The jewelry industry was valued at USD 216.48 billion in 2022 and is projected to reach a valuation of USD 224.38 billion in 2023. The market is expected to reach USD 308.36 billion by 2030 with a CAGR of 4.6% during the forecast period. The rising trend for increased consumption of jewels is attributed to the fact that people are getting inclined toward luxurious products. The growing popularity to incorporate technology in ornaments is boosting product demand. With increasing levels of disposable income levels, spending of consumers has been on the rise. Fortune Business Insights™ shares this information in its report titled “Jewelry Market, 2023-2030.”
List of Key Players Profiled in the Jewelry Market Report:
- Harry Winston, Inc. (U.S.)
- Chopard (Switzerland)
- Pandora Jewelry, LLC. (U.S.)
- Chow Tai Fook Jewellery Company Limited (Hong Kong)
- Tiffany & Co (U.S.)
- Rajesh Exports Ltd (India)
- Cartier International SNC (France)
- Signet Jewelers Limited (Bermuda)
- Chanel (France)
- LVMH Moët Hennessy (France)
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Levels of Disposable Income and Spending of Consumers to Augment Market Growth
Increasing levels of disposable income and rising spending of consumers are anticipated to drive the jewelry market growth. The demand for increasing consumption of luxury goods such as ornaments is propelling market growth. Additionally, different customs regarding the adoption of ornaments followed by people across the globe are expected to significantly boost the purchase of the product. An increasing number of working populace of women and awareness about modern jewels and premium-class gems will further fuel the market growth.
However, strict regulations on importing and exporting ornament are expected to hamper the market growth.
Shortage of Employees in Manufacturing Affected Market Growth
The COVID-19 pandemic led to nationwide lockdown resulting in the drastic shift of migrant workers from urban to rural places. This led to a shortage of employees in manufacturing. The impact of COVID-19, government restrictions of all events, shows, exhibitions, and weddings for a few months negatively impacted the market growth.
Ring Segment to Dictate as it Symbolizes Marital Status
On the basis of product, the market is segmented into necklace, earrings, ring, bracelet, and others. The ring segment is set to lead due to rising popularity as it signifies engagement and marital status. Growing customer preference for personalized jewels has stimulated vendors to provide various customization options. Earrings, necklaces, bracelets, and others have also been on rise owing to their usage for beautification and enhancement of looks.
Diamond to Govern Due to its Various Benefits
Based on material type, the market is categorized into gold, platinum, diamond, and others. Diamond is anticipated to dominate the market due to its sparkle and reflection. Various celebrities such as Jennifer Lopez, Lady Gaga, Gal Gadot, Rosie Huntington, Celine Dion, Naomi Campbell, Demi Moore, and many others donned diamond and platinum jewels at the Met Gala event of 2019.
Women Segment to Lead Due to Rising Use of Jewels
On the basis of end-user, the market is categorized into men and women. Women segment holds the majority part as the women population uses jewels more due to its symbolization of femininity. Men segment is also anticipated to show favorable growth as they want to own the product as a symbol to showcase their high status, unique styles, and fashion sense.
Based on geography, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Asia Pacific to Govern Owing to the Presence of Major Market Players in the Region
Asia Pacific is expected to have the largest jewelry market share owing to the presence of major players in the region. Tanishq, Malabar Gold and Diamonds, Queelin, Wallace Chan, and others mark their presence in Asia Pacific owing to increasing consumption.
Europe is anticipated to have a substantial growth in the forecast period due to high per capita income in European countries. People have been spending high on ornaments due to high income levels.
North America has moderate growth due to the presence of many millionaires who are the prime contributors to the increasing purchase of luxurious products.
RJ Scanlan & Co. Expanded its Fine Jewelry Offering by Introducing a Range of Lux Collection
Key market players have been focusing on looks and design of jewels to meet consumers' ever-changing needs and desires. In June 2021, RJ Scanlan & Co. expanded its fine jewelry offering by introducing a range of the Lux Collection in the Australia market. The collection is crafted with gold, diamonds, color gemstones, and pearls. Every piece is customized to order and essential to environmental sustainability.
Key Industry Development
- January 2023- Tanishq entered the U.S. market by opening its first store in New Jersey. The store has about 6,500 jewelry designs in 18 and 22-karat gold and diamond.
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