[231+ Pages Report] According to the report published by Facts Factors, the global jewelry market size was worth around USD 256 billion in 2021 and is predicted to grow to around USD 517.27 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.25% between 2022 and 2030. The report analyzes the global jewelry market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the jewelry market.
Any piece of attractive or fine material that is used for adorning the human body is called jewelry, with its origins in the word ‘jewel’. Jewelry has been in existence since the time mankind has existed. It has played various important roles during the course of history and continues to hold significant status in the modern world. Jewelry had more practical applications in the earlier times when it was used as a means of wealth keeping but over the years it is also used as a decorative item.
The initial pieces of jewelry were created using natural products like animal teeth, bone, wood, shell, or carved stone but currently, there are a variety of raw materials that are used to create a wide array of jewelry pieces. In ancient times, jewelry was buried with the people it belonged to, which was generally for people with high status or extreme wealth.
The global jewelry market is projected to grow owing to the high return on investment (ROI) of jewelry products. For many decades the ROI on jewelry has only increased or remained constant. There have been only a few situations due to which prices of materials used to manufacture real jewelry have decreased.
For many families or individuals, jewelry remains a major way of investing money since there is almost a 100% guarantee that the investment value will not diminish even after years of purchasing it. Jewelry items made of fine materials like gold or diamond are extremely long-lasting. They show durability that no other material can show and they can be sold at any point in time unlike various other dead-assents like cars or homes that may witness a decline in demand due to various social or political factors.
Jewelry pieces are high in cost since the materials used to manufacture fine pieces are extremely rare. The final price of jewelry depends on various factors including the type of material used as the base, its rarity, the quality of the material, and the intricacy standard of the work done on the material for refined jewelry designs, and is highly influenced by the supply and demand rate of the products. The scarcity of materials and designer make them so valuable. Since they are high in price, middle or low-income groups may find them unaffordable or they may buy in limited quantities, thus restricting the global market growth.
The global jewelry market is projected to benefit from the growing number of businesses in the jewelry business across the manufacturing line worldwide. Given the profitable nature of the jewelry, multiple players with heavy investments regularly enter the market starting from research, material extraction, designers, and final jewelry retailers. There are growing collaborations and other strategic ventures that could aid the expansion of the jewelry segment.
For instance, in 2019, the share price of Tiffany, a diamond jewelry retailer, increased by 32% after luxury group LVMH showed interest in the acquisition of the jewelry brand.
The global market runs on the demand that is generated from the consumer end and solely runs on the buying patterns of the consumers. It is imperative that business players keep a keen eye on how these consumer preferences keep evolving to forecast future trends to stay better prepared.
Factors like changing political conditions, economic development in the region, and the financial status of the majority of the regional population determine the sale value of fine jewelry. Understanding and navigating through these changes remains a major challenge for global market players.
The global jewelry market is segmented based on material, distribution channel, product, type, the region
Based on material, the global market is divided into diamond, platinum, gold, and others. The global market registered the highest growth in the gold segment with more than 40% of the global market revenue being generated from the growing sales of gold jewelry. Platinum and other rare materials are at higher prices as compared to gold because of their rarity.
For almost all the other materials, gold is preferred because it has higher workability and it is extremely low maintenance as it never tarnishes. Most of the big brands operating in the jewelry segment like Tiffany, Cartier, and Bvlgari are known for importing gold to make a wide variety of jewelry pieces.
Based on product, the global market is divided into ring, necklace, bracelet, earring, and others. The largest part of the market share was dominated by the ring segment due to the high demand for engagement and wedding rings as well as their use as a human body adorning item.
The most dominating brands dealing in luxury items have the highest demand for custom-made and personalized rings of different materials in varying quality. The second highest revenue-generating segment was the earring section as it is one of the preferred jewelry amongst the female population of all age groups. Tiffany & Co.'s fashion jewelry segment was valued at USD 2.4 billion in 2019.
Report Attribute |
Details |
Market Size in 2021 |
USD 256 Billion |
Projected Market Size in 2030 |
USD 517.27 Billion |
CAGR Growth Rate |
8.25% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2030 |
Key Market Players |
Pandora, Tiffany & Co., Swarovski AG, GRAFF, Malabar Gold & Diamonds, Louis Vuitton SE, Chow Tai Fook, and others. |
Key Segment |
By Material, Distribution Channel, Product, Type, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
Request customized purchase options to meet your research needs. Explore purchase options |
The global jewelry market is projected to register the highest growth in Asia-Pacific as it has in the previous year. The regional market is expected to benefit from the growing demand for wedding jewelry across material types as well as the surging final consumption of jewelry. Asian countries are known for being hotspots for both fine jewelries as well as imitation pieces of art as gold and diamonds are considered more of an investment than articles to be worn for personal pleasure. China is currently the second-largest market for diamonds with the Chinese youth as the major consumer segment.
As per a recent survey, more than 80% of people below the age of 40 years own some piece of diamond jewelry. Asia-Pacific could witness higher demand for jewelry as the consumption power or second or third-tier income group increases owing to factors like increasing infrastructure growth, rising employment rate, growth in disposable income, and the growing culture of spending on items that look appealing.
The global jewelry market is segmented as follows:
Copyright © 2022 - 2023, All Rights Reserved, Facts and Factors