Jewelry Market to Grow with a CAGR of 6.1% Globally through 2028
Global Jewelry Market continues to thrive due to factors such
as economic factors, cultural traditions, fashion trends, technological
advancements, and changing consumer preferences.
According to TechSci Research report, “Global Jewelry
Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Jewelry Market stood at USD 248.1 billion
in 2022 and is anticipated to grow with a CAGR of 6.1% in the forecast period,
2024-2028. The global jewelry market encompasses a diverse and vibrant industry
that spans various types of ornaments, including precious metals, gemstones,
diamonds, pearls, and fashion accessories. Its significance goes beyond mere
adornment, often intertwining with cultural, social, and economic facets across
different regions worldwide.
The global jewelry market represents a dynamic
landscape characterized by a wide array of products, diverse consumer
preferences, and significant cultural influences. Its value is derived not only
from the intrinsic worth of precious metals and gemstones but also from the
craftsmanship, design, and emotional value attached to each piece.
Browse over 26 market data Figures spread
through XXX Pages and an in-depth TOC on "Global Jewelry Market”
The jewelry market continues to grow steadily, driven
by rising disposable incomes, evolving fashion trends, gifting culture, and the
emergence of new consumer demographics. Market reports suggest a positive
trajectory in terms of market size and projected growth in the coming years.
Consumer preferences in the global jewelry market vary
significantly based on cultural backgrounds, regional influences, and changing
fashion trends. While some regions value traditional designs and symbolism,
others prioritize contemporary, minimalist styles or unique custom-made
jewelry.
The market comprises various segments, including fine
jewelry, fashion jewelry, and luxury jewelry. Fine jewelry often involves
high-quality materials like gold, silver, platinum, and gemstones, while
fashion jewelry focuses on more affordable and trendy pieces. Luxury jewelry
caters to high-end consumers, offering exclusive and exquisite designs.
The jewelry industry closely aligns with the fashion
sector, where trends and designs often influence consumer choices. Jewelry
designers and brands adapt to changing fashion preferences, introducing new
collections and styles that resonate with contemporary tastes.
Different regions play distinct roles in the global
jewelry market. Asia Pacific stands as a manufacturing hub and a significant
consumer market due to cultural significance and economic growth. North America
and Europe, with their affluent consumer bases, drive demand for luxury and
high-end jewelry. Meanwhile, the Middle East appreciates intricate designs and
values jewelry as a form of investment.
Technological advancements, including 3D printing,
CAD/CAM technology, and blockchain in gemstone tracking, are reshaping the
jewelry industry. These innovations enhance design capabilities, ensure quality
control, and provide transparency in the sourcing and authenticity of gemstones
and metals.
The global jewelry market is segmented into type, material
type, distribution channel, regional, and company.
Based on the type, ring segment emerged as the
dominant player in the global jewelry market. Rings have deep-seated symbolic
meanings across various cultures and traditions. They often represent
commitments, milestones, relationships, and societal status. Engagement rings, wedding
bands, and heirloom rings passed down through generations hold immense
emotional value, contributing to the segment's prominence. Rings are versatile
accessories that allow individuals to express their personal style. From
minimalist bands to ornate cocktail rings and statement pieces adorned with
gemstones or diamonds, the range of designs caters to diverse tastes and
fashion preferences.
Based on
region, Asia Pacific has a significant share of the global jewelry market. Asia
Pacific countries, including India, China, Japan, and Thailand, have rich
cultural traditions deeply intertwined with jewelry. Jewelry holds immense
cultural significance, often representing heritage, rituals, and social status.
Craftsmanship passed down through generations contributes to the region's
reputation for intricate designs and skilled artistry. Asia Pacific serves as a
primary hub for jewelry manufacturing, contributing significantly to the global
supply. Countries like India, renowned for diamond cutting and gold jewelry
production, and China, a major producer of costume jewelry, cater not only to
domestic demand but also export jewelry to markets worldwide.
Major companies operating in global jewelry market
are:
- Tiffany & Co
- Pandora
- Chow Tai Fook
- Louis Vuitton SE
- Richemont
- GRAFF
- Signet Jewelers Limited
- H. Stern
- Malabar Gold & Diamonds
- Swarovski AG
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“Increasing consumer awareness of ethical practices
and sustainability is influencing purchasing decisions. Brands are focusing on
responsible sourcing, recycling metals, and promoting ethical practices
throughout the jewelry supply chain to meet evolving consumer demands. In
conclusion, the global jewelry market is a multifaceted industry influenced by
cultural traditions, evolving fashion trends, technological advancements, and
changing consumer behaviors. Its resilience, diversity, and adaptability to
shifting market dynamics continue to shape its growth and significance
worldwide.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Jewelry Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, Segmented By Type (Necklace, Ring, Earrings,
Bracelet, Others), By Material Type (Silver, Gold, Platinum, Diamond, Others),
By Distribution Channel (Online and Offline), By Region, By Competition,
2018-2028, has evaluated the future growth potential of global jewelry market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global jewelry market.
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