USD 56.5 billion
Luxury Jewelry Market Size, Share, Growth Analysis, By Product(Necklace, Ring, Bracelet, Hair Ornaments), By Distribution Channel(Offline, Online), By Application(Men, Women, Children), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25K2084 |
Region:
Global |
Published Date: February, 2024
Pages:
271
|Tables:
94
|Figures:
76
Luxury Jewelry Market Insights
Luxury Jewelry Market size was valued at USD 56.5 billion in 2019 and is poised to grow from USD 61.01 billion in 2023 to USD 95.8 billion by 2031, growing at a CAGR of 7.85% in the forecast period (2024-2031).
Jewelry made with precious metals or stones is referred to as luxury jewelry. Jewelry design, mold-making, polishing, casting, and plating of metals like gold, silver, or platinum are all part of the manufacturing process. Rings, bracelets, earrings, cufflinks, tie clips, watches, necklaces, and hair accessories are examples of luxury jewelry and timepieces.
Increased modernization, westernization, and personal disposable income are the main drivers of the luxury jewelry market's expansion. Other indirect factors driving the growth of the luxury jewelry market include an increase in consumer preference for opulent goods, the advancement of the jewelry industry, and the rise of new fashion jewelry. The preference of consumers for branded jewelry is growing, which has further encouraged manufacturers to promote the widespread availability of various types of luxury jewelry in the market. Long-term market expansion opportunities for luxury jewelry will also be lucrative and rewarding owing to the increase in television marketing and the expanding use of ornaments in ceremonies. Additionally, a sharp rise in consumer belief in astrology will pave the way for the expansion of the luxury apparel market.
US Luxury Jewelry Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Offline
Fastest Growth
Online
Growth Rate
7.85% CAGR
Global Luxury Jewelry Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Luxury Jewelry Market Segmental Analysis
The global luxury jewelry market segmentation is based on product, distribution channel, application, and region. Based on product the luxury jewelry market is segmented into a necklace, rings, bracelets, hair ornaments, earrings, leg and feet ornaments, and others. Based on distribution channels the market is segmented into offline and online. Based on application the market is segmented into men, women, and children. Based on region the global luxury jewelry market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Luxury Jewelry Market Analysis by Product
With more than one-fourth of the global luxury jewelry market share in 2021, the necklaces segment held the largest market share. It is anticipated that this segment will continue to lead the market throughout the forecast period. Chain necklaces, choker necklaces, collar necklaces, and other types of necklaces are among the many styles and designs that are offered. Additionally, multi-strand chains, thin or fine necklaces, and bold neck chains are all options. Popular pendants include those made of precise metals and gems like gold, platinum, emerald, ruby, black opal, and diamond. The market for luxury necklaces is expanding as a result of the abundance of these pieces.
Luxury Jewelry Market Analysis by Distribution Channel
More than two-thirds of the global luxury jewelry market was captured by the offline segment in 2021, and it is anticipated that this segment will continue to lead the market throughout the forecast period. The shops were constructed to give customers a more individualized experience. Due to the benefits they provide to the customers, such as free demonstrations, the ability to physically inspect the product before purchase, the accessibility of a wide range of options, and assistance from sales executives in selecting the best product based on one's unique needs, the significant players are making the most money from offline sales.
Global Luxury Jewelry Market By Distribution Channel , 2021(%)
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Luxury Jewelry Market Regional Insights
More than one-third of the global market was held by the market in the Asia-Pacific region in 2021, and it is anticipated that this region will continue to lead the market throughout the forecast period. This is explained by the expectation that consumers will continue to be concerned with their appearance as a result of the influence of beauty shows, TV shows, and magazines in various Asia-Pacific nations. The market is expanding as a result of widespread acceptance of luxury jewelry as well as increased awareness of affordable jewelry designs, a preference for western culture, and the expansion of the luxury jewelry segment in tier 2 cities.
Due to its high concentration of millionaires, who are the main drivers of the rising consumption of opulent goods, the North American region is anticipated to exhibit the fastest CAGR during the forecast period. Additionally, it is anticipated that the increasing number of ornament trade shows, including Luxe Pack, The Love Expo, Luxury Bridal Expo, and others, will aid in the expansion of the market in the area.
Global Luxury Jewelry Market By Geography, 2021 - 2028
- Largest
- Fastest
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Luxury Jewelry Market Dynamics
Luxury Jewelry Market Driver
- Increasing disposable income is one of the key factors propelling the luxury jewelry market's expansion. Luxury jewelry is more in demand as a result of rising buying power brought on by rising disposable income among the populace. Another important factor influencing the demand for luxury jewelry is the traditions surrounding precious metals. India, for instance, consumes a significant amount of gold and silver due to the country's diverse religious and cultural ties. It is important to note that rising disposable income is primarily responsible for the luxury jewelry market in India's expansion.
- Due to increased globalization and the widespread use of digital media, it is anticipated that the market for luxury jewelry will expand globally. One of the main things that affect fashion trends at any given time is the media. The global market for luxury jewelry is expanding due to the availability of information about various fashion trends to consumers through digital media. For instance, East Asian street fashion has experienced a sudden boom in recent years and is becoming quite popular around the world. During the anticipated time frame, these factors are also anticipated to fuel market expansion.
Luxury Jewelry Market Restraint
- Precious metal and jewelry imports and exports are frequently subject to high tariffs and indirect taxes, which raise the price of the finished goods overall. This could slow the market's expansion overall because many potential buyers are starting to second-guess their decision to buy luxury goods. Furthermore, there is an uneven distribution of precious metals used to make high-end jewelry worldwide. Political tensions between nations also impede the free flow of luxury goods, which could impede the expansion of the world luxury jewelry market.
- Following the COVID-19-caused pandemic, the market for luxury jewelry was completely shut down. Following the nationwide lockdown imposed by governments around the world to stop the spread of the virus, the entire market was put on hold as all mining operations were temporarily banned. Luxury jewelry is mostly made of precious metals, such as gold, diamonds, platinum, and so on, which are obtained through mining. Additionally, consumers' priorities quickly changed from purchasing luxury goods to purchasing consumer goods, which consequently reduced the demand for expensive jewelry. Furthermore, because all distribution networks were completely shut down, hampering imports and exports of goods, the general demand could not be satisfied.
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Luxury Jewelry Market Competitive Landscape
To increase sales across numerous nations, manufacturers are changing their product branding and advertising strategies. The manufacturing companies have adopted creative strategies to boost sales of high-end jewelry, such as new product launches featuring stones that look like semi-precious stones, daring jewelry designs, and colorful stones engraved in chains that are beautifully packaged. For instance, the first collection of gold jewelry made without the use of mercury was introduced in May 2021 by the leading US luxury jewelry brand Futura Jewelry. The product launch aims to lessen the threat of mercury emissions on the planet in light of the effects of gold mining on the environment.
Luxury Jewelry Market Top Players Company Profiles
- MIKIMOTO
- Bulgari
- Cartier
- Chopard
- Graff Diamonds
- Harry Winston
- Van Cleef & Arpels
- Piaget
- Tiffany & Co.
- Boucheron
- Buccellati
- David Yurman
- Chaumet
- Fabergé
- H. Stern
- Swarovski
- Damiani
- Pomellato
- De Beers
- Bvlgari Jewelry
Luxury Jewelry Market Recent Development
- In February 2022, globally, the Pandora Spring 2022 Collection was made available at our favorite Pandora retailers, the Pandora UK eStore and Pandora.net.
- In May 2021, leading US jewelry company Tiffany & Co. recently revealed its intention to introduce its first men's engagement rings. The goal is to increase its customer base and take advantage of the growing same-sex marriage market and gender-neutral fashion trends.
- In March 2021, "I STILL DO," a new couple-focused collection from Nirwaana was released. The brand aims to make online jewelry shopping enjoyable by fusing art, culture, design, and trends into a stunning selection of pure silver and semi-precious stone costume jewelry.
Luxury Jewelry Key Market Trends
- Throughout the forecast period, there may be room for luxury jewelry market growth due to rising demand for men's jewelry. Traditionally, women are more likely than men to buy expensive jewelry. Due to men's growing emphasis on aesthetic appeal and self-grooming, this trend is, however, changing. In addition, men are adopting the newest fashion trends at a high rate thanks to the growing influence of social media. Such elements are influencing the rise in demand for men's luxury jewelry items like necklaces, bracelets, and rings. As a result, producers are concentrating on these goods to gain a competitive edge.
Luxury Jewelry Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the necklaces market held the largest market share in 2021, accounting for more than one-fourth of the global luxury jewelry market. The offline category accounted for more than two-thirds of the global market in 2021, and it is anticipated that it will hold the top spot throughout the projected timeline. In 2021, the Asia-Pacific region held more than one-third of the global market, and it is expected that this region will continue to dominate the market throughout the forecast period. During the forthcoming years, the North American region is expected to have the fastest CAGR.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 56.5 billion |
| Market size value in 2031 | USD 95.8 billion |
| Growth Rate | 7.85% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Luxury Jewelry Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Luxury Jewelry Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Luxury Jewelry Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Luxury Jewelry Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Luxury Jewelry Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Luxury Jewelry Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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