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[198+ Pages Report] The global Jewelry Market accounted for USD 252.74 Billion in 2020 and is expected to reach USD 435.65 Billion by 2028, growing at a CAGR of 7.4% from 2021 to 2028.
Jewelry, items of personal embellishment cherished for the craftsmanship going into their formulation and usually for the value of their elements as well. Throughout the ages and from culture to culture, the elements considered beautiful and rare have ranged from bones, pebbles, shells, claws, tusks, and wood to so-called precious gems, semiprecious and precious enamels, stones, corals, vitreous pastes, pearls, and ceramics. In certain ages, artist-craftsman have placed sometimes less prominence on the intrinsic worth of elements than on their artistic function as elements contributing to the result of the whole. Hence, they might style a brooch out of plastic and steel rather than platinum or gold.
Asia Pacific Jewelry Market (USD Billion)
The behavior of Consumers has certainly changed. The purchasing power has undeniably been affected with this COVID-19. On account of the slowdown in the nation’s economy at large with lower profits and decreased incomes, consumers are not making a lot of heavy buys. With the change / postponing of celebrations like weddings that commonly are the market’s most beneficial times, buyers too have shifted/postponed temporarily their interest in buying jewelry currently.
Asia-Pacific (especially China and India) is the leading region for watch retailing and jewelry and has taken over the Americas. The significance of developing operations in swift growth markets is well perceived by leading market players.
Furthermore, recently, the codes administrating masculinity are loosening up, and the conventional lines between feminine and masculine fashion are blurring. Even though jewelry is traditionally a female realm, we’re now observing men exploring it more than ever before.
Latest male-style idols are increasingly loosening up in their approach. Actor Timothée Chalamet usually wears prominent necklaces, bracelets, and rings. Similarly, actor Chadwick Boseman is uninhibited and free-wheeling in his style decisions. He is exceptionally interesting since, he played the main role in Black Panther a Marvel film, basically a traditional macho hero in a comic book. His outfit often plays with beliefs of how an alpha should look. Recently he caused a fuss when he appeared at an awards function wearing three diamond brooches very large in size by Tiffany & Co. and he is a trend-setter.
Moreover, E-commerce is a vast platform that is rising at an exceptional rate globally. People from every age group whether they are millennials or old, children, and love to shop online from various e-stores. E-Commerce has evolved into the most exciting and fastest-growing channel for commercial transactions.
This growth of E-commerce has been triggered owing to factors like smartphone penetration and rising internet. The exceptional growth of e-commerce has undoubtedly aided various sectors. There is an increasing appetite for better-quality products and international brands amongst virtually connected shoppers owing to increased awareness and growing income levels. E-commerce has contributed to the jewelry industry to some extent and is expected to enhance it further in the coming years.
|Market Size in 2020||USD 252.74 Billion|
|Projected Market Size in 2028||USD 435.65 Billion|
|CAGR Growth Rate||7.4% CAGR|
|Key Market Players||Chow Tai Fook, LVMH, Malabar Gold & Diamonds, Richemont, Swarovski, Tiffany & Co., and Others|
|Key Segments||Products, Materials, Sales Channels, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Bracelet segment held a share of around 27.06% in 2020. A bracelet is an ornamental band or chain worn around the wrist. A bracelet may serve various practices, such as being worn as an ornament, giving in gifts. It's worn as an ornament; it has a supportive purpose to hold other items of decoration, such as charms. A bracelet is made out of multiple materials and elements and thus the price value is set according to the quality, appearance of the bracelet.
Global Jewelry Market Share, By Application, 2020 (%)
Goldsegment is expected to grow at a CAGR of over 8.1% from 2021 to 2028. Among the material, gold is the popular one in metals that are used for making jewelry all over the world. China has been a big consumer of gold in past years, followed by India as well as the U.S. in addition to this, gold is also considered a hard currency that can be easily converted into cash. Furthermore, diamonds are also gaining importance and becoming popular which is driven by the increase in disposable income.
Asia Pacific accounted for a share of over 55.98% in 2020. Asia Pacific region is the most populous region in the world and is also the highest consumer of gold so far. The top three highest consumers of diamonds in the world are the USA, China, and India, two of the highest consumer comes under Asia pacific region. The change in lifestyle of the people living in the region is expected to boost the demand for Jewelry in the region.
Global Jewelry Market, By Region
North America is anticipated to grow at a CAGR of over 6.89% from 2021 to 2028. The North American region will witness slow growth owing to the major imports of diamond and gold being diverted to Asia Pacific countries. Diamond jewelry is gaining traction owing to the rising trend of cross-cultural jewelry in the region is anticipated to drive the growth of the market.
Some of the key players in the Jewelry Market are Chow Tai Fook, LVMH, Malabar Gold & Diamonds, Richemont, Swarovski, Tiffany & Co., Pandora, Signet Jewelers Ltd., H. Stern, among others.
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