Market Overview:
The Global Jewelry Market size is expected to grow from USD 344.84 Million in 2022 to USD 592.50 Million by 2030, at a CAGR of 7% during the forecast period (2023-2030).
For thousands of years, humans have adorned themselves with jewelry to enhance their beauty. Jewelry is a timeless and artistic form of self-expression and self-care. It encompasses various accessories and decorative items that are typically worn on different parts of the body, such as the ears, neck, fingers, or hands, to enhance one's appearance and evoke a sense of well-being. Jewelry can also be attached to clothing for added aesthetic appeal. Traditionally, jewelry was crafted from materials like gold, platinum, and silver. These precious metals underwent a process of refinement and were shaped and styled by skilled artisans to create exquisite pieces. While jewelry made from these precious materials can be quite expensive, there is also a market for costume jewelry that offers more affordability and accessibility.
Top Key Players Covered In The Jewelry Market:
- Harry Winston (US)
- Cartier (France)
- Van Cleef & Arpels (France)
- Buccellati (Italy)
- Mikimoto (Japan)
- Graff (UK)
- Tiffany & Co. (US)
- Pandora (Denmark)
- Chow Tai Fook (China)
- Louis Vuitton SE (France)
- Richemont (Switzerland)
- Piaget (Switzerland)
- Bvlgari (Italy)
- Chopard (Switzerland)
- Signet Jewelers Limited (Bermuda)
- Malabar Gold & Diamonds (India)
- Swarovski AG (Austria)
- Tanishq (India)
- Queen (China)
- Wallace Chan (China) And Other Major Players.
Market Dynamics and Factors:
The jewelry market is experiencing growth during the projected period due to increased consumer expenditure on designer jewelry. People are inclined to purchase items that not only enhance their beauty but also align with current fashion trends. Jewelry possesses a timeless quality, remaining in vogue regardless of changing trends. While there is demand for affordable materials and craftsmanship, there is also a strong market for high-end designer and elaborate jewelry pieces.
The growth of the jewelry market during the forecasted period is being propelled by the increasing acceptance of jewelry among the male population. This expanding acceptance contributes to the overall demand for jewelry in the market. Jewelry serves as an accessory that is worn on both the body and clothing, adding elements to enhance natural beauty. In the past, beauty and fashion were primarily associated with women, but the landscape has evolved, and now people of all genders aspire to look good and feel confident.
The Jewelry Market Report Highlight:
- By Product Type, Earring is anticipated to dominate the jewelry market during the analysis period. Earrings, necklaces, and finger rings are just a few instances where jewelry is worn on the body. Every segment of the market is at a high level, but earnings have cornered the market and raised more money.
- By Material, Diamond is anticipated to grab the maximum market share in the jewelry market over the projected period. Diamonds may sparkle, have additional luster, and reflate, which increased their cost and demand. Since it naturally comes in a variety of colors, demand and spending on diamonds are higher than in other markets like gold and platinum.
- By Gender, the female segment is the leading segment in the jewelry market. They are more inclined to buy jewelry like necklaces, rings, and other accessories. Women have access to a wide range of goods, hues, and designs, which fuels the expansion of the jewelry industry.
- The Asia Pacific region is expected to have the highest share of the Jewelry market over the projected period On the international jewelry market, China is in the lead for both jewelry production and consumption, followed by North America and Europe. Since both of the major nations in the global jewelry market, China and India, are located in this area, there is a high demand for gold jewelry.
Key Industry Development:
In January 2023, Byron Clayton joins Pandora from a position as Deputy Chief People Officer at IKEA, supporting their global retail workforce of over 170,000 employees. Prior to joining IKEA in 2019, he held HR leadership positions at Nokia, Microsoft, Maersk, AstraZeneca, and Mercer.
Jewelry Market Segmentation:
By Product Type
- Earring
- Necklace
- Ring
- Bracelet
- Others
By Material
- Diamond
- Gold
- Platinum
- Others
By Gender
- Female
- Male
For this report, Introspective Market Research has segmented the Jewelry Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
