Jewellery Market Outlook
According to a recent report by Expert Market Research (EMR), the global jewellery market size reached a value of 327.28 billion in 2023. Driven by the increasing consumer preference for luxury and high-value items, along with the rising disposable income across emerging economies, the market is projected to expand at a robust compound annual growth rate (CAGR) of 4.70% from 2024 to 2032. By the end of this forecast period, the global jewellery market is reaching almost 494.81 billion by 2032.
Jewellery, encompassing a wide range of ornamental items including rings, necklaces, bracelets, and earrings, has long been cherished not only for its aesthetic appeal but also for its cultural and economic significance. The jewellery industry, characterized by its diverse segments ranging from fine jewellery to costume jewellery, plays a pivotal role in fashion and personal adornment, reflecting both individual style and cultural heritage.
Driving Factors
Several key factors are fuelling the growth of the global jewellery market. One of the primary drivers is the escalating demand for luxury and high-end jewellery. As global wealth increases and disposable incomes rise, particularly in developing regions such as Asia-Pacific and Latin America, consumers are increasingly able to afford premium and high-quality jewellery. This trend is further amplified by the growing inclination towards personalisation and customization of jewellery, as consumers seek unique and bespoke pieces that reflect their individual preferences and status.
In addition, the rise of social media and digital platforms has significantly contributed to the growth of the jewellery market. Influencer marketing and online jewellery stores have made it easier for consumers to access and purchase a wide variety of jewellery styles and designs. Social media platforms, such as Instagram and Pinterest, have become essential channels for jewellery brands to showcase their collections and engage with a global audience, thereby enhancing brand visibility and driving sales.
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Trends and Innovations
Several key trends are shaping the global jewellery market. One prominent trend is the increasing popularity of lab-grown diamonds and gemstones. These alternatives offer a more affordable and environmentally friendly option compared to mined stones, catering to the growing demand for sustainable and ethical jewellery. Lab-grown diamonds, in particular, are gaining traction due to their high quality and lower environmental impact, making them an attractive choice for consumers and jewellery brands alike.
Another significant trend is the integration of technology in jewellery design and manufacturing. Innovations such as 3D printing and digital customization are revolutionizing the jewellery industry, allowing for greater precision and creativity in design. Consumers can now participate in the design process, creating custom pieces that match their personal preferences and styles. This technological advancement is not only enhancing the overall consumer experience but also driving growth in the bespoke jewellery segment.
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Jewellery Market Segmentation
The market can be divided based on by material, category, end use, distribution channel and region.
Breakup by Material Type
- Silver
- Gold
- Platinum
- Diamond
- Others
Breakup by Category
- Branded
- Unbranded
Breakup by End User
- Men
- Women
Breakup by Distribution Channel
- Online
- Offline
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
Some of the major players explored in the report by Expert Market Research are as follows:
- Compagnie Financière Richemont SA (Buccellati)
- Signet Jewelers Ltd.
- Chow Tai Fook Jewellery Group Limited
- Graff Diamonds Limited
- Harry Winston, Inc.
- H.Stern (Jewellery) Limited
- LVMH Moët Hennessy – Louis Vuitton
- Pandora A/S
- Swarovski AG
- Tanishq Corporation
- Others
Challenges and Opportunities
Despite the positive outlook, the global jewellery market faces several challenges. One of the primary concerns is the fluctuating prices of raw materials, such as gold, silver, and precious stones. These fluctuations can impact the cost of jewellery production and, consequently, the pricing strategies of jewellery brands. Additionally, the market is also grappling with issues related to counterfeit products and fraud, which undermine consumer trust and affect brand reputation.
However, these challenges also present opportunities for growth and innovation. The increasing focus on ethical and sustainable practices offers jewellery brands a chance to differentiate themselves and appeal to a more conscious consumer base. By adopting responsible sourcing practices and emphasizing transparency, brands can build trust and loyalty among consumers who are increasingly concerned about the environmental and social impact of their purchases.
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