The Jewelry Market was valued around USD 336

GmiiRResearch 1/18/2023 11:38:50 AM

The Jewelry Market was valued around USD 336 billion in 2020 and is expected to reach USD 464 billion by 2028, growing at a CAGR of 4.1% over the forecast period (2021-2028).

The factors driving growth of the Jewelry Market includes growing demand for luxurious products, increasing use of jewelry as cufflinks, plain gold chains and tie bars, growing awareness about the authenticity of metals and gems used in the jewelry pieces, rising focus on selling jewelry products on online platforms and improvements in the living standards. For instance, the online jewelry sales across United States have increased from USD 8,098 million in 2018 to USD 8,366 million in 2019, which is expected to accelerate the Jewelry Market size in the approaching years. Moreover, growing adoption of advanced technologies by manufacturers, increasing use of jewelry in bridal ceremonies, consumers inclination towards enhancing their physical appearance and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic partnerships, and collaborations between, rise in the launch of innovative products and growing population growth rates, are further contribution towards the market growth.

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However, growth of the Jewelry Market is hindered due to strict regulations imposed by Governments regarding the import of jewelries.

The major players operating in the market are Titan Company Limited, Kalyan Group, Zales, Harry Winston, Inc., Chow Tai Fook., Compagnie Financière Richemont SA, Signet Jewelers, Chopard International SA, LVMH and Pandora Inc., among others.

Based on Material Type, the gold segment is predicted to grow at a significant CAGR during the forecast period

Increasing demand for couple rings and bracelets with customization options, are propelling segment’s growth.

Based on Product Type, the Rings segment is projected to dominate the market over the forecast period attributed to growing demand for wedding rings and rising consumers preference for corporate dressings.

Based on Region, the Asia-Pacific emerged as the fastest growing segment during the forecast period

As per the Jewelry Market Analysis, presence of the leading players such as Titan Company Limited, Kalyan Group and Chow Tai Fook., increasing availability of jewelries at online platforms, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

  • In 2021, Chow Tai Fook, acquired Enzo, which has surged the growth of the market in mainland China and other regions as well. Enzo Jewelry operates more than 60 stores in China, which has aided the company in providing greater value products.

  • In 2021, LVMH publicized the acquisition of Tiffany and Co., which is likely to boost the product portfolio of the company. In addition, this acquisition helped 14,000 employees round the globe to achieve the company long term plans for expanding the products in the watches and jewelry segment over the period.

Market Segmentation

Segmentation by Material Type

  • Gold

  • Silver

  • Diamond

  • Platinum

  • Others

Segmentation by Product Type

  • Rings

  • Earrings

  • Necklace

  • Bracelet

  • Others

Segmentation by Region

  • Asia Pacific

    • China

    • Japan

    • India

    • Rest of APAC

  • North America

    • United States of America

    • Canada

  • Europe

    • United Kingdom

    • Germany

    • France

    • Spain

    • Rest of Europe

  • RoW

    • Brazil

    • South Africa

    • Saudi Arabia

    • UAE

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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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