• Tiffany & Co

List of the Regions/Countries Profiled in the Market Include:
North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others