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,

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

Global jewelry market was valued at USD 305.45 billion in 2023, expected to reach USD 545.57 billion in 2031, with a CAGR of 7.52% for the forecast period between 2024 and 2031. The market is seeing remarkable expansion on a worldwide scale as a result of increased disposable incomes, heightened awareness about fashion among people, and growing love for luxurious items. Social media buzzes with celebrities who endorse expensive, made-to-order ornaments and push the popularity of jewelry among ordinary users. Rings, necklaces, earrings, bracelets, watches, and other types of products are sold in the market to meet diverse consumer preferences.

Advancements in technologies have created platforms of internet retailing which transform the methods people use to buy things, making it easier and reaching more people than before. The scope of operations for jewelry companies has been widened through e-commerce since they can reach customers from different parts of the world. Moreover, there is a growing demand for ethical and sustainable jewelry as a reflection of the increasing social and environmental consciousness among consumers.

Asia-Pacific is the major region in the market, which is supported by high demand from countries, such as China and India, where jewelry has significant cultural and economic importance. On account of high consumer purchasing power and a long-standing custom of luxury spending, North America and Europe are the other impressive markets with substantial growth.

Besides challenges such as economic variations and changes in consumer actions, the global jewelry industry is positioned for strong growth. The market is expected to be propelled by innovations in design, materials, and marketing techniques to meet the evolving consumer tastes.

In November 2023, Byredo introduced fine jewelry as a permanent product type. The first pieces were made of sterling silver and 18-karat gold. The collection was named Virasaat to pay homage to the founder’s Indian ancestry.

Handmade Jewelry Fuels Market Demand

Handmade jewelry is creating high demand in the global jewelry market as people’s liking for unique, artisanal, and personalized jewelry pieces is on the rise. In contrast to mass produced jewelry, handmade counterparts have their own distinguishing craftsmanship appealing to different people who prefer originality or quality instead of homogeneity. Every single accessory speaks volumes about its construction, with various art tricks, and resonating with customer taste for personalized meaningful ornaments. In August 2023, TACORI launched its latest fine jewelry collection, TACORI Stilla. Each piece in the collection is exquisitely handmade and can be layered with other pieces. It includes rings, necklaces, bracelets, and earrings.

Moreover, sustainability consciousness and ethical production are on the rise. Buyers are becoming aware of the way their purchases affect the environment and society, which is why they prefer handmade jewelry most of the time. To attract this set of buyers, artisans generally use ethically sourced materials along with environmentally-friendly production methods.

Furthermore, the emergence of handcrafted jewelry has been aided by social media and online platforms that give artisans a wider platform for exhibiting their work. Customers have the opportunity to speak with the creators directly to learn about the background of each piece and customize their designs to fit their requirements.

Growing Fashion Consciousness Propels Market Growth

The global jewelry market has been on the rise partly due to the increasing awareness of consumers for fashion. This is reflected in the growing consciousness for style, trends, and aesthetics among people. Continuous exposure has been given by fashion media, social media platforms, and influencer culture where there are many different styles and fashions in jewelry. The rising interest prompts people to try out various appearances and use ornaments as the basic part of their looks. In March 2024, with the debut of its first standalone Lab Grown Diamond Collection, an accessories store, Kendra Scott expanded the selection of fine jewelry offered by them. Presently, the line delivers high-end jewelry to consumers at more affordable price points. The range is affordable since the company has control over the production process, clarity, and cut of the diamonds collection made in their laboratory.

Besides, the quick change in fashion seasons and the urge to keep up with the recent styles urge, consumers often readjust their jewelry assortments. This pursuit of originality and uniqueness makes way for a broader range of creative designs in the market. Fashion designers and retailers are providing various styles, from age-old and eternal styles to loud and avant-garde to meet every person's needs for style.

Men’s Collection is Gaining Momentum

Demand for men’s ornaments is growing rapidly across the world, as men experience an upgrade in styles and purchase patterns. The rise in individual styling and self-expression among male buyers, has led to increased consumption of men’s jewels, which were once dominated by women. Items such as bracelets, rings, necklaces, and cuff links have transcended their traditional function of being mere accessories to become essential components of men’s wardrobes. Capitalizing on the trend, in January 2024, LVMH Moët Hennessy Louis Vuitton expanded its fine jewelry range, by launching an 18-piece collection, Les Gastons Vuitton for men. The price range for Les Gastons Vuitton items, sold at selected Louis Vuitton stores across the world and brand’s online store, includes USD 2,058 for a single Trunk diamond stud earring and up to USD 1,57,121 for the Masterpiece Gourmet white gold necklace, which is paved with more than 13 carats of white diamonds.

The trend is being powered by famous people, social media, and fashion influencers, who present fashionable and elegant men’s jewelry as more socially acceptable and attractive product. Furthermore, the increased access to different and modern designs targeting men, has contributed significantly to expand market.

Asia-Pacific Holds the Largest Market Share

Asia-Pacific dominates the global jewelry market due to the demand driven from certain countries such as China and India. These countries are deeply rooted in cultural ties and traditions involving jewelry, thus making it involved in celebrations, rituals, and day-to-day lives. In India, for instance, gold symbolizes wealth and status, serving a pivotal role during weddings or religious ceremonies. Likewise in China, there exists an inherent cultural significance attributed to gold and jade jewelry which are considered highly valuable and potential investments.

The jewelry market in the region has been stimulated by economic growth and rising disposable incomes. Besides, the ornaments have become available for a wider range of people due to an upsurge in use of e-commerce platforms.

The retailers are utilizing trend and brands who focus their product offerings on unique desires and preferences of consumers from Asia-Pacific. Due to these innovations in designs and selective marketing strategies, many brands have been able to carve out a good reputation in the lucrative market of the region. In fact, in January 2024, Tiffany & Co. launched its new store in Pacific Place shopping center, Hong Kong, featuring the brand’s innovative diamond veteran design, as well as a selection of diamond jewelry and collections including Tiffany T, Tiffany Knot, Tiffany HardWear, and Tiffany Lock.

Future Market Scenario (2024 – 2031F)

Revolutionary shopping experiences are expected from high-tech advancements such as augmented reality and virtual reality, that will enable customers to try-on jewelry before buying. It will improve customer satisfaction and reduce returns, especially in online businesses.

Consumers have become more aware of the environment, making ethical sourcing and sustainability more valued. Furthermore, due to the growing reputation of lab-made products, it is easier to find sustainable and inexpensive options for diamonds and other materials.

The expansion of the men's jewelry segment will be driven by changing fashion trends and greater acceptance of accessories worn by men. Retailers will be offering different collections that best fit male consumers, hence enhancing market growth.

Key Players Landscape and Outlook

The global jewelry market is dominated by key players such as Pandora A/S and Swarovski AG. These brands maintain strong market positions through their reputation for quality, innovative designs, and extensive marketing efforts. Their established presence and loyal customer base allow them to drive significant growth and influence market trends.

These leading companies are expected to continue focusing on expanding their market reach and enhancing their product offerings. Technological advancements, such as digital marketing and e-commerce, will play a crucial role in their strategies, enabling them to reach a broader audience and improve customer engagement.

Sustainability and ethical sourcing are becoming increasingly important, and key players are likely to invest more in these areas to meet consumer expectations and differentiate themselves in a competitive market. Additionally, the trend towards personalization and customization will see brands offerings bespoke of unique jewelry pieces.

The outlook for the global jewelry market is positive, with key players positioned to leverage new opportunities and continue driving growth through innovation, a focus on evolving consumer preferences, and strategic partnerships and acquisitions. In November 2023, Kering SA owned jewelry brand, Boucheron, acquired a workshop of High Jewelry in Paris. The acquisition was aimed at strengthening the brand’s production capacity to fulfill the increasing demand of buyers, while maintaining the perfection of craftsmanship. The acquired workshop consisted of four companies, namely, Belter, Blondeau, FG Développement, and Chanson.