Global Jewelry Market Share Is Likely To Reach At A CAGR Value Of Around 4.83% By 2032

23-May-2024 | Facts and Factors

According to Facts and Factors, the global jewelry market size was worth around USD 325.46 billion in 2023 and is predicted to grow to around USD 497.52 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.83% between 2024 and 2032.

Global Jewelry Market Size

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Jewelry is a decorative item that can have personal applications or be used as a means of wealth storage. Personal adornments like brooches, rings, earrings, necklaces, anklets, bracelets, cufflinks, and toe rings are examples of jewelry. Since past many centuries various stones, gemstones, or rare metals have been used to create or produce jewelry but it can also be created using rather normal materials like shells, glasses, and plant materials

Browse the full “Jewelry Market Size, Share, Growth Analysis Report By Product Type (Necklaces, Bracelets, Rings, Earrings, Others), By Material (Gold, Silver, Platinum, Diamond, Gemstones, Others), By End Users (Men and Women), By Distribution Channel (Online and Offline), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032" report at https://www.fnfresearch.com/jewelry-market-report

Jewelry can be purchased or worn for multiple purposes like storing it as a form of currency, for storage reasons, or as a means of showing wealth. The functional application includes the use of pins, clasps, or buckles. It can also be used as a means of symbolism to show membership or belonging to a certain group or for artistic display.

The global jewelry market growth is expected to be influenced by the value that fine jewelry holds in today’s modern world where consumerism is at an all-time high. With jewelry, even if the current rate of materials is low, there is always a high chance that the price may bounce back up making it ideal to be sold as the profit rate increases. In the current volatile economic world where other means of investments have certain rates of risks associated with them, the threat of value-reduction with fine quality jewelry is significantly low or negligible.

Platinum is one of the most valuable and highly expensive materials used for jewelry creation and is currently accessible only to certain segments of the world population. Other factors like growth in disposable income, rising use of advanced technologies to design and create unique jewelry like the use of 3-dimensional printing techniques, increasing collaboration, and high potential of the unexplored market could further drive the global market growth.

Additional contributing factors could be the growing awareness rate amongst the population regarding product authenticity, the presence of financial assistance, and the collaboration of jewelry brands with e-commerce businesses could lead to more revenue generation.

The growing number of people switching to artificial or imitation jewelry may act as a threat to global market growth as these products are cheaper as compared to fine jewelry. They also lead to the encouragement of consumerism which can greatly impact sustainable growth in the coming years.

The changing political dynamic amongst major players, ongoing social stress across multiple countries, war-torn areas, and the general greed of large corporations that cause the exploitation of people living in areas with huge gold or diamond reserves could lead to growth limitations.

The increasing investments may provide growth opportunities while understanding changes in consumer behavior could act as a major challenge

Segmental Analysis

The global jewelry market is segmented based on material, distribution channel, product, type, the region

Based on distribution channels, the global market divisions are online and offline with the latter dominating the global market growth in 2021. Although various brands have started making use of online channels to sell products and reach a consumer database, people tend to have more trust in buying expensive jewelry items using offline mode which means physically visiting the stores. This allows consumers to see the product first hand and it also guarantees the authenticity of the product.

In stores, consumers have the option to custom-make the products or get the same design as they would from an online portal. In the fiscal year 2022, the jewelry segment of Titan Company Limited amassed revenue of USD 3.04 billion, a jump of 36% from the sales in the previous year.

Based on type, the global market is divided into real and imitation with the former leading the global market growth. Although there is a significant consumer database that prefers to spend on imitation jewelry, the prices of fine jewelry are multiple times higher than the cost of imitation jewelry making the segment revenue more valuable. The Chanel Coco Crush range of rings by Chanel with up to 18 karats of yellow gold costs around USD 3,400.

Regional Analysis

Asia Pacific is anticipated to lead the global jewelry market with China and India emerging as the dominant regions. China currently has the largest diamond reserve in Asia whereas India is the world’s largest exporter of a diamond. India does not really produce diamonds in large quantities but it has the biggest market for polishing diamonds.

The regional population generally tends to spend on fine jewelry as a means of investment which is further propelled by the growing pattern of materialism in the local regions. A 2013 survey claimed that the Chinese tend to identify success depending on the materialistic things owned by the people. Growth In North America is expected to be dominated by the US which is one of the largest consumers of fine jewelry.

Report Scope

Report Attribute

Details

Market Size in 2023

USD 325.46 Billion

Projected Market Size in 2032

USD 497.52 Billion

CAGR Growth Rate

4.83% CAGR

Base Year

2023

Forecast Years

2024-2032

Key Market Players

Chow Tai Fook, GRAFF, H. Stern, Louis Vuitton SE, Malabar Gold & Diamonds, Pandora, Richemont, Signet Jewelers Limited, Swarovski AG, Tata Sons Private Ltd, Tiffany & Co., and Others.

Key Segment

By Product Type, By Material, By End Users, By Distribution Channel, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

Purchase Options

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Competitive Analysis

The global jewelry market is led by players like Chow Tai Fook, GRAFF, H. Stern, Louis Vuitton SE, Malabar Gold & Diamonds, Pandora, Richemont, Signet Jewelers Limited, Swarovski AG, Tata Sons Private Ltd, Tiffany & Co., and others.

Recent Developments:

  • In January 2023, Vrai & Oro, LLC unveiled the VRAI x Brides fine jewelry collection, featuring an array of engagement rings, wedding bands, earrings, necklaces, and bracelets. This launch highlights the brand's commitment to offering elegant and timeless pieces for brides-to-be.
  • Also in January 2023, Tanishq, a jewelry brand owned by Titan Ltd., made its entry into the U.S. market by opening its first store in New Jersey. This new store boasts a collection of over 6,500 designs in 18 and 22-karat gold and diamond, showcasing the brand's extensive range and craftsmanship.
  • In October 2022, Brilliant Earth, LLC introduced its Cocktail Ring Collection. This exclusive 21-ring collection features unique, limited-edition pieces crafted with brightly colored lab-grown and natural gemstones set in recycled precious metals, reflecting the brand's dedication to sustainability and innovative design.

The global jewelry market is segmented as follows:

By Product Type

  • Necklaces
  • Bracelets
  • Rings
  • Earrings
  • Others

By Material

  • Gold
  • Silver
  • Platinum
  • Diamond
  • Gemstones
  • Others

By End Users

  • Men
  • Women

By Distribution Channel

  • Online (e-commerce platforms)
  • Offline (retail stores, specialty stores)

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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