Global Jewellery Market 2023-2030

Global Jewellery Market 2023-2030

Global Jewelry Market Size, Share & Trends Analysis Report by Type (Necklace, Ring, Earring, Bracelet, and Others), by Material (Platinum, Gold, Diamond, and Others), and by End-User (Men, and Women), Forecast Period (2023-2030)

The global jewelry market is anticipated to grow at a considerable CAGR of 4.6% during the forecast period. The growth of the market is attributed to factors such as changing consumer preferences towards unique and chunky pieces of jewelry oversized hoops, and geometric shapes such as rectangular, sphere, and square. This highlights the growing popularity of unique and personalized jewelry among consumers and the increasing demand for jewelry made from sustainable materials. Resultantly, pushing the market players to adopt key market strategies with an aim to catering to such as rising demand across the globe. For Instance, in February 2022, luxury jewelry brand Cartier announced its partnership with Gemfield’s leading supplier of colored gemstones. The partnership will see using Gemfield’s Zambian emeralds in their high-end jewelry collections, which are known for their sustainability and ethical practices. This partnership indicates Cartier’s commitment to sustainability and ethical sourcing of materials, reflecting the industry's growing awareness of the importance of responsible production methods, that highlights the rising demand for sustainable and ethical jewelry among consumers.

Segmental Outlook

The global Jewelry market is segmented based on the type, material, and end-user. Based on the type, the market is segmented into necklaces, bangles, chains, rings, earrings, bracelets, and others which includes anklets. Based on the material, the market is sub-segmented into platinum, gold, diamond, and others including titanium, pearls, stainless steel, and base metal. Further, based on end-user, the market is bifurcated into men and women. Among the end-user, the women sub-segment is expected to dominate the market, however, owing to the increasing acceptance of jewelry among men to propel the sub-segment at a considerable CAGR during the forecast period. Various jewelry products such as cufflinks, plain gold chains, tie bars, cartography necklaces, and signet rings are commonly in demand among the male population, globally.

The Gold Sub-Segment is Anticipated to Hold a Prominent Share of the Global Jewelry Market

Among the material, the gold sub-segment is expected to hold a prominent share of the global jewelry market. Segmental growth is attributed to the growing awareness of several health benefits of wearing gold ornaments among the global population. Gold jewelry helps regulate the temperature acts as a de-stressor and speed up the healing process during the injury. Additionally, the gold ornaments are available in various shapes and designs by mixing different types of alloys, which is another factor attracting the consumers towards the gold jewelry. Market players are also focusing on developing new designs of yellow, white, rose, and green gold. For instance, in November 2019, Unique & Co. introduced 9ct rose gold and cubic zirconia to its fine jewelry portfolio. Through this launch, the company has bolstered its offer by adding a new precious metal color into the mix. The new products launched are easy to wear along with microscopic views of flowers, minimalistic shapes and highlights of cubic zirconia in yellow and rose gold.

Regional Outlook

The global jewelry market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the European region is expected to grow at the considerable CAGR over the forecast period, owing to the growing demand for jewelry inspired by the European and Italian cultures across the globe.

Global Jewelry Market Growth, by Region 2023-2030

Source: OMR Analysis

The Asia-Pacific Region is Expected to Hold Prominent Share of the Global Jewelry Market.

Among all regions, the Asia-Pacific is anticipated to account for a prominent share of the jewelry market during the forecast period. The growth can be attributed to the significant demand for jewelry especially made of gold in countries such as India and China. According to the World Gold Council, India is the second-largest jewelry market globally. In 2021, the country bought around 611 tones of gold jewelry. As per the same source, around 60% of the total Indian women owns gold jewelry, followed by silver jewelry with 57% in 2021. This rise in consumption is majorly attributed to the increase in focus of the population towards the religion and festivals, as the gold is replicated as a symbol of wealth and prosperity.

Market Players Outlook

The major companies serving the global jewelry market are Cartier International SNC, Louis Vuitton Malletier (Louis Vuitton), Compagnie Financière Richemont S.A. (Richemont), David Webb, LLC, and Others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For Instance, in April 2023, LVMH Moët Hennessy Louis Vuitton (LVMH) acquired a majority stakes in Platinum Invest group, a France-based jewelry manufacturing company. Through this acquisition, the company aims to enhance and supplement the current manufacturing and production of its subsidiary company Tiffany & Co.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global jewelry market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.