Luxury jewelry includes necklaces, rings, bracelets, earrings and other accessories crafted from precious metals and gemstones. These products serve both fashion and investment purposes. The rising demand for exclusive and prestigious brands has led luxury jewelry manufacturers to focus on innovative designs, durable craftsmanship and rare precious materials. This distinguishes luxury jewelry pieces as status symbols. Furthermore, luxury jewelry is gaining popularity as an alternative asset class for investment. Changing consumer lifestyles and increasing spending power of high-net-worth individuals globally has boosted the luxury jewelry industry.
The global luxury jewelry market is estimated to be valued at US$ 68.82 billion in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One key trend in the luxury jewelry market is the growing popularity of recycled and eco-friendly materials. Consumers are increasingly opting for jewelry crafted using ethically-sourced gemstones and recycled precious metals due to environmental sustainability concerns. Notable luxury jewelry brands like Tiffany & Co. have launched unique collection pieces made from recycled gold and diamonds to cater to this growing demand. In addition, online retailing is emerging as an important sales channel for luxury jewelry players. The growth of e-commerce and influence of social media marketing have empowered brands to build global digital presence and connect with younger audiences worldwide.
Porter’s Analysis
Threat of new entrants: The luxury jewelry market has moderate barriers to entry due to high capital requirements and established brand value of top players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of variety of products at different price points from various brands.
Bargaining power of suppliers: Suppliers have low bargaining power as there are many raw material suppliers for gold, diamonds and other materials used in luxury jewelry.
Threat of new substitutes: Threat of new substitutes is low as luxury jewelry has an emotional value attached to it instead of mere utility like other expensive substitutes.
Competitive rivalry: The market is dominated by few global and regional brands due to their brand value, marketing expenditure and wide distribution networks.
Key Takeaways
The Global Luxury Jewelry Market Size is expected to witness high growth. The global luxury jewelry market is estimated to be valued at US$ 68.82 billion in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
North America region currently dominates the luxury jewelry market globally due to high disposable income and strong economy. The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to increasing women workforce and rising middle class population in countries like China and India.
Key players operating in the luxury jewelry market are 911 Rescue, Chopard, Tiffany & Co., Graff Diamonds, Piaget, Mikimoto, Harry Winston Company, Buccellati, Van Cleef & Arpels, and Cartier. 911 Rescue holds a strong position in the North America region while Chopard and Tiffany & Co. have wide presence across major regions. Graff Diamonds is a leading player for colored diamonds globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it