Australia Jewelry Market Assessment, By Product Type [Necklaces and Chains, Earrings, Rings, Bracelets, Others], By Material [Gold, Silver, Platinum, Diamond, Others], By Gender [Women, Men, Unisex], By End-user [Adults, Children], By Distribution Channel

Australia Jewelry Market Assessment, By Product Type [Necklaces and Chains, Earrings, Rings, Bracelets, Others], By Material [Gold, Silver, Platinum, Diamond, Others], By Gender [Women, Men, Unisex], By End-user [Adults, Children], By Distribution Channel [Online, Offline], By Region, Opportunities and Forecast, 2017-2031F

Australia jewelry market was valued at USD 2.90 billion in 2023, expected to reach USD 3.67 billion in 2031, with a CAGR of 3.00% for the forecast period between 2024 and 2031. The market is an active and expanding part of the industry, featuring an extensive array of products and varied consumer inclinations. Pandora Jewelry Pty Ltd, Michael Hill Jeweller (Australia) Pty Ltd, Richemont Australia Pty Limited, and Lovisa Pty Ltd are some of the key players involved while many local designers including Jan Logan have a niche in custom-made and high-end jewelry production.

The market is expanding due to various elements. Increased demand for luxury and fashion jewelry is fueled by growing middle-class population, along with innovation and growth in the sector. Additionally, customers are searching for rare and tailored pieces, and hence they have adopted trends such as personalization and custom designs for their jewelry. Moreover, market growth has been accelerated by the ease with which a plethora of jewelry varieties are available to the customers due to the recent boom in e-commerce.

The significance of sustainability and ethical sourcing are Australian consumers’ important considerations in making purchases. Hence, jewelries that are produced ethically and in a manner that conserves the environment have increased their popularity.

As style and technology changes, there are new designs and features helping products improve their quality that enhances the consumer experience. In addition, growth and diversification are anticipated in Australia’s jewel industries as trends transform and consumers’ interests change.

In February 2024, Malabar Gold & Diamonds opened its first showroom in Sydney, Australia. The showroom features approximately 30,000 designs of jewelry in the categories of bridal wear, everyday wear, and occasional wear. The selection of jewelry includes pieces in 18K, 22K, and platinum with diamonds.

Celebrity Endorsements Fuel the Demand for Jewelry

The value of jewelry is greatly enhanced when celebrities endorse it, impacting the thought process and buying decision of people. Whenever celebrities put a jewelry piece, either at common places or high-profile events, they set fashion trends that their throngs of followers try to imitate. The drive for aspiration compels the consumers to buy identical ornaments as they presume to add glamor and class following their favorite idols.

Brands use celebrity endorsements to improve their visibility and reputation in the market. High-profile campaigns featuring well-known celebrities have the potential of turning jewelry piece into an irresistible must-have, hence skyrocketing sales and brand awareness. For instance, if a celebrity endorses a certain ring or necklace, it gains trend, resulting in increased demand. Capitalizing on the trend, in April 2024, Michael Hill Jeweller (Australia) Pty Ltd signed the iconic Australian model, Miranda Kerr, as its brand ambassador for 18 months. Kerr is set to appear in upcoming marketing campaigns, brand events, promotional activities, and advertising campaigns from Michael Hill.

Social media enhances the effects of celebrity endorsements. With millions of followers seeing their celebrities and influencers wearing jewelry, create an instant and broad awareness. This form of online oral communication is especially relevant for the youth who use social networks with more frequency.

Ethical Sourcing and Sustainability Drive the Market Growth

The jewelry market is fueled by ethical sourcing and sustainability, which have become key growth factors. Jewelry in line with the values of environmentally conscious and socially accountable consumers is what people look for. There’s a definite market advantage for brands that focus on ethical sourcing such as getting diamonds and precious metals without any exploitation or harm the nature. This pledge towards transparency and fair-trade appeals to contemporary shoppers who are ready to shell out more for items made in an ethical manner.

Sustainability initiatives such as using recycled metals and environment-friendly jewels raised in laboratory increase the attractiveness of a brand. These practices minimize ecological impact on jewelry production, thereby easing worries about mining activities and environmental degradation. For instance, in August 2023, Pandora Jewelry Pty Ltd launched Pandora Nova in Australia, showcasing princess cut or round brilliant lab-grown diamonds set in a special four-prong setting. Australia was the third market for the company to introduce Pandora lab-grown diamonds, after the United States and the United Kingdom. Three collections were available initially in nearly 50 locations nationwide, including online. The stones were set in 14-carat yellow gold, 14-carat white gold, and sterling silver.

Sustainable methods are often promoted by brands as a part of their marketing efforts, thus attracting environmentally aware clients, turning them into loyal customers.

New South Wales Holds the Largest Market Share

New South Wales is the country’s biggest jewelry market as it is a cultural and economic center. The region constitutes of wealthy people in the area along with foreign visitors to make sure that there is a constant demand for premium and fashion accessories. Several major international and local jewelry brands have opened flagship stores and boutiques in Sydney, owing to the city's high foot traffic and cosmopolitan clientele.

The wellness and tourism sector is an enormous contributor to the unprecedented growth of the New South Wales market. The increased number of tourists in the region, especially in Sydney, leads to higher purchases due to its recognition to be a first-class shopping town. Moreover, the need for different forms of jewelry, such as traditional and modern designs in Sydney are generated by its varied and affluent inhabitants. Famous events such as fashion weeks and cultural festivals are often held in the city to add to the attraction of jewelry exposure to everyone. For instance, in February 2024, Cartier SA celebrated its High Jewellery collection in Sydney, comprising over 300 designs. This was the highest number of exhibited pieces so far in Australia.

Future Market Scenario (2024 – 2031F)

Sustainability will remain key to the market expansion. More eco-friendly consumers are expected to opt for brands that use recycled metals and gemstones that have been sourced ethically.

In the jewelry sector, e-commerce will undoubtedly take on a more prominent role in its expansion. By working with offers along the lines of current trends and virtual showrooms, market players will continue finding ways to identify themselves among competitors through creative visuals and specific selling points personalized as per each customer’s need.

Key Players Landscape and Outlook

The key players in the Australia jewelry market are set to shape the industry’s landscape and future outlook. These brands have established a strong presence through a combination of extensive retail networks, strong brand identities, and a diverse range of product offerings that cater to various consumer segments.

Looking ahead, these key players are expected to enhance their market positions by adapting to evolving consumer demands and technological advancements. Digital transformation will be crucial, with investments in e-commerce platforms, augmented reality for virtual try-ons, and personalized online shopping experiences. Additionally, leveraging social media and influencer partnerships will help these brands to connect with a broader audience and stay relevant in a competitive market. As sustainability becomes increasingly important, focusing on ethical sourcing and environmentally friendly practices will meet consumer expectations, and set these brands distinct as leaders in responsible jewelry production.

For instance, in July 2024, Swarovski Australia Pty Ltd launched its Swarovski Created Diamond collection in Melbourne. The collection showcases the richness and brilliance of the diamonds with unique and creative patterns. Set in materials, such as gold and sterling silver, the items feature modern cluster and solitaire lab-grown diamonds, which are more environmentally friendly and sustainable.