Jewelry Market by Material Type Globalt
Jewelry Market by
Material Type – Global Opportunities & Forecast, 2021-2028
Jewelry
Market
The GMI Research report projects that the Jewelry Market
will exhibit a surge of 3.7% over the forecast period. The expansion in the
international economy attributed to the rising spending power and high per
capita income has fuelled the demand for exclusive jewelry.
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Jewelry
Market Dynamics
The surge in the jewelry market size
is attributed to the growing
prominence of exquisite jewelry among money-making groups. The branded jewelry
acts as a status symbol and has raised the expenditure on exclusive jewelry
made of platinum and diamond. Also, the rising income levels stand to be
the primary driver propelling the market growth. The growing emphasis of
customers, mainly women, to exalt their look or highlight specific features of
the body by wearing trendy jewelry such as nose pins or necklaces has
strengthened the market growth. Furthermore, producers also provide different
cross-cultural jewelry to captivate a huge consumer base. For example, the designs
galvanized by tribal women of Brazil and Greek or Roman culture have gained
immense prominence.
Additionally, the introduction of smart pieces of jewelry in
the market to track activities, monitor sleep, and remove stress will raise the
market's growth. For example, Ringly introduced a Ringly Luxe Smart Ring
embellished by a large gemstone on its head with a 14k gold-plated base.
However, the aggravating demand for artificial jewelry has restrained the
market growth. Imitation jewelry refers to accessories made using different
artificial materials.
Regional
Drivers
Based on regional analysis, the APAC region is likely to
encounter a faster growth over the forecast period. This is because of the
increasing expenditure on exquisite jewelry such as diamonds and gold in
nations like China and India. The China Gold Association in 2020 stated that
the actual consumption of gold was recorded to be 820.98 tons. Additionally,
the customs and historical cultures of gifting ornaments have driven the Jewelry
Market size.
About GMI
Research
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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