Luxury Jewelry Market, by Material (Gold, Diamond, Silver, Platinum, and Others), by Product Type (Necklace, Ring, Bracelet, Hair Ornaments, Earring, Leg & Feet Ornaments, and Others), by End User (Men and Women), and by Distribution Channel (Mono-brand Stores, Multi-brand Boutiques, Departmental Stores, Online Stores, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028
Luxury jewelry is designed from different materials such as gold, silver, diamond, and platinum. It consists of different products such as necklace, ring, bracelet, hair ornaments, earring, leg & feet ornaments among others.
Market Dynamics
Among material, diamond segment accounted for largest revenue share in the global luxury jewelry market in 2017, owing to rising demand for diamonds in rings. To cater to this demand, key players are introducing diamond engagement ring collections. For instance, in September 2018, Tiffany & Co. (American luxury jewelry and specialty retailer) introduced new engagement ring line consisting of diamond rings. Among product type, necklace segment accounted for the largest market share in 2017, and is expected to retain its dominance, owing to lucrative demand for neckwear in Asian countries such as China, India, and Japan.
Europe dominated the market in 2020, and Asia Pacific is projected to be the fastest growing region in the global luxury jewelry market over the forecast period. Government initiatives are playing important role in growth of luxury jewelry in Asia Pacific. For instance, in India, The Gems and Jewelry Export Promotion Council (GJEPC), signed a Memorandum of Understanding with Maharashtra Industrial Development Corporation (MIDC) to build India’s largest jewelry park in Mumbai with overall investment of US$ 2.1 billion in 2018.
Several companies that manufacture luxury jewelry are adopting various organic and inorganic growth strategies, in order to sustain their market position. For instance, in April 2017, The Franco-Swiss group FM Industries Sycrilor, which manufactures luxury jewelry for companies such as Louis Vuitton, Cartier, and Mont-Blanc started one of its technological and production centers in the Portuguese city of Covilha. The center was established to cater to increasing demand for high quality precision specialization of jewelry metals.
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