The Luxury Jewelry Market is estimated to be valued at US$ 68.82 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Luxury jewelry includes products made from precious metals and gemstones intended to showcase one’s wealth, status, and style. Some of the popular luxury jewelry items include necklaces, rings, earrings, bracelets made of gold, silver, platinum along with diamonds, rubies, emeralds and other precious stones. Luxury jewelry is worn during special occasions, weddings, parties to complement one’s attire and make a style statement.
Market Dynamics:
Rising disposable income and growing affinity of millennials towards luxury brands: The increasing disposable income of consumers especially in emerging economies of Asia Pacific has boosted their spending on luxury products including jewelry. Additionally, millennials represent a major share of the luxury goods market and wish to flaunt unique high-end jewelry pieces that showcase their distinctive personal style.
Growing online retail sales: The rising popularity of online shopping has opened new opportunities for luxury jewelry brands to promote and sell their products through e-commerce platforms. Online shopping provides added convenience to consumers and option to choose from a wide assortment of products from different brands sitting in the comfort of their home. This is anticipated to fuel the growth of luxury jewelry market over the forecast period.
Segment Analysis
The luxury jewelry market can be segmented into fine jewelry, costume jewelry, gemstone customized jewelry, customized life events jewelry etc. Fine jewelry dominates the market as it is considered to be a symbol of social status and wealth. It uses precious gemstones such as diamonds, rubies etc along with gold and silver precious metals which make it expensive and exclusive.
PEST Analysis
Political: The jewelry industry is regulated for factors like import duties, hallmarking norms and currency fluctuations which can impact prices. Brands often face challenges in new markets due to differing political landscapes.
Economic: A growing economy leads to a rise in disposable incomes boosting luxury spending. However, economic uncertainties lower high-end purchases. The market also depends on economic well-being of key regions.
Social: Jewelry holds cultural value as gifts during weddings and occasions. Evolving fashion trends spur demand. Social media increases brand awareness and online shopping for luxurious products.
Technological: Technology helps in jewelry designing and manufacturing. Online channels aid discovery, virtual try-ons and boost sales extensively. Blockchain improves supply chain traceability and builds confidence.
Key Takeaways
The Global Luxury Jewelry Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing spends on luxury and gifting as well as growing middle class populations globally.
– Regionally, Asia Pacific dominates the luxury jewelry market with countries like China and India being major consumers. Increasing disposable incomes and evolving tastes increase demand for fine jewelry products in the region.
– Key players operating in the luxury jewelry market are Gucciogucci S.P.A., Harry Winston, Inc., Societe Cartier, Tiffany & Co., Compagnie Financiere Richemont SA, Buccellati Holding Italia SpA, Graff Diamonds Corporation, Bulgari S.p.A, K. Mikimoto & Co., Ltd., and Chopard International SA. These brands are known for their hallmark designs and strong quality which enable premium pricing.
– Leading luxury brands focus on strategic expansions, celebrity endorsements, innovative designs and omnichannel presence to boost sales and market position. Technology integration further aids consumer engagement and revenue growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
